Graycliff Exploration Limited (OTCQB: GRYCF) (CSE: GRAY) is a Toronto-based mineral exploration and development company. The junior mining company maintains prospective ground of 1,025 hectares on Canadian Shield, which is home to the Shakespeare Project, which holds a patented lease, two crown leases, and 40 claims on the property where the historic Shakespeare Gold Mine once operated between 1903 and 1907. Graycliff’s Baldwin Project is a property is adjacent and to the east, hoiding 68 claims spanning 1,500 hectares.
Shares of the junior mining company’s U.S.-listed shares jumped 42.41% during trading on Wednesday, May 19, 2021. Over the past thirty days, Graycliff Exploration has seen average daily volume of 77,502 shares. However, volume of 242,473 shares or dollar volume of $173,877, exchanged hands during Wednesday trading.
The Canadian mining company saw shares soar after releasing strong limited assay results from the first hole of its two-core drilling program. The drilling program is taking place on the Shakespeare Gold Project and showed strong mineralization of 66.98 g/t of Gold over 3.0 meters. The high-grade gold intersection is near the surface. Management notes the results are still early from overall assay results, but that the “results received were significant enough to warrant their immediate release,” according to Graycliff CEO and President, James Macintosh.
Graycliff Exploration Press Release:
TORONTO, ON / ACCESSWIRE / May 19, 2021 / Graycliff Exploration Limited (the “Company” or “Graycliff“) (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce limited assay results of the first drill hole of its over 2,000 metre (“m”) phase two core drilling program (see Press Release dated April 22, 2021) on the Company’s Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario.
Drill Hole J-8-21 intersected a mineralized interval of 66.98 g/t gold (“Au”) over 3.0 m, as detailed below:
|Drill Hole||From (m)||To (m)||Width (m)1||Au (g/t) 2|
Table 1 – Partial Results from Hole J-8-21
“While the Company is not in the practice of releasing partial results from its drill holes, the results received were significant enough to warrant their immediate release. We are optimistic that the results from the additional samples from hole J-8-21 that are currently at the lab will be available in the near future. Obviously, more than 2 ounces per ton over 3 metres is an exceptional start for our phase two drilling program,” stated President and CEO, James Macintosh.
This high-grade gold intersection in drill hole J-8-21 is located approximately 30 m down-dip of the mineralization reported from drill hole J-7-20 that highlighted an interval grading 8.59 g/t Au over 5.5m (see Cross Section “A-A” in Press Release dated March 24, 2021). Sample materials from several other drill holes have been delivered to the assay lab and those assay results are expected to be available in somewhat regular intervals over the coming weeks.
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.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on its 1,025 hectares of prospective ground, located roughly 80 kilometres 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 is comprised of 68 claims covering 1,500 hectares.
On Behalf of the Board of Directors,
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 release 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 Company. 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 assurance 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 laws.