TORONTO, ON – 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.
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.
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On Behalf of the Board of Directors,
President and CEO
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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.