Grayd tables White Gold results

Vancouver – A 1,740-metre drill program by partners Placer Dome (PDG-T) and Grayd Resources (GYD-V) has returned up to 12.2 grams gold per tonne over 1.3 metres from the Shalosky prospect on the While Gold property near Tok, Alaska.

The high-grade hit began at a depth of 117.5 metres in hole 1, which also returned 38 metres grading 0.8 gram gold further up-hole. Highlights from the remaining 11 holes, which were spread over a distance of 8-km, include:

• Hole 2 — 17.5 metres grading 1.2 gram gold from 95.6 metres,
• Hole 4 — 4.4 metres grading 0.8 gram gold from 117.2 metres,
• Hole 6 — 10.9 metres grading 0.5 gram gold from 41.3 metres,
• Hole 8 — 19.8 metres grading 0.4 gram gold from 57.3 metres,
• Hole 9 — 11.2 metres grading 0.7 gram gold from 47.5 metres,
• Hole 10 — 13 metres grading 1.2 grams gold from 64 metres, and
• Hole 11 — 4 metres grading 1.4 grams gold from 22.1 metres.

Placer is funding the project to earn up to a 70% stake. Earlier in the year, the major inked an agreement to earn a 51% interest by spending US$3.1 million over 4-years, of which US$350,000 must be spent by year-end. An additional 19% can be acquired in exchange for a bankable feasibility study.

Grayd currently operates the project, but will give up the role to Placer in 2002.

Grayd acquired the property in 1999 from American Copper and Nickel, a wholly owned subsidiary of Inco (N-T). The 45-sq.-km property was previously known as the Rumble Creek property.

In 1996, American Copper identified an 8-km long trend of gold bearing, quartz-carbonate shear zones over the claims.