Delta project resource calculation
Grayd Resource Corporation GYD
Shares issued 13,592,942 Sep 11 close $0.48
Mon 14 Sept 98 News Release
Mr. John McCluskey reports
American Copper & Nickel Co., a wholly owned subsidiary of Inco United
States, Inc., has provided Grayd with an update on the 1998 exploration
program on the Delta joint venture property near Tok, Alaska. As well, ACNC
presented Grayd with the results of a new resource calculation that shows a
total inferred resource of 17.3 million tonnes averaging 0.6 per cent Cu,
2.0 per cent Pb, 4.7 per cent Zn, 73 g/t Ag and 1.9 g/t Au.
A hole targeted on the PP2 horizon intersected 0.8m (2.8 feet) of massive
sulphide grading 1.7 per cent Pb, 3.7 per cent Zn, 66 g/t Ag and 1.11 g/t
Au, demonstrating that the PP2 horizon is a large sulphide sheet that is
open in three directions. Further work is required to try to find a higher
grade keel in order to develop a significant volume of potentially economic
grades.
A hole drilled to test a geophysical anomaly in the DW area remained in a
gabbro intrusion through, and well below, the projected target depth.
The source of the high-grade Trio and Supercub massive sulphide float
remains undetermined, however drilling has outlined a large hydrothermal
system. There is several thousand feet of untested stratigraphy between the
Trio and Supercub areas that requires further drill testing.
Two holes targeted on the DDS zone in 1998 did not intersect significant
sulphides; however, they did supply additional evidence that the deposit
occurs adjacent to a relatively underformed rhyolite dome and as such may
have significantly more potential than just the relatively narrow trough
that has been pursued to date.
One hole on DDN appears to have defined the limit of the massive sulphide
on the northwest side of the deposit. It remains open to the south and
down-dip.
A new resource calculation completed by ACNC is summarized in the following
table. The manual calculation incorporates drilling by previous operators,
as well as, drilling completed by the Delta joint venture between 1995 and
1998. Before the new calculation was made, sample databases were checked
with original assay certificates and a number of massive sulphide
intercepts from previous operators were re-sampled and assayed. The
resource was calculated for the purpose of guiding further exploration
only, and does not imply economic viability.
Delta Project - Massive Sulphide
Inferred Resource Summary
M- Cu Pb Zn Ag Au
tonnes % % % g/t g/t
Block Deposit 1.1 1.6 2.4 3.2 102 3.1
DD DDN 2.1 1.1 2.6 6.5 102 2.4
--- --- --- --- --- ---
Total DD 3.2 1.2 2.6 5.4 102 2.6
DW-LP DW 0.4 0.4 1.7 4.8 58 1.4
MID 6.5 0.4 1.6 4.5 62 1.6
NUNATAK 0.3 0.3 1.2 2.8 58 2.5
LP 0.6 0.4 2.1 4.9 66 2.2
LPH 1.0 0.4 2.5 5.1 73 1.4
--- --- --- --- --- ---
Total DW-LP 8.8 0.4 1.7 4.5 63 1.7
PP2 PP2 5.3 0.4 2.1 4.6 71 1.7
--- --- --- --- --- ---
Totals 17.3 0.6 2.0 4.7 73 1.9
The new resource calculation highlights the potential of the Delta
property. Most of the deposits are still open, and only a relatively small
area of the DW-LP and PP2 sulphide sheets, which extend over a minimum
distance of 3km (two miles), has been tested. Higher grade zones within
these sulphide sheets, and the 3.2 million tonnes in the stratigraphically
higher DDS and DDN deposits, have total metal contents which compare
favourably with many operating mines. The potential for discovering
additional mineralization of this tenor is considered to be high. The
discovery of precious metal rich massive sulphide deposits within the
extensive hydrothermal system outlined in the Trio-Supercub area remains a
significant component of the exploration potential of the property.
Prior to 1998, ACNC spent $5.5-million (U.S.) exploring the Delta property.
By financing the $1.0-million (U.S.) 1998 exploration program, Grayd has
increased its interest in the Delta joint venture from 16.2 per cent to
approximately 27 per cent.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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