Grayd Resource Corporation
TSX VENTURE : GYD

Grayd Resource Corporation

January 09, 2007 08:30 ET

Grayd Announces Additional Drill Results and Discovery of New Zone at La India Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - Grayd Resource Corporation (TSX VENTURE:GYD) is pleased to announce results from 20 additional holes from the 2006 reverse circulation drill program at its La India gold project in Sonora State, Mexico. Drilling continues to intersect gold mineralization at or near surface in the La Cruz-Cerro de Oro discovery area. Highlights include RC06-64 intersecting 138.7 m grading 1.13 g/t Au (including 70.1 m @ 2.21 g/t Au) in the La Cruz zone and RC06-73 intersecting 108.2 m grading 1.13 g/t Au in the Cerro de Oro zone. Drilling also highlighted a new priority target located 2.5 km north of La Cruz in the Cieneguita zone. Three holes testing 600 m of strike length returned an average grade of 1 g/t Au starting at surface over a true thickness ranging between 32 and 50 metres. Drill intercepts with drill hole location maps are attached to this release and maps and sections are posted on the Company's website at www.grayd.com.

Results from an additional 23 holes drilled in 2006 are pending and will be reported once assays are received. Marc Prefontaine, CEO of Grayd, states, "Based on the continued strong drill results and delineation of new targets, a 5,000 metre reverse circulation drill program commenced today. It is anticipated that a diamond drill will be added to the program in February to drill a budgeted 2,500 metres of core."

La Cruz

Two holes were drilled to test the southwest projection of the La Cruz high-grade zone. RC06-64 intersected the high-grade zone (70.1 m grading 2.21 g/t Au) but also well mineralized rock above the zone (33.5 m grading 1.23 g/t Au), resulting in an average grade of 1.13 g/t Au over 138.7 m. RC06-65 intersected part of the upper mineralized zone, but did not hit the high-grade zone because of faulting. All data from the La Cruz drilling will be brought into a 3-D modeling program in January to aid in interpreting results and planning for additional drilling targeted at both the extension of the high-grade zone to the southwest and the newly-identified upper mineralized zone.

Cerro de Oro

RC06-71 (53.3 m @ 1.25 g/t Au) and RC06-72 (47.2 m @ 1.07 g/t Au) were drilled in the central part of the Cerro de Oro zone in varying directions from the same pad as three previous holes. Topography in this area is steep and hard silica-altered rock at surface makes it difficult to build pads. Results from the five holes indicate a flat to shallow dipping silica zone averaging 42 m thick and grading 1.5 g/t Au, starting at surface. Surface sampling and mapping shows the zone continues to the west for 120 m, and is then cut by a major fault. RC06-62 was drilled 250 m to the west of RC06-71/72 to try to locate the down-faulted continuation of the mineralized horizon. Similar rock types were intersected and the hole intersected 3.0 m grading 0.55 g/t Au before going into a secondary fault. Finding the extension of the Cerro de Oro mineralization to the west remains an important target.

To the east of RC06-71/72, the mineralized horizon is thinner because of erosion, but then is preserved on the east side of the hill. On the east side, RC06-73 intersected 108.2 m grading 1.13 g/t Au. This hole establishes continuity of gold mineralization along strike between previous holes RC06-50 (35.1 m @ 1.7 g/t Au) and RC06-52 (32.0 m @ 2.5 g/t Au) that are 180 metres apart. The intersection in RC06-73 is considerably wider because of fault repetition of the zone. Surface mapping indicates that fault repetitions of the mineralized horizon occur elsewhere in Cerro de Oro.

Drilling in two areas that are at an earlier stage of exploration, Viruela and the area between the La Cruz - Cerro de Oro zones, intersected silicified rocks interpreted to be on the same horizon as the La Cruz and Cerro de Oro zones. Anomalous gold values were intersected in the holes. Further drilling will be completed as results are encouraging and both areas remain high priority targets.

