Grayd Resource Provides Update on La India Gold Project-Drill Results from Cieneguita Zone
12 September 2007 - 11:00PM
Marketwired Canada
Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to announce that recent
results from drilling in the Cieneguita zone on its 100% owned La India Gold
Project, Sonora State, Mexico have confirmed wide-spread, near-surface, oxide
gold mineralization. New intercepts include RC07-192 that intersected 6.1 m
grading 7.54 g/t Au (30.4 g/t Au uncut), and RC07-193 that intersected 30.5 m
grading 1.56 g/t Au. Cieneguita is a separate gold zone located 2.5 km north of
the main Viruela-La Cruz-Cerro de Oro exploration target where two drills are
currently working.
At Cieneguita, a shallowly dipping gold-bearing silicified zone is exposed at
surface. It has now been drill-tested over an area 850 m long and 100 to 300 m
wide by 26 reverse circulation holes, of which 17 were drilled recently and are
reported herein. Best grades are in the eastern 100 to 200 m wide portion of the
zone, and the results from 17 holes drilled to date in this portion of the zone
range from 0.5 to 7.5 g/t Au over true thicknesses of 6 to 58 m. Because
mineralization starts at or near surface, and is oxidized, this zone is
considered prospective for gold resources to add to the mineralization being
defined in the main exploration target on the property, the La
Cruz-Viruela-Cerro de Oro area to the south of Cieneguita.
The results for 26 holes totalling 1,690 m are being reported herein. Seventeen
were drilled in the Cieneguita zone. Eight were drilled to the west of the
Viruela zone, looking for extensions to mineralization across a northwest
trending fault. Intensely altered and highly oxidized rock and zones with
anomalous gold were encountered, but widespread higher grade mineralization was
not found. It is hoped that the diamond drill, which was recently added to the
project, will provide geological information to vector in on higher grade gold
mineralization in this area. One hole was drilled on a target in the La India
area, located between the Cieneguita and Viruela areas. It did not intersect
significant gold values.
As reported above, two drills are currently working on site. A diamond drill has
completed 15 holes thus far next to previously drilled reverse circulation holes
for detailed geological information, assay confirmation of the reverse
circulation drill holes, and samples for column leach metallurgical testing. The
reverse circulation drill has completed an additional 33 holes in the Viruela-La
Cruz zone. Holes completed (and ones planned) are filling in gaps in between
holes so that resource calculations can be initiated and tested to expand the
zone.
A summary of new drill intercepts is provided in the table below. A drill plan
map of the Cieneguita area attached (to view map please click on the following
link: http://www.ccnmatthews.com/docs/GYD0912.pdf) and is also posted on the
Company's website at www.grayd.com.
La India Project - Drill Summary
---------------------------------------------------------------------------
East- North- Depth From To Width Au
Hole ing ing Az Dip (m) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Viruela
---------------------------------------------------------------------------
RC-07-181 706687 3176437 0 -90 108.2 4.6 12.2 7.6 0.69
---------------------------------------------------------------------------
RC-07-182 706604 3176261 0 -90 117.4 no significant
intersection
---------------------------------------------------------------------------
RC-07-183 706648 3176233 178 -51 163.1 no significant
intersection
---------------------------------------------------------------------------
RC-07-184 706651 3176235 88 -55 89.9 no significant
intersection
---------------------------------------------------------------------------
RC-07-185 706504 3176346 268 -50 89.9 22.9 24.4 1.5 1.66
---------------------------------------------------------------------------
RC-07-186 706502 3176343 0 -90 135.6 88.4 121.9 33.5 0.43
---------------------------------------------------------------------------
RC-07-187 706786 3176684 178 -50 59.4 0.0 16.8 16.8 0.55
---------------------------------------------------------------------------
RC-07-188 706827 3176716 0 -90 59.4 0.0 13.7 13.7 0.62
---------------------------------------------------------------------------
Cieneguita
---------------------------------------------------------------------------
RC-07-189 706272 3179220 0 -90 35.1 0.0 18.3 18.3 0.38
