Goldplay Exploration Ltd. (GPLY:TSX.V; GLYZF:OTCQB) announced in a news release that an independent NI 43-101 mineral resource estimate has been completed for its San Marcial project in Mexico and reflects a "substantial increase" over the previous, 2008 estimate by Silvermex.
"The mineral resource provides a strong foundation to realize the full potential of the San Marcial project," President and CEO Marcio Fonseca said in the release.
The estimate delineated a shallow, high-grade Breccia zone up to 40 meters thick. It represents 3 million tons, at an average grade of 239 grams per ton (239 g/t) silver equivalent (Ag eq) and 200 g/t silver (Ag), which equate to 23 million ounces (23 Moz) Ag eq and 19 Moz ag, respectively.
The total updated resource outlines Indicated resources of 36 Moz of Ag eq at an average grade of 147 g/t. Of the Indicated resources, the high-grade silver core, or Breccia, zone, accounts for 63%.
Inferred resources are 11 Moz Ag eq and have an average grade of 99 g/t.
These figures denote a significant increase in both silver and silver equivalent contained ounces. In the Indicated category, they were 59% and 57% higher, respectively than they were in the historical estimate of 2008. In the Inferred category, silver and silver equivalent ounces increased 126% and 44%, respectively.
In the Indicated category, the zinc resource went up 56% and the lead resource, 77%, both since 2008.
Of note is that 98% of the 36 Moz Ag eq Indicated resource is potentially mineable via open pit.
This maiden resource estimate for San Marcial, prepared by WSP Canada Inc., incorporated data from 52 drill holes in all, 22 core holes assayed during 2018 and 30 core holes used for the 2008 estimate.
Goldplay continues to explore the additional 3.5 kilometers of mineralized trend at San Marcial.
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