Graycliff Exploration Ltd. [GRAY-CSE; GEO-FSE] advanced Friday March 5 after the company released results from the 2020 Phase one exploration core drilling program on its Shakespeare gold project, Ontario.
Graycliff Exploration is a mineral exploration company focused on its 847-hectares of prospective ground, located roughly 80 km west of Sudbury on the Canadian Shield. The company’s Shakespeare Project consists of 39 claims on a property that is associated with the historic Shakespeare Gold Mine which operated from 1903 to 1907.
During that period, 2,959 ounces of gold was produced form six underground areas.
A limited amount of historical exploration and drilling was carried out until 2014 when a new strategy was developed and partially tested. After reviewing numerous historical reports, the company launched its exploration and drilling program in the third quarter of 2020.
On Friday, the company released results from two additional holes from a Phase one program that was focused on extending the previously identified mineralized area in the vicinity of the Miller Shaft above the level of the #3 adit.
Core drilling highlights include Hole J-3-20, which intersected a near-surface mineralized interval of 5.37 g/t gold over 5.0 metres, including 18.50 g/t gold over 1.0 metre and 4.34 g/t gold over 0.7 metres.
“The latest two holes from our 2020 drilling confirm that the previously identified mineralization extends at depth and along strike,’’ said Graycliff President and CEO James Macintosh. “Drill hole J-4-20 intersected similar structures and veining in sulphides with a lower, but still very anomalous gold content, something not uncommon in Archean vein associated gold mineralized zones.’’
Graycliff shares advanced on the news, rising 6.90% or $0.04 to 62 cents on volume of 186.645 and trades in a 52-week range of 89 cents and 31 cents.
The company said Phase one would initially be focused in an area surrounding the former Shakespeare Mine shaft and along strike for over six kilometres following the prospective gold horizon that the company has identified through its analysis of historical data.
Graycliff has said it intended to re-open the adit into the third level of the former mine to carry out exploration and underground drilling. The company said a Phase two program, consisting of around 2,000 metres of drilling would focus on testing areas around the mine shaft to confirm a system of veins and test high priority targets along strike.