Goldplay Exploration Ltd. (GPLY:TSX.V; GLYZF:OTCQB) announced additional results from sampling of the historical core drill holes, completed in 2010, from the company's San Marcial Project in Mexico.
Goldplay "confirmed upside potential for resource expansion with advancement of the sampling program, new 3D geological modelling and discovery of new precious and base metals mineralization at San Marcial," the company reported. "The new results expand known mineralization 200 meters down dip beyond the historic NI 43-101 resource area and also delineate a new discovery subparallel to the main mineralized zone, increasing twice the footprint of mineralization."
"The San Marcial exploration program continues to deliver near surface, wide and high-grade intersections supporting not only open pit, but also underground, potential," said Goldplay President and CEO Marcio Fonseca commented. "We have now received information confirming continuity of a mineralized system for more than 200 meters down dip, beyond the extent of the historic resource, as well as the discovery of a sub-parallel mineralized system that has the potential to expand the resource, generating new Ag-Au drilling targets. We are currently advancing surface exploration of other untested targets along the 3.5 km mineralized trend (and beyond the 500-meter-long mineralized trend of the historic resource). The discovery of Ag-Au and Au-only mineralization, represented mainly by a stockwork system hosted in silicified volcanic, has doubled the footprint of precious and base metal mineralization, creating a near surface additional open pit target zone with indications of high-grade mineralization for future underground target exploration."
A drill hole marked SM-10-09 intersected three zones near surface (7.8 meters @ 181 g/t AgEq, 18.7 meters @ 91 g/t AgEq and 16.5 meters @ 52 g/t AgEq) together with drill holes SM-10-06 (46 meters @ 129 g/t AgEq) and SM-10-22 (19.5 meters @ 157 g/t AgEq, including 1.5 meters @ 1,285 g/t AgEq), confirming continuity of mineralization 200 meters down dip.
"These results indicate an immediate area for expansion of the estimated resources, scheduled for completion in 2018," stated Goldplay. "Sampling of drill hole SM-10-22 has confirmed near surface, wide mineralization (32.4 meters @ 82 gpt AgEq), supporting open pit target potential at San Marcial."
"These results, together with historical data and a 3D geological modelling provide additional information to extend known mineralization down-dip in the center of the historical resource area," the company stated.
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