Graycliff Exploration Continues Intercepting Near Surface Gold Mineralization with Hole 10 Grading 5.51 g/t Gold over 4.0 m
TORONTO, Oct. 21, 2021 - Graycliff Exploration Ltd. (the "Company" or "Graycliff") (CSE:GRAY) (OTCQB:GRYCF) (FSE:GE0) is pleased to announce additional assay results from its over 2,000 metre ("m") phase two core drilling program on the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. Drill Hole J-10-21 intersected two mineralized intervals eight metres ("m") apart with the higher interval returning 5.51 g/t gold ("Au") over 4.0 m, including 24.60 g/t Au over 0.55 m. Drill Holes J-11-21 and J-14-21 were stopped after of 30 m as they intercepted the historic underground workings or a fault. Drill Holes J-12-21 and J-13-21 were heavily fractured and core recoveries were poor. The significant intervals for Holes J-10-21 through J-14-21 are detailed below:
| Drill Hole | From (m) | To (m) | Width (m)1 | Au (g/t) 2 |
| J-10-21 | 36.00 | 40.00 | 4.00 | 5.51 |
| including | ||||
| 39.50 | 40.00 | 0.55 | 24.60 | |
| 48.00 | 51.00 | 3.00 | 3.57 | |
| J-11-21 | No Significant Intervals * | |||
| J-12-21 | No Significant Intervals* | |||
| J-13-21 | No Significant Intervals* | |||
| J-14-21 | 3.00 | 4.00 | 1.00 | 1.44 * |
| 1 - Reported intervals are down-hole lengths and not true thicknesses. 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. *See comments in paragraph above | ||||
Table 1 - Highlighted Results from Hole J-10-21 to J-14-21
President and CEO, James Macintosh stated: "The continued success we are having at Shakespeare is very encouraging. We now have anomalous gold intervals in 9 out 14 holes and we are getting some very significant widths and grades in several of those holes. As we have mentioned before, we continue to see visible gold in some of the drill core and we look forward to receiving those results in the coming weeks. All of this information will be going into the 3D model that we have commissioned. I strongly believe that at current prices, Graycliff is fundamentally undervalued considering the continuing success of our ongoing drill program"
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.
Figure 1 - Holes J-10-21 to J-14-21 Location and Cross Section
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.
QA/QC Protocol: https://graycliffexploration.com/wp-content/uploads/2021/06/graycliffexploration-qa-qc-protocols-june-2021.pdf
For more information, contact investor relations at investors@graycliffexploration.com
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 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.
SOURCE: Graycliff Exploration Ltd.
