NEWS RELEASE
Grayd Resource Corporation -
Assay results from Dry Creek property
Grayd Resource Corporation GYD
Shares issued 13,392,942 1998-08-13 close $0.73
Thursday Aug 13 1998
Mr. John McCluskey reports
Grayd has received assay results from six drill hole intersections on its wholly-owned Dry Creek property in Alaska. Highlights include DC98-56 with a 19.5 metre true width intersection grading 5.0 per cent lead+zinc, containing a higher grade interval grading 16 per cent lead+zinc and a zone 5.7 metres true width grading 227.2 grams/tonne (6.6 oz/t) silver. Holes drilled to the east of the Fosters Creek zone intersected zinc and lead mineralization in what appears to be the same unit hosting high-grade mineralization at Fosters Creek.
The intersections in holes DC98-54, 55 and 56 are within what appears to be a rapidly deepening sedimentary basin in the Fosters Creek area, proximal to rhyolite volcanic contact. The width and metal content of the intersections continue to confirm the significance of this basin.
Holes DC98-51 and 52 were drilled from the same pad 240 metres east of the projected edge of this basin. Sulphide mineralization was intersected in a sedimentary rock unit that appears to be the same distinctive unit that hosts mineralization in the main Fosters Creek area. The deeper hole, DC98-52, intersected a wider interval of the sediment unit, and had a wider and better grade sulphide intersection. Hole DC98-53, drilled in the Discovery area a further 300 metres east, intersected a 3.9 metre mineralized sediment which again appears to be the same unit. These holes, which intersected the sediment unit at a lower elevation than any previous holes in the area, suggest that another basin, or an extension of the Fosters Creek basin, may occur at depth in the hangingwall of the Lago Creek and Discovery zones. Sedimentary basins proximal to the highly altered and mineralized rhyolite that hosts the Lago Creek and Discovery zones are a prime target for continued exploration.
ASSAY RESULT SUMMARY
FROM - TO WIDTH Cu% Pb% Zn% Ag Au
(ft) (ft) g/t g/t
Hole DC98-51
420.0-435.0 15.0 0.06 1.29 2.41 16.9 0.14
Hole DC98-52
446.5-485.3 38.8 0.13 1.62 3.48 15.8 0.11
Hole DC98-53
343.0-357.0 14.0 0.05 1.28 2.98 18.2 0.13
Hole DC98-54
65.0- 91.6 26.6 0.08 1.47 3.22 20.4 0.27
Hole DC98-55
70.0-120.0 50.0 0.04 0.62 2.84 9.1 0.28
Hole DC98-56
260.0-318.0 68.0 0.10 1.70 3.25 84.1 0.43
Including
254.0-266.0 12.0 0.29 5.91 9.81 20.2 0.43
298.0-318.0 20.0 0.09 1.05 2.21 227 0.44
The latest assay results continue to outline a continuous wide zone of moderate to high-grade zinc, lead and silver in the Fosters Creek area. In addition, a new target area for similar mineralization in the hangingwall of the Lago Creek and Discovery zones has been defined. Additional assays are pending.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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