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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (22061)	10/2/2006 9:27:08 AM
From: Rocket Red	Read Replies (2) \| Respond to of 78416

Grayd drills three g/t Au over 65.5 m at La India 2006-10-02 09:24 ET - News Release Shares issued 48,848,670 GYD Close 2006-09-29 C$ 0.96 Mr. Marc Prefontaine reports GRAYD RESOURCE CORPORATION: TARGET HORIZON AT LA INDIA GOLD PROJECT IDENTIFIED DRILLING INTERSECTS 65.5 M GRADING 3.0 G/T GOLD Grayd Resource Corp. has received results from the first 11 holes of the current 4,000-metre reverse circulation drill program on its 100-per-cent-owned La India project located in Sonora state, Mexico. Drilling has identified a 50 m to 60 m thick gold-bearing silica horizon, with recent hole RC06-38 intersecting 65.5 m grading three grams per tonne Au. This hole was drilled to follow up on previous holes RC05-14 (85.3 m at 2.6 g/t Au) and RC06-17 (51.8 m grading 1.6 g/t Au). Interpretation of the results from these holes indicates that mineralization occurs in a shallow northwest-dipping horizon of intense silica replacement, including vuggy silica, and not in a steeply dipping breccia zone as was previously interpreted. This horizon has now been intersected over a 70 m by 70 m area at an average depth of 50 m and remains open. Since the drill program was initially designed to test for a steeply dipping zone, RC06-38 is the only one of the 11 holes reported herein that intersected the shallow-dipping silica horizon. Nine of the 11 holes were drilled in the La Cruz zone northeast hole of RC06-38 where a silica/silica-alunite horizon is exposed at surface. Notable intersections include 21.3 m grading 9.5 g/t Au in RC06-35, 24.4 m grading 1.16 g/t in RC06-34 and 24.4 m grading 1.95 g/t in RC06-36. These three holes were drilled from the same pad at varying azimuths 90 m northeast of RC06-38. The high gold grades occur at the base of the silica horizon. A second intersection in RC06-35 of 4.6 m grading 8.68 g/t Au is likely a fault-repeated slice of this same mineralization. RC06-31 (collar located 50 m to the northeast of RC06-34-36) intersected 13.7 m grading 1.96 g/t Au, again at the base of the silica. This intersection followed three m of no drill chip recovery due to the intersection of an old underground working. The relationship between the mineralized horizon at La Cruz and the horizon intersected in RC05-14, RC06-17 and RC06-38 is currently being evaluated. In comparison with the La Cruz holes, the intersections in holes 14, 17 and 38 have much more intense silica, including vuggy silica, stronger brecciation, and high gold grades occur throughout the zone. This horizon may be a separate layer, below the La Cruz horizon. Mineralization is open in all directions, though a fault appears to offset the horizon in the southeast direction. Results from drilling are expected to clarify the relationship between these horizons, as well as with a silicified horizon exposed at surface and intersected in recently completed holes 500 metres to the northwest in the Viruela zone, and in the Cerro de Oro area to the south, which will be drilled in the coming weeks. The Viruela, La Cruz and Cerro de Oro areas encompass a 1,600 m by 800 m area. Assay results from the drilling will be released once they are received. A table with assay summaries is included below. The most northeasterly holes (30 through 33) intersected pervasive silica and silica-alunite alteration in the La Cruz horizon that commonly graded 0.1 g/t to 0.3 g/t gold. Higher-grade sections occurred where hematitic breccias were intersected, and along the base of the silica. Holes 34 through 36 intersected thinner sections of silica, because the silica horizon is faulted up between these holes and the holes to the northeast, and is now partly eroded. Hole 35 appears to have crossed through this fault and intersected the base of the silica twice. The high-grade area intersected in holes 34 to 36 daylights on the southeast side, but is open to the northwest. Hole 29 drilled underneath the silica horizon, as did hole 39. RC06-37, drilled to the northwest as a scissor to RC06-38, missed the mineralization as it was drilled down the dip direction. LA INDIA PROJECT -- DRILL SUMMARY Hole Length From To Width Au RC06-29 138.7 0.0 32.0 32.0 0.68 RC06-30 99.1 32.0 83.8 51.8 0.22 including 79.2 83.8 4.6 0.91 RC06-31 86.9 15.2 73.2 57.9 0.75 including 59.4 73.2 13.7 1.96 No sample from 56.4-59.4 as hole drilled through open working RC06-32 121.9 47.2 100.6 53.3 0.51 RC06-33 121.9 1.5 73.2 71.6 0.61 RC06-34 71.6 6.1 30.5 24.4 1.16 including 21.3 29.0 7.6 2.99 RC06-35 111.2 12.2 33.5 21.3 9.47 including 15.2 27.4 12.2 16.1 57.9 62.5 4.6 8.68 RC06-36 108.2 4.6 29.0 24.4 1.95 including 6.1 10.7 4.6 6.05 RC06-37 135.6 57.9 108.2 50.3 0.39 RC06-38 189.0 80.8 146.3 65.5 3.01 RC06-39 152.4 0.0 67.1 67.1 0.24 Hans Smit, PGeo, vice-president of exploration for Grayd, is the qualified person directing the exploration at La India. Samples are sent to the ALS Chemex facility in Hermosillo for sample preparation, and then to the ALS Chemex laboratory in Vancouver for gold assay and ICP. QA/QC procedures used include assay standards and blanks. No assays values were cut in calculating intersection averages. The upper intersection in RC06-35 includes three assays greater than 10 g/t Au (24.6 to 52.3 g/t) and the intersection in RC06-12 includes one (12.7 g/t). We seek Safe Harbor.