Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to provide the first
resource calculation on its 100% owned La India gold project located in Sonora
State, Mexico. Inferred resources for all zones total 936,000 ounces (36.8
million tonnes at a grade of 0.79 g/t Au), including 708,000 ounces of oxide
(28.1 million tonnes at a grade of 0.78 g/t Au), at a cut-off of 0.4 g/t Au. The
inferred resource calculation was completed on separate block models for 3 zones
including Viruela-La Cruz, Cerro de Oro, and Cieneguita. Cerro de Oro is
interpreted as a down faulted block of a continuous zone of gold mineralization
that includes the Viruela-La Cruz zone. Style of mineralization at Cieneguita is
similar to Viruela and located 2.5 km to the north. Calculations from the
combined block models indicate that 93% of the total inferred oxide resource
starts at or near surface and is entirely oxide. Only 7% of the total oxide
material is mixed with sulphide material where drill density did not allow for a
detailed model of the oxide shape. Tables showing tonnage, grade and contained
gold for various cut-offs are given in tables below. A map is attached below and
also posted on the Company's website at www.grayd.com.
To view the map accompanying this press release please click on the following
link: http://www.ccnmatthews.com/docs/Grayd%20Map.pdf
Results from six bottle roll leach tests of oxide material varied between 92%
and 96% gold recovery. Six composites of oxide material from diamond drill holes
are currently undergoing metallurgical testing, including column leach tests, to
assess the suitability of heap leach gold recovery methods. Preliminary testing
on sulphide material indicated that relatively high gold recovery may be
achieved in a flotation concentrate. In two samples tested, 94% of the contained
gold reported to the rougher flotation concentrate. Further test work on
sulphide material is planned.
The resource zones are open for expansion and thus Grayd will be initiating the
next phase of drilling immediately to potentially expand the current resource.
Additional drilling is also planned within the area of the current resource to
follow-up on the high Au grades cut in the current calculation to determine if
significant amounts of higher grade material exist. For example, an area in the
Cieneguita Zone with 1.5 m long samples from the same geological position
assaying 128 g/t Au and a 111 g/t Au in holes 50 m apart will be drilled at 25 m
centers. (These assays were cut to 11.3 g/t Au as they were anomalously high
compared to assays throughout the zone). Areas in the Viruela - La Cruz zone
will also be drilled in more detail to determine whether it is possible to
better define the boundary between low grade and higher grade silica zones,
resulting in a lower tonnage but higher grade resource. This drilling will be an
important component to bringing the inferred resource into higher resource
categories.
Six previously defined targets that are proximal to the current resource zones
(between 250 m to 2000 m away) will be drilled. Three large alteration systems
(Tarachi, Pilar and a newly defined zone in the southwest part of the property)
will be mapped and sampled with a goal of having drill targets by this summer.
Field crews will also continue exploring the remainder of the 260 square
kilometre project area.
Results from the metallurgical test work are expected in about two months. If
results are favourable, preliminary engineering and cost estimates will be made
to allow a Preliminary Economic Assessment (Scoping Study) to be completed on
the project.
Input into the resource model included 13,656 samples from 232 drill holes, a
3-dimensional geological model developed by Grayd and a newly created 2 m
contour elevation model. Assays are predominately from 1.5 m long reverse
circulation samples drilled in dry hole conditions. The resource was calculated
independently for different rock domains in the 3 zones, and then the total
resources per zone and for all zones was tabulated. A total of 66 samples
ranging from a high of 128.5 g/t Au were capped, with capping levels dependent
upon the gold grade distributions within the different rock domains. Silver
values as well as arsenic, copper, zinc and lead values are very low in the
oxide material. Within the sulphide material, they were not considered
economically significant enough to include in the initial resource calculation.
The resource calculation was completed by Independent Qualified Person Gary
Giroux, P.Eng. of Giroux Consultants, Vancouver, B.C. using Ordinary Kriging of
blocks 20 x 20 x 5 m in dimension. Assay database verification and QA/QC and
geological model verification was completed by Independent Qualified Person
Matthew Gray, Ph.D., C.P.G. of Resource Geoscience de Mexico, Hermosillo,
Sonora. Mr. Gray's work included comparing original assay certificates obtained
independently from ALS Chemex Laboratories with the resource database. Bulk
density was determined using Specific Gravity measurements on pieces of drill
core by Kappes, Cassiday & Associates (KCA) of Reno, Nevada. KCA is also
conducting the current metallurgical test work. A 43-101 report authored by
Giroux and Gray will be posted on sedar and the Company's website within the
next two weeks.