Cieneguita and Espanola

Holes RC06-59 and 60, drilled from same pad test to test the Cieneguita zone, intersected 32.0 m grading 1.10 g/t Au and 39.6 m grading 1.23 g/t Au respectively (Estimated true thickness of 32 m). Hole RC06-61, drilled 600 m SSE of these holes intersected 64.0 m at 0.91 g/t Au (Estimated true thickness of 50 m). Intersections are on the same silicified horizon and start from surface. Silicification outcrops over an extensive area at Cieneguita, and the results from the recent holes has shown this to be a high priority target for near-surface oxide gold mineralization. Four holes (RC06-55 to 58) were drilled on the Espanola zone, located in the east of the Cieneguita zone. RC06-58 intersected 25.9 m grading 0.97 g/t Au starting at surface. The other holes intersected silica altered rock, but gold grades were lower.



La India Project - Drill Summary

---------------------------------------------------------------------------
UTM Coordinate Intersections
-------------- -------------
Width Au
Hole East North Azim. Dip Length From To (metres) g/t
---------------------------------------------------------------------------
La Cruz Zone
---------------------------------------------------------------------------
RC06-64 707116 3176224 135 -60 141.7 0.0 138.7 138.7 1.13
degrees degrees
---------------------------------------------------------------------------
including 0.0 33.5 33.5 1.23
---------------------------------------------------------------------------
including 70.1 114.3 44.2 2.21
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-65 707075 3176202 135 -55 147.8 10.7 48.8 38.1 0.60
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Cero de Oro
---------------------------------------------------------------------------
RC06-71 707045 3175643 90 -50 105.2 0.0 53.3 53.3 1.25
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-72 707040 3175640 225 -55 111.3 0.0 47.2 47.2 1.07
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-62 706754 3175667 90 -50 141.7 54.9 57.9 3.0 0.55
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-73 707310 3175570 135 -60 135.6 0.0 108.2 108.2 1.13
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Viruela
---------------------------------------------------------------------------
RC06-63 706870 3176312 -90 83.8 0.0 16.8 16.8 0.65
degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-66 706816 3176397 270 -70 89.9 0.0 25.9 25.9 0.21
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-67 706736 3176454 -90 141.7 0.0 99.1 99.1 0.25
degrees
---------------------------------------------------------------------------
including 21.3 27.4 6.1 1.77
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-68 706803 3176617 -90 89.9 1.5 33.5 32.0 0.54
degrees
---------------------------------------------------------------------------
including 27.4 33.5 6.1 1.86
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Alteration anomaly between La Cruz and Cero de Oro
---------------------------------------------------------------------------
RC06-69 707219 3175957 -90 77.7 No significant intercepts
degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-70 707163 3175892 90 -50 102.1 No significant intercepts
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-74 706930 3175874 270 -50 89.9 0.0 79.2 79.2 0.24
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Cieneguita
---------------------------------------------------------------------------
RC06-59 706255 3179124 75 -50 45.7 0.0 32.0 32.0 1.10
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-60 706255 3179124 -90 50.3 0.0 39.6 39.6 1.23
degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-61 706482 3178545 102.1 0.0 64.0 64.0 0.91
---------------------------------------------------------------------------
including 25.9 64.0 38.1 1.35
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Espanola
---------------------------------------------------------------------------
RC06-55 706919 3178793 270 -60 59.4 0.0 32.0 32.0 0.32
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-56 706921 3178792 180 -55 74.7 0.0 22.9 22.9 0.41
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-57 706854 3178874 270 -60 44.2 No significant intercepts
degrees degrees
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RC06-58 706740 3178988 315 -60 42.7 0.0 25.9 25.9 0.97
degrees degrees
---------------------------------------------------------------------------


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 on exploring and developing a large land position in Mexico which is highly prospective for gold 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 maps accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/GYD0109.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)
    Website: www.grayd.com
    or
    Freeform Communications Inc.
    (604) 288-7222