Grayd Makes New Discovery at La India
November 12 2009 - 6:30AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) today reported that
recent drilling at its wholly owned La India Project has discovered
a potential new resource area highlighted by an 86.9 meter
intersection averaging 1.05 g/t gold. The La India Project, located
in the Mulatos gold belt of Mexico's Sonora state, already has an
identified NI43-101 compliant gold resource totaling 559,000 oz
Indicated and 318,000 oz Inferred. (Resource is comprised of
Indicated: 17.2 mT grading 1.01 g/t Au and Inferred: 9.4 mT grading
1.05 g/t Au using a 0.5 g/t Au cut-off).
Grayd Resource President and Chief Executive Officer Marc
Prefontaine said, "This is an excellent indication we may have
found yet another resource area that would be additive to our Main
and North resources. The potential for La India to become a new,
significant Mexican gold mine continues to grow." He added, "Our
plan over the next months is to conduct additional drilling around
the intersections reported today. We also intend to test other
priority targets within the 260 square kilometre project area."
Seven reverse circulation holes were drilled in the La India
zone, situated approximately midway between the previously
discovered Main and North resource areas. Six of the holes outlined
a 150-metre by 200-metre area with significant thickness averaging
1.05 g/t gold and wider intersections of lower grade gold
mineralization. Gold grades start at or near surface and
mineralization is open in all directions. The area drilled is only
a portion of a 750-metre by 400-metre area with prospective geology
and associated gold in surface rock chip samples. A map showing the
drill hole locations is attached.
The following table lists the higher grade portion of the
intersection:
--------------------------------------------------------------------------
Hole E N Az Dip From (m) To (m) Width (m) g/t Au
--------------------------------------------------------------------------
RC-09-476 707416 3177303 270 -50 0 86.9 86.9 1.05
--------------------------------------------------------------------------
RC-09-477 707313 3177250 90 -50 0 32.0 32.0 1.24
--------------------------------------------------------------------------
RC-09-478 707313 3177250 0 -90 0 32.0 32.0 0.84
--------------------------------------------------------------------------
RC-09-479 707446 3177243 90 -50 0 27.4 27.4 1.44
--------------------------------------------------------------------------
RC-09-480 707399 3177273 90 -50 1.5 24.4 22.9 1.30
--------------------------------------------------------------------------
RC-09-481 707445 3177337 90 -50 29 65.5 36.6 0.63
--------------------------------------------------------------------------
RC-09-482 707161 3177313 225 -70 No significant intersection
--------------------------------------------------------------------------
The La India prospect was the first area drilled by Grayd on the
project in 2004. A better understanding of the controls to
mineralization led to a recent re-interpretation of the area. The
best gold grades in the current holes are from an altered dacite
intrusion within a northeast trending structural zone. Massive
silica-altered rocks crop out topographically above these holes and
cover an area greater than 500-metres by 200-metres. A number of +1
g/t surface rock chip assays from the silica unit highlight the
exploration potential. This same massive silica horizon occurs in
the Main resource area where gold controlled by northeast-striking
fractures is found below, within and above the massive silica unit.
Prefontaine said, "This information leads us to the conclusion that
good potential for a new gold resource exists in not just one, but
two environments at the La India prospect. The first environment,
as identified by the recent drilling, is disseminated gold within a
dacite intrusion. The second environment is gold mineralization
related to massive silica similar to the Main resource area.
Drilling to test this environment is scheduled to start next
month."
Currently, two rigs are drilling to test for continuity of the
high grade feeder structures within the Main Zone and to test
potential extensions to the current resource in both the Main and
North zones. The Company believes that successful drilling of the
high grade feeder zones could increase the overall grade of the
Main Zone and add ounces to the resource. For a complete reporting
of all drill results on the project during this most recent
campaign please access our website.
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
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.
To view accompanying map, please click on the following link:
http://media3.marketwire.com/docs/gyd1112map.pdf
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 604-684-9877 (FAX) www.grayd.com
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