Grayd Drills 90 Metres of 1.21 g/t Au at Tarachi
November 02 2010 - 7:30AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) is pleased to
announce the results from ongoing drilling at the newly discovered
Tarachi gold prospect, part of its 100% owned La India project in
northern Mexico. Highlights include:
-- Diamond drill hole DDH-10-167 intersected 244 metres averaging 0.85
grams per tonne gold (g/t Au), including 90 metres averaging 1.21 g/t
Au.
-- Reverse circulation drill hole RC-10-582 intersected 222.5 metres
averaging 0.50 g/t Au, including 70.1 metres averaging 0.95 g/t Au.
These holes were drilled in the same area of the property as
DDH-10-149 (88m grading 1.5 g/t Au, reported July 6th). DDH-10-167
was drilled perpendicular to DDH-10-149 and most other previous
holes. It is interpreted to have cross-cut a main east-west
orientation to mineralization in the area and is mineralized from
top to bottom. The east-west mineralization occurs within a much
larger lower grade (approximately 0.3 g/t Au) halo that much of the
drilling initially intersected until this better grade orientation
was identified.
Surface sampling over a 5-square-kilometer area at Tarachi has
returned numerous anomalous surface samples in a range from 0.2 to
22.9 g/t Au. Results from recent rock samples taken from
intermittent outcrop along a 210 metre section of a new drill road
range from 0.04 to 22.9 g/t Au. These results, and samples of
sporadic outcrops in the surrounding area, indicate another
significant east-west trending zone of higher grades occurs in this
area located 900 metres north of DDH-10-167.
Marc Prefontaine, President and CEO of Grayd, stated: "These new
drill results are testimony to a large gold system. Importantly,
DDH-10-169 gives us a direction to drill that may allow us to start
defining a resource around some of the higher grade intersections
we have drilled. Mineralization is open in all directions in this
area. We plan to start this systematic drilling in the middle of
November using a reverse circulation drill. We also plan to
continue drill-testing other areas on the property where surface
sampling indicates potential for wide zones of higher grade
mineralization. The extent of the overall system is still unknown,
so surface sampling and geological mapping will also continue."
A table with intersections for drill hole assays returned
subsequent to the July 6, 2010, news release is presented below.
All holes are in the Tarachi area, except for DDH-10-156, 157 and
158, which were drilled along the margins of the La India gold
resource.
The La India property is a feasibility stage heap leach gold
project located in the prolific Mulatos gold belt of Mexico's
Sonora state. Tarachi is located 10 kilometers north of the
resource area that was analyzed in a recently reported Preliminary
Economic Assessment (PEA) and represents a separate gold-rich
mineral system. Results of the PEA, reported on October 21, 2010,
show a 51% internal rate of return, a US$187 million net present
value (pre-tax, 5% discount rate), a nine-year mine life and nearly
850,000 ounces of gold produced.
Tarachi Project Drilling
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Depth From To Width Au
Hole E N (m) Az Dip (m) (m) (m) (g/t)
---------------------------------------------------------------------------
DDH-10-167 700179 3184990 250.0 225 -60 6 250 244 0.85
---------------------------------------------------------------------------
including 108 198 90 1.21
---------------------------------------------------------------------------
DDH-10-166 699573 3185783 324.8 135 -60 No significant intersection
---------------------------------------------------------------------------
DDH-10-165 700264 3185730 327.9 315 -60 No significant intersection
---------------------------------------------------------------------------
DDH-10-164 700271 3185725 207.4 135 -60 161 166 5 0.70
---------------------------------------------------------------------------
DDH-10-163 700346 3184824 253.2 315 -60 No significant intersection
---------------------------------------------------------------------------
DDH-10-162 700122 3185039 349.2 315 -60 9 46 37 0.38
---------------------------------------------------------------------------
DDH-10-161 699984 3184960 373.6 290 -60 136 247 111 0.43
---------------------------------------------------------------------------
including 144 158 14 1.07
---------------------------------------------------------------------------
DDH-10-160 700069 3184879 205.9 315 -60 24 142 118 0.38
---------------------------------------------------------------------------
including 41 75 34 0.62
---------------------------------------------------------------------------
DDH-10-159 700174 3184927 199.8 315 -60 9 141 132 0.50
---------------------------------------------------------------------------
including 68 105 37 0.86
---------------------------------------------------------------------------
DDH-10-158 699984 3184960 410.7 110 -60 11 253 212 0.31
---------------------------------------------------------------------------
including 152 184 32 0.69
---------------------------------------------------------------------------
DDH-10-157 700129 3185152 179.95 135 -60 0 180 180 0.28
---------------------------------------------------------------------------
including 101 123 22 0.74
---------------------------------------------------------------------------
DDH-10-156 707541 3177463 123.6 225 -50 No significant intersection
---------------------------------------------------------------------------
DDH-10-155 707360 3177513 186.0 120 -60 0 22 22 0.40
---------------------------------------------------------------------------
DDH-10-154 707428 3177569 303.5 225 -50 241 280 39 0.15
---------------------------------------------------------------------------
DDH-10-153 700247 3185095 157.1 270 -60 15.3 157.1 141.9 0.23
---------------------------------------------------------------------------
including 23.8 55.8 32 0.43
---------------------------------------------------------------------------
DDH-10-152 700364 3185283 189.1 270 -60 146 154 8 0.67
---------------------------------------------------------------------------
DDH-10-151 700364 3185283 138.8 110 -60 3 16 16 0.41
---------------------------------------------------------------------------
DDH-10-150 700029 3184940 164.7 10 -60 55 117 62 0.40
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RC-10-583 700200 3185073 254.5 135 -50 64 88.4 24.4 0.35
---------------------------------------------------------------------------
RC-10-582 699985 3184981 269.8 110 -60 13 236.2 222.5 0.50
---------------------------------------------------------------------------
including 160 230.1 70.1 0.95
---------------------------------------------------------------------------
RC-10-581 700412 3185114 160.0 130 -60 7.6 112.8 105.2 0.18
---------------------------------------------------------------------------
RC-10-580 699824 3185364 306.3 150 -60 77.7 208.8 131.1 0.19
---------------------------------------------------------------------------
RC-10-579 700129 3185166 233.2 315 -60 13.7 99.1 85.3 0.31
---------------------------------------------------------------------------
RC-10-578 700183 3185264 243.8 135 -60 42.7 228.6 185.9 0.29
---------------------------------------------------------------------------
RC-10-577 700340 3185615 245.4 225 -50 132.6 245.4 112.8 0.39
---------------------------------------------------------------------------
RC-10-576 700342 3185616 213.4 45 -60 99.1 134.1 35.1 0.24
---------------------------------------------------------------------------
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, Mexico, for sample
preparation, and then to the ALS Chemex laboratory in Vancouver,
BC, for gold assay and ICP. QA/QC procedures used include assay
standards and blanks.
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,
objectives, 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 this press release, please click on
the following link:
http://media3.marketwire.com/docs/gyd1102.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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