Grayd Resource Corporation

Grayd Resource Corporation

January 26, 2010 08:30 ET

Grayd Reports Additional Higher Grade Intersections in North Zone at La India Gold Project, Initiates New Resource Calculation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2010) - Grayd Resource Corporation (TSX VENTURE:GYD) today reported that all results from 2009 drilling have now been received and a new resource calculation is in progress. Marc Prefontaine, President and CEO of Grayd, stated, "During 2009 we successfully expanded the North Zone to both the west and northwest at our La India gold project in Mexico. We also outlined some areas with substantially higher grades than the average grade for the zone in the current resource. With all 2009 drill results now in hand, we will complete our new resource calculation."

New drill result highlights in the North Zone that were not previously reported include:

  • RC-09-538 50.3 m grading 1.62 g/t Au; including 10.7 m grading 3.81 g/t Au
  • RC-09-541 33.5 m grading 2.09 g/t Au
  • DDH-09-96 35.0 m grading 1.62 g/t Au
  • DDH-09-99 47.0 m grading 1.05 g/t Au; including 5.8m grading 6.34 g/t Au

*Note that mineralization starts at or near surface in all four holes

A total of 6,000 metres were drilled in 59 reverse circulation (RC) and 37 diamond drill holes (DDH) during the period September through December 2009 within and immediately adjacent to the Main Zone and North Zone, which will be included in the new resource calculation. The Main Zone drill results were reported on January 19, 2010. During the period September through December 2009, a total of 2,400 metres were drilled in the North Zone in 32 reverse circulation (RC) and 8 diamond drill holes (DDH). The North Zone holes were drilled to extend the zone to the west and northwest, and to better define higher grade areas within the area of the current resource. Highlights for RC holes up to RC-09-523 were reported in Grayd's news release dated December 15, 2009. Three of the holes reported herein are step-outs from the high grades reported previously and help to confirm the tenor of mineralization in the area. DDH-09-96 was drilled 300 metres to the south of these holes.

The next phase of exploration is already underway, with two drills working to define the La India Zone discovery that was reported in November 2009, as well as to test two large targets that have never been drill-tested. The objective for the first quarter of this year is to complete these holes and then drill several other high-priority exploration targets in the 260- square- kilometre project area.

A table describing the holes included in this release and a drill hole location map are provided below. A complete list of all 2009 drilling is provided on Grayd's website

Hole E N Depth (m) Az Dip From (m) To (m) Width (m) Au (g/t)
DDH-09-96 706250 3178902 73.55 091 -51 31.0 66.0 35.0 1.62
DDH-09-99 706186 3179334 53.35 135 -70 0 47.0 47.0 1.05
          including 40.0 45.8 5.8 6.34
RC-09-538 706150 3179224 77.72 090 -70 0 50.3 50.3 1.62
          including 36.6 47.2 10.7 3.81
RC-09-541 706176 3179251 44.2 090 -70 1.5 35.1 33.5 2.09

The La India gold project is located in the prolific Mulatos gold belt of Mexico's Sonora state. The project has a NI43-101 compliant gold resource of 559,000 ounces grading 1.01 g/t in the indicated category and 318,000 ounces grading 1.05 g/t in the inferred category, all at a 0.5 g/t cut-off grade. The resource consists of 17.2 and 9.4 million tonnes of indicated and inferred material, respectively. This same district hosts Alamos Gold Inc.'s Mulatos Mine which produced 178,000 ounces of gold in 2009 and had a reported a resource of 4.75 million ounce of gold at the end of 2008.

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 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.

Contact Information

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