DGAP-News: Goldplay Mining Inc.
/ Key word(s): Drilling Result
NEWS RELEASE GOLDPLAY DRILLS 12.2M OF 1.18% COPPER, VANCOUVER, BRITISH COLUMBIA - May 3, 2022 - (TSXV: AUC) (US/OTCQB:AUCCF), (Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce new drill results from the Phase 1 drilling program completed at the Aparis Copper Mine ("Aparis") in Southern Portugal. The Aparis mine is part of the 73.2 km2 Barrancos exploration license, and two other projects, held by a private Portuguese company, Indice Crucial Lda ("Indice Crucial") on which Goldplay can earn up to 100% interest (see Company's news release dated June 23, 2021 for more details).
Catalin Kilofliski, President & CEO stated: "We are very excited with the results of our inaugural drilling program that confirm our belief that a copper mineralized system occurs at the Aparis mine that is much wider than the previous mining activities indicate. Furthermore, the discovery of a gold-bearing structure within 140 m of the copper zone further enhances the potential of the project. The Aparis copper mineralized system has been traced for 2.5 km through historical workings, surface exposures and historical geophysical surveys and early indications are this could be extended further providing us with an exciting advanced copper-gold project. Excellent infrastructure and an existing copper smelter nearby provide further benefits for project exploration and potential future development to feed Europe's urgent needs for copper metal." Assay results have been received from all three diamond holes from the Phase 1 drilling campaign for a total of 824 m. The objective of this initial Phase 1 drilling program was to better determine the overall width and expansion potential of the copper mineralized structures. Table 1 - Significant Drill Results, Aparis Copper Mine
* True widths have not been determined as the mineralized body remains open. Further drilling is required to determine the mineralized body orientation and true widths. The Aparis Mine was operated as a small scale mine from 1889 to 1927 and more recently between 1969 and 1975 when the mine closed due to low copper prices. Aparis consists of a main vein zone (Saramago vein) that has been traced through surface exposures and mostly shallow underground workings for more than 2.5 km along a north-northeast strike and dipping steeply to the west. Historical mining focused on a narrow (<1m wide), very high-grade portion of the vein zone, where grades were reported to reach in excess of 10% Cu. The deepest parts of the mine are 220 m below surface, below which very little historical exploration took place. Further north, historical workings at the Malhada dos Caeiros and Vale de Marcos mines (Figure 1) did not extend much below 50 m depth. In addition, the full width potential of the main vein zone has never been thoroughly tested by drilling and is believed to be upwards of 10m wide. Goldplay drill tested the vein system from November 2021 to February 2022 with a total of 3 holes to investigate in detail the grades, nature, and potential for broader zones and depth extension of the mineralized system. Figure 1 - Location of Drill Holes and Historic Workings at the Aparis Copper Mine Drill Hole GBA2102 was collared approximately 180 m south of GBA2101 and drilled through a series of historic mining works (that have not been previously identified). The hole was therefore stopped at a vertical depth of approximately 80 m. It is believed that significant copper grades may have been historically mined from these mined out stopes. Drill Hole GBA2103 was collared approximately 230 m north of GBA2101 and was the furthest north hole drilled by the Company. The hole intersected a 12.2m interval averaging 1.18% Cu, including several higher-grade sections, as shown in Table 1. The interval includes a 2.4 m drilled length through an historical mine stope where no core was recovered, and a 0.00% Cu grade assigned to the interval. Immediately east of the stope the drill hole returned the highest copper grades, including 9.69% Cu over 1m 5.50% Cu over 2m and 2.33% Cu over 5.50 m. This intercept is suggesting that significant copper mineralization still remains unmined. The old workings were focused on thin high-grade sections (>3% Cu typically) leaving behind a large of the mineralized material. As shown in the Figure 2 the drill hole crossed the mineralized structure at the deepest part of the historical mine at a vertical depth of approximately 200 m, indicating good potential for the mineralization to continue at depth and towards the north. Figure 2 - Cross Section (looking North) Showing Drill Hole GBA2103 and Historical Mine Workings Table 2: Drill Hole Summary
Future Exploration Plans The Company's review of historical exploration and mining records indicate that historical miners have focused on narrow (<1m), high grade copper structures, often in excess of 10% Cu, while leaving behind the surrounding, lower grade material (1% to 3% Cu), which at the time may not have been considered economic. Goldplay drill hole GBA2103 proved the presence of a wider mineralized system. The potential quantity and grade of the Company's exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. With Phase 1 complete, the Company is planning to complete two additional follow-up drill programs with the following goals and objectives: Phase 2 (2,500m in drilling, 10 holes):
Phase 3 (6,500m in drilling, 20 holes):
Figure 3 - Longitudinal Section (looking West) Along the 2.5km Length of the Main Vein System Showing Phase 1 and Proposed Phases 2 and 3 Drilling
On behalf of the Board of Directors For further information please contact: Goldplay Mining Inc. Suite 650 - 1021 West Hastings Street Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 03.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1341929 03.05.2022
