Goldplay Exploration Ltd. (GPLY:TSX.V; GLYZF:OTCQB) received from the Mexican government a geological exploration permit that allows for trenching and drilling at the San Marcial project. "San Marcial is an near-surface high-grade silver, lead and zinc project for which a historical resource estimate has been previously disclosed," the company noted.
The permit affords the company two years, through August 2020, to complete up to 69 diamond core or reverse circulation drill holes "within a highly prospective area selected by Goldplay," according to a news release.
Mexican authorities did not attach to the permit any extraordinary restrictions or requirements. As is standard, the company must refrain from harming the local environment, remediate any exploration-caused disturbances in that regard and minimize accessways construction.
With the permit in hand, the company may now move forward with its efforts to delineate new mineralized zones beyond the historic resource and potentially make new discoveries in the known, 3.5 kilometer long mineralized trend. The results from these exploration activities will be incorporated into the preliminary economic assessment, slated for completion in 2019.
SEMARNAT, or the Secretaria de Medio Ambiente y Recursos Naturales, granted the permit after Goldplay submitted an environmental impact study and drilling plans.
Next for Goldplay is finalizing its three-dimensional model of the San Marcial silver-zinc-lead-gold deposit "using high grade results received from recently sampled and assayed historic drill core" and then using it to complete an NI 43-101 compliant resource estimate. Completion of that is expected by year-end. The company plans to release a preliminary economic assessment in 2019.
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