Grayd Resource Corp. Announces 1.7 g/t Au Over 117.3 Metres at Tarachi Gold Porphyry
02.06.2011 | Marketwire
VANCOUVER, June 2, 2011 - Grayd Resource Corporation (TSX VENTURE: GYD) (OTCQX: GYDRF) (“Grayd“) announces results from ongoing drilling at Tarachi, part of its 100% owned La India Property in Sonora, Mexico.The highlight is RC-11-611, which was drilled across a higher grade zone and intersected 117.3 metres averaging 1.7 g/t Au within a wider zone of mineralization of 253.0 metres at 0.9 g/t Au. Gold mineralization has now been traced from surface to the end of the hole at a vertical depth of 200 metres. Geologic modeling indicates that true width is approximately 90% of the interval width reported for this hole. Additional holes are planned to test the extent of mineralization at depth.
RC-11-607, drilled in another higher grade area, intersected 117.3 metres at 0.4 g/t Au, including 29.0 metres at 0.83 g/t Au. It similarly shows mineralization is open beyond a vertical depth of 200 metres.
Marc Prefontaine, President and CEO of Grayd, stated: “Recent results have shown higher grade gold zones have significant size and are open to depth. RC-11-611is the best hole we have drilled to date at Tarachi, and we are very excited about other areas of the property, most of which have yet to be tested. With three drills now on site, we are going to be able to delineate known higher grade mineralization as we progress towards a resource calculation, and test for new mineralization. Surface exploration shows similar alteration and mineralization occurring in outcrop in a 10km2 footprint, so the drills will be very busy for the rest of the year.“
Holes reported herein have intersected widespread lower grade mineralization with local structurally controlled zones of higher grades. RC-11-611 and previously drilled holes indicate that these higher grade zones can have considerable size. Mineralization at Tarachi is similar to porphyry-style gold systems globally. Gold porphyries are characteristically of moderate to low grade, but contain high tonnages that support large mining operations. World-class gold porphyries of this type occur in the Maricunga belt of Chile, where over 60 million ounces of gold have been identified in 14 separate deposits.
Table of New Drill Results:
Hole E N Depth (m) Az Dip From(m) To(m) Width(m) Au (g/t)
RC-11-611 700102 3184804 350.0 0 -50 93.0 346.0 253.0 0.88
including 99.1 216.4 117.3 1.67
RC-11-610 700003 3184743 350.0 10 -60 217.9 248.4 30.5 0.60
RC-11-609 700690 3185720 257.6 170 -55 167.6 257.6 89.9 0.20
RC-11-608 700587 3185340 144.8 350 -50 No significant intersection
RC-11-607 700233 3184989 272.8 45 -50 128.0 245.4 117.3 0.43
including 158.5 187.5 29.0 0.83
RC-11-606 700226 3184991 153.9 315 -50 3.0 83.8 80.8 0.42
including 29.0 47.2 18.3 1.00
RC-11-605 701536 3185362 202.7 315 -55 134.1 160.0 25.9 0.43
RC-11-604 700400 3185131 221.0 0 -55 53.3 70.1 16.8 0.56
RC-11-603 700461 3184949 251.5 350 -55 4.6 29.0 24.4 0.34
RC-11-602 699999 3185253 355.1 10 -50 338.3 355.1 16.8 0.47
RC-11-601 699570 3185824 245.4 10 -55 16.8 70.1 53.3 0.43
RC-11-600 700361 3185287 268.2 10 -50 22.9 47.2 24.4 0.47
RC-11-599 699761 3185420 251.5 10 -50 3.0 251.5 248.4 0.35
including 47.2 73.2 25.9 1.24
including 166.1 201.2 35.1 0.49
RC-11-598 699891 3185675 288.0 10 -50 53.3 132.6 79.3 0.20
RC-11-597 699891 3185672 300.2 190 -50 131.1 268.2 137.1 0.25
The La India property is 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 using a gold price of $950/oz. Grayd has initiated feasibility level work on this resource.
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.
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.
Contact Information
Grayd Resource Corporation
Marc A. Prefontaine; President and CEO
604-681-7446
Grayd Resource Corporation
Daniel G. McIntyre; Manager Corporate Communications
604-681-7446
604-608-5372 (FAX)
www.grayd.com