Indice Crucial Gold Copper
Goldplay Mining Inc.has signed a definitive agreement the “Agreement” to acquire up to 100% equity interest in a private Portuguese company Indice Crucial Lda (“Indice Crucial”) that holds exploration rights on several past-producing copper and gold projects as well as other advanced gold exploration applications in Portugal.
Under the terms of the Agreement, Goldplay will acquire up to a 100% equity interest in Indice Crucial by making the following cash and share payments:
|Timing||Cash in Euro||Goldplay Shares||Ownership|
|Within 2 Years||150,000||500,000||50%|
|Within 4 Years||100,000||750,000||85%|
Goldplay, can acquire the remaining 15% equity interest, for a total of 100%, at any time, for 2M Euro. The Agreement is subject to acceptance by the TSX Venture Exchange.
Barrancos Copper-Gold Properties
The Barrancos properties (“Barrancos”) are located in south Central Portugal, near the Spanish border and cover an area of 74 square kilometres. Exploration rights have been secured by Indice directly from the Portuguese Government Mining division in 2020. The exploration licence, allows the exploration work on Barrancos to be undertaken (including drilling) for a period of up to 5 years.
Barrancos includes several past producing gold and copper mines, including two more advanced drill-ready copper and gold projects as follows.
Aparis Copper Mine
The Aparis Copper Mine (“Aparis”) is a past producing underground copper mine that produced until 1975 when copper averaged just $0.55 per pound. The buildings and a small flotation mill remain on site.
The mine contains an extensive vein system. The system extends for over 3 km along strike and remains open for exploration. Historical underground results include:
- 47 metres averaging 3.09% Cu
- 40 metres averaging 3.04% Cu
- 62 metres averaging 2.21% Cu
The historic mine has been developed to a depth of just 150m and produced copper concentrate averaging up to 35% Cu. Along with Aparis, the area includes multiple other small-scale copper and gold showing that deserve further investigation and modern exploration.
The planned drilling and exploration work will be focused on expanding and better defining the mineralization for wider copper zones within the Aparis shear zone that currently averages more than 10m in true thickness.
The Lírio Gold Project
The Lirio Gold Project (“Lirio”) is a very prospective and under-explored gold system which has indications of being an extensive volcanic breccia gold system based on historical drilling, detailed surface sampling and the general geology of the area.
Historical sampling at Lirio has returned results of:
- up to 125g/t Au from chip samples and up to 7.7g/t Au from channel samples
- drill hole KBL-01 intersected 7.19 g/t Au and 0.63% Cu over 5.52 metres, including 17.8 g/t Au and 0.25% Cu over 2.03 metres
A very limited drilling campaign was carried out in 2008 by the Rio Narcea/Kernow joint venture, that intersected the mineralized zone below the main zone of the shallow underground workings.
Bigorne Gold Exploration Application
The Bigorne Gold Exploration Application (“Bigorne”) is an exploration/concession application made by Indice directly with the Portuguese Government Mining Division. Bigorne is situated in northern-central part of Portugal and covers an area of 24 km2. The main prospect includes a wide sheeted vein system, oriented N-S to NNE-SSW, hosted in Variscan granites from a suite of syn-to pos-tectonic intrusions.
A total of 15 historical holes have been drilled in several sections of the shear corridor with an indication of a bulk mineable potential as suggested by some of the best intercepts including:
- 2m grading 1.10 g/t Au from 35m, Including 10m grading 2 g/t Au in hole BI-1;
- 13m grading 1.66 g/t Au from 53m, including 6m grading 2.32 g/t Au in hole BI-3;
- 27m grading 1.0 g/t Au from 36m, including 5m grading 1.53 g/t Au in hole BI-4 and
- 13m grading 1.61 g/t including 4m grading 2.48 g/t Au from 39m in hole BI-5.
Vilarica Gold Exploration Application
The Vlarica Gold Exploration Application (“Vilarica”) is an exploration/concession application made by Indice directly with the Portuguese Government Mining Division. The project covers a total of 178 km2 is situated approximately 200 km east of Porto and 450 Km northeast of Lisbon. The area is covered by an allochthonous sequence of metasediments and metavolcanics that have been extensively intruded by Variscan granites. These are in contact with a mafic/ultramafic complex in the NE.
