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Share Name | Share Symbol | Market | Type |
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Grayd Resource Corporation | TSXV:GYD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Grayd Resource Corporation (TSX VENTURE:GYD) announces results from the 2008 surface exploration program on its wholly-owned La India Gold Project located in the State of Sonora, Mexico. Highlights include identification of gold potential in two new zones: 1. an area 400 m south of the Cieneguita resource where results from recent rock sampling include a sample with 9.85 g/t Au; and 2. in the Pilar area of the property, approximately 6 km to the west of the known resource areas, where a 10.65 g/t Au sample was collected. Results have been returned for 76 samples collected over a 270 by 50 m area south of Cieneguita. Thirty of these samples assayed greater than 0.3 g/t Au, including 9 with greater than 1 g/t. This area displays the same geological setting as Cieneguita, and is interpreted to be a faulted block from a continuous zone of alteration and mineralization. Additional surface sampling is in progress across a 600 by 300 m area of prospective hydrothermal alteration in which the current samples are hosted. Targets in this area supported by the identified gold anomalies and detailed geology will be drilled in June. A property-scale evaluation was recently completed on the Pilar claim, which encompasses the west half of the La India property. The aim of the program was to identify large-scale systems of hydrothermal alteration for follow-up detailed mapping and sampling. A total of 36 samples were collected as part of this initial reconnaissance work. Six samples collected in the vicinity of a large zone of silica alteration in the north-central sector of El Pilar assayed greater than 0.3 g/t Au. The best result was from a chip sample which returned 10.65 g/t Au across 1 m true width in a small working at the base of the silica alteration. This geologic setting is similar to the Cieneguita resource zone and other zones in the Mulatos area, where gold occurs at the base of regional-scale, stratiform silicified horizons at the intersections with discordant structurally-controlled zones of silicification and advanced argillic alteration. Most of the strongly anomalous samples collected on the Pilar claim came from structurally-controlled zones of silicification with veins of silica-pyrite (+/- galena, sphalerite) and associated pyritic advanced argillic alteration. The recent work indicates that the silica-altered horizon in north-central El Pilar is the prime area of interest and a program of more detailed sampling and mapping will be initiated in June 2008. A number of other areas with widespread silica-alteration were identified elsewhere on the property and will also be explored further. Further work, including drilling, is also planned for the previously identified Tubos Zone, located 2.2 km east of the main resource area at La India. At Tubos, advanced argillic alteration has been identified over a 950 m by 300 m area. Of 42 surface samples collected, 10 assayed greater than 0.3 g/t Au, with a high of 1.5 g/t Au. A map showing locations of the zones is attached and additional maps are posted on Grayd's website (www.grayd.com). Hans Smit, P.Geo., VP Exploration for Grayd, is the Qualified Person directing the exploration at La India. Charles Greig, P.Geo., completed the recent work in the Pilar portion of the property. 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. 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 the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/NR080527%20(Drill%20Map)1.pdf
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