Graycliff Exploration Expands Property Package by over 1,500 Hectares

Rhea-AI Summary

Graycliff Exploration Limited has acquired 68 mining claims covering approximately 1,500 hectares in the Baldwin Project, adjacent to its Shakespeare Gold Project in Ontario. This expansion increases the total property to 2,525 hectares, enhancing exposure to the Murry Fault. Historical exploration focused on uranium and nickel, but geological similarities suggest potential for gold exploration. Graycliff will issue 1,800,000 common shares for full ownership of the Baldwin Project, subject to a 2% net smelter royalty.

Positive

• Acquisition of 1,500 hectares boosts exploration potential.
• Total property package now totals 2,525 hectares.
• Geological similarity to Shakespeare Project indicates potential for gold.

Negative

• None.

TORONTO, ON / ACCESSWIRE / May 13, 2021 / Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce that has acquired an additional 68 mining claims comprising approximately 1,500 hectares (the "Baldwin Project") adjacent to the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. Graycliff also staked an additional 13 claims, comprising 80 hectares, that abut the Shakespeare Project. The total property package now comprises 2,525 hectares with both projects.

The Baldwin Project is comprised of three mining blocks totalling 68 mining claims (see Figure 1), which are located to the east of the Shakespeare project property boundaries. The Baldwin Project, in black, doubles Graycliff's exposure in the vicinity of the Murry Fault and covers a major splay of the Murray Fault. Initial due diligence suggests that both projects share similar geological features that the Company's technical team identified during its first two drill programs at the Shakespeare Gold Project.

"The Baldwin Project was historically explored for uranium and nickel, given its proximity to the prolific Sudbury Nickel Belt and known uranium occurrences in the area. It appears that there has been virtually no gold exploration carried out on the Baldwin Project, however there are striking similarities to the Shakespeare geology and structure including indications of intense deformation and faulting. We view this as blue-sky upside for the Company, as we now have two exciting gold projects to explore", stated James Macintosh, President and CEO.

Figure 1 - Map of Graycliff claims with existing claims (in Blue), New Claims (in Black)

Under the terms of the Acquisition, Graycliff will issue 1,800,000 common shares for a 100% interest in the Baldwin Project, subject only to a 2% net smelter return royalty.

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 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.

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https://www.accesswire.com/647132/Graycliff-Exploration-Expands-Property-Package-by-over-1500-Hectares

FAQ

What recent acquisition has Graycliff Exploration made on May 13, 2021?

Graycliff Exploration acquired 68 mining claims totaling approximately 1,500 hectares for the Baldwin Project.

How many hectares does Graycliff Exploration now have in total after the Baldwin Project acquisition?

After the acquisition, Graycliff Exploration's total property package is 2,525 hectares.

What is the significance of the Murry Fault for Graycliff Exploration?

The Murry Fault is significant as it enhances Graycliff's geological exposure and exploration potential in the area.

What will Graycliff Exploration issue for the Baldwin Project acquisition?

Graycliff Exploration will issue 1,800,000 common shares for a 100% interest in the Baldwin Project.

What royalty is associated with the Baldwin Project acquisition by Graycliff Exploration?

The acquisition comes with a 2% net smelter return royalty.