Goldplay Exploration Ltd. (GPLY:TSX-V;GLYZF:OTCQB) reported that initial results from sampling historical core holes drilled at its San Marcial project showed "significant silver values, supporting the high-grade nature" of this asset and "upside potential for resource expansion," according to a news release. These new data are from one of 22 holes drilled in 2010.
That hole, SM10-22, showed 19.5 meters at 157 grams per ton Ag eq, including 1.5 meters at 1,285 grams per ton Ag eq. "The high-grade interval from this hole represents the deepest intersection outside of the historical resource to date in the San Marcial project," the release noted.
Indeed, further upside could come from resource expansion because the 22 historical holes had been excluded from the 2008 NI 43-101 resource. Upside also could come from the continuity of the silver, lead, zinc and gold mineralization down dip, outside of the historical resource, and the existing geological features, all of which already have been identified via previous drilling, the company noted.
"The core reviewed to date reveals a structurally controlled mineralized system with silver mineralization associated with significant concentrations of lead, zinc and gold, hosted by hydrothermal breccias and fault zones," said President and CEO Marcio Fonseca in the release.
As for the other 21 historical core drill holes, Goldplay began sampling those as well. It plans to use all of the new data to develop a fresh three-dimensional, geological and silver mineralization model of San Marcial. The goals of these sampling efforts are to expand the resources and delineate mineralized zones such that they would support a high-grade, open-pit mine on the property.
Once the company receives new drill permits, expected in Q3/18, it will launch a drilling program at San Marcial to continue expanding the resource along strike and down dip in the area of the historical resource. Goldplay aims to release a new resource estimate in Q4/18, the company stated.
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