Grayd Resource Corporation: Two Drills Working at Grayd Resource's La India Project
23 September 2009 - 9:00PM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) announces that two
drills have commenced drilling on its 100% owned La India Gold
Project located in Sonora, Mexico. La India hosts a NI43-101
compliant gold resource totaling 559,000 oz Indicated and 318,000
oz Inferred, with excellent exploration potential to increase the
resource. (Resource is comprised of Indicated: 17.2 mT grading 1.01
g/t Au and Inferred: 9.4 mT grading 1.05 g/t Au using a 0.5 g/t Au
cut-off). New drilling will be targeted on extensions to the
existing resource, high grade zones within the resource area, and
areas where recent geological mapping and surface sampling have
identified mineral potential.
Results from drilling completed earlier in 2009 indicate that
high grade feeder structures within the current Main Zone resource
area may be traceable and under-represented in the resource model.
For example, 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 7.81 g/t Au.) Based on current
interpretations, the high grade portion of the intersection
represents a steeply-dipping structure with a true width of
approximately 9 m. The grade of this structure is many times
greater than the average grade of the deposit, and the current
resource blocks around the structure do not reflect this high
grade. Surface mapping and modelling from previous drilling
suggests that there may be 4 or more feeder structures. If grades
within these structures are continuous for 200 to 300 m across the
zone, substantially more ounces will be contained in the same
amount of material than the current estimate shows. This would be
very positive to the project economics and a program of
close-spaced diamond drill holes targeted specifically on the
structures is underway.
Drilling on the Rumorosa claim, acquired in October 2008,
confirmed that the down dip extension of the North Zone occurs on
the claim. Mineralization in the North Zone is shallow and almost
entirely oxide. The wide spaced holes on Rumorosa intersected the
same silicified unit and the immediate footwall and returned
similar grades and thickness. Current drilling will be at a density
to allow a 500 by 250 m area to be brought into the resource
model.
Two holes drilled earlier this year in the Nopal area
intersected the prospective horizon at shallow depths. Alteration
and gold mineralization were limited, however these holes show
there is potential for economic mineralization in the area and
additional wide spaced holes are planned in this 2000 m by 2000 m
target.
Other prospective targets on the 250 sq. km property that will
be drilled include:
- Tubos - Located 2 km east of the current resource, Tubos
covers an extension of the same geology. Rock chips grading up to
1.6 g/t Au taken from rocks high in the stratigraphy indicate good
potential in the main gold-bearing units.
- Amargosa - A 650 by 900 m zone with massive silica alteration
similar to the North Zone. Rock chips grading trace to 1.5 g/t Au
from surface.
- Tarachi - A separate high sulphidation system located 7 km to
the northwest of the current resource areas. Recent results have
defined a 1,200 by 500 m gold-in-soil anomaly with numerous +100
ppb samples that is open to the west.
A map showing target locations is attached. Hans Smit, P.Geo.,
VP Exploration for Grayd, is the Qualified Person directing the
exploration at La India. 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 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 slide associated with this press release, please
click on the following link:
http://media3.marketwire.com/docs/grayd922.pdf
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: Grayd Resource Corporation Marc A. Prefontaine
President and CEO 604-681-7446 604-684-9877 (FAX) www.grayd.com
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