Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to announce the results
of a new resource calculation on its 100% owned La India gold project located in
Sonora State, Mexico.
Marc Prefontaine, CEO of Grayd, states: "2008 was a very successful year at the
La India Project. Our new resource, which incorporates information from an
additional 11,000 metres drilled in late 2007 and 2008, demonstrates that we
have increased the gold grade by 10%, added quality oxide ounces and moved a
good portion of the resource to a higher confidence level (64% Indicated and 36%
Inferred) since January 2008. Equally as important, is that exploration work
demonstrates the exploration potential to significantly increase the resource
zones".
A summary of Indicated and Inferred gold resource is:
TOTAL RESOURCE - 64% CLASSIFIED INDICATED
0.5 g/t Au Cutoff
Indicated: 17.2 mT grading 1.01 g/t Au equals 559,000 oz Au
Inferred: 9.4 mT grading 1.05 g/t Au equals 318,000 oz Au
0.4 g/t Au Cutoff
Indicated: 23.8 mT grading 0.86 g/t Au equals 654,000 oz Au
Inferred: 13.5 mT grading 0.87 g/t Au equals 375,000 oz Au
- At a 0.5 g/t Au cutoff, last year's Inferred Resource (see January 11,
2008 press release) was 26.1 mT grading 0.93 equals 783,000 oz. The 2009
resource has been upgraded to 64% Indicated and demonstrated a 10%
increase in gold grade.
OXIDE HAS EXCELLENT METALLURGICAL RECOVERIES
The majority of the resources at La India are oxide. Oxide material contains
only minor amounts of other metals besides gold and results from column leach
tests reported August 11, 2008 indicate that an average recovery of 78% should
be achievable in a heap leach processing operation if the rock is crushed to
-12.5 to -50 mm (1/2 to 2 inch). A summary of Indicated and Inferred oxide
resource is:
OXIDE RESOURCE - 62% CLASSIFIED AS INDICATED
0.5 g/t Au Cutoff - oxide only
Indicated: 14.5 mT grading 0.95 g/t Au equals 441,000 oz Au
Inferred: 8.1 mT grading 1.03 g/t Au equals 267,000 oz Au
0.4 g/t Au Cutoff - oxide only
Indicated: 20.3 mT grading 0.80 g/t Au equals 524,000 oz Au
Inferred: 12.0 mT grading 0.84 g/t Au equals 322,000 oz Au
- At a 0.5 g/t Au cutoff, last year's Oxide Inferred Resource (see January
11, 2008 press release) was 19.1 mT grading 0.91g/t Au equals 555,000 oz.
The 2009 resource has been upgraded to 62% Indicated and demonstrated an 8%
increase in gold grade.
EXCELLENT POTENTIAL TO RAPIDLY EXPAND RESOURCE
Recent exploration work indicates that the stratigraphy and alteration of the
main zone of gold mineralization at Viruela-La Cruz potentially extends an
additional 1.2 km down-dip from the area encompassed by the new resource (See
Figures 1 & 2). In the north part of the resource, rock types that host gold
mineralization also extend beyond the drilling within the Rumorosa claim,
acquired in September 2008 (See Figures 1 & 3). Drilling to test for gold within
the high potential exploration areas adjacent to the new resource is planned to
commence in March 2009.
A GRASS ROOTS DISCOVERY WITH A DISCOVERY COST OF $12 PER OUNCE
La India is a grass root discovery. Since starting exploration on the project,
Grayd has expended approximately $12 million, equating to an average cost per
ounce discovery for Indicated and Inferred resources of $12 (based on a 0.4g/t
cut-off).
ECONOMIC ASSESSMENT STUDIES TO BE COMPLETED IN 2009
A Preliminary Economic Assessment (Scoping Study) is going to be started on the
project forthwith based on the new resource, metallurgical work completed by
Kappes Cassiday & Associates in 2008 and input from independent engineering,
metallurgical and environmental consultants. Environmental baseline studies have
been initiated and will be continued through 2009.
