Grayd Resource Upgrades Espanola Zone at La India Gold Project
15 April 2008 - 1:34AM
Marketwired Canada
Grayd Resource Corporation (TSX VENTURE:GYD) announces assay results from nine
reverse circulation holes drilled in the Espanola zone on its wholly owned La
India Gold Project located in the state of Sonora, Mexico. Highlights include
RC08-285 with 30.5 m grading 1.63 g/t Au and RC08-289 with 36.6 m grading 1.18
g/t Au. The Espanola zone, which was not included in the January 2008 resource,
is located 200 m east of the Cieneguita zone resource. As at Cieneguita,
mineralization starts at or near surface in most holes and is oxide.
The 2008 holes and five previous holes in Espanola show that mineralization is
similar to Cieneguita, with gold within and just below a shallow dipping silica
altered zone. Espanola has now been drilled with wide spaced holes over a 400 by
250 m area. Additional drilling will be undertaken to increase intercept density
to facilitate a resource calculation.
A table of significant intercepts is given below. A map showing drill hole
locations is attached and also available at www.grayd.com.
La India Gold Project - Drill Summary
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LENGTH FROM TO WIDTH AU
HOLE EAST NORTH AZ DIP (M) (M) (M) (M) G/T
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RC-08-292 706792 3178555 0 -90 44.2 0 12.19 12.2 1.20
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RC-08-291 706736 3178695 270 -50 39.6 6.1 27.43 21.3 0.81
---------------------------------------------------------------------------
RC-08-290 706744 3178693 90 -70 73.2 27.43 32 4.6 1.09
---------------------------------------------------------------------------
RC-08-289 706704 3178760 270 -60 91.4 0 36.58 36.6 1.18
---------------------------------------------------------------------------
RC-08-288 706783 3178785 90 -70 71.6 6.1 12.19 6.1 0.65
---------------------------------------------------------------------------
RC-08-287 706741 3178815 90 -70 44.2 no significant intersection
---------------------------------------------------------------------------
RC-08-286 706702 3178941 90 -70 41.1 1.5 7.6 6.1 1.22
---------------------------------------------------------------------------
RC-08-285 706696 3178907 0 -90 41.1 0 30.48 30.5 1.63
---------------------------------------------------------------------------
RC-08-284 706671 3178861 90 -70 30.5 0 12.19 12.2 1.11
---------------------------------------------------------------------------
A 12,000 metre drill program is ongoing. The objective of the current program is
to upgrade the gold grade in the current resource, expand the zones, drill test
areas in close proximity to the resource so that they can be included in the
next resource calculation and to drill test several early stage targets that are
currently being advanced with surface exploration work. Grayd Resource is
sufficiently funded to carry out this work and bring the La India Project
through the scoping level study stage.
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, Mexico for sample preparation, and then to the ALS Chemex laboratory
in Vancouver, British Columbia for gold assay and ICP. QA/QC procedures used
include assay standards and blanks.
Grayd Resource is a growth-oriented junior natural resource company focused 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 experienced in all aspects of mineral exploration, development and
production and have been involved with several successful mining projects during
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 expression 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.
To view the map accompanying this release please click on the following link:
http://media3.marketwire.com/docs/0414gyd.pdf
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