Grayd Announces 1.7 g/t Au Over 117.3 Metres at Tarachi Gold Porphyry
June 02 2011 - 9:00AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD)(OTCQX: GYDRF)
("Grayd") announces results from ongoing drilling at Tarachi, part
of its 100% owned La India Property in Sonora, Mexico.
The highlight is RC-11-611, which was drilled across a higher
grade zone and intersected 117.3 metres averaging 1.7 g/t Au within
a wider zone of mineralization of 253.0 metres at 0.9 g/t Au. Gold
mineralization has now been traced from surface to the end of the
hole at a vertical depth of 200 metres. Geologic modeling indicates
that true width is approximately 90% of the interval width reported
for this hole. Additional holes are planned to test the extent of
mineralization at depth.
RC-11-607, drilled in another higher grade area, intersected
117.3 metres at 0.4 g/t Au, including 29.0 metres at 0.83 g/t Au.
It similarly shows mineralization is open beyond a vertical depth
of 200 metres.
Marc Prefontaine, President and CEO of Grayd, stated: "Recent
results have shown higher grade gold zones have significant size
and are open to depth. RC-11-611is the best hole we have drilled to
date at Tarachi, and we are very excited about other areas of the
property, most of which have yet to be tested. With three drills
now on site, we are going to be able to delineate known higher
grade mineralization as we progress towards a resource calculation,
and test for new mineralization. Surface exploration shows similar
alteration and mineralization occurring in outcrop in a 10km(2)
footprint, so the drills will be very busy for the rest of the
year."
Holes reported herein have intersected widespread lower grade
mineralization with local structurally controlled zones of higher
grades. RC-11-611 and previously drilled holes indicate that these
higher grade zones can have considerable size. Mineralization at
Tarachi 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:
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Depth From To Width Au
Hole E N (m) Az Dip (m) (m) (m) (g/t)
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RC-11-611 700102 3184804 350.0 0 -50 93.0 346.0 253.0 0.88
---------------------------------------------------------------------------
including 99.1 216.4 117.3 1.67
---------------------------------------------------------------------------
RC-11-610 700003 3184743 350.0 10 -60 217.9 248.4 30.5 0.60
---------------------------------------------------------------------------
RC-11-609 700690 3185720 257.6 170 -55 167.6 257.6 89.9 0.20
---------------------------------------------------------------------------
RC-11-608 700587 3185340 144.8 350 -50 No significant intersection
---------------------------------------------------------------------------
RC-11-607 700233 3184989 272.8 45 -50 128.0 245.4 117.3 0.43
---------------------------------------------------------------------------
including 158.5 187.5 29.0 0.83
---------------------------------------------------------------------------
RC-11-606 700226 3184991 153.9 315 -50 3.0 83.8 80.8 0.42
---------------------------------------------------------------------------
including 29.0 47.2 18.3 1.00
---------------------------------------------------------------------------
RC-11-605 701536 3185362 202.7 315 -55 134.1 160.0 25.9 0.43
---------------------------------------------------------------------------
RC-11-604 700400 3185131 221.0 0 -55 53.3 70.1 16.8 0.56
---------------------------------------------------------------------------
RC-11-603 700461 3184949 251.5 350 -55 4.6 29.0 24.4 0.34
---------------------------------------------------------------------------
RC-11-602 699999 3185253 355.1 10 -50 338.3 355.1 16.8 0.47
---------------------------------------------------------------------------
RC-11-601 699570 3185824 245.4 10 -55 16.8 70.1 53.3 0.43
---------------------------------------------------------------------------
RC-11-600 700361 3185287 268.2 10 -50 22.9 47.2 24.4 0.47
---------------------------------------------------------------------------
RC-11-599 699761 3185420 251.5 10 -50 3.0 251.5 248.4 0.35
---------------------------------------------------------------------------
including 47.2 73.2 25.9 1.24
---------------------------------------------------------------------------
including 166.1 201.2 35.1 0.49
---------------------------------------------------------------------------
RC-11-598 699891 3185675 288.0 10 -50 53.3 132.6 79.3 0.20
---------------------------------------------------------------------------
RC-11-597 699891 3185672 300.2 190 -50 131.1 268.2 137.1 0.25
---------------------------------------------------------------------------
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 using a gold price of
$950/oz. 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.
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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