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Goldplay Exploration Ltd. announced that it has entered into an option agreement to acquire the San Marcial project from a subsidiary of SSR Mining Inc.
Goldplay Exploration Ltd. (TSXV:GPLY) announced that it has entered into an option agreement to acquire 100 percent interest in the San Marcial project from a subsidiary of SSR Mining Inc. (TSX: SSRM).
As quoted in the press release:
San Marcial consists of 1,250 hectares, located south of the La Rastra and Plomosas historical mines and 30 km from the company’s 100 percent owned El Habal Project in the historic (gold-silver) Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive near surface high grade silver, zinc and lead project.
Highlights are as follows:
• Resource Expansion Potential: The existing historical NI 43-101 resource estimation exhibits significant exploration upside as it only comprises 600 m of mineralized trend being open along strike and down dip along an additional 3.5 km
• Presence of high grade mineralization near surface supporting opportunity for an open pit project: Significant intercepts near the surface from previous drill programs such as 21.2 meters @721g/t (True width) (SM-13 ), 93.3 meters (true width) grading 104.2 g/t silver (SM-8), 53.95 meters (true width) grading 235 g/t silver (SM-4), 17.61 meters (true width) grading 282 g/t silver (SM-5), 12.68 meters (true width) grading 540 g/t silver (SM-9) and 17.5 meters (true width) grading 621 g/t silver (SM-13).
• Positive Preliminary Historical Metallurgical Results: Historical preliminary metallurgical results from oxide and sulfide samples from San Marcial have indicated column leach tests recoveries in the range of 80% for a 72-hour leach period and preliminary flotation test work in drill core composite samples reporting recoveries in the range of 90%.
• Significant Exploration Potential: San Marcial exhibits significant exploration upside supported by historical regional exploration programs completed by previous operators with identification of 14 exploration targets like San Marcial inside the concessions. Some of these exploration targets consists of historical shallow pits, caved shafts and historical underground workings in areas with extensive hydrothermal alteration hosted by major regional structures.
• Accessible Location with Attractive Infrastructure: San Marcial is 12km from the Plomosas Project (First Majestic Silver Corp., TSX:FR) and the La Rastra historical mine and mill facilities on an unpaved road. It is a historical mining district with availability of power and attractive topography for future developments.
Click here to read the full Goldplay Exploration Ltd. (TSXV:GPLY) press release.