Graycliff Exploration Identifies Visible Gold in Drill Core from the Phase Two Program at the Shakespeare Gold Project

Rhea-AI Summary

Graycliff Exploration Limited (CSE:GRAY, OTCQB:GRYCF) announced the identification of visible gold in several drill holes from its 2,000-meter phase two core drilling program at the Shakespeare Gold Project. The initial results indicated a high-grade identification of 67 g/t over 3.0 meters in Hole #8. CEO James Macintosh confirmed visible gold in three additional holes during a recent site visit and expressed optimism about the ongoing assay results expected in Q2 and Q3. The drilling aimed to expand previously identified mineralization in the area near the Miller Shaft.

Positive

• Visible gold identified in multiple drill holes, indicating potential for high-grade mineralization.
• Initial assay result of 67 g/t over 3.0 meters from Hole #8 demonstrates strong prospectivity.
• Drilling program includes 14 core diamond drill holes, expanding on previous findings.

Negative

• None.

TORONTO, ON / ACCESSWIRE / May 27, 2021 / Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce that visible gold ("VG") has been identified in multiple holes from its recently completed 2,000 metre ("m") phase two core drilling program (see Press Release dated April 22, 2021) on the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. The initial results of 67 g/t over 3.0 metres released last week from Hole #8 (see Press Release dated May 19, 2021) was the first hole where VG was identified.

Figures 1 & 2 - Close-ups of the VG identified in intervals from two holes

"During my visit to our Core Shack earlier this week, I confirmed the presence of visible gold in three holes , in addition to Hole #8. We look forward to receiving the results from the assay lab over the remainder of Q2 and into Q3, as we are still awaiting the results from the rest of Hole 8 and all of the results for the samples from the next holes that are at the lab. The ongoing logging of the core and shipment of samples to the assay lab for analysis is proceeding well and the core is showing great consistency from phase one to phase two," stated President and CEO, James Macintosh.

Figures 3 - James Macintosh viewing the Visible Gold in the drill core shown above

Graycliff's Phase 2 Drilling consisted of 14 core diamond drill holes totalling 2,000 metres and focused on expanding the previously identified mineralization and the new mineralized zone identified in Phase 1 drilling. The mineralized area is in the vicinity of the Miller Shaft and above the Number 3 adit.

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 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.

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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FAQ

What are the results of Graycliff Exploration's Phase Two drilling program?

Graycliff Exploration identified visible gold in multiple holes during its 2,000-meter Phase Two drilling program at the Shakespeare Gold Project, with initial results showing 67 g/t over 3.0 meters from Hole #8.

What is the significance of the visible gold found by Graycliff Exploration?

The identification of visible gold in several drill holes suggests strong potential for high-grade mineralization, which could positively impact the company's valuation.

When can we expect more assay results from Graycliff Exploration?

Graycliff Exploration expects to receive additional assay results throughout Q2 and into Q3, as analysis continues on samples submitted to the lab.

Where is Graycliff Exploration's Shakespeare Gold Project located?

The Shakespeare Gold Project is situated on the Canadian Shield, approximately 80 kilometers west of Sudbury, Ontario.