canna's comment this AM - not bad !
* Grayd Resource Corp. (GYD : VSE : $1.70 : Issued 13.4M; 16.5M f.d. :
Cash $5.2M)
Grayd today announced the largest drill intersection to date
encountered on the 100%-owned, Dry Creek, VMS polymetallic project in
Alaska. All three initial holes in the continuation of last year's
drilling have yielded high-grade assay results over significant
intervals. Holes DC98-38 and DC98-39 were drilled in the Fosters
Creek area, 100 ft (30m) west of DC97-32 and DC97-33, which
intersected 20 feet true thickness of 15.1% Zn, 6.6% Pb, and 9.7 opt
Ag (US$320/t). Hole DC98-40 is located 250 ft (75m) east of DC97-32
and DC97-33 and contains significantly higher gold and silver grades.
The results are tabulated below: (not available in email format)
The current results provide excellent continuity to the drilling
completed last year. The 12,000 ft. 1998 drill program is currently
focussing on the DC North horizon. which has been traced along a
6,000-foot EM geophysical anomaly. There are four horizons of
polymetallic VMS mineralization on the property. In addition to the
projected extensions of the Fosters Creek area mineralization,
projections to high-grade mineralization in the Discovery area located
2,500 ft. (750 m) east of the current holes and additional geophysical
and geochemical anomalies will be drilled. Three additional holes
have been completed in close proximity to Hole #40 with assays
expected next week.
In addition, initial drilling has started on the 100%-owned Anderson
Mountain property, Alaska, which has large, banded, massive sulphide
boulders. Follow-up drilling has started on the Delta JV, Alaska, in
which Grayd is earning a 38% interest with ACNC, a wholly owned
subsidiary of Inco Ltd. ACNC's drilling has discovered seven
different VMS deposits on four different mineral horizons on the Delta
JV. Grayd is the operator with Inco managing the program.
The current results at the early stages of this season's drilling are
very encouraging. This is a large VMS system where there have been
very high-grade intersections. This season's objective is to find a
continuous lense of mineralization. This intersection extends the
strike length of last year's work to 400 ft. A site visit is planned
within a week. For full background we reference our report dated
February 13, 1998. We maintain our speculative BUY recommendation.
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