Grayd Drills 88 Metres of +1.5 g/t Au in 270 Metre Step-out Hole at La India Gold Project
July 06 2010 - 9:15AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) reports results from
three recent holes drilled at the newly discovered Tarachi gold
prospect, part of its 100% owned La India project in northern
Mexico. Highlights include an 88.0 metre intersection averaging
1.54 grams per tonne gold (g/t Au), including 34 metres averaging
2.23 g/t Au. This hole represents a 270 metre step-out from the
initial discovery hole at Tarachi (56.0 metres grading 0.73 g/t
Au).
The three diamond drill holes reported today are the first of
seven holes designed to expand on Grayd's new Tarachi discovery,
first reported on May 19, 2010. DDH-10-147 intersected a wide zone
of low-grade mineralization (103 metres grading 0.18 g/t Au).
DDH-10-148 intersected 74.0 metres grading 0.95 g/t Au, including
34 metres averaging 1.60 g/t Au. The higher gold grades in this
hole occur within a large lower-grade intersection of 204.0 metres
averaging 0.47 g/t Au. The hole bottomed at approx.211 metres in
0.58 g/t Au. DDH-10-149 was collared 280 metres southwest of
DDH-10-148 and 270 metres west of the initial discovery hole. The
+1.5 g/t material in DDH-10-149 was part of a larger intersection
of 191.0 metres averaging 0.85 g/t.
Marc Prefontaine, President and CEO of Grayd, stated: "The new
drill holes presented here are significant step-outs from our
initial discovery at Tarachi. The results continue to show a very
large mineralized system, including multiple zones of higher gold
grades. The mineral system is open in all directions and at depth.
We are very excited about the potential of this discovery and plan
to step up our exploration efforts at Tarachi."
Tarachi is located 10 kilometres north of the area hosting the
recently reported resource at La India and represents a separate
gold-rich mineral system. Work currently in progress includes a
geophysical survey, geologic mapping and sampling, and drilling
using a man-portable diamond drill.
A table with intersections for the three recent holes is
presented below.
Tarachi Drilling - 2010.
---------------------------------------------------------------------------
Length From To Width Au
Hole East North Az Dip (m) (m) (m) (m) g/t
---------------------------------------------------------------------------
DDH-10-147 700256 3184844 10 -60 150.95 7 110 103 0.18
---------------------------------------------------------------------------
DDH-10-148 700259 3185096 60 -60 211.95 8 212 204 0.47
---------------------------------------------------------------------------
Including 22 96 74 0.95
---------------------------------------------------------------------------
Including 61 95 34 1.60
---------------------------------------------------------------------------
DDH-10-149 700029 3184940 110 -60 221.15 0 191 191 0.85
---------------------------------------------------------------------------
Including 98 186 88 1.54
---------------------------------------------------------------------------
Including 146 181 35 2.23
---------------------------------------------------------------------------
The La India property is located in the prolific Mulatos gold
belt of Mexico's Sonora state. On May 4, 2010, Grayd reported a new
resource for La India comprised of Measured + Indicated resource
totalling 26.8 million tonnes (mT) grading 0.88 g/t Au for 760,000
oz Au and an Inferred resource of 19.7 mT grading 0.80 g/t Au for
506,000 oz Au, all at a 0.4 g/t cut-off. This same district hosts
Alamos Gold's Mulatos mine, which produced 178,000 ounces of gold
in 2009. The Mulatos mine had a reported reserve of 2.4 million
ounces of gold plus measured and indicated resources of 1.9 million
ounces at the end of 2009 (AGI news release dated March 31,
2010).
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.
To view accompanying map, click on the following link:
http://media3.marketwire.com/docs/GYD76map.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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