Grayd Resource Corporation

Grayd Resource Corporation

November 12, 2009 07:30 ET

Grayd Makes New Discovery at La India

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2009) - Grayd Resource Corporation (TSX VENTURE:GYD) today reported that recent drilling at its wholly owned La India Project has discovered a potential new resource area highlighted by an 86.9 meter intersection averaging 1.05 g/t gold. The La India Project, located in the Mulatos gold belt of Mexico's Sonora state, already has an identified NI43-101 compliant gold resource totaling 559,000 oz Indicated and 318,000 oz Inferred. (Resource is comprised of Indicated: 17.2 mT grading 1.01 g/t Au and Inferred: 9.4 mT grading 1.05 g/t Au using a 0.5 g/t Au cut-off).

Grayd Resource President and Chief Executive Officer Marc Prefontaine said, "This is an excellent indication we may have found yet another resource area that would be additive to our Main and North resources. The potential for La India to become a new, significant Mexican gold mine continues to grow." He added, "Our plan over the next months is to conduct additional drilling around the intersections reported today. We also intend to test other priority targets within the 260 square kilometre project area."

Seven reverse circulation holes were drilled in the La India zone, situated approximately midway between the previously discovered Main and North resource areas. Six of the holes outlined a 150-metre by 200-metre area with significant thickness averaging 1.05 g/t gold and wider intersections of lower grade gold mineralization. Gold grades start at or near surface and mineralization is open in all directions. The area drilled is only a portion of a 750-metre by 400-metre area with prospective geology and associated gold in surface rock chip samples. A map showing the drill hole locations is attached.

The following table lists the higher grade portion of the intersection:

 Hole   E   N   Az   Dip  From (m) To (m) Width (m)   g/t Au
 RC-09-476    707416    3177303    270    -50    0  86.9  86.9    1.05
 RC-09-477    707313    3177250    90    -50    0  32.0  32.0    1.24
 RC-09-478    707313    3177250    0    -90    0  32.0  32.0    0.84
 RC-09-479    707446    3177243    90    -50    0  27.4  27.4    1.44
 RC-09-480    707399    3177273    90    -50    1.5  24.4  22.9    1.30
 RC-09-481    707445    3177337    90    -50    29  65.5  36.6    0.63
 RC-09-482    707161    3177313    225    -70    No significant intersection  

The La India prospect was the first area drilled by Grayd on the project in 2004. A better understanding of the controls to mineralization led to a recent re-interpretation of the area. The best gold grades in the current holes are from an altered dacite intrusion within a northeast trending structural zone. Massive silica-altered rocks crop out topographically above these holes and cover an area >500-metres by 200-metres. A number of +1 g/t surface rock chip assays from the silica unit highlight the exploration potential. This same massive silica horizon occurs in the Main resource area where gold controlled by northeast-striking fractures is found below, within and above the massive silica unit. Prefontaine said, "This information leads us to the conclusion that good potential for a new gold resource exists in not just one, but two environments at the La India prospect. The first environment, as identified by the recent drilling, is disseminated gold within a dacite intrusion. The second environment is gold mineralization related to massive silica similar to the Main resource area. Drilling to test this environment is scheduled to start next month."

Currently, two rigs are drilling to test for continuity of the high grade feeder structures within the Main Zone and to test potential extensions to the current resource in both the Main and North zones. The Company believes that successful drilling of the high grade feeder zones could increase the overall grade of the Main Zone and add ounces to the resource. For a complete reporting of all drill results on the project during this most recent campaign please access our website.

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.

Grayd Resource is a growth-oriented junior natural resource company focused primarily on exploring and developing a large land position in Mexico which is highly prospective for gold mineralization. The Company's Officers and Directors are experienced in all aspects of mineral exploration, development and production and have been involved with several successful mining projects during the past 20 years.

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 accompanying map, please click on the following link:

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Grayd Resource Corporation
    Marc A. Prefontaine
    President and CEO
    604-684-9877 (FAX)