Grayd Steps Out and Expands Gold Mineralization at La India
July 16 2008 - 9:56AM
Marketwired Canada
Grayd Resource Corporation (TSX VENTURE:GYD) announces assay results from 28
reverse circulation holes (RC-08-316 to 343) drilled on its wholly owned La
India Gold Project located in the state of Sonora, Mexico. Highlights include
two drill intersections that show potential for significant expansion of the
resource to the west. RC-08-343 intersected 33.5 m grading 1.20 g/t Au 70 m west
of the January 2008 resource boundary and 180 m west of the last hole within the
resource model. RC-08-342 ended in 16.8 m grading 1.18 g/t Au, and was drilled
270 m southeast of RC-08-343.
Grayd's CEO, Marc Prefontaine, states: "These holes are very significant in that
they validate our geological modelling and demonstrate that the gold zone does
in fact continue to the west. These intersections now confirm the gold zone is
not contained to the current resource boundary, and opens up a large area for
further resource expansion."
Another highlight was RC-08-336 that ended in 47.3 m grading 1.24 g/t Au. This
is one of ten new holes drilled in the southeast part of the Viruela-La Cruz
area within a zone of near-surface oxide gold mineralization.
Results from this hole add potential for improving the grade in this area from
what was calculated in the current resource estimate. RC-08-336 intersected
silica-clay alteration, but also some silica structures on trend with the higher
grade La Cruz zone to the northeast. Further drilling is planned to follow-up on
this hole which ended up being abandoned due to drilling difficulties. Other
recent holes in the area verified the existence of wide-spread, potentially
economic, mineralization.
Nine of the holes reported herein were drilled in the Viruela zone as part of
the effort to bring this resource into the indicated category. Holes supported
previous interpretations. Seven holes were drilled on a potential extension of
the Cerro de Oro resource to the south. While well-altered rocks were
intersected, gold grades were relatively low.
Two drills are working on the project with the current priority being to expand
on and upgrade the January 2008 resource. Drilling within and adjacent to the
resource areas will be completed in August. Thereafter, drilling will focus on
new targets evolving from ongoing mapping and surface sampling.
A table of significant intercepts is given below. A map showing drill hole
locations is attached and also available at www.grayd.com.
To view the map attached to this release please click on the following link:
http://media3.marketwire.com/docs/0716gyd.pdf
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 and silver 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.
La India Gold Project - Drill Summary
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Azi- Length From To Width Au
Zone Hole East North muth Dip (m) (m) (m) (m) g/t
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Viruela
-West RC-08-343 706322 3176328 0 -90 120.4 74.7 108.2 33.5 1.20
Viruela
-West RC-08-342 706505 3176058 225 -70 144.8 128.0 144.8 16.8 1.18
Viruela
-LaCruz RC-08-341 706890 3176207 270 -50 68.6 0 18.3 18.3 0.38
Viruela no significant
-LaCruz RC-08-340 706997 3176155 0 -90 50.3 intersection
Viruela
-LaCruz RC-08-339 706961 3176208 0 -90 47.2 0 16.8 16.8 0.70
Viruela no significant
-LaCruz RC-08-338 706367 3178071 0 -90 59.4 intersection
Viruela
-LaCruz RC-08-337 706973 3176308 0 -90 86.9 50.3 74.7 24.4 0.68
Viruela
-LaCruz RC-08-336 707049 3176023 315 -50 54.9 7.6 54.9 47.3 1.24
Viruela
-LaCruz RC-08-335 707050 3175958 0 -90 59.4 18.3 44.2 25.9 0.28
Viruela
-LaCruz RC-08-334 707050 3175958 135 -50 59.4 21.3 38.1 16.8 0.50
Viruela
-LaCruz RC-08-333 707119 3175775 315 -50 71.6 1.5 16.8 15.3 0.35
Viruela
-LaCruz RC-08-332 707029 3175563 270 -60 77.7 4.6 15.2 10.6 0.88
Cerro de
Oro RC-08-331 707083 3175533 180 -50 96.0 42.7 54.9 12.2 0.34
Cerro de
Oro RC-08-330 707063 3175567 0 -90 68.6 12.2 21.3 9.1 0.31
Cerro de
Oro RC-08-329 707090 3175491 267 -50 96.0 0 39.6 39.6 0.41
Cerro de
Oro RC-08-328 707156 3175462 212 -60 89.9 50.3 51.8 1.5 1.56
Cerro de
Oro RC-08-327 707090 3175496 225 -50 74.7 4.6 7.6 3.0 1.69
Cerro de
Oro RC-08-326 707123 3175478 90 -50 71.6 16.8 36.6 19.8 0.42
Cerro de
Oro RC-08-325 707123 3175423 135 -50 89.9 1.5 3 1.5 0.99
Viruela RC-08-324 706773 3176345 180 -60 71.6 9.1 22.9 13.8 0.59
Viruela RC-08-323 706775 3176348 93 -50 71.6 9.1 35.1 26.0 0.45
Viruela RC-08-322 706748 3176307 90 -50 129.5 9.1 18.3 9.2 1.62
Viruela RC-08-321 706727 3176535 90 -50 56.4 no significant
intersection
Viruela RC-08-320 706673 3176384 90 -50 89.9 0 12.2 12.2 0.29
Viruela RC-08-319 706752 3176534 0 -90 59.4 0 15.2 15.2 0.62
Viruela RC-08-318 706852 3176370 90 -50 96.0 25.9 59.4 33.5 0.58
Viruela RC-08-317 706857 3176371 270 -50 108.2 7.6 12.2 4.6 0.89
Viruela RC-08-316 706959 3176409 90 -70 68.6 33.5 50.3 16.8 1.23
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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.
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