Graycliff Exploration Announces Acquisition of Key Mining Leases at Shakespeare Gold Project

Rhea-AI Summary

Graycliff Exploration Limited (OTCQB: GRYCF) has announced the acquisition of key mining leases surrounding the historic Shakespeare Gold Mine in Ontario. The acquisition comprises 98 hectares of land and was completed through the issuance of 250,000 common shares. This strategic expansion aims to enhance the company’s potential for mineral exploration and development in the area.

Positive

• Acquisition expands control over prospective land near Shakespeare Gold Mine.
• Potential for mineral zones to extend onto newly acquired ground.

Negative

• None.

TORONTO, ON / ACCESSWIRE / March 30, 2021 / Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce that it has acquired key mining leases and claims which consolidate the ground surrounding the past-producing Shakespeare Gold Mine located within Graycliff‘s Shakespeare Gold Project ("Shakespeare") located on the prolific Canadian Shield near Sudbury, Ontario.

The Crown Patented Lease, the two Crown Leases, and the Claim represent 98 hectares of very prospective ground contiguous with the claims currently controlled by Graycliff in Shakespeare Township (see Figure 1). The new ground is directly southeast of the area where the Phase 2 drilling is underway (see press release dated March 11, 2021).

"This new ground is strategic for the Company due to its proximity to the recently expanded mineralized areas around the Miller Shaft and the potential for those zones to extend along strike onto that ground," states President and CEO, James Macintosh. "We recognize the decades of hard work by the prospector who worked these claims and congratulate him on becoming a Graycliff shareholder."

Figure 1: Property Map, Highlighting Newly Acquired Properties in purple

Under the terms of the agreement, Graycliff has purchased the key properties from a private individual for 250,000 common shares of the Company. The Company will be compiling all historic work carried out on the ground, including its proximity to the historic south zone.

About Graycliff Exploration Limited

Graycliff Exploration is a mineral exploration company focused on its 945 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.

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.

View source version on accesswire.com:
https://www.accesswire.com/638030/Graycliff-Exploration-Announces-Acquisition-of-Key-Mining-Leases-at-Shakespeare-Gold-Project

FAQ

What is the significance of Graycliff's acquisition of mining leases on March 30, 2021?

Graycliff's acquisition consolidates land around the Shakespeare Gold Mine, enhancing mineral exploration potential.

How many hectares did Graycliff acquire in its recent transaction?

Graycliff acquired 98 hectares of mining leases and claims.

What is the transaction value for Graycliff's acquisition of mining leases?

The acquisition was completed through the issuance of 250,000 common shares.

How does the acquisition impact Graycliff Exploration's future plans?

The acquisition is expected to enhance exploration activities and extend potential mineral zones.