Grayd Reports High-Grade Gold Structures
20 May 2009 - 4:18AM
Marketwired Canada
Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to provide an update on
the 2009 drilling program in progress on its 100% owned La India gold project
located in the state of Sonora, Mexico. The highlight of recent drilling was
hole RC-09-432 that intersected 89.9 m grading 4.26 g/t Au (uncut) of oxide
mineralization within the Viruela area of the Main Zone.
A total of 2,121 m of drilling in 16 reverse circulation (RC) holes are reported
herein (RC-09-420 through RC-09-435). The majority of holes were drilled within
and to the west of the Main Zone area of the February 2009 resource estimate.
RC-09-431 and 432 were drilled within the Viruela portion of the Main Zone
resource to better define structurally controlled high grade mineralization.
Grayd believes that the current resource, which is based mainly on east-west
holes in Viruela, may underestimate the gold contained within northeast
striking, steeply dipping feeder structures. RC-09-431 intersected 27.5 m
grading 2.10 g/t Au. RC-09-432 intersected 89.9 m grading 4.26 g/t Au, including
19.8 m grading 16.3 g/t Au (If the grade of a 1.5 m interval grading 135.0 g/t
Au is cut to the next highest assay of 24.7 g/t Au, the intersection averages
89.9 m grading 2.39 g/t Au, including 19.8m grading 7.80 g/t Au). This
intersection is comprised of an upper zone of shallowly dipping mineralized
rocks (29.0 m averaging 0.81 g/t Au) and an intersection diagonally across a
funnel shaped sub-vertical high grade structure (60.9 m grading 5.90 g/t Au or
3.15 g/t Au if cut). Based on the current interpretation, the portion of the
intersection in the structure has a true width of approximately 21 m (See
attached figure). Both holes confirm the geological model upon which the
February 2009 resource is based. However, both holes intersected considerably
higher grade mineralization than the grade of the resource blocks in the area
around the holes. The Company plans to drill more holes targeted on the high
grade structures due to the potential positive impact on overall grade of the
resource.
Holes RC-09-420 through 430 and RC-09-433 were drilled within areas of inferred
resource on the west side of Viruela and further to the west to test for
potential expansions to the resource. Results including RC-09-420 (30.5 m
grading 0.55 g/t Au) and RC-09-427 (32.0 m grading 0.87 g/t Au) confirm that
gold mineralization is continuous on the west side of the resource. Holes
further to the west show that permissive geology and alteration continue,
however gold mineralization is deeper and unlikely to be economic in this area.
Surface exploration indicates that the permissive gold horizon may be closer to
the surface further to the west of the area currently drilled in the Nopal zone.
Drilling in Nopal is planned in June.
RC-09-434 and 435 were drilled in a proposed heap leach pad site in the north
part of the property. Anomalous but low gold grades were intersected within
altered pyritic rocks. Further testing in other areas of the proposed pad will
be required to confirm there is no potential for ore under the pad. Abundant
water intersected at shallow depth in RC-09-435 is good indication that ground
water can be used for any potential production.
Drilling is currently being undertaken in the Cieneguita area, testing the
potential to extend the North Zone resource westward. Surface geology indicates
potential to extend the zone 300 to 400 m westward to the bottom of the valley
on the Rumorosa claim which was acquired last September.
La India Gold Project - Drill Summary 2009
Zone Hole East North Az Dip Length(m)
CE RC-09-438 706043 3179068 90 -60 61.0
CE RC-09-437 706062 3179323 90 -60 47.2
CE RC-09-436 706157 3179144 90 -60 61.0
CE RC-09-435 705884 3178408 0 -90 35.1
CE RC-09-434 705895 3178220 0 -90 35.1
CO RC-09-433 706753 3175670 0 -90 118.9
VR RC-09-432 706882 3176606 135 -70 117.4
including
including
VR RC-09-431 707063 3176498 315 -64 91.4
VRW RC-09-430 706336 3176407 87 -50 121.9
VRW RC-09-429 706239 3176037 0 -90 291.1
VRW RC-09-428 706067 3176139 225 -65 214.9
VRW RC-09-427 706424 3176161 90 -50 138.7
including
VRW RC-09-426 706306 3176223 0 -90 214.9
VRW RC-09-425 706671 3176009 135 -62 126.5
VRW RC-09-424 706646 3176067 0 -90 138.7
VRW RC-09-423 706197 3176338 0 -90 65.5
VRW RC-09-422 706320 3176525 115 -60 89.9
VRW RC-09-421 706325 3176525 290 -60 65.5
VRW RC-09-420 706338 3176425 0 -90 86.9
Zone Hole From(m) To(m) Width(m) Au g/t Comments
CE RC-09-438 1.5 15.2 13.7 0.27
CE RC-09-437 0.0 9.1 9.1 0.52
CE RC-09-436 38.1 47.2 9.1 1.32
CE RC-09-435 no significant intersection
CE RC-09-434 no significant intersection
CO RC-09-433 51.8 65.5 13.7 0.40
VR RC-09-432 0.0 89.9 89.9 4.26
48.8 68.6 19.8 16.29
93.0 93.0 2.39 135 g/t cut to 24.7 g/t
48.8 68.6 19.8 7.80 135 g/t cut to 24.7 g/t
VR RC-09-431 21.3 48.8 27.5 2.10
VRW RC-09-430 25.9 29.0 3.1 1.32
VRW RC-09-429 no significant intersection
VRW RC-09-428 no significant intersection
VRW RC-09-427 79.2 111.2 32.0 0.87
91.4 109.7 18.3 1.12
VRW RC-09-426 no significant intersection
VRW RC-09-425 no significant intersection
VRW RC-09-424 89.9 105.2 15.2 0.37
VRW RC-09-423 no significant intersection hole abandoned
VRW RC-09-422 12.2 47.2 35.0 0.32
VRW RC-09-421 18.3 25.9 7.6 0.82
VRW RC-09-420 27.4 57.9 30.5 0.55
A map showing drill hole locations is posted on Grayd's website (www.grayd.com).
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.
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 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 the release please click on the following link:
http://media3.marketwire.com/docs/2009-Resource-21.pdf.
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