SUMMARY OF RESOURCE TABLES
TOTAL ALL ZONES - INDICATED RESOURCE
-----------------------------------------------------------------
Tonnes
greater than
Au Cutoff Cutoff Grade greater than Cutoff
-----------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
-----------------------------------------------------------------
0.10 56,390,000 0.496 28,000,000 900,000
-----------------------------------------------------------------
0.20 43,370,000 0.600 26,000,000 836,000
-----------------------------------------------------------------
0.30 32,210,000 0.722 23,300,000 748,000
-----------------------------------------------------------------
0.40 23,750,000 0.856 20,300,000 654,000
-----------------------------------------------------------------
0.50 17,160,000 1.013 17,400,000 559,000
-----------------------------------------------------------------
0.60 12,680,000 1.179 14,900,000 480,000
-----------------------------------------------------------------
0.70 9,890,000 1.329 13,100,000 423,000
-----------------------------------------------------------------
0.80 7,950,000 1.470 11,700,000 376,000
-----------------------------------------------------------------
0.90 6,720,000 1.585 10,700,000 342,000
-----------------------------------------------------------------
1.00 5,780,000 1.689 9,800,000 314,000
-----------------------------------------------------------------
TOTAL ALL ZONES - INFERRED RESOURCE
-----------------------------------------------------------------
Tonnes
greater than
Au Cutoff Cutoff Grade greater than Cutoff
-----------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
-----------------------------------------------------------------
0.10 37,240,000 0.456 17,000,000 546,000
-----------------------------------------------------------------
0.20 25,660,000 0.596 15,300,000 491,000
-----------------------------------------------------------------
0.30 19,480,000 0.706 13,700,000 442,000
-----------------------------------------------------------------
0.40 13,490,000 0.866 11,700,000 375,000
-----------------------------------------------------------------
0.50 9,410,000 1.051 9,900,000 318,000
-----------------------------------------------------------------
0.60 7,620,000 1.171 8,900,000 287,000
-----------------------------------------------------------------
0.70 6,350,000 1.275 8,100,000 260,000
-----------------------------------------------------------------
0.80 5,390,000 1.368 7,400,000 237,000
-----------------------------------------------------------------
0.90 4,650,000 1.450 6,700,000 217,000
-----------------------------------------------------------------
1.00 3,930,000 1.542 6,100,000 195,000
-----------------------------------------------------------------
TOTAL ALL ZONES OXIDES - INDICATED RESOURCE
-----------------------------------------------------------------
Tonnes
greater than
Au Cutoff Cutoff Grade greater than Cutoff
-----------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
-----------------------------------------------------------------
0.10 47,270,000 0.478 22,600,000 727,000
-----------------------------------------------------------------
0.20 36,180,000 0.578 20,900,000 673,000
-----------------------------------------------------------------
0.30 27,350,000 0.685 18,700,000 603,000
-----------------------------------------------------------------
0.40 20,270,000 0.803 16,300,000 524,000
-----------------------------------------------------------------
0.50 14,500,000 0.946 13,700,000 441,000
-----------------------------------------------------------------
0.60 10,520,000 1.097 11,500,000 371,000
-----------------------------------------------------------------
0.70 8,050,000 1.237 10,000,000 320,000
-----------------------------------------------------------------
0.80 6,360,000 1.366 8,700,000 279,000
-----------------------------------------------------------------
0.90 5,260,000 1.476 7,800,000 250,000
-----------------------------------------------------------------
1.00 4,410,000 1.577 7,000,000 224,000
-----------------------------------------------------------------
TOTAL ALL ZONES OXIDES - INFERRED RESOURCE
-----------------------------------------------------------------
Tonnes
greater than
Au Cutoff Cutoff Grade greater than Cutoff
-----------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
-----------------------------------------------------------------
0.10 33,840,000 0.440 14,900,000 479,000
-----------------------------------------------------------------
0.20 23,190,000 0.577 13,400,000 430,000
-----------------------------------------------------------------
0.30 17,640,000 0.679 12,000,000 385,000
-----------------------------------------------------------------
0.40 11,970,000 0.837 10,000,000 322,000
-----------------------------------------------------------------
0.50 8,060,000 1.031 8,300,000 267,000
-----------------------------------------------------------------
0.60 6,390,000 1.158 7,400,000 238,000
-----------------------------------------------------------------
0.70 5,250,000 1.270 6,700,000 214,000
-----------------------------------------------------------------
0.80 4,400,000 1.369 6,000,000 194,000
-----------------------------------------------------------------
0.90 3,770,000 1.456 5,500,000 177,000
-----------------------------------------------------------------
1.00 3,170,000 1.552 4,900,000 158,000
-----------------------------------------------------------------
Input into the resource model included 26,348 samples from 374 drill holes
totalling 31,973 m, a 3-dimensional geological model developed by Grayd and a 2
m contour elevation model. Assays are from 1.5 m long reverse circulation
samples drilled in dry hole conditions and HQ diameter core drill holes. The
resource was calculated independently for 9 different rock domains in 2 zones. A
total of 45 samples ranging from a high of 152 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 and not considered economically significant enough in
the sulphide material to include in the resource calculation. Maps and sections
showing resource areas and exploration potential are posted on Grayd's website
(www.grayd.com).
The resource calculation was completed by Independent Qualified person Gary
Giroux, P.Eng. of Giroux Consultants, Vancouver B.C. using Ordinary Kriging of
blocks 10x10x5 m in dimension. Independent Qualified Person, Matt Gray, Ph.D.,
C.P.G. of Resource Geoscience de Mexico, Hermosillo Mexico was responsible for
sample QA/QC, assay database verification, including comparing original assay
certificates obtained independently from ALS Chemex Laboratories with the
resource database, and geological model verification. Bulk density was
determined using Specific Gravity measurements on pieces of drill core by
Kappes, Cassiday & Associates of Reno, Nevada.
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.
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.
NOTE: To view the figures associated with this release, please click the
following link: http://media3.marketwire.com/docs/gyd0210.pdf.
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