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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.
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