Grayd Resource Corporation (TSX VENTURE:GYD) announces that a new resource
calculation at its 100% owned La India gold project located in Sonora State,
Mexico, resulted in 760,000 ounces of Measured and Indicated gold resource and
506,000 ounces of Inferred gold resource which represents a 16% and 35%
increase, respectively, over the 2009 resource estimate.
Grayd's President and Chief Executive Officer, Marc Prefontaine, said, "We've
had a very successful year of drilling at the promising La India gold property,
and the result is a significantly increased gold resource. Based on this
success, we continue to aggressively explore the land package and are moving
forward with a Preliminary Economic Assessment study on the project to determine
the economics of developing an open pit, heap leach operation."
Two drills are currently working on the 260 square kilometre La India property
as part of a previously announced 15,000 meter drill program. Priority drill
areas are three very large and prospective targets - La India, Tubos and
Tarachi.
A summary of Measured, Indicated and Inferred gold resource is presented below:
TOTAL RESOURCE - 60% CLASSIFED AS MEASURED AND INDICATED
0.4 g/t Au Cut-off
Measured + Indicated 26.8 million tonnes (mT) grading 0.88 g/t Au -
760,000 oz Au
Inferred 19.7 mT grading 0.80 g/t Au - 506,000 oz Au
0.5 g/t Au Cut-off
Measured + Indicated 20.2 mT grading 1.03 g/t Au - 665,000 oz Au
Inferred 13.5 mT grading 0.96 g/t Au - 418,000 oz Au
In February 2009, Grayd reported an Indicated resource of 23.8 mT grading 0.86
g/t Au or 654,000 oz gold and an Inferred resource of 13.5 mT grading 0.87g/t or
375,000 oz gold all at an 0.4 g/t Au cut-off grade. The 2010 resource estimate
represents a 16% increase in the Measured and Indicated resources and a 35%
increase in the Inferred resource over the 2009 resource estimate at a 0.4 g/t
cut-off grade.
OXIDE AMMENABLE TO HEAP LEACH WITH EXCELLENT METALLURGICAL RECOVERIES
The majority of the resources at La India are oxide material, which tends to
lend itself to a relatively simple recovery process. The oxide material contains
predominantly gold mineralization with only minor amounts of silver. Column
leach tests reported in August 2008 and November 2009 indicate an average gold
recovery of 80% to 84% should be achievable in a heap leach processing operation
if the rock is crushed to -25 mm (- 1 inch). Preliminary testing on sulphide
material indicated that relatively high gold recovery may be achieved in a
flotation concentrate. In two samples tested, 94% of the contained gold reported
to the rougher flotation concentrate. Further test work on sulphide material is
planned. A summary of Measured, Indicated and Inferred oxide resource follows:
OXIDE RESOURCE - 61% CLASSIFED AS MEASURED AND INDICATED
0.4 g/t Au Cut-off - oxide only
Measured + Indicated 21.6 mT grading 0.87 g/t Au - 603,000 oz Au
Inferred 14.3 mT grading 0.82 g/t Au - 378,000 oz Au
0.5 g/t Au Cut-off - oxide only
Measured + Indicated 16.6 mT grading 1.00 g/t Au - 530,000 oz Au
Inferred 10.2 mT grading 0.97 g/t Au - 319,000 oz Au
Last year's reported oxide resource was 20.3 mT grading 0.80g/t Au or 524,000
ounces of Indicated gold resource and 12.0 mT grading 0.84g/t gold or 322,000
ounces of Inferred gold resource both at a 0.4 g/t Au cut-off grade. The 2010
resource estimate represents a 15% increase in the Measured and Indicated
resources and a 17% increase in the Inferred resource over the 2009 oxide
resource estimate at a 0.4 g/t cut-off grade.
ECONOMIC ASSESSMENT STUDIES TO BE COMPLETED IN 2010
A Preliminary Economic Assessment (Scoping Study) will now begin based on the
new resource, metallurgical work completed by Kappes Cassiday & Associates and
input from independent engineering, metallurgy and environmental consultants.
The study is expected to be completed later this year. Environmental baseline
studies have been initiated and will be continued through 2010.
EXPLORATION AGGRESSIVELY CONTINUES
Two drills are currently working on the 260 square kilometre La India property
as part of a previously announced 15,000 meter drilling program that is budgeted
to continue into late summer. Priority areas are three very large and
prospective targets - La India, Tubos and Tarachi. Other areas with potential
are being mapped and sampled with the intent of identifying additional priority
drill targets.