Numerous vein and disseminated type showings and small diggings for Gold, Silver, Lead and Zinc occur thoroughly associated with intrusion/volcanic activity together with Tin and Tungsten respectively in greisen and skarn deposits. All these are spatially related with deep-seated post-Variscan structures with the Vilariça fault interpreted to represent the main structural feature. This area is adjacent to a gold mining district including Latadas and Freixeda mine areas located only a few kilometres to the west of the permitted mine owned by the Minaport group.
Borba 2 Gold Copper Application
Goldplay acquired from European Electric Metals Inc. (“EVX”) an initial 70% equity interest in EVX Portugal (an EVX subsidiary), a private Portugal based company, that has the legal rights to an exploration licence application with the Portugal Government to the Borba 2 exploration property (the “Exploration Application” or “Borba 2”), covering approximately 230 square kilometres in the Alentejo region in Southern Portugal. The Exploration Application is in the final stages of being finalized with the Portugal government. The Exploration Application is not granted yet and there are no guarantees that it will be granted as expected.
The Exploration Application has a well-documented potential to host precious and base metals mineralization often enhanced by the presence of abundant Au and /or Cu mineral occurrences in shear zones and in epithermal systems associated with intra-Ordovician volcanics.
The Exploration Application includes a total of four separate projects including three past producing mines that covers an area of 230 square kilometers as follows.
Miguel Vacas - Past Producing Copper Mine
The copper mine last operated in 1986 and has produced at an average grade of 1.2-1.4% Cu. Historical near surface drilling (60 to 71.63m) intercepted 1.79 % Cu over 10.54m including 2.29% Cu over 7.30 m.
A historical non-compliant in-house resource estimation* was completed by Rio Narcea in 2007 based on 20 historical holes and estimated:
- Oxide ore (from 0 to 80m depth): 1.2 Mt @ 1.23% Cu.
- Sulphide ore (from 80m to 250m): 4.4 Mt @ 1.24% Cu
The project remains open for exploration.
*The readers should not rely on any historical estimates. The Company and the QP has not done sufficient work to classify historical estimate as a current resource. Company is not treating the historical estimate as a current resource. Additional work including drilling will be required to verify and upgrade historical estimates.
Mostardeira Copper - Gold Mine
This Cu-Au mine area, located approximately 2 km south of the town of Estremoz represents a wide WSW-ESE shear zone that is developed for at least 700 m along strike and is open into both directions. This shear zone has been historically mined for Cu with most of the mining works concentrated along a thin high-grade Cu zone (<2m) averaging over 5% Cu.
Mineralization is hosted by Silurian and Devonian metasediments. Channel sampling by Rio Narcea (2006) has intercepted the following mineralized intervals: 2.60m grading 4.15 g/t Au, 0.40% Cu including 0.60m grading 11.20 g/t Au and 0.65 % Cu and another 3.60m interval grading 2.40 g/t Au, 0.82 % Cu and 80 g/t Ag. The average grade for the total of 34 samples analysed was 1.54 g/t Au, 22 g/t Ag and 0.25% Cu with a maximum of 11.20 g/t Au and a minimum of 0.10 g/t Au.
The project is open for exploration.
Bugalho Copper - Gold Mine
Dump samples of silicified and sheared acid tuffs from the Bugalho mine area assay up to 10.97 g/t Au, 5.36% Cu and 20 g/t Ag.
Mineralization can be mapped about 5 km along strike and includes three main veins up to 1.3m thick within a several meter wide shear zone.
The project is open for exploration
Almagreira Gold Prospect
This area Drilling has been identified by Rio Tinto during the early eighties and limited trenching and drilling have indicated the presence of gold mineralization associated with clay-sericite-silica alteration zones associated with a ENE-WSW fracture zone and represents an epithermal system identified in this sector hosted by brecciated acid volcanics and dolomites.
Historical drilling intercepted an interval of 5.45 m grading 1.53 g/t Au, including 2.47m grading 2.44 g/t Au from hole PAM-01. The highest individual value obtained came from a gossanous quartz-dolomite altered marble grading 5.77 g/t Au over an intercept of 0.75m. Hole Pam-02 intercepted an interval of 2m grading 3.7 g/t Au. The mineralized zone coincides with sections of intense silica-carbonate alteration with several massive gossan zones and localized fresh sulphide dissemination (chalcopyrite and pyrite).
The project is open for exploration.