Grayd Expands Drill Program at La India Gold Project
13 April 2010 - 6:00AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) is expanding its
current drill program at the La India Gold Project in Sonora State,
Mexico by an additional 9,000 metres, more than doubling the
planned drilling in the first half of 2010 to 15,000 metres.
Grayd's President and Chief Executive Officer, Marc Prefontaine,
stated: "The decision to expand our drill program is a direct
result of the success we have experienced to-date exploring areas
outside the current resource zones on our 260 square kilometre land
package. We are extremely encouraged with the previously reported
near-surface gold mineralization that has been intersected on the
La India Zone discovery located between our Main and North zone
resources. We are also encouraged by large zones of intense
alteration and anomalous gold within intrusive rocks underlying
this higher grade mineralization that indicate a large mineralizing
system. Consequently, a number of additional drill holes are
planned over the 800 by 600 metre target area. At the Tubos target,
located 2 km east of the Main Zone resource, we are completing the
first holes in a 1.2 by 1.0 km area that has similar geology to the
Main Zone area and a number of 0.3 to 1.6 g/t Au surface samples. A
third target, Tarachi located 6 km north of the North Zone
resource, will also be drilled. All three exploration targets - La
India, Tubos and Tarachi - are very large and prospective targets
and warrant at minimum an additional 3,000 metres of drilling per
area to further evaluate their potential."
Grayd also provides the following update:
1. A new resource calculation is currently in progress and
should be completed in the next few weeks.
2. A team of engineers has been on site completing the necessary
field work to undertake a Preliminary Economic Assessment study
(PEA).
3. Two drills are currently working. They are focussed on the La
India, Tarachi and Tubos targets. Tarachi and Tubos have never been
drill tested prior to this year.
4. Environmental assessment required for mine permitting has
been ongoing for the past 18 months and is well advanced.
The 260 square kilometre 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 has a reported mining reserve of 2.4 million ounces.
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
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