Graycliff Exploration Discovers New Target Area From 2020 Shakespeare Field Sampling Program

Rhea-AI Summary

Graycliff Exploration Limited announced positive results from its 2020 Shakespeare Gold Project field study in Ontario. The study revealed a new target area, the Harmer Zone, with copper values up to 3.47% and anomalous silver at 11.8 g/t. This semi-massive sulfide zone spans 75 m and appears open along strike, indicating potential for further exploration. The company plans to incorporate the Harmer Zone into its expanded 2021 exploration program following drilling results from its fall 2020 program.

Positive

• Discovery of the Harmer Zone with copper values up to 3.47%.
• Potential for silver and cobalt in the Harmer Zone, indicating rich mineralization.
• Expanded exploration program planned for 2021, increasing investment in exploration activities.

Negative

• None.

TORONTO, ON / ACCESSWIRE / February 9, 2021 / Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) is pleased to announce the results of its 2020 field study on the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario.

Graycliff focused on testing the mineralized trend northwest of the Former Shakespeare Gold Mine. The completed field sampling discovered a new target area called the Harmer Zone, which returned copper values as high as 3.47%. The 1.0 metre ("m") wide semi-massive to massive sulfide zone with quartz veining is mineralized along an east-west tending strike for 75 m. The Harmer Zone, which appears to be open along strike, also returned anomalous values of silver grading 11.8 g/t, cobalt grading 1,860 ppm, and trace gold values.

"As we continue to explore the target zones with historic gold mineralization, the discovery of this new target zone confirms the underexplored mineralized opportunities that the property hosts along the six (6) kilometre ("km") strike length of our project.", stated James Macintosh, President and CEO. " We will include the Harmer Zone into our expanded 2021 exploration program following the receipt of the drill results from our fall 2020 program."

Figure 1 - Map of Graycliff ‘s Shakespeare Project with field sampling result highlights

As previously disclosed in 2020, Graycliff's plans in 2021, include line cutting a 40 km grid and an IP survey. Following the receipt and review of the results from our initial seven-hole, 1,135 m drilling program, the Company will release the plan for the expanded exploration program. The 2020 drill program results are expected in February 2021.

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.

About Graycliff Exploration Limited

Graycliff Exploration is a mineral exploration company focused on its 847 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of 39 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.

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https://www.accesswire.com/628599/Graycliff-Exploration-Discovers-New-Target-Area-From-2020-Shakespeare-Field-Sampling-Program

FAQ

What are the key findings from Graycliff's 2020 field study?

The key findings include the discovery of the Harmer Zone with copper values up to 3.47% and anomalous silver grading 11.8 g/t.

What will Graycliff do in 2021 after the 2020 field study results?

Graycliff plans to include the Harmer Zone in its expanded exploration program for 2021 following the results from its fall 2020 drilling program.

What is the significance of the Harmer Zone discovery?

The Harmer Zone indicates underexplored mineralization opportunities along the six-kilometer strike of the Shakespeare Project, suggesting potential for future mining.

What did Graycliff announce on February 9, 2021?

On February 9, 2021, Graycliff announced the results of its field study revealing the Harmer Zone, a new target area with significant mineralization.

What are the next steps for Graycliff after the field study?

Graycliff will conduct further exploration, including a 40 km grid and IP survey, as they await results from their initial seven-hole drilling program.