Grayd Resumes Drilling at La India Gold Project
Thu Mar 26, 8:30 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2009) - Grayd Resource Corporation (TSX VENTURE: GYD.V) is pleased to announce that a 3,000 metre reverse circulations drill program has commenced on its 100% owned La India gold project located in Sonora State, Mexico. Drilling is targeted at expanding the current main zone and north zone resource areas. At a 0.5 g/t Au cut-off, resources total 17.2 million tonnes @ 1.01 g/t Au indicated (559,000 oz) and 13.5 million tonnes @ 1.05 g/t Au inferred (318,000 oz) (see February 10, 2009 press release).
Recent exploration work indicates that the stratigraphy and alteration of the main zone of gold mineralization at Viruela-La Cruz potentially extends an additional 1.2 km down-dip from the area encompassed in the current resource (to view Figures 1& 2, please click on the following link: media3.marketwire.com. This equates to a doubling in size of the area underlain by the target alteration horizon that hosts the gold mineralization. Drilling will follow up on gold results released July 16, 2008 from drill hole RC-08-343 (33.5 m grading 1.20 g/t Au), drilled 180 m west and RC-08-342 (16.8 m grading 1.18 g/t Au). In the north part of the property, rock types that host gold mineralization extend 500 metres to the west of the current resource onto the Rumorosa claim which was acquired in September 2008 and has yet to be drill tested (to view Figures 1 & 3, please click on the following link: media3.marketwire.com.
The Company is fully funded to undertake the planned drilling and to extend the program if results are positive. Additional metallurgical test work and a Preliminary Economic Assessment of the project are also being undertaken.
Hans Smit, P.Geo., VP Exploration for Grayd, is the Qualified Person directing the exploration at La India. 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 very experienced in all aspects of mineral exploration, development and production and have been involved with several successful mining projects over 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.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contacts
Marc A. Prefontaine
Grayd Resource Corporation
President and CEO
(604) 681-7446
(604) 684-9877 (FAX)
Website: www.grayd.com |
