Greystar Resources Announces Drilling at Los Laches Continues to Find High Grade Gold-Silver Mineralization at Depth 13.6 Metres Grading 11.30 g/t Gold & 255.5 g/t Silver
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/10 -- Greystar Resources Ltd. (TSX: GSL)(AIM: GSL) (the 'Company') is pleased to announce additional assay results from the targeted drill program to investigate high grade mineralization at the Los Laches area of the Angostura gold-silver deposit.
A drill plan map and cross sections are attached and will be posted on the Greystar Resources website www.greystarresources.com.
To view the images accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/gsl621.pdf
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Hole From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
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LL10-01 84 86.5 2.5 4.56 0.1
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129 137.2 8.2 1.85 22.8
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LL10-02 221.9 235.5 13.6 11.30 255.5
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275.6 290.2 14.6 1.19 6.3
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QPO09-06 201.75 231.4 29.65 0.63 2.7
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390 421.65 31.65 1.30 21.2
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447 457.55 10.55 1.27 7.7
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QPO10-01 354.5 357 2.5 25.50 0.1
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396.4 399.5 3.1 6.04 25.5
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427.5 460 32.5 1.56 9.2
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QPO10-02 530.5 537 6.5 11.79 263.7
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537 552 15 1.21 6.2
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QPO10-03 182.3 217 34.7 5.75 5.0
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217 228.7 11.7 1.35 1.2
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Note: Down hole width has not been corrected but based on drill holes and structural dip of the mineralization, the interval is considered close (80%) to true width in the east - west structures and approximately 40 to 60% of the width in the northeasterly Silencio structures, depending on the angle of the drill holes.
The new drill results from the structurally complex Los Laches Area continue to provide positive results showing the potential of high grade mineralization at depth below the envisioned Preliminary Feasibility Study (PFS) open pit. The combination of intersecting structures and structural damming has resulted in persistent and high grade gold and silver mineralization. The high grade mineralization has been drilled vertically for over 400 meters which indicates the potential for continuity of the high grade structures at depth.
The high grade mineralization is the result of the intersection of the northeast veins of the Silencio system which predominate in the upper 250 meters above the 3,200 meter level, and the east-west trending La Alta - El Pozo system more predominant below 3,200 meters elevation. This area exhibits greater thickness and grade intercepts as exhibited in mineralization occurring in drill hole QPO09-03, reported in the January press release, which contained 86.85 meters of 2.92 g/t gold and QPO09-04 with 62 meters of 5.2 g/t gold.
The Los Laches target is open at depth in the down plunge direction to the east. The structures are significantly enriched in silver, and appear to be overprinted by vein structures that locally have in excess of 200 g/t silver. Two of the new holes (LL10-02, QPO10-02) returned an order of magnitude higher silver grades than is common in the Los Laches area. Drill hole QP09-04, reported in the January, contained very high silver contents of 1,852 g/t Ag over 3.2 meters.
Further drilling will continue to test the high grade mineralized structures at depth. Currently two drill rigs are drilling at Los Laches. Greystar is sourcing a larger drill rig for the high grade drill program with the capability to drill to depths of 1,000 metres.
The above information has been reviewed and approved by Mr. Frederick Felder, P.Geo., a 'qualified person' as that term is defined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects. Mr. Felder is a geologist with more than 40 years of industry experience and a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia.
About Greystar Resources Ltd.
Greystar Resources Ltd. is a precious metals exploration and development company that is currently completing a feasibility study on its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia. A positive prefeasibility study announced on March 25, 2009 envisions average annual production at Angostura of 511,000 ounces of gold and 2.3 million ounces of silver over a 15 year mine life.
Forward-Looking Statements
Certain statements in this news release are 'forward-looking' within the meaning of Canadian securities legislation. They include statements regarding exploration drilling results, estimates of capital and operating expenditures for the Angostura Project, the estimated completion date for a definitive feasibility study and the estimated average annual production from the Angostura Project. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include, among others, conclusions or realization of mineral resources, the actual results of exploration activities, possible variations in ore grade or recovery rates, fluctuations in the price of gold and silver, risks relating to additional funding requirements, political and foreign risks, production and operating risks, environmental regulation and liability, government regulation as well as other risk factors set out under the heading 'Risk Factors' in the Company's Annual Information Form dated March 26, 2010 which is available on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Greystar Resources Ltd.
Geoff Chater
(604) 614-7830
info@greystarresources.com
www.greystarresources.com
Renmark Financial Communications Inc.
John Boidman
Investor Relations Contact
(514) 939-3989 or (416) 644-2020
jboidman@renmarkfinancial.com
Renmark Financial Communications Inc.
Dan Symons
Investor Relations Contact
(514) 939-3989 or (416) 644-2020
dsymons@renmarkfinancial.com
www.renmarkfinancial.com
NCB Stockbrokers Limited
Christopher Caldwell
London NOMAD Contact
+44 (0) 20 7071 5200
christopher.caldwell@ncb.ie