Grayd Extends Main Zone and Outlines Higher Grade Areas at the La India Gold Project
20 January 2010 - 1:00AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) today reported that
all assay results from 2009 drilling in the Main Zone have now been
received. Results have extended the boundaries to mineralization in
the south part of the zone and outlined several areas with higher
grades than previously interpreted. Highlights not reported
previously include:
- RC-09-508 - 62.5 m grading 1.97 g/t Au; including 16.8 m
grading 4.15 g/t Au
- DDH-09-71 - 73.0 m grading 1.30 g/t Au; including 22.5 m
grading 3.27 g/t Au
- DDH-09-67 - 71.0 m grading 1.09 g/t Au; including 6.0 m
grading 6.08 g/t Au
- DDH-09-93 - 60.4 m grading 1.53 g/t Au; including 28.6 m
grading 2.09 g/t Au
A total of 6,000 metres were drilled in 59 reverse circulation
(RC) and 37 diamond drill holes (DDH) in the period from September
through December 2009 within and immediately adjacent to the two
zones included in the February 2009 resource calculation. Holes
were drilled to better define known higher grade structures and to
test for other higher grade areas within the area of the current
resource, as well as to test potential extensions to the resource.
Of this drilling, 3,600 metres in 27 reverse circulation and 29
diamond drill holes were drilled in the Main Zone.
Marc Prefontaine, President and CEO of Grayd, stated: "We are
very pleased with the results from 2009 drilling in the Main Zone.
We have verified the geological model for the resource, extended
mineralization and outlined a number of areas with higher grades
than previously interpreted."
A new geological model is being constructed based on all
drilling to date. Assays are expected shortly for drill holes
designed to extend the North Zone. Once the new model in complete
and all assays are received, a new resource will be calculated. It
is anticipated that the new resource will be completed in the first
quarter of 2010.
Two drills are currently working to define the recently
discovered La India Zone (see news release dated November 12,
2009), and to test two large targets that have never been drilled
before. The objective for the first quarter of this year is to
drill several other high priority exploration targets in the 260
square kilometre project area.
A table describing the holes included in this release is given
below. A complete list of all drill results is provided on the
company's website at www.grayd.com. A drill hole location map is
provided below and is also posted on the company's website.
To view the map accompanying this press release please click on
the following link:
http://media3.marketwire.com/docs/GYD0119.pdf
--------------------------------------------------------------------------
Depth From To Width Au
Hole E N (m) Az Dip (m) (m) (m) (g/t)
--------------------------------------------------------------------------
DDH-09-67 706850 3176565 71.7 321 -51 0 71 71 1.09
--------------------------------------------------------------------------
including 0 6 6 6.08
--------------------------------------------------------------------------
DDH-09-71 706891 3176518 90.4 319 -60 0.4 73.4 73 1.30
--------------------------------------------------------------------------
including 50.5 73 22.5 3.27
--------------------------------------------------------------------------
DDH-09-93 707341 3175552 66 316 -60 0.4 60.8 60.4 1.53
--------------------------------------------------------------------------
including 8.0 36.6 28.6 2.09
--------------------------------------------------------------------------
RC-09-508 707085 3176041 71.63 090 -50 0 62.5 62.5 1.97
--------------------------------------------------------------------------
including 38.1 54.9 16.8 4.15
--------------------------------------------------------------------------
The La India gold project is located in the prolific Mulatos
gold belt of Mexico's Sonora state. The project has a NI43-101
compliant gold resource of 559,000 ounces grading 1.01 g/t in the
indicated category and 318,000 ounces grading 1.05 g/t in the
inferred category, all at a 0.5 g/t cut-off grade. The resource
consists of 17.2 and 9.4 million tonnes of indicated and inferred
material, respectively. This same district hosts Alamos Gold's
Mulatos mine, which produced 178,000 ounces of gold in 2009 and had
a reported a resource of 4.75 million ounce of gold at the end of
2008.
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
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.
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
Grayd Resource Corporation (TSXV:GYD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Grayd Resource Corporation (TSXV:GYD)
Historical Stock Chart
From Oct 2023 to Oct 2024