La India Resource Tables
ALL ZONES CLASSED INFERRED
----------------------------------------------------------------------
Au Tonnes greater Grade greater
Cutoff than Cutoff than Cutoff
----------------------------------------------------------------------
Au
(g/t) (tonnes) (g/t) Au (grams) Au Ounces
----------------------------------------------------------------------
0.10 196,710,000 0.301 59,300,000 1,906,000
----------------------------------------------------------------------
0.20 92,440,000 0.482 44,500,000 1,432,000
----------------------------------------------------------------------
0.30 55,490,000 0.641 35,600,000 1,143,000
----------------------------------------------------------------------
0.40 36,790,000 0.791 29,100,000 936,000
----------------------------------------------------------------------
0.50 26,130,000 0.933 24,400,000 783,000
----------------------------------------------------------------------
0.60 19,730,000 1.058 20,900,000 671,000
----------------------------------------------------------------------
0.70 14,860,000 1.192 17,700,000 569,000
----------------------------------------------------------------------
0.80 11,630,000 1.315 15,300,000 492,000
----------------------------------------------------------------------
0.90 9,220,000 1.438 13,300,000 426,000
----------------------------------------------------------------------
1.00 7,490,000 1.550 11,600,000 373,000
----------------------------------------------------------------------
ALL ZONES OXIDES CLASSED INFERRED
----------------------------------------------------------------------
Au Tonnes greater Grade greater
Cutoff than Cutoff than Cutoff
----------------------------------------------------------------------
Au
(g/t) (tonnes) (g/t) Au (grams) Au Ounces
----------------------------------------------------------------------
0.10 92,030,000 0.369 34,000,000 1,092,000
----------------------------------------------------------------------
0.20 56,270,000 0.515 29,000,000 933,000
----------------------------------------------------------------------
0.30 37,610,000 0.648 24,400,000 783,000
----------------------------------------------------------------------
0.40 26,170,000 0.781 20,400,000 657,000
----------------------------------------------------------------------
0.50 19,060,000 0.906 17,300,000 555,000
----------------------------------------------------------------------
0.60 14,400,000 1.022 14,700,000 473,000
----------------------------------------------------------------------
0.70 10,870,000 1.144 12,400,000 400,000
----------------------------------------------------------------------
0.80 8,410,000 1.259 10,600,000 340,000
----------------------------------------------------------------------
0.90 6,550,000 1.376 9,000,000 290,000
----------------------------------------------------------------------
1.00 5,260,000 1.481 7,800,000 250,000
----------------------------------------------------------------------
ALL ZONES SULPHIDES CLASSED INFERRED
----------------------------------------------------------------------
Au Tonnes greater Grade greater
Cutoff than Cutoff than Cutoff
----------------------------------------------------------------------
Au
(g/t) (tonnes) (g/t) Au (grams) Au Ounces
----------------------------------------------------------------------
0.10 98,360,000 0.233 22,900,000 736,000
----------------------------------------------------------------------
0.20 32,810,000 0.413 13,600,000 436,000
----------------------------------------------------------------------
0.30 15,580,000 0.605 9,400,000 303,000
----------------------------------------------------------------------
0.40 8,720,000 0.809 7,100,000 227,000
----------------------------------------------------------------------
0.50 5,520,000 1.021 5,600,000 181,000
----------------------------------------------------------------------
0.60 4,020,000 1.200 4,800,000 155,000
----------------------------------------------------------------------
0.70 2,950,000 1.401 4,100,000 133,000
----------------------------------------------------------------------
0.80 2,400,000 1.550 3,700,000 120,000
----------------------------------------------------------------------
0.90 2,080,000 1.659 3,500,000 111,000
----------------------------------------------------------------------
1.00 1,770,000 1.782 3,200,000 101,000
----------------------------------------------------------------------
ALL ZONES MIXED CLASSED INFERRED
----------------------------------------------------------------------
Au Tonnes greater Grade greater
Cutoff than Cutoff than Cutoff
----------------------------------------------------------------------
Au
(g/t) (tonnes) (g/t) Au (grams) Au Ounces
----------------------------------------------------------------------
0.10 6,240,000 0.389 2,400,000 78,000
----------------------------------------------------------------------
0.20 3,530,000 0.572 2,000,000 65,000
----------------------------------------------------------------------
0.30 2,380,000 0.731 1,700,000 56,000
----------------------------------------------------------------------
0.40 1,890,000 0.833 1,600,000 51,000
----------------------------------------------------------------------
0.50 1,570,000 0.911 1,400,000 46,000
----------------------------------------------------------------------
0.60 1,270,000 0.998 1,300,000 41,000
----------------------------------------------------------------------
0.70 980,000 1.102 1,100,000 35,000
----------------------------------------------------------------------
0.80 770,000 1.197 900,000 30,000
----------------------------------------------------------------------
0.90 580,000 1.310 800,000 24,000
----------------------------------------------------------------------
1.00 490,000 1.382 700,000 22,000
----------------------------------------------------------------------
