Goldplay Mining Inc. announce new drill results from the Phase 1 drilling program completed at the Aparis Copper Mine in Southern Portugal. The Aparis mine is part of the 73.2 km2 Barrancos exploration license, and two other projects, held by a private Portuguese company, Indice Crucial Lda on which Goldplay can earn up to 100% interest. Assay results have been received from all three diamond holes from the Phase 1 drilling campaign for a total of 824 m. The objective of this initial Phase 1 drilling program was to better determine the overall width and expansion potential of the copper mineralized structures.

The Company's initial objectives were fully accomplished. The results confirm the presence of a wide (>10m) copper mineralized envelope as indicated by the most recent results which include a 12.2m interval grading 1.18% Copper in hole GBA2103 with several sections of high-grade including 5.5m averaging 2.33% and including 2.0 m of 5.5% Cu (as indicated in the table below). In addition, a new auriferous zone has been identified 140 m west of the main vein system which returned 5.87 g/t Au over 2m in hole GBA2101 (previously reported by the Company on February 28, 2022).

The Aparis Mine was operated as a small scale mine from 1889 to 1927 and more recently between 1969 and 1975 when the mine closed due to low copper prices. Aparis consists of a main vein zone (Saramago vein) that has been traced through surface exposures and mostly shallow underground workings for more than 2.5 km along a north-northeast strike and dipping steeply to the west. Historical mining focused on a narrow (<1m wide), very high-grade portion of the vein zone, where grades were reported to reach in excess of 10% Cu.

The deepest parts of the mine are 220 m below surface, below which very little historical exploration took place. Further north, historical workings at the Malhada dos Caeiros and Vale de Marcos mines (Figure 1) did not extend much below 50 m depth. In addition, the full width potential of the main vein zone has never been thoroughly tested by drilling and is believed to be upwards of 10m wide.

Goldplay drill tested the vein system from November 2021 to February 2022 with a total of 3 holes to investigate in detail the grades, nature, and potential for broader zones and depth extension of the mineralized system. This will help evaluate possible scenario scenarios of developing a modern mining operation by contrast with the artisanal methods used in the past, with historical production coming exclusively from <1m thick high-grade veins. Drill Hole GBA2101 targeted the main vein zone at approximately 260 m depth and 90 meters below the historical workings.

The hole intersected two parallel vein structures, grading 0.21% Cu over 5.5 m from 295m drilled depth and 0.31% Cu over 3m from 318.5m drilled depth. These results are encouraging in that they show the copper mineralized structures are wide and continuous at depth and that additional drilling is needed to vector in on potential higher-grade shoots within the structures. As previously reported, this same hole also intersected a previously unknown gold-bearing zone, approximately 140 m west of the main copper vein zone which grading 5.87 g/t Au over 2m, from 46.05m drilled depth.

Drill Hole GBA2102 was collared approximately 180 m south of GBA2101 and drilled through a series of historic mining works (that have not been previously identified). The hole was therefore stopped at a vertical depth of approximately 80 m. It is believed that significant copper grades may have been historically mined from these mined out stopes. Drill Hole GBA2103 was collared approximately 230 m north of GBA2101 and was the furthest north hole drilled by the Company.

The hole intersected a 12.2m interval averaging 1.18% Cu, including several higher-grade sections. The interval includes a 2.4 m drilled length through an historical mine stope where no core was recovered, and a 0.00% Cu grade assigned to the interval. Immediately east of the stope the drill hole returned the higher copper grades, including 9.69% Cu over 1m 5.50% Cu over 2m and 2.33% Cu over 5.50 m. This intercept is suggesting that significant copper mineralization still remains unmined.

The old workings were focused on thin high-grade sections (>3% Cu typically) leaving behind a large of the mineralized material.