Nov 3 2010
Grayd Resource Corporation (TSX VENTURE:GYD) has announced the results from ongoing drilling at the newly discovered Tarachi gold prospect, part of its 100% owned La India project in northern Mexico.
Highlights include:
- Diamond drill hole DDH-10-167 intersected 244 metres averaging 0.85 grams per tonne gold (g/t Au), including 90 metres averaging 1.21 g/t Au.
- Reverse circulation drill hole RC-10-582 intersected 222.5 metres averaging 0.50 g/t Au, including 70.1 metres averaging 0.95 g/t Au.
These holes were drilled in the same area of the property as DDH-10-149 (88m grading 1.5 g/t Au, reported July 6th). DDH-10-167 was drilled perpendicular to DDH-10-149 and most other previous holes. It is interpreted to have cross-cut a main east-west orientation to mineralization in the area and is mineralized from top to bottom. The east-west mineralization occurs within a much larger lower grade (approximately 0.3 g/t Au) halo that much of the drilling initially intersected until this better grade orientation was identified.
Surface sampling over a 5-square-kilometer area at Tarachi has returned numerous anomalous surface samples in a range from 0.2 to 22.9 g/t Au. Results from recent rock samples taken from intermittent outcrop along a 210 metre section of a new drill road range from 0.04 to 22.9 g/t Au. These results, and samples of sporadic outcrops in the surrounding area, indicate another significant east-west trending zone of higher grades occurs in this area located 900 metres north of DDH-10-167.
Marc Prefontaine, President and CEO of Grayd, stated: "These new drill results are testimony to a large gold system. Importantly, DDH-10-169 gives us a direction to drill that may allow us to start defining a resource around some of the higher grade intersections we have drilled. Mineralization is open in all directions in this area. We plan to start this systematic drilling in the middle of November using a reverse circulation drill. We also plan to continue drill-testing other areas on the property where surface sampling indicates potential for wide zones of higher grade mineralization. The extent of the overall system is still unknown, so surface sampling and geological mapping will also continue."
A table with intersections for drill hole assays returned subsequent to the July 6, 2010, news release is presented below. All holes are in the Tarachi area, except for DDH-10-156, 157 and 158, which were drilled along the margins of the La India gold resource.
The La India property is a feasibility stage heap leach gold project located in the prolific Mulatos gold belt of Mexico's Sonora state. Tarachi is located 10 kilometers north of the resource area that was analyzed in a recently reported Preliminary Economic Assessment (PEA) and represents a separate gold-rich mineral system. Results of the PEA, reported on October 21, 2010, show a 51% internal rate of return, a US$187 million net present value (pre-tax, 5% discount rate), a nine-year mine life and nearly 850,000 ounces of gold produced.
Tarachi Project Drilling
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, BC, for gold assay and ICP. QA/QC procedures used include assay standards and blanks.
Source: Grayd Resource Corporation