Category: Exploration and Development

Gernot Wober, VP Exploration, states, Results from our surface and underground sampling program at Monclova continue to return high-grade mineralization from the well-exposed breccias in and around multiple historical workings at the Real Viejo area. Real Viejo itself sits within a mineralized trend over 1,500m long at the southern edge of the intrusive complex in contact with limestone, where breccias have been mapped several meters wide. Mapping, sampling and geophysics are now complete at this key near-term target where we are finalizing our phase 1 drill planning.

Pierre Beaudoin, COO, noted, These impressive metallurgical test results confirm our gold metal recoveries and improve upon our silver metal recoveries at Las Chispas utilizing composites covering most of the current resource. These new positive results show 94.0% to 96.5% for estimated AgEq recoveries, including 36.7% to 40.2% from gravity concentrate recoveries, suggesting meaningful upside potential on the overall assumptions for the project’s economics.

Goldplay President and CEO Marcio Fonseca commented, Over the past months Goldplay has actively explored the 1,250 ha of the San Marcial concession with soil, rock chip and channel sampling, identifying and testing targets that will add value to the San Marcial silver resource, by expanding or discovering new mineralized zones. High grade gold results with visible (panned) gold from epithermal quartz veins within artisanal tunnels in the Nava Zone provide encouragement for a gold mineralized low sulphidation epithermal system, just 1.5 km west of the high-grade hydrothermal breccia-hosted silver resource. The new Nava Zone gold discovery suggests that the San Marcial Project has potential to be a significant multi-commodity play, with proven occurrence of gold and silver mineralization together with series of old artisanal mine workings on the Faisanes – Nava Corridor. We are focused on additional sampling and trenching at Nava to define the extent and geometry of the gold mineralization, on surface, and identify targets to follow up with drilling.

Joey Wilkins, President and CEO, commented, We are very pleased to see the airborne geophysical survey at Cervantes successfully identified 11 prospective porphyry target areas, including several newly discovered high-quality targets. Pronounced northeast-southwest trends are enhanced in the new geophysical datasets in addition to clear northwest-southeast trends we believe are important mineralizing controls. We plan to follow up each prospect area with more detailed mapping, sampling and surveying to better define targets for drilling.