GRAYCLIFF EXPLORATION LIMITED (“Graycliff” or the “Company”) (CSE: ashen) (Otkbk: Grecv) (FS: GE0) To announce the start of exploratory drilling work with 100% of its capital Shakespeare Golden Projectlocated near Sudbury, Ontario. Marking the company’s return to active drilling at Shakespeare for the first time since the first quarter of 2023, this campaign builds directly on the previously announced mineral screening results.
Drilling is currently underway in a large diameter (HQ) core hole located directly behind Hole A – the first mineral test hole, which has intersected with high-grade gold mining – 454.34 g/t gold at an altitude of 7.0 metres (Equivalent 13.25 ounces per ton of gold). This new fourth metallurgical hole is designed to sample material below Hole A to collect additional representative core for primary mineralogical testing, extraction and concentration of gold mineralization.
The newly begun drilling operation follows significant results from recent mineral core test assays and extensive historical work:
- High quality metal interceptors: Most notable 34 g/t gold at 7.0 metres Starting at a depth of 123 metres, which includes a high-quality separator of 3,030 g/t gold at a height of 1.0 metres.
- Strong historical drilling: Over the course of four previous drilling phases (61 holes, more than 12,500 square metres), 62% of drilled holes intersected gold mineralizationwith approx 40% of these display visible gold.
Once this mineralization hole is complete, Graycliff will immediately move to high priority targets for test drilling to define and further expand the core gold zone.
James McIntosh, Chairman of the Board, said: “With the closing of the first tranche of our LIFE financing, we are delighted to have drills back up and running again at Shakespeare. With recent assay results such as 3,030 g/t gold over 1.0 metres, the strength of the mineralization system here is undeniable.” “We feel that Graycliff offers an exceptional value proposition with less than 19 million shares issued and outstanding, a market capitalization of $6 million, and a funded exploration program. We believe the market is starting to take notice, as evidenced by recent independent third-party reports highlighting our project, team, and high-quality mining in today’s strong gold price environment.”
Qualified QA/QC person
Bruce Durham, P.Geo., a qualified person as defined in National Instrument 43-101 and Director of Graycliff Exploration, has reviewed and approved the technical content of this release. Core samples are processed under strict QA/QC protocols, including split core sampling, reference standards and analysis at AGAT’s ISO 17025 certified laboratories in Thunder Bay, Ontario, using on-screen metallic gold analysis where visible gold is present.
On behalf of the Board of Directors,
james McIntosh, president
(email protected) Or (416) 271-8300
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on 1,366 hectares of promising land, located approximately 88 km west of Sudbury on the prolific Canadian Shield. The company’s Shakespeare Project consists of one patented crown lease, two crown leases and 82 claims on a property that includes the historic Shakespeare Gold Mine, which operated from 1903 to 1907. Graycliff has to date drilled more than 12,900 metres, with visible gold mineralization and significant gold screening intervals in several drill holes. Learn more on the company website: https://graycliffexploration.com
On behalf of the Board of Directors,
James McIntosh, Chairman
(email protected) Or (416) 271-8300
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 release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the company’s management with respect to future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends,” “expects,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “should,” “will,” or “occur.” This information and statements, referred to herein as “forward-looking statements,” are not historical facts, are made as of the date of this press release and include, without limitation, statements regarding discussions of future plans, estimates and projections and statements regarding management’s expectations and intentions with respect to, among other things: the expected closing date of the offering; The expected proceeds to be raised under the offering; The intended use of any proceeds raised under the offering; and pay any fees to the researcher in connection with the offer. These forward-looking statements involve numerous risks and uncertainties and actual results may differ materially from the results suggested in any forward-looking statements. These risks and uncertainties include, among others: the Company’s inability to raise the proceeds expected under the offering; The Company’s inability to benefit from the expected proceeds from the offering as expected; and Risks related to global financial markets, including the trading price of the company’s shares.
In making the forward-looking statements in this press release, the Company has applied numerous material assumptions, including but not limited to: the Company will be able to raise the expected proceeds under the offering and on the expected timeline; The company will use the proceeds from the offering as currently expected.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Such statements cannot be guaranteed to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on this information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement, forward-looking information or financial projections incorporated by reference herein, except in accordance with applicable securities laws. We seek safe haven.
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