Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) has entered into a non-binding Letter of Intent (LOI) with First Majestic Silver Corp. (TSX: FR) to acquire First Majestic’s wholly owned Mexican subsidiary, Minera La Rastra S.A. de C.V.
Minera La Rastra owns the historic Plomosas Silver Project, including 8,514 ha of concessions with significant exploration potential in Sinaloa, Mexico
Goldplay’s CEO, Marcio Fonseca, said the company is on target with its corporate mission of becoming the first company ever to consolidate key assets in the Rosario Mining District.
“Goldplay is poised to secure an attractive resource stage expansion portfolio with excellent infrastructure for future project development,” Mr Fonseca said.
“The extensive exploration data base combined with historical operational data, provide a wealth of technical information (geology, geochemistry, geophysics, drilling, Landsat/structural studies, historical metallurgical and operational data) on the Plomosas Project.
“The value of the extensive exploration database and potential upside of this asset cannot be understated, as it provides an opportunity for Goldplay to achieve new discoveries and delineate new resources in the Plomosas Project.
“Goldplay is focused on acquiring, at low cost, assets with good infrastructure and potential resources requiring a minimum of time and money to expand and advance to development.
“Our recent success expanding the resource at the San Marcial Silver-Gold Project has brought fundamental knowledge of the silver and gold mineralisation in the Rosario Mining District. This knowledge will allow Goldplay to implement a cost-effective exploration program at the Plomosas Project in 2020 with the objective of future discoveries and resource delineation.”
The 8,514-ha land position of the Plomosas Project is strategically located within five km of Goldplay’s San Marcial Silver-Gold Project. It is located approximately 94 km south east of Mazatlan in southeast Sinaloa State, Mexico and is adjacent to the town of Rosario.
The Plomosas Project includes infrastructure such as: a 60 km – 33 KV power line (connected to Mexican Regional Power grid), offices, shops, 120-man camp, infirmary, warehouses, foundations for processing plant, and other key infrastructure which can be fundamental for future project development.
The Plomosas Project also is entitled to a surface rights agreement, water use and surface exploration permits.
The Plomosas Project includes five shallow past producing underground mines – the Plomosas-La Cruz mine, San Juan mine, La Colorada mine, El Huarache mine, El Saltito mine – and 11 exploration targets. Historic production reports indicate that a total of 2.5 million tonnes of ore were extracted which averaged 190.5 grams per tonne (g/t) silver, 0.92 g/t gold, 2.02% zinc and 2.38% lead.
The Plomosas Project is historically known as a highly prospective area for silver, gold, lead and zinc mineralization. Key areas within the property boundaries of the Plomosas Project display many geological similarities with the San Marcial Silver-Gold Project.