en.Wedoany.com Reported - Graycliff Exploration Limited (CSE: GRAY, OTC Pink: GRYCF, FSE: GE0) has announced extremely high-grade assay results from drill core purchased in March 2026. The company's first metallurgical test hole (Hole A) using larger diameter HQ core drilling intersected a 7.0-meter interval grading 454.34 g/t gold at a depth of 123 meters.
The company expects to receive assay results from the remaining two metallurgical test holes within the coming weeks and will simultaneously begin restarting the Shakespeare Project, located 84 kilometers west of Sudbury, Ontario. The project covers 1,025 hectares, with Graycliff holding a 100% interest, and the area has been the site of gold mining since 1903.
Detailed gold assay results for Hole A are as follows: from 105.0m to 105.8m, 0.5m width grading 2.10 g/t; from 106.7m to 107.4m, 1.3m width grading 8.46 g/t; from 112.7m to 114.4m, 1.7m width grading 4.73 g/t; from 120.0m to 121.0m, 1.0m width grading 1.20 g/t; from 123.0m to 130.0m, 7.0m width grading 454.34 g/t, including a 1.0m interval from 123.0m to 124.0m grading 53.62 g/t, a 1.0m interval from 124.0m to 125.0m grading 3,030.00 g/t, a 1.0m interval from 125.0m to 126.0m grading 11.40 g/t, and a 1.0m interval from 128.0m to 129.0m grading 83.00 g/t. It should be noted that the reported intervals are drill hole depths, not true thicknesses; due to the early stage of the project, the true width of mineralization cannot be determined. Length-weighted average grades were calculated using uncapped gold assay data.
Chairman James Macintosh stated: "Although we drilled this hole near previous gold-bearing drill intervals, the gold value of this intercept clearly exceeded our expectations. The amount of visible gold demonstrates the intensity of the Shakespeare mineralization event. These results are extremely encouraging, and while we recognize that 'average grade' is key, high-grade intercepts like this one boost the overall average."
The company will use the analytical data and sample material from the three HQ-sized drill holes as the basis for preliminary mineralogical studies, mineral extraction analysis, and mineral concentration research, providing data and parameters for the project's bulk sampling program. During four drilling phases completed between 2020 and 2022, Graycliff drilled a total of 61 holes for over 12,500 meters, with 38 holes containing gold-mineralized intervals and 40% of holes encountering visible gold. Driven by a significant increase in gold prices, the company has initiated a project to reassess all project data, including historical mining works, field sampling, channel sampling, and data from all four drilling phases, combined with results from the three metallurgical holes, to gain a more comprehensive understanding of the gold mineralization scope under current gold price conditions, while developing new exploration target models prior to subsequent drilling.
The company also announced that it has adopted a semi-annual financial reporting framework under Coordinated Blanket Order 51-933. This order allows eligible venture issuers listed on the Canadian Securities Exchange to transition from quarterly to semi-annual reporting to reduce administrative and financial burdens. With a fiscal year-end of December 31, the company will no longer file interim financial reports and related management's discussion and analysis for the period ending September 30, 2026, but will continue to file audited annual financial statements and unaudited six-month financial statements. The company stated it will continue to report all material changes and significant developments in accordance with National Instrument 51-102 and CSE policies.
Bruce Durham (P.Geo.), as a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release. The company's QA-QC procedures include collecting samples at 0.5 to 1.5 meter intervals in mineralized sections of drill holes. Core is cut in half using a diamond saw, with one half placed in sample bags and the other half retained. Sample batches contain at least one commercial prepared standard and blank material, and are regularly delivered by company personnel to AGAT Laboratories Ltd. in Thunder Bay, Ontario, for analysis. AGAT is ISO 17025 accredited by the Standards Council of Canada. Samples are dried, crushed, and pulverized, then analyzed using lead fusion fire assay combined with atomic absorption spectrometry on a PerkinElmer AAnalyst 400 AAS instrument, with some samples analyzed for 33 other elements using ICP-OES. For samples where visible gold is found or suspected, screened metallic gold analysis is performed, providing a weighted average gold grade from a 500-gram sample.
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