Graycliff Exploration Ltd. [GRAY-CSE] reported results of the final three drill holes from the 2020 phase 1 exploration core drilling program on the 100%-owned Shakespeare gold project located 80 km west of Sudbury, Ontario on the prolific Canadian Shield.
Graycliff has commenced Phase 2 drilling at Shakespeare and expects to provide additional assay results later in second quarter 2021.
Drill hole J-7-20 intersected strong near-surface mineralization of 8.59 g/t gold over 5.5 metres, including 43.60 g/t gold over 1.0 metre starting at 68.5 metres downhole.
Drill hole J-6-20 intersected near-surface gold mineralization and extended the mineralized area identified in drill hole J-1-20 to the northeast of the historical Miller shaft and the No. 3 adit.
“Having three anomalous gold intersections in hole 7 is a nice way to cap off a successful phase 1 of our maiden drilling program. We extended the current mineralized zone at depth and along strike, and we identified a parallel zone in the vicinity of the historic Miller shaft above the No. 3 adit. We believe that following phases 2 and 3 of this initial drill program in 2021, we will have a much better idea of the structural and geologic controls affecting the gold mineralization,” commented James Macintosh, President and CEO.
The 847-hectare Shakespeare project consists of 39 claims on a property associated with the historic Shakespeare gold mine, which operated from 1903 to 1907.
In mid-morning trading on March 25, shares gained $0.07 to $0.78 on a volume of 835,100 shares traded.