Grayd Reports New Discovery at Tarachi
May 19 2010 - 8:15AM
Marketwired
Grayd Resource Corporation (TSX VENTURE: GYD) reported a new
discovery at the Tarachi gold prospect, part of its 100% owned La
India project in northern Mexico.
Results from recent diamond drilling include:
-- DDH-10-123 with 56 metres grading 0.71 g/t Au within a longer
intersection of 163 metres grading 0.33 g/t Au
-- DDH-10-124 with 296 metres grading 0.21 g/t Au
-- DDH-10-125 with 159 metres grading 0.22 g/t Au
-- DDH-10-126 with 94 metres grading 0.43 g/t Au, including 6 metres
averaging 0.2% Molybdenum
Tarachi is located 10 km north of the area hosting the recently
reported resource at La India and represents a separate
mineralizing system. Gold mineralization at Tarachi starts at
surface. A table with intersections for the 7 holes drilled at
Tarachi to date is presented below.
Marc Prefontaine, President and CEO of Grayd, stated: "This is a
significant discovery for Grayd and could potentially represent
tremendous added value for the La India project. We are very
pleased that the first holes ever drilled on the Tarachi target
intersected such wide intercepts with gold. The drill results and
surface sampling indicate mineralization has a strike length of
nearly 2 kilometres although the true potential is yet unknown. The
holes reported today were drilled from 3 platforms each 220 to 250
meters apart. An accelerated program of geologic mapping and rock
chip sampling is currently underway on the entire area of known
potential, and on areas adjoining this. Meanwhile, Phase 2 drilling
will begin this week."
Gold mineralization at the Tarachi gold prospect is associated
with breccias and veins of a style similar to
intermediate-sulfidation epithermal vein systems. This style of
epithermal system includes some of the largest gold and silver
deposits in Mexico including Pachuca, Tayoltita, Guanajuato, and
Fresnillo. Veins and breccias observed at Tarachi resemble upper
level expressions sometimes found above these giant vein systems.
Recent geochemical results show gold values in the range of less
than 0.1 g/t Au to 8 g/t from surface rock chip samples of veins
and breccia. Mineralization includes molybdenum and zinc.
Tarachi Drilling - 2010.
----------------------------------------------------------------------------
Hole E N Depth (m) Az Dip From(m) To(m) Width(m) Au (g/t)
----------------------------------------------------------------------------
DDH-
10-
123 700281 3184882 276.4 273 -69 2.2 165.5 163.3 0.33
----------------------------------------------------------------------------
including 2.2 58.0 55.8 0.71
----------------------------------------------------------------------------
DDH-
10-
124 700403 3185129 301.95 290 -70 6.0 302.0 296.0 0.21
----------------------------------------------------------------------------
DDH-
10-
125 700128 3185028 300.4 135 -70 0.0 159.0 159.0 0.22
----------------------------------------------------------------------------
DDH-
10-
126 700281 3184882 303.3 144 -71 0.0 94.0 94.0 0.43
----------------------------------------------------------------------------
DDH-
10-
127 700281 3184882 166.25 145 -85 0.0 109.0 109.0 0.28
----------------------------------------------------------------------------
including 0.0 19.0 19.0 0.58
----------------------------------------------------------------------------
including 87.0 109.0 22.0 0.57
----------------------------------------------------------------------------
DDH-
10-
128 700281 3184882 100.65 90 -75 0.0 100.6 100.6 0.27
----------------------------------------------------------------------------
including 0.0 36.0 36.0 0.51
----------------------------------------------------------------------------
DDH-
10-
129 700281 3184882 93 270 -85 0.0 93.0 93.0 0.27
----------------------------------------------------------------------------
including 0.0 9.0 9.0 1.22
----------------------------------------------------------------------------
The La India property is located in the prolific Mulatos gold
belt of Mexico's Sonora State. On May 4, 2010, Grayd reported a new
resource for La India comprised of Measured + Indicated resource
totalling 26.8 million tonnes (mT) grading 0.88 g/t Au for 760,000
oz Au and an Inferred resource of 19.7 mT grading 0.80 g/t Au for
506,000 oz Au, all at a 0.4 g/t cut-off. This same district hosts
Alamos Gold's Mulatos mine, which produced 178,000 ounces of gold
in 2009 and had a reported a resource of 4.75 million ounces of
gold at the end of 2008.
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.
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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