Precious Metals

Graycliff Exploration Limited is pleased to announce additional assay results from its over 2,000 metre phase two core drilling program on the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario Drill Hole J-10-21 intersected two mineralized intervals eight metres apart with the higher interval returning 5.51 gt gold over 4.0 m, including 24.60 gt Au over 0.55 m. Drill ...

Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce additional assay results from its over 2,000 metre ("m") phase two core drilling program on the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario

Drill Hole J-10-21 intersected two mineralized intervals eight metres ("m") apart with the higher interval returning 5.51 g/t gold ("Au") over 4.0 m, including 24.60 g/t Au over 0.55 m. Drill Holes J-11-21 and J-14-21 were stopped after of 30 m as they intercepted the historic underground workings or a fault. Drill Holes J-12-21 and J-13-21 were heavily fractured and core recoveries were poor. The significant intervals for Holes J-10-21 through J-14-21 are detailed below:

Drill Hole

From (m)

To (m)

Width (m)1

Au (g/t) 2

J-10-21

36.00

40.00

4.00

5.51

including

39.50

40.00

0.55

24.60

48.00

51.00

3.00

3.57

J-11-21

No Significant Intervals *

J-12-21

No Significant Intervals*

J-13-21

No Significant Intervals*

J-14-21

3.00

4.00

1.00

1.44 *

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.

*See comments in paragraph above

Table 1 - Highlighted Results from Hole J-10-21 to J-14-21

President and CEO, James Macintosh stated: "The continued success we are having at Shakespeare is very encouraging. We now have anomalous gold intervals in 9 out 14 holes and we are getting some very significant widths and grades in several of those holes. As we have mentioned before, we continue to see visible gold in some of the drill core and we look forward to receiving those results in the coming weeks. All of this information will be going into the 3D model that we have commissioned. I strongly believe that at current prices, Graycliff is fundamentally undervalued considering the continuing success of our ongoing drill program"

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.

Figure 1 - Holes J-10-21 to J-14-21 Location and Cross Section

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, contact investor relations at 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.



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Further to its news release of November 25, 2021, the Company is pleased to announce that since the drilling crew arrived on site, they have been drilling from talc outcroppings using a backpack drill. The experience of the drilling crew from Paradigm Drilling Ltd., combined with the soft nature of the talc mineralization has allowed the crew to drill several holes to depths of 20 meters.

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Drilling with the backpack drill is continuing. To date, the core from the first five holes, totaling approximately 72 meters, has been transported to Quesnel and is in the process of being logged. From there it will be sent to the lab for assay. The following description of Drill hole D021-03 from Steve Kocsis, Qualified Person for the project, is indicative of what the early drilling results are showing.

"Drill hole DO21-03 was drilled at a 330° azimuth and -70° dip to a total depth of 16.76 m. From 0 to 13.4 m talc occurs in layers up to 12 cm thick and as brecciated fragments up to 2 cm wide. Talc makes up around 15% of the rock in this depth interval. From 13.4 to 15.85 talc occurs in layers up to 1.0 m thick and makes up around 80% of the rock in this depth interval. The rock was soft and washed away at depth interval 15.85 to 16.76 m and there was 0% core recovered. The soft rock was more than likely a high percentage of talc."

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Quesnel Nickel/Cobalt/Talc Project Highlights:

There are 3 BC MINFILE occurrences as follows:

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  • -  093A 130 - Sovereign - showings containing talc and nickel sulfides.
  • -  093H 061 - R.T. - showing containing nickel, chromium, and cobalt.

Talc is a soft mineral used in a variety of industries. Talc is used in the production of plastics, ceramics, paint, paper, roofing, rubber, and for other industrial uses. The U.S. Geological Survey (USGS) indicates that total sales of talc by U.S. Producers in 2020 was about 430,000 tons valued at about US $100 million. The USGS estimates total mine production worldwide in 2020 was 5,800,000 tons with about 220,000 tons produced in Canada. To the best of the Company's knowledge, there are no talc mines in Western Canada.

In addition to acquiring more knowledge of the talc occurrences on the Property, the Company intends to drill using the larger rig to gain more knowledge of the potential for nickel and cobalt in the same general area as the talc. The Company will be concentrating on known and potential new nickel and cobalt targets with the plan to continue drilling with larger RC/DD rigs in 2022.

The recently completed UAV-MAG survey results over the Quesnel Nickel/Cobalt/Talc Project area indicates the presence of highly magnetic rocks co-incident with the interpreted surface exposure and down-dip projection of a favorable ultramafic rock assemblage. This is similar to the aeromagnetic response in the area of nickel-alloy mineralization found throughout the BC Decar District.

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Perry Little, Green River Gold's President and CEO stated, "We are excited to see the early results from this drilling program appear to be very similar to the limited, but impressive, results from the 1980's that inspired the claim owners at the time to proceed to a feasibility study and preliminary mine plan. In addition to finding out more about the potential for a commercial talc deposit, the focus will be on nickel and cobalt. Preliminary metallurgical work completed in 1971 has suggested the presence of nickel sulfide or nickel alloy minerals. One focus in the initial phase of exploration is to prioritize the multiple Nickel/Cobalt targets within the project area for a follow-up RC/DD drill program and to expand the areas of mineralization in 2022."

Regional Exploration Plan:

Additionally, there will be some upcoming exploration plans for the Fontaine Lode Gold Project, which is contiguous to the Quesnel Nickel/Cobalt/Talc Project and also contiguous to Osisko Development Corp.'s Cariboo Gold Project. Green River is also awaiting assay results from the recent grab sampling