INFERRED RESOURCE OF EACH ZONE AT 0.4 g/t Au CUTOFF
-----------------------------------------------------------------------
Au
Cutoff Grade greater than Cutoff
-----------------------------------------------------------------------
Au Au
Zone Oxidation (g/t) (tonnes) (g/t) Au (grams) Ounces
-----------------------------------------------------------------------
Cieneguita Oxide 0.40 8,140,000 0.758 6,200,000 198,000
-----------------------------------------------------------------------
Cieneguita Sulphide 0.40 120,000 0.754 90,000 2,900
-----------------------------------------------------------------------
Cerro De Oro Oxide 0.40 2,150,000 1.024 2,200,000 71,000
-----------------------------------------------------------------------
Cerro De Oro Sulphide 0.40 30,000 0.783 23,000 800
-----------------------------------------------------------------------
Viruela - Oxide 0.40 15,880,000 0.760 12,100,000 388,000
La Cruz
-----------------------------------------------------------------------
Viruela - Mixed 0.40 1,890,000 0.854 1,600,000 52,000
La Cruz
-----------------------------------------------------------------------
Viruela - Sulphide 0.40 8,570,000 0.810 6,900,000 223,000
La Cruz
-----------------------------------------------------------------------
La India Project - Drill Summary
Recently received assay results from 10 holes totalling 460.3 m not previously
released are hereby disclosed. Holes RC07-247 and 248 were drilled west of the
Viruela Zone. Holes RC07-249 through 256 were drilled in the Cieneguita Zone and
are included in the resource database. Grayd drilled an additional 17 holes in
late 2007. Results are pending.
---------------------------------------------------------------------------
Len-
gth From To Width Au Com-
Zone Hole East North Az Dip (m) (m) (m) (m) (g/t) ments
---------------------------------------------------------------------------
Ciene- RC-07-
guita 256 706258 3178742 0 -90 47.2 1.5 47.2 45.7 0.47
---------------------------------------------------------------------------
Ciene- RC-07-
guita 255 706249 3178699 0 -90 47.2 3.0 33.5 30.5 0.42
---------------------------------------------------------------------------
Ciene- RC-07-
guita 254 706252 3178821 90 -70 53.3 0.0 39.6 39.6 0.28
---------------------------------------------------------------------------
Ciene- RC-07-
guita 253 706357 3178948 90 -70 50.3 6.1 21.3 15.2 2.31
---------------------------------------------------------------------------
Ciene- RC-07-
guita 252 706275 3179073 92 -70 38.1 27.4 35.1 7.6 1.29
---------------------------------------------------------------------------
Ciene- RC-07-
guita 251 706306 3179052 90 -70 7.6 hole abandoned
---------------------------------------------------------------------------
Ciene- RC-07-
guita 250 706247 3178959 90 -70 56.4 45.7 54.9 9.1 3.92 cut
---------------------------------------------------------------------------
45.7 54.9 9.1 22.8 uncut
---------------------------------------------------------------------------
Ciene- RC-07-
guita 249 706268 3178848 90 -70 13.7 hole abandoned
---------------------------------------------------------------------------
Viru-
ela - RC-07-
West 248 706335 3176725 0 -90 86.9 no significant intersection
---------------------------------------------------------------------------
Viru-
ela - RC-07-
West 247 706405 3176499 270 -70 59.4 39.6 57.9 18.3 1.29
---------------------------------------------------------------------------
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, British Columbia for gold assay and ICP. QA/QC procedures used
include assay standards and blanks.
Grayd Resource Corporation 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 and silver mineralization. The Company's
Officers and Directors are very experienced in all aspects of mineral
exploration, development and production and have been involved with several
successful mining projects over the past 20 years.
Forward Looking and other Cautionary Information
Neither the TSX Venture Exchange nor any other regulatory authority accepts
responsibility for the adequacy or accuracy of this release. This release
includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that
address estimated resource quantities, grades and contained metals, possible
future mining, exploration and development activities, are forward-looking
statements. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
should not be in any way construed as guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices for
metals, the conclusions of detailed feasibility and technical analyses, lower
than expected grades and quantities of resources, mining rates and recovery
rates and the lack of availability of necessary capital, which may not be
available to the Company on terms acceptable to it or at all. The Company is
subject to the specific risks inherent in the mining business as well as general
economic and business conditions. For more information on the Company, Investors
should review the Company's filings that are available at www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred Resources
This news release also uses the term 'inferred resources'. Grayd Resource
Corporation advises investors that although this term is recognized and required
by Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission
does not recognize the term. Investors are cautioned not to assume that any part
or all of the mineral deposits in this category will ever be converted into
reserves. In addition, 'inferred resources' have a great amount of uncertainty
as to their existence, and economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, or economic
studies except for Preliminary Assessment as defined under 43-101. Investors are
cautioned not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
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