The resource calculation was completed by Independent Qualified person Gary
Giroux, P.Eng. of Giroux Consultants, Vancouver, B.C. using Ordinary and
Indicator Kriging of blocks 10x10x6 m in dimension. Independent Qualified
Person, Matt Gray, Ph.D., C.P.G. of Resource Geoscience de Mexico, Hermosillo,
Mexico was responsible for sample QA/QC, assay database verification, including
comparing original assay certificates obtained independently from ALS Chemex
Laboratories with the resource database, and geological model verification. Bulk
density was determined by Kappes, Cassiday & Associates of Reno, Nevada, using
specific gravity measurements on pieces of drill core. Hans Smit, P.Geo., VP
Exploration for Grayd, is the Qualified Person that authored this press release.
Input into the resource model included 33,399 samples from 510 reverse
circulation and 102 diamond drill holes, a three-dimensional geological model
developed by Grayd and a two-meter contour elevation model. Assays are from 1.5
m long reverse circulation samples drilled in dry hole conditions and HQ
diameter core drill holes. The resource was calculated independently for 11
different rock domains in two zones. A total of 40 samples were capped to
between 2.2 and 24.0 g/t Au with capping levels dependent upon the gold grade
distributions within the different rock domains. Silver values as well as
arsenic, copper, zinc and lead values are very low in the oxide material and not
considered economically significant enough in the sulphide material to include
in the resource calculation. A summary of the resource calculation at different
cut-offs is attached. Maps and sections showing resource areas and exploration
potential are posted on Grayd's website (www.grayd.com).
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 and silver 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.
RESOURCE TABLES
TOTAL ALL ZONES - MEASURED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 7,400,000 0.650 4,800,000 155,000
---------------------------------------------------------------------------
0.20 5,900,000 0.777 4,600,000 147,000
---------------------------------------------------------------------------
0.30 4,690,000 0.913 4,300,000 138,000
---------------------------------------------------------------------------
0.40 3,730,000 1.058 3,900,000 127,000
---------------------------------------------------------------------------
0.50 2,890,000 1.235 3,600,000 115,000
---------------------------------------------------------------------------
0.60 2,310,000 1.408 3,300,000 105,000
---------------------------------------------------------------------------
0.70 1,870,000 1.588 3,000,000 95,000
---------------------------------------------------------------------------
0.80 1,560,000 1.754 2,700,000 88,000
---------------------------------------------------------------------------
0.90 1,350,000 1.900 2,600,000 82,000
---------------------------------------------------------------------------
1.00 1,190,000 2.025 2,400,000 77,000
---------------------------------------------------------------------------
TOTAL ALL ZONES - INDICATED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 54,260,000 0.499 27,100,000 870,000
---------------------------------------------------------------------------
0.20 42,340,000 0.597 25,300,000 813,000
---------------------------------------------------------------------------
0.30 31,400,000 0.719 22,600,000 726,000
---------------------------------------------------------------------------
0.40 23,040,000 0.855 19,700,000 633,000
---------------------------------------------------------------------------
0.50 17,290,000 0.990 17,100,000 550,000
---------------------------------------------------------------------------
0.60 13,260,000 1.125 14,900,000 479,000
---------------------------------------------------------------------------
0.70 10,380,000 1.257 13,000,000 419,000
---------------------------------------------------------------------------
0.80 8,310,000 1.385 11,500,000 370,000
---------------------------------------------------------------------------
0.90 6,750,000 1.508 10,200,000 327,000
---------------------------------------------------------------------------
1.00 5,610,000 1.622 9,100,000 293,000
---------------------------------------------------------------------------
TOTAL ALL ZONES - MEASURED PLUS INDICATED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 61,650,000 0.517 31,900,000 1,024,000
---------------------------------------------------------------------------
0.20 48,230,000 0.619 29,900,000 960,000
---------------------------------------------------------------------------
0.30 36,090,000 0.745 26,900,000 864,000
---------------------------------------------------------------------------
0.40 26,770,000 0.883 23,600,000 760,000
---------------------------------------------------------------------------
0.50 20,180,000 1.025 20,700,000 665,000
---------------------------------------------------------------------------
0.60 15,570,000 1.167 18,200,000 584,000
---------------------------------------------------------------------------
0.70 12,250,000 1.308 16,000,000 515,000
---------------------------------------------------------------------------
0.80 9,870,000 1.443 14,200,000 458,000
---------------------------------------------------------------------------
0.90 8,100,000 1.573 12,700,000 410,000
---------------------------------------------------------------------------
1.00 6,800,000 1.693 11,500,000 370,000
---------------------------------------------------------------------------
TOTAL ALL ZONES - INFERRED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 117,170,000 0.303 35,500,000 1,143,000
---------------------------------------------------------------------------
0.20 62,130,000 0.443 27,500,000 886,000
---------------------------------------------------------------------------
0.30 34,150,000 0.606 20,700,000 665,000
---------------------------------------------------------------------------
0.40 19,730,000 0.798 15,700,000 506,000
---------------------------------------------------------------------------
