Grayd Resource Corporation
TSX VENTURE : GYD

Grayd Resource Corporation

September 23, 2009 07:00 ET

Grayd Resource Corporation: Two Drills Working at Grayd Resource's La India Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2009) - Grayd Resource Corporation (TSX VENTURE:GYD) announces that two drills have commenced drilling on its 100% owned La India Gold Project located in Sonora, Mexico. La India hosts a NI43-101 compliant gold resource totaling 559,000 oz Indicated and 318,000 oz Inferred, with excellent exploration potential to increase the resource. (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). New drilling will be targeted on extensions to the existing resource, high grade zones within the resource area, and areas where recent geological mapping and surface sampling have identified mineral potential.

Results from drilling completed earlier in 2009 indicate that high grade feeder structures within the current Main Zone resource area may be traceable and under-represented in the resource model. For example, RC-09-432 intersected 89.9 m grading 4.26 g/t Au, including 19.8 m grading 16.3 g/t Au. (If the grade of a 1.5 m interval grading 135.0 g/t Au is cut to the next highest assay of 24.7 g/t Au, the intersection averages 89.9 m grading 2.39 g/t Au, including 19.8m grading 7.81 g/t Au.) Based on current interpretations, the high grade portion of the intersection represents a steeply-dipping structure with a true width of approximately 9 m. The grade of this structure is many times greater than the average grade of the deposit, and the current resource blocks around the structure do not reflect this high grade. Surface mapping and modelling from previous drilling suggests that there may be 4 or more feeder structures. If grades within these structures are continuous for 200 to 300 m across the zone, substantially more ounces will be contained in the same amount of material than the current estimate shows. This would be very positive to the project economics and a program of close-spaced diamond drill holes targeted specifically on the structures is underway.

Drilling on the Rumorosa claim, acquired in October 2008, confirmed that the down dip extension of the North Zone occurs on the claim. Mineralization in the North Zone is shallow and almost entirely oxide. The wide spaced holes on Rumorosa intersected the same silicified unit and the immediate footwall and returned similar grades and thickness. Current drilling will be at a density to allow a 500 by 250 m area to be brought into the resource model.

Two holes drilled earlier this year in the Nopal area intersected the prospective horizon at shallow depths. Alteration and gold mineralization were limited, however these holes show there is potential for economic mineralization in the area and additional wide spaced holes are planned in this 2000 m by 2000 m target.

Other prospective targets on the 250 sq. km property that will be drilled include:

- Tubos - Located 2 km east of the current resource, Tubos covers an extension of the same geology. Rock chips grading up to 1.6 g/t Au taken from rocks high in the stratigraphy indicate good potential in the main gold-bearing units.

- Amargosa - A 650 by 900 m zone with massive silica alteration similar to the North Zone. Rock chips grading trace to 1.5 g/t Au from surface.

- Tarachi - A separate high sulphidation system located 7 km to the northwest of the current resource areas. Recent results have defined a 1,200 by 500 m gold-in-soil anomaly with numerous +100 ppb samples that is open to the west.

A map showing target locations is attached. Hans Smit, P.Geo., VP Exploration for Grayd, is the Qualified Person directing the exploration at La India. 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 and silver mineralization. The Company's Officers and Directors are very experienced in all aspects of mineral exploration, development and production and have been involved with several successful mining projects over 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 the slide associated with this press release, please click on the following link: http://media3.marketwire.com/docs/grayd922.pdf

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
    604-681-7446
    604-684-9877 (FAX)
    www.grayd.com