Graycliff Exploration (CSE: GRAY) has reported two exceptionally high-grade gold intersections at its Shakespeare project near Sudbury, Ontario, but the bulk of each headline total comes from a single metre of drill core.
In a recent disclosure, Graycliff reported 115.25 g/t gold over 6.0 metres in hole J-62-26, including one metre grading 551 g/t. Removing that metre from the arithmetic leaves an implied average of about 28.1 g/t across the other five metres.
The pattern is more pronounced in an earlier result released in June. Graycliff reported 454.34 g/t over 7.0 metres in a metallurgical hole, including one metre at 3,030 g/t. The remaining six metres imply an average of roughly 25.1 g/t.
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Graycliff says its averages use uncapped data and its reported intervals are down-hole lengths, not true mineralized widths, which remain undetermined.
The latest five-hole release also reported 8.09 g/t across 10.0 metres in J-65-26 and 16.19 g/t across 6.0 metres in J-63-26. Graycliff says the drilling is intended to delineate mineralization largely below workings at the historic Shakespeare mine, and that additional core processing remains underway.
The geological questions coincide with financing requirements. Graycliff’s unaudited June 30 financial statements recorded $230,010 in cash, a $748,590 six-month loss, and $1.03 million in operating cash outflows. The statements warned of material uncertainty about its ability to continue as a going concern without additional financing.
Those figures predate a July 16 private-placement closing that raised $687,560 in gross proceeds. Graycliff said the financing would support Shakespeare exploration and corporate purposes.
Graycliff Exploration last traded at $0.24 on the CSE.
