Graycliff Exploration Intersects Near Surface Mineralization Grading 8.59 g/t of Gold over 5.5 Metres
Graycliff Exploration Intersects Near Surface Mineralization
Grading 8.59 g/t of Gold over 5.5 Metres
TORONTO, ON – March 24, 2021 - Graycliff Exploration Limited (the “Company” or “Graycliff”) (CSE: GRAY)
(OTCQB: GRYCF) (FSE: GE0) is pleased to announce the results of the final three drill holes from the 2020 phase
one exploration core drilling program ( see Press Release dated October 28, 2020 ) on the Company’s
Shakespeare Gold Project (“Shakespeare”) located on the prolific Canadian Shield near Sudbury, Ontario.
Graycliff has commenced phase two (2) drilling at Shakespeare (see press release dated March 11, 2021) and
expects to provide additional assay results later in Q2 2021.
2020 Core Drilling Highlights
• Drill Hole J-7-20 intersected strong near surface mineralization of 8.59 g/t gold (“Au”) over 5.5 metres
(“m”), including 43.60 g/t Au over 1.0 m starting at 68.5 m 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 #3 Adit.
Table 1 - Significant Intercepts for Holes J-6-20 and J-7-20
Drill Hole From (m) To (m) Width (m)1 Au (g/t) 2
J-5-20 no significant values
J-6-20 34.0 35.0 1.0 1.19
J-7-20
62.0 63.0 1.0 1.42
68.5 74.0 5.5 8.59
Including
71.0 72.0 1.0 43.60
And
73.0 74.0 1.0 1.83
82.5 84.0 1.5 6.00
1 - Reported intervals are down-hole lengths and not true thickness. True width of the mineralization cannot be determined
due to the early-stage nature of the current program.
2 - Length-weighted average grades are calculated using un-capped gold assay data.
“Having three anomalous gold intersections in Hole 7 is a nice way to cap off a successful phase one of our
maiden drill ing 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 a bove the #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.
Figure 1 - Plan map with inset
Figure 2 - Cross Section A-A
It is
important to
note that
this cross
section is
close to 20 m
wide, as can
be seen in
Figure 1
Qualified Person
Bruce Durham, P.Geo, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under
NI 43-101, and has read and approved the technical information contained in this press release. All
information other than the results of the two new drill hole s are historical in nature and while deemed
relevant, should not be relied upon.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on its 847 hectares of prospective ground,
located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare
Project consists of 39 claims on a property associated with the historic Shakespeare Gold Mine, which
operated from 1903 to 1907.
For more information, contact investor relations at [email protected]
On Behalf of the Board of Directors,
James Macintosh
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility
for the adequacy or accuracy of this press release.
This press re lease may include forward -looking information within the meaning of Canadian securities legislation,
concerning the business of the Company. Forward -looking information is based on certain key expectations and
assumptions made by the management of the Com pany. Although the Company believes that the expectations and
assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed
on the forward -looking information because the Company can give no assuranc e that they will prove to be correct.
Forward-looking statements contained in this press release are made as of the date of this press release. The Company
disclaims any intent or obligation to update publicly any forward -looking information, whether as a result of new
information, future events or results or otherwise, other than as required by applicable securities law s.