Grayd Accelerates Drill Program at Tarachi Gold Porphyry
March 22 2011 - 9:00AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) ("Grayd") reports
step out drilling continues to expand the known area of gold
mineralization at Tarachi, part of its 100% owned La India Property
in Sonora, Mexico. Gold porphyry mineralization, which starts at
surface and is open at depth, has now been intersected over an area
of approximately 800 x 800 metres. Grayd plans to accelerate its
exploration at Tarachi and move to a three drill program in the
coming weeks.
Recent results include RC-11-595 which intersected 0.56 g/t Au
over 106.7 metres, including 26 metres of 1.01 g/t Au, and
bottoming in an 18 metre interval averaging 0.53 g/t Au. This new
drill hole is located 350 metres to the north of the area with the
highest concentration of drilling and best results to date, with
results significantly expanding the extent of confirmed gold
mineralization. RC-11-595 intersected similar mineralization to a
previously released step out, 470 metres to the northwest, where
RC-11-590 intersected 0.30 g/t Au over its entire 252 metre length,
including a 17 metre interval of 1.0 g/t Au, and bottomed in a 24
metre interval averaging 0.64 g/t Au. Please see the attached
Tarachi map or visit our website at www.grayd.com.
New step out drilling near RC-11-590 has also expanded the
extent of mineralization in the western area by a further 50
metres. RC-11-596 intersected 158.5 metres of 0.29 g/t Au including
38.1 metres of 0.52 g/t Au and demonstrates the area to the west
remains open at depth and in all directions.
RC-11-594 intersected 85.3m of 0.30 g/t Au and was an offset
hole to previous drilling in the area where most drilling has
occurred to date.
Marc Prefontaine, President and CEO of Grayd, stated:
"Exploration at Tarachi continues to deliver gold grades over very
large intervals. Recent results have expanded the known area of
mineralization, and most of the Tarachi target area has yet to be
drill tested. A gold porphyry model gives us great incentive to
expand our drilling activities to test the extent of this large
gold system, and start drilling to define resources in the higher
grade areas. We are very excited by our results to date, and look
forward to advancing the project with two additional drills,
providing exploration results on a regular basis."
The new drill holes have intersected the same style of gold
mineralization reported previously from the Tarachi area (February
2011). This style of mineralization is similar to porphyry-style
gold systems globally. Gold porphyries are characteristically of
moderate to low grade, but contain high tonnages that support large
mining operations. World-class gold porphyries of this type occur
in the Maricunga belt of Chile, where over 60 million ounces of
gold have been identified in 14 separate deposits.
Table of New Drill Results:
--------------------------------------------------------------------------
Depth From To Width Au
Hole N E (m) Az Dip (m) (m) (m) (g/t)
--------------------------------------------------------------------------
RC-11-594 3185080 700201 203 45 -50 12.2 97.5 85.3 0.39
--------------------------------------------------------------------------
RC-11-595 3185271 700179 285 10 -50 73.2 103.6 30.5 0.53
--------------------------------------------------------------------------
178.3 285 106.7 0.56
--------------------------------------------------------------------------
including 202.7 236.2 26 1.01
--------------------------------------------------------------------------
RC-11-596 3185630 699808 221 10 -50 0 158.5 158.5 0.3
--------------------------------------------------------------------------
including 0 38.1 38.1 0.52
--------------------------------------------------------------------------
The La India property is 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. Grayd has initiated
feasibility level work on this resource.
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.
To view the map accompanying this press release please click on
the following link:
http://media3.marketwire.com/docs/GYD0322.pdf
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 Grayd Resource Corporation Daniel G.
McIntyre Manager Corporate Communications 604-681-7446 604-608-5372
(FAX) www.grayd.com
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