The company signed an agreement with Cazador Resources, which allows Goldplay to acquire up to 100% in two properties called "Big Frank" and "Nuit Mountain". The projects are located in southwestern BC in the Chilcotin district - and according to Goldplay, both projects have the potential to host epithermal gold deposits as well as copper and gold porphyry - and on a district scale!
Of course, CEO Catalin Kilofliski would not sign such a deal if did not have promising historical information about these properties, which in this case - at first glance, anyway - sound extremely promising, indeed. Random samples returned up to 126 grams of gold per tonne and more than 1% copper, while historical trench samples returned up to 85 g/t gold, 51 g/t tonne silver and more than 1% copper over an intercept of 2 meters! In light of this, and of course other available data, Goldplay has already mobilized a team to begin initial work on the new projects as early as tomorrow, September 1.
Map with the locations of Big Frank and Nuit Mountain; Source: Goldplay Mining
The Big Frank property, located 285 kilometers northwest of Vancouver, covers 9,470.8 hectares and also a 20 kilometers long favorable geological trend. Five promising target areas have already been identified, including the only partially explored Redbreast zone (formerly also Sawyers Grid/Hannah/Big Frank/Discovery), which also benefits from glacial ice retreat exposing the western extent of the Redbreast area with numerous fine ore samples containing copper and molybdenum (up to 1,000 ppm copper and molybdenum each). In addition, there are sporadic gold anomalies in rocks containing up to 11.2 g/t gold. Further east, several veins were discovered where a sample returned the 126 g/t gold mentioned above. In addition, there was a trench sample with as mentioned 85 g/t gold, 51 g/t silver and more than 1% copper over more than 2 meters! Even drilling in 1988 showed sporadic intervals of up to 0.53 ounces of gold per ton and 4.3% copper in narrow intervals!
Other interesting zones from Big Frank include Confederation Glacier, Hoodoo Creek North and Breccia also each with promising historical data.
The Nuit Mountain property turns out to be somewhat smaller (2,448.8 hectares) and is located over an 8 kilometers long weathering trend 170 kilometers southwest of Williams Lake and 75 kilometers east of Big Frank. Roads lead to within 4 kilometers of the property. Exploration in the vicinity of Nuit Mountain got underway in the 1960s with the sighting of large brown iron zones and at least seven documented copper and gold outcrops (Niut Mountain, Down's Showing, Fly, Harvey Gold, Fly Creek, Rusty and Anthony). For example, samples were collected along the Fly zone in 1972 that returned an average of 0.677% copper over 200 metres!
At Harvey Gold, 1,200 meters to the northeast, the two best historical samples assayed 0.159 and 0.746 g/t gold with some copper. In 2006, an unnamed outcrop containing 4.96 g/t gold was discovered in the largest south-flowing stream on the property. Most recently, a field program was conducted here in 2016, which recommended that further work be done on geophysical and geochemical targets, many of which have had little or no systematic investigation.
CONCLUSION: Both Nuit Mountain and Big Frank Properties have widespread weathering, high-grade gold and copper and gold mineralization, and favorable geology over trends ranging from 8 to 20 kilometers in length. Both properties are comparatively underexplored and no modern, systematic exploration has been conducted there in recent decades. In addition, in the case of Big Frank, glacial retreat is freeing up additional potential targets. Previous exploration programs have returned significant copper and gold values and further work has been recommended, with both Goldplay and Cazador seeing the potential for district-scale mineralization. So, the opportunity is there, the company believes, and the chances for success are high. We look forward to seeing what the initial work will reveal!
Goldplay will now spend about $25,000 on Nuit and $50,000 on Big Frank on exploration by Dec. 31 under the agreement to prepare initial NI 43-101 Canadian Standard technical reports on the projects. Upon satisfaction of all terms ($7 million in activities, $4 million Goldplay shares and $700,000 in cash for Big Frank and $3.5 million in activities, $2.0 million Goldplay shares and $350,000 in cash for Nuit each stretched over four years), the Company would hold 100% in the properties, with the option to acquire the projects concurrently or sequentially.
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