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Graycliff Hits 551 g/t Gold Beneath a 120-Year-Old Mine, and the Shakespeare Story Gets Bolder

All five new holes at Graycliff's Shakespeare project near Sudbury returned high-grade gold, led by 115.25 g/t over 6.0 metres. The stock opened 44% higher before giving back part of the gain.

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Graycliff Hits 551 g/t Gold Beneath a 120-Year-Old Mine, and the Shakespeare Story Gets Bolder

Most gold explorers count their best intervals in grams. On Thursday, Graycliff Exploration produced one that is better measured in ounces.

Graycliff Exploration Limited (CSE: GRAY; OTCQB: GRYCF) reported that all five of its latest drill holes at the 100%-owned Shakespeare gold project, about 88 km west of Sudbury, Ontario, returned high-grade gold. The headline came from hole J-62-26: 115.25 grams per tonne (g/t) gold over 6.0 metres from 118 m down-hole. Inside that interval is a single metre grading 551.00 g/t gold. The company says that is equal to more than 16 troy ounces per ton.

Traders reacted at the open. Shares opened at C$0.23, 44% above Wednesday's C$0.16 close, and reached C$0.235 before easing. At 9:54 a.m. ET they were at C$0.19, up 18.75%, on 221,295 shares, according to delayed quotes. That works out to roughly C$42,000 to C$52,000 traded in the first half hour, a reminder of how thinly this stock trades.

The main interval held up beyond its best metre. J-62-26 also returned one-metre samples of 83.70 g/t and 45.20 g/t. Hole J-63-26, drilled on the same section, cut 4.13 g/t over 4.0 m from 104 m and then 16.19 g/t over 6.0 m from 119 m. That interval included a one-metre sample of about 68 g/t and another of 14.90 g/t.

D-26 was the fourth large-diameter HQ metallurgical hole. It tested the down-dip extension of the main zone about 40 m below hole A-22 and returned 26.48 g/t over 4.0 m from 157 m. That interval included 75.25 g/t and 33.50 g/t over one metre each. The metallurgical holes give the company representative core for early mineralogical, extraction and concentration testing, which is how Graycliff will learn whether gold this coarse can be recovered efficiently.

The last two holes moved 12.5 m east onto a parallel section. J-65-26 returned 8.09 g/t over 10.0 m from 85 m, including 19.00 g/t over 4.0 m, with one-metre samples of 24.40 g/t and 36.10 g/t. J-64-26 was the weakest hole: 7.15 g/t over 1.5 m from 75 m before it drilled into an old mine working. The Shakespeare mine operated from 1903 to 1907, and Graycliff says those early miners may have removed the main zone at that point.

The results matter because of what came before them. In June, hole A-22 returned 454.34 g/t gold over 7.0 m, including 3,030 g/t over a single metre. These five holes show that high grades continue on and around that section, down-dip and to the east, mostly below the historic workings. Bruce Durham, P.Geo., a director of Graycliff and the project's Qualified Person, called the results "very encouraging." He said the company is defining high-grade to ultra-high-grade gold close to the old mine, mostly underneath it.

Shakespeare has a history of high grades. Across four earlier drill phases totalling 61 holes and more than 12,500 m, about 62% of holes intersected gold, and about 40% of those showed visible gold, according to the company. Graycliff's total drilling at the project now exceeds 13,600 m. We found no independent analyst coverage of the company and no outside commentary on Thursday's results.

Investors should keep some caveats in mind. All widths are down-hole lengths, and the company has not reported true thicknesses. Grades are length-weighted and uncapped, so a few exceptional metres can dominate the averages. Remove the 551 g/t metre from J-62-26 and, by our calculation, the other five metres average about 28 g/t, which is still strong. The release also has internal inconsistencies. Its table lists D-26 at 28.68 g/t over 4.0 m against 26.48 g/t in the highlights, and the J-63-26 high-grade sample appears as both 68.20 and 68.00 g/t. Graycliff has no mineral resource and no economic study. The historic workings show that part of the zone has already been mined. The stock's 44% opening jump and quick pullback show how volatile a thinly traded microcap can be.

Samples were assayed by fire assay with an AAS finish at AGAT Laboratories in Thunder Bay for holes D-26 and J-62-26, and at Activation Laboratories for J-63-26 through J-65-26. The technical information was reviewed and approved by Bruce Durham, P.Geo., a Qualified Person under NI 43-101.

Sources

Disclaimer

Neither the author of this article nor JuniorStocks holds equity, stock options, or any other financial positions in Graycliff Exploration Limited (CSE: GRAY; OTCQB: GRYCF; FSE: GE0) or any other companies mentioned in this publication. This content is published by JuniorStocks strictly for informational purposes, was prepared independently without company compensation, and utilized AI assistance for text editing, formatting, and generating accompanying media. While bonanza-grade gold beneath a historic Ontario mine represents a compelling exploration story, this article does not constitute investment or financial advice. Investors are strongly advised to conduct their own thorough, independent due diligence and consult with a qualified financial professional before making any investment decisions.

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