Precious Metals

Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to release a new batch of assay results from drilling the Phase Three drilling program at its Shakespeare Gold Project located on the Canadian Shield near Sudbury, Ontario. Phase Three (see press release dated June 3, 2021) focused on expanding on the extent of gold mineralization proximal to the historic Miller Shaft where initial gold mining took place more than 100 years ago

Drill Hole J-36 intersected 6.23 grams per tonne of gold ("g/t Au") over 5.00 metres ("m"), including 14.30 g/t Au over 1.00 m. Results continue to show strong gold mineralization extending from surface to the current limit of drilling at depth. Significant intervals for Holes J-34 to J-39 are detailed below.

Table 1 - Highlighted Results from Hole J-34 to J-39

Drill Hole

From (m)

To (m)

Width (m)1

Au (g/t) 2

J-34

170.00

172.00

2.00

2.32

J-35

120.00

121.00

1.00

1.13

131.00

132.00

1.00

1.04

134.00

136.00

2.00

1.88

J-36

128.00

130.00

2.00

2.89

105.00

110.00

5.00

6.23

Including

107.00

108.00

1.00

14.30

J-37

61.00

63.00

2.00

1.87

J-38

66.00

67.00

1.00

2.21

74.00

77.00

3.00

1.40

J-39

62.00

64.00

2.00

1.93

1 Reported intervals are down-hole lengths and not true thicknesses. True width of the mineralization cannot be determined due to the early-stage nature of the current program.

2 Length-weighted average grades are calculated using un-capped gold assay data.

Bruce Durham, Graycliff's Technical Advisor and QP stated: "The six holes included in this batch of assay results all intersected the strongly sericitized, altered and veined zone we have been defining proximal to the Miller Shaft. As is often the case, and as we are seeing at Shakespeare, the strength of the assays in any one drill hole is strongly correlated with the amount of quartz veining and the amount of deformation. Drill holes where there is strong, very dark quartz veining appear to assay higher, and holes that include the sighting of visible gold provide the strongest results. Drilling continues, and additional results will be provided as received."

Graycliff Exploration Ltd., Monday, May 16, 2022, Press release picture

Figure 1 - Holes J-34 to J-39 Location and Cross Section

Qualified Person

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 1,025 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of one crown patented lease, two crown leases and 40 claims on a property associated with the historic Shakespeare Gold Mine, which operated from 1903 to 1907. Graycliff's Baldwin Project is adjacent to the east and is comprised of 68 claims covering 1,500 hectares.

QA/QC Protocol: https://graycliffexploration.com/wp-content/uploads/2021/06/graycliffexploration-qa-qc-protocols-june-2021.pdf

For more information, please contact investor relations at 1-647-249-7664, ext. 322 or email investors@graycliffexploration.com.

On Behalf of the Board of Directors,

James Macintosh
President and CEO

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

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.

SOURCE: Graycliff Exploration Ltd.



View source version on accesswire.com:
https://www.accesswire.com/701468/Graycliff-Exploration-Intersects-5-Metres-of-Gold-Mineralization-Grading-623-gt-at-Shakespeare-Project-Ontario

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