Grayd Resource Corporation -
Drilling commences on Delta project
Grayd Resource Corporation
GYD
Shares issued 12056631
1998-06-03 close $1.5
Thursday Jun 4 1998
Mr. John McCluskey reports
American Copper & Nickel, a wholly owned subsidiary of INCO Ltd., has
informed Grayd that drilling on the Delta joint venture project will commence on
June 4, 1998. The project is 18 miles south of the Alaska Highway near Tok,
Alaska. Previous work by ACNC and other operators has defined eight deposits
containing over 14 million tonnes of volcanogenic massive sulphide resource at
Delta. Grayd has a 16.2 per cent interest in the venture, and has the right to
increase this interest to 34 per cent by financing $1.8-million (U.S.) in 1998.
Phase 1 of the 1998 program will consist of 2,500m (8,200 feet) of drilling on six
targets occurring on four different stratigraphic horizons. Two drills are already in
place on the property. One drill will complete a hole started in 1997 targeted on a
potentially higher-grade area in the PP2 zone. This zone, recognized as a distinct
sulphide horizon in 1997, has an exploration potential of over 50-million tonnes of
massive sulphide. Upon completion of this hole, the drill will be moved to the DDS
zone.
Holes in the DDS zone will be drilled down dip from ACNC hole 87408 which
intersected 4.6m (15.1 feet) grading 0.5 per cent Cu, 1.2 per cent Pb, 2.7 per
cent Zn, 0.7 g/t Au and 33.7 g/t Ag and along strike from ACNC hole 87412
which intersected 4.1m (13.5 feet) grading 1.0 per cent Cu, 1.3 per cent Pb, 4.5
per cent Zn, 0.8 g/t Au and 46.5 g/t Ag. Both holes are targeted on areas where
downhole geophysics indicates thickening of the massive sulphide. Previous drilling
in the DDS zone has intersected up to 50 feet of massive sulphide.
Two areas on the DDN horizon, 4,000 feet north of DDS and within the same
stratigraphic package, will be drilled. One hole will test along strike of ACNC
hole 87410 which intersected 12.5m (41 feet) grading 1.6 per cent Cu, 1.8 per
cent Pb, 3.0 per cent Zn, 2.6 g/t Au and 86.6 g/t Ag, and one hole will test a
geophysical anomaly 1,000m (3,300 feet) northwest of the identified DDN
resource.
The second drill will start drilling in the DW zone, part of a two mile long massive
sulphide unit. Results from ground geophysical surveys indicate that the sulphide
may be up to 100 feet thick in this area. Previous drilling in the sulphide unit
suggests a positive correlation between sulphide thickness and increased grade.
This drill will then be moved to the Trio prospect where massive sulphide
discovered at surface and intersected in previous drill holes is now known to be
within an area of rockslide debris. Hole locations will be guided by a geophysical
anomaly that is upslope from previous work in an attempt to intersect the massive
sulphide horizon below the base of the landslide. Because of the relatively high
grade of mineralization previously identified (1.3 per cent Cu, 7.3 per cent Pb, 5.6
per cent Zn, 0.02 oz/ton Au and 3.3 oz/ton Ag), the Trio prospect is an excellent
exploration target.
Potentially derived from the same stratigraphic horizon as the Trio prospect,
boulders in the Supercub prospect contain the highest grade sulphides known on
the property (0.9 per cent Cu, 11.4 per cent Pb, 11.7 per cent Zn, 0.34 oz/ton
Au and 5.6 oz/ton Ag). Drilling to find the source of the boulders will be guided by
a quaternary geologist's interpretation of the area where the glacially transported
boulders were derived from, coupled with a geophysical anomaly transecting this
area. A drill hole on the same geophysical anomaly west of the area where the
boulders are interpreted to be derived from, intersected 25 feet of massive pyrite,
indicating that the geophysical anomaly is due to massive sulphide mineralization.
Massive sulphide deposits are typically zoned, and the potential of intersecting
grades of the same tenor as the boulders in the area to be drilled in 1998 is
considered to be high. The one-mile strike length of similar stratigraphy between
the Supercub and Trio prospects provides potential for finding substantial
resource of superior grade.
ANC has an experienced exploration team committed to the project. The 1998
program has a combination of holes targeted on expanding the known resource in
areas containing potentially mineable grades, and exploration holes with an
excellent potential of intersecting massive sulphide with grades well above average
VMS grades. Grayd looks forward to results of the 1998 exploration program on
the Delta project adding significant additional value to the company.
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