GRAYCLIFF EXPLORATION LIMITED (Private search engine: ashen(OTC Pink: Grecv)(FSE:GE0)(a company“or”Graycliff“) announces high-quality test results from a drill core it purchased in March 2026 (see press release dated March 5, 2026). The Company has just received results from Hole A, its first metallurgical test hole, with the results shown in the following table and on the accompanying vertical cross-section. The first of three metallurgical drill holes drilled using the larger diameter headquarters core and the dedicated Hole A, received a very high grade 7.0 metre interval, 454.34 grams per tonne gold (g/t Au) at 123 metres. (Equivalent to 13.25 ounces of gold per ton over a period of 7.0 meters.
The company expects to receive assay results for the remaining two metallurgical test holes in the coming weeks as it begins reactivating work on the comprehensive Shakespeare Project 84 km west of Sudbury, Ontario. The company has a 100% interest in the accessible 1,025-hectare property where gold mining first began more than 100 years ago in 1903.
Table 1 – Gold Assay Results from Pit A
1 The intervals listed are lengths down the hole and are not actual thicknesses. The true width of mineralization cannot be determined at this time due to the early stage nature of the programme.
2 Length-weighted average scores are calculated using uncovered gold screening data.
James McIntosh, Chairman of the Board, said: “While we have drilled this hole close to previous gold-bearing drilling intervals, it is clear that the gold value of this intersection far exceeds our expectations. The amount of visible gold demonstrates the strength of the mineralization event at Shakespeare. These results are very encouraging, and while we recognize that it is all about ‘average grade’, high-grade intersections such as this reinforce the overall average.”
Figure 1 – Cross section showing hole A
The company will use analytical data as well as material samples from the three headquarters-sized drill holes as the basis for preliminary mineralogical investigations, mineral extraction analysis and primary mineral concentration studies. These studies will help provide the company with data and parameters that will help formulate plans for the project’s bulk sampling program.
Photo 1 – Drill core from sample at 123m – 124m showing visible gold
Over the four drilling phases completed between 2020 and 2022, Graycliff drilled 61 holes totaling more than 12,500 metres. A total of 38 of the 61 holes had gold mineralization breaks and 40% of those 38 holes included visible gold observations.. With the significant increase in gold prices last year, particularly in Canadian dollars, the company embarked on a program to re-evaluate all project data, including data from historical mine workings, field sampling, channel sampling and all four drilling stages as well as the three mineralized drill holes. Upon receipt of the results of this audit work, including the results of the mineral holes, the Company will be in a position to better understand the extent of gold mineralization in the context of the current gold price environment. The company will also develop new models of exploration targets ahead of subsequent drilling operations to expand and better define known gold mineralization.
The Company also announces that it has adopted Semiannual Financial Reporting (“SAR”) pursuant to Harmonized Omnibus Order No. 51-933 – Waivers to Allow Semiannual Reporting for Certain Project Issuers (the “Omnibus Order”). The Omnibus Order allows eligible project issuers listed on the Canadian Securities Exchange (“CSE”) to voluntarily move from the quarterly financial reporting framework to the semi-annual financial reporting framework. By adopting SAR, the company aims to reduce the administrative and financial burden associated with quarterly reporting. The company’s fiscal year ends on December 31. Under the SAR pilot program, the Company will no longer file preliminary financial reports and related management discussion and analysis (“MD&A”) for the three-month and nine-month interim periods. The initial interim period for which the Company will not file is the three-month period ending September 30, 2026. The Company will continue to file audited annual financial statements and MD&A (due 120 days after December 31) and six-month unaudited financial statements and MD&A (due 60 days after June 30). The Company remains committed to timely disclosure and will continue to report all material changes and important developments as required under National Instrument 51-102 – Continuing Disclosure Obligations and securities exchange policies. This press release is issued and filed pursuant to the Omnibus Order.
Qualified person
Bruce Durham, P.Geo., a Qualified Person, as that term is defined by Canadian regulatory guidelines under NI 43-101, is a director of the Company and has read and agreed to the technical information contained in this press release.
The Company’s QA and QC core drill sample protocol consists of collecting samples at intervals generally 0.5 to 1.5 meters (depending on rock and mineralization style) on the mineralized portions of the drill hole. The drill core is cut in half using a diamond saw, with half the core placed in sample bags and the remaining half kept securely in core boxes, off-site. Samples are organized into batches, including at least one commercially prepared standard plus a blank. Sample batches are periodically delivered by company employees directly to AGAT. AGAT receives, records and tracks all samples. All samples are examined at AGAT Laboratories Ltd. (“AGAT”) in Thunder Bay, Ontario.
AGAT is certified to ISO 17025 by the Standards Council of Canada (SCC). After drying and grinding as needed, samples are analyzed by lead fusion testing with atomic absorption spectroscopy (AAS). PerkinElmer AAnalyst 400 AAS instruments used for analysis. All samples undergo standard fire screening analysis for gold, and some samples are processed using ICPOES (inductively coupled plasma optical emission spectroscopy) analysis for an additional 33 elements. For samples in which visible gold is observed or suspected, or for samples adjacent to visible gold samples, an on-screen metallic gold analysis is performed which provides a weighted average of the gold grade from the fire assay analysis of the entire +75 micron fraction and three 30 gram samples for the -75 micron portion of the 500 gram sample. Prepared samples, sample replicates, replicates and internal reference materials (aquatic and geochemical standards) are routinely used as part of AGAT’s quality assurance programme.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on 1,025 hectares of promising land, located approximately 80 kilometers west of Sudbury on the rich Canadian Shield region. The company’s Shakespeare Project consists of one patented crown lease, two crown leases and 40 claims on property associated with the historic Shakespeare Gold Mine, which operated from 1903 to 1907. Graycliff has to date drilled more than 12,500 metres, with visible gold mineralization and significant gold screening intervals in several drill holes. Learn more on the website: https://graycliffexploration.com
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of this news release.
This press release may contain forward-looking information within the meaning of Canadian securities legislation, with respect to the Company’s business. Forward-looking information is based on certain key expectations and assumptions made by the Company’s management. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that it will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention 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.
