VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 09/01/11 — Grayd Resource Corporation (TSX VENTURE: GYD)(OTCQX: GYDRF) announces the latest assay results from ongoing drilling at Tarachi, part of its 100% owned La India Property in Sonora, Mexico.
New drilling has further expanded the mineralized zone at Tarachi which is now delineated over two square kilometres. These new results identify two new zones of higher grade material, located 150 to 1,500 metres from previous intercepts, and continue to demonstrate the scale of the Tarachi system. Mineralization remains open in all directions. Similar looking mineralization that crops out at surface 3 kilometers to the northwest of any drilling will be drill tested this month.
New results include:
DDH-11-178 averaged 0.40 g/t Au over its entire length of 169.3m, including a section of 18.0m grading 1.38 g/t Au. The last sample at the bottom of the hole assayed 0.73 g/t Au
DDH-11-171 intersected 88.0m averaging 0.33 g/t Au; including 27.0m at 0.53 g/t Au
DDH-11-172 intersected 41.0m averaging 0.54 g/t Au
Marc Prefontaine, President and CEO of Grayd, stated: „Drilling continues to expand the area of confirmed gold porphyry style mineralization at Tarachi. Gold porphyries are characteristically of moderate to low grade. Drill results that have very wide intercepts of lower grade material with local structurally controlled zones of higher grades are typical for this kind of deposit. Importantly, gold porphyries can contain high tonnages that support large mining operations. Results at Tarachi are confirming that this system is very large. We plan to continue an aggressive drill program to test for an economic deposit.“
Recently returned results are given on the table below. A map of drill hole locations is available on the Grayd website at . Due to the high volume of samples submitted to the assay laboratory in the last two months, assay turnaround time has increased and there are a number of holes drilled but awaiting assays.
Table of New Drill Results:
The La India property is located in the prolific Mulatos gold belt of Mexico-s Sonora state. Tarachi is located 10 kilometers north of the resource area that was analyzed in a Preliminary Economic Assessment (PEA) reported on October 21, 2010, and represents a separate gold-rich mineral system. Results of the PEA show a 51% internal rate of return, a US$187 million net present value (pre-tax, 5% discount rate), a nine-year mine life and nearly 850,000 ounces of gold produced using a gold price of $950/oz. Grayd has initiated feasibility level work on this resource.
Hans Smit, P.Geo., VP 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.
The information in this news release may contain forward-looking statements. When used in this release, words such as „estimate“, „expect“, „anticipate“ and „believe“ as well as similar expression are intended to identify forward-looking statements. Such statements are used to describe management-s future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change.
To view the map accompanying this release please click on the following link:
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contacts: Grayd Resource Corporation Marc A. Prefontaine President and CEO 604-681-7446
Grayd Resource Corporation Daniel G. McIntyre Manager Corporate Communications 604-681-7446 604-608-5372 (FAX)
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