---------------------------------------------------------------------------
RC-07-190 706306 3179003 88 -70 44.2 16.8 35.1 18.3 0.95
---------------------------------------------------------------------------
RC-07-191 706269 3179043 88 -70 25.9 lost hole before
target
---------------------------------------------------------------------------
RC-07-192 706261 3179004 88 -70 53.3 39.6 45.7 6.1 30.04 metallic
gold
assays
---------------------------------------------------------------------------
39.6 45.7 6.1 7.54 110.0 g/t
Au assay
cut to
20 g/t Au
---------------------------------------------------------------------------
RC-07-193 706247 3178912 88 -70 71.6 29.0 59.4 30.5 1.56
---------------------------------------------------------------------------
RC-07-194 706299 3178952 0 -90 65.5 no significant poor
intersection recovery
---------------------------------------------------------------------------
RC-07-195 706245 3178858 0 -90 32.0 25.9 32.0 6.1 1.46 lost
hole;
last
sample at
0.97 g/t
Au
---------------------------------------------------------------------------
RC-07-196 706254 3178651 88 -70 47.2 41.1 45.7 4.6 0.75
---------------------------------------------------------------------------
RC-07-197 706244 3178495 88 -70 47.2 no significant
intersection
---------------------------------------------------------------------------
RC-07-198 706300 3178550 88 -70 68.6 0.0 7.6 7.6 0.47
---------------------------------------------------------------------------
RC-07-199 706298 3178589 88 -70 41.2 27.4 30.5 3.0 0.86
---------------------------------------------------------------------------
RC-07-200 706298 3178697 88 -70 35.1 0.0 30.5 30.5 0.72 poor
recovery;
2 samples
no
recovery
---------------------------------------------------------------------------
RC-07-201 706334 3178646 281 -88 41.2 19.8 30.5 10.7 1.32
---------------------------------------------------------------------------
RC-07-202 706301 3178479 88 -70 30.5 18.3 24.4 6.1 2.04
---------------------------------------------------------------------------
RC-07-203 706403 3178452 0 -90 68.6 0.0 67.1 67.1 0.51
---------------------------------------------------------------------------
RC-07-204 706394 3178597 88 -70 47.2 0.0 18.3 18.3 0.53
---------------------------------------------------------------------------
RC-07-205 706557 3178402 88 -70 25.9 no significant
intersection
---------------------------------------------------------------------------
La India
---------------------------------------------------------------------------
RC-07-206 707453 3177508 133 -50 86.9 no significant
intersection
---------------------------------------------------------------------------
Hans Smit, P.Geo., VP Exploration for Grayd, is the Qualified Person directing
the exploration at La India. Samples are sent to the ALS Chemex facility in
Hermosillo for sample preparation, and then to the ALS Chemex laboratory in
Vancouver for gold assay and ICP. QA/QC procedures used include assay standards
and blanks. The intersections in RC07-192 are based on metallic screen assays
for gold. One very high grade assay of 110 g/t Au over 1.5 m was cut to 20 g/t
Au. Drilling conditions are challenging in the Cieneguita zone because of
abundant fracturing in the near-surface silicified zone. Sample recovery is poor
at times, and some holes failed to reach target depth.
Grayd Resource is a growth-oriented junior natural resource company focused
primarily on exploring and developing a large land position in Mexico which is
highly prospective for gold and silver mineralization. The Company's Officers
and Directors are very experienced in all aspects of mineral exploration,
development and production and have been involved with several successful mining
projects over the past 20 years.
The information in this news release may contain forward-looking statements.
When used in this release, words such as "estimate", "expect", "anticipate" and
"believe" as well as similar expressions are intended to identify
forward-looking statements. Such statements are used to describe management's
future plans, objects, and goals for the Company and therefore involve inherent
risks and uncertainties. The reader is cautioned that actual results,
performance or achievements may be materially different from those implied or
expressed in such statements, which speak only as of the date the statements
were made. The Company does not update forward-looking statements continually as
conditions change.
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