0.50 13,540,000 0.961 13,000,000 418,000
---------------------------------------------------------------------------
0.60 9,910,000 1.113 11,000,000 355,000
---------------------------------------------------------------------------
0.70 7,540,000 1.259 9,500,000 305,000
---------------------------------------------------------------------------
0.80 5,900,000 1.402 8,300,000 266,000
---------------------------------------------------------------------------
0.90 4,800,000 1.530 7,300,000 236,000
---------------------------------------------------------------------------
1.00 4,040,000 1.641 6,600,000 213,000
---------------------------------------------------------------------------
TOTAL ALL ZONES OXIDES - MEASURED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 6,030,000 0.606 3,700,000 117,000
---------------------------------------------------------------------------
0.20 4,810,000 0.721 3,500,000 111,000
---------------------------------------------------------------------------
0.30 3,880,000 0.835 3,200,000 104,000
---------------------------------------------------------------------------
0.40 3,090,000 0.960 3,000,000 95,000
---------------------------------------------------------------------------
0.50 2,370,000 1.115 2,600,000 85,000
---------------------------------------------------------------------------
0.60 1,850,000 1.274 2,400,000 76,000
---------------------------------------------------------------------------
0.70 1,470,000 1.435 2,100,000 68,000
---------------------------------------------------------------------------
0.80 1,210,000 1.583 1,900,000 62,000
---------------------------------------------------------------------------
0.90 1,030,000 1.714 1,800,000 57,000
---------------------------------------------------------------------------
1.00 890,000 1.839 1,600,000 53,000
---------------------------------------------------------------------------
TOTAL ALL ZONES OXIDES - INDICATED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 38,840,000 0.531 20,600,000 664,000
---------------------------------------------------------------------------
0.20 31,170,000 0.626 19,500,000 627,000
---------------------------------------------------------------------------
0.30 24,350,000 0.731 17,800,000 573,000
---------------------------------------------------------------------------
0.40 18,540,000 0.851 15,800,000 507,000
---------------------------------------------------------------------------
0.50 14,210,000 0.975 13,800,000 445,000
---------------------------------------------------------------------------
0.60 10,910,000 1.104 12,000,000 387,000
---------------------------------------------------------------------------
0.70 8,560,000 1.229 10,500,000 338,000
---------------------------------------------------------------------------
0.80 6,880,000 1.347 9,300,000 298,000
---------------------------------------------------------------------------
0.90 5,580,000 1.463 8,200,000 262,000
---------------------------------------------------------------------------
1.00 4,620,000 1.396 6,400,000 207,000
---------------------------------------------------------------------------
TOTAL ALL ZONES OXIDES - MEASURED PLUS INDICATED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 44,870,000 0.542 24,300,000 781,000
---------------------------------------------------------------------------
0.20 35,980,000 0.638 23,000,000 738,000
---------------------------------------------------------------------------
0.30 28,230,000 0.745 21,000,000 677,000
---------------------------------------------------------------------------
0.40 21,630,000 0.867 18,800,000 603,000
---------------------------------------------------------------------------
0.50 16,580,000 0.995 16,500,000 530,000
---------------------------------------------------------------------------
0.60 12,770,000 1.129 14,400,000 463,000
---------------------------------------------------------------------------
0.70 10,040,000 1.259 12,600,000 407,000
---------------------------------------------------------------------------
0.80 8,100,000 1.383 11,200,000 360,000
---------------------------------------------------------------------------
0.90 6,620,000 1.502 9,900,000 320,000
---------------------------------------------------------------------------
1.00 5,510,000 1.614 8,900,000 286,000
---------------------------------------------------------------------------
TOTAL ALL ZONES OXIDES - INFERRED RESOURCE
---------------------------------------------------------------------------
Tonnes greater
Au Cutoff than Cutoff Grade greater than Cutoff
---------------------------------------------------------------------------
(g/t) (tonnes) Au (g/t) Au (grams) Au Ounces
---------------------------------------------------------------------------
0.10 66,140,000 0.343 22,700,000 730,000
---------------------------------------------------------------------------
0.20 39,710,000 0.474 18,800,000 605,000
---------------------------------------------------------------------------
0.30 22,990,000 0.641 14,700,000 474,000
---------------------------------------------------------------------------
0.40 14,340,000 0.820 11,800,000 378,000
---------------------------------------------------------------------------
0.50 10,210,000 0.973 9,900,000 319,000
---------------------------------------------------------------------------
0.60 7,390,000 1.135 8,400,000 270,000
---------------------------------------------------------------------------
0.70 5,630,000 1.289 7,300,000 233,000
---------------------------------------------------------------------------
0.80 4,370,000 1.444 6,300,000 203,000
---------------------------------------------------------------------------
0.90 3,580,000 1.577 5,600,000 181,000
---------------------------------------------------------------------------
1.00 3,070,000 1.680 5,200,000 166,000
---------------------------------------------------------------------------
Grayd Resource Corporation (TSXV:GYD)
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Grayd Resource Corporation (TSXV:GYD)
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