Grayd Resource Corporation

Grayd Resource Corporation

May 19, 2010 09:15 ET

Grayd Reports New Discovery at Tarachi

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) - Grayd Resource Corporation (TSX VENTURE:GYD) reported a new discovery at the Tarachi gold prospect, part of its 100% owned La India project in northern Mexico. 

Results from recent diamond drilling include:

  • DDH-10-123 with 56 metres grading 0.71 g/t Au within a longer intersection of 163 metres grading 0.33 g/t Au

  • DDH-10-124 with 296 metres grading 0.21 g/t Au

  • DDH-10-125 with 159 metres grading 0.22 g/t Au

  • DDH-10-126 with 94 metres grading 0.43 g/t Au, including 6 metres averaging 0.2% Molybdenum

Tarachi is located 10 km north of the area hosting the recently reported resource at La India and represents a separate mineralizing system. Gold mineralization at Tarachi starts at surface. A table with intersections for the 7 holes drilled at Tarachi to date is presented below.

Marc Prefontaine, President and CEO of Grayd, stated: "This is a significant discovery for Grayd and could potentially represent tremendous added value for the La India project. We are very pleased that the first holes ever drilled on the Tarachi target intersected such wide intercepts with gold. The drill results and surface sampling indicate mineralization has a strike length of nearly 2 kilometres although the true potential is yet unknown. The holes reported today were drilled from 3 platforms each 220 to 250 meters apart. An accelerated program of geologic mapping and rock chip sampling is currently underway on the entire area of known potential, and on areas adjoining this. Meanwhile, Phase 2 drilling will begin this week."

Gold mineralization at the Tarachi gold prospect is associated with breccias and veins of a style similar to intermediate-sulfidation epithermal vein systems. This style of epithermal system includes some of the largest gold and silver deposits in Mexico including Pachuca, Tayoltita, Guanajuato, and Fresnillo. Veins and breccias observed at Tarachi resemble upper level expressions sometimes found above these giant vein systems. Recent geochemical results show gold values in the range of <0.1 g/t Au to 8 g/t from surface rock chip samples of veins and breccia. Mineralization includes molybdenum and zinc.

Tarachi Drilling - 2010.
Hole E N Depth (m) Az Dip From(m) To(m) Width(m) Au (g/t)
DDH-10-123 700281 3184882 276.4 273 -69 2.2 165.5 163.3 0.33
      including     2.2 58.0 55.8 0.71
DDH-10-124 700403 3185129 301.95 290 -70 6.0 302.0 296.0 0.21
DDH-10-125 700128 3185028 300.4 135 -70 0.0 159.0 159.0 0.22
DDH-10-126 700281 3184882 303.3 144 -71 0.0 94.0 94.0 0.43
DDH-10-127 700281 3184882 166.25 145 -85 0.0 109.0 109.0 0.28
      including     0.0 19.0 19.0 0.58
      including     87.0 109.0 22.0 0.57
DDH-10-128 700281 3184882 100.65 90 -75 0.0 100.6 100.6 0.27
      including     0.0 36.0 36.0 0.51
DDH-10-129 700281 3184882 93 270 -85 0.0 93.0 93.0 0.27
      including     0.0 9.0 9.0 1.22

The La India property is located in the prolific Mulatos gold belt of Mexico's Sonora State. On May 4, 2010, Grayd reported a new resource for La India comprised of Measured + Indicated resource totalling 26.8 million tonnes (mT) grading 0.88 g/t Au for 760,000 oz Au and an Inferred resource of 19.7 mT grading 0.80 g/t Au for 506,000 oz Au, all at a 0.4 g/t cut-off. This same district hosts Alamos Gold's Mulatos mine, which produced 178,000 ounces of gold in 2009 and had a reported a resource of 4.75 million ounces 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.

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)