Graycliff Exploration Ltd. [GRAY-CSE; GRYCF-OTCQB; GEO-FSE] reported the final batch of assay results from the phase 3 drilling program at its Shakespeare gold project located on the Canadian Shield near Sudbury, Ontario.
Phase 3 focused on expanding on the extent of gold mineralization proximal to the historic Miller shaft, where initial gold mining took place more than 100 years ago.
Drill hole J-43 intersected 1.29 g/t gold over five metres.
“It is normal, particularly where visible gold is frequent, for the grades to vary throughout the drill program and we are happy to have encountered some exceptionally good intercepts throughout phase 3 drilling, but what’s even more important is that we continue to extend the zone of mineralization. We are proving that gold is present throughout the zone to over 250 metres below surface. Each phase of drilling is giving us a better understanding of the extent of the vein system we are dealing with and aids us in understanding the gold distribution to help develop the next program. Phase 4 drilling is progressing well, and we look forward to updating the market on our progress,” said Bruce Durham, Graycliff’s technical adviser and qualified person.
“As mentioned in our press release of June 7, 2022, we have identified visible gold in multiple holes drilled in phase 4. We are optimistic about the results from those initial phase 4 drill holes that we should be able to release in the ensuing weeks,” added James Macintosh, president and CEO.
Drill hole J-40 returned 2.00 metres of 1.08 g/t gold. J-41 returned 1.00 metre of 2.27 g/t gold. J-43 returned 5.00 metres of 1.29 g/t gold.
Throughout the first three phases of drilling, the company completed approximately 8,000 metres of drilling, with phase 3 achieving its goal of expanding the mineralized zone at depth by approximately 150 metres and increasing the width along strike to over 150 metres.
Graycliff Exploration is focused on its 1,025 hectares of prospective ground, located roughly 80 km west of Sudbury on the prolific Canadian Shield. The company’s Shakespeare project consists of one Crown patented lease, two Crown leases and 40 claims on a property associated with the historic Shakespeare gold mine, which operated from 1903 to 1907. Graycliff’s Baldwin project is adjacent to the east and comprises 68 claims covering 1,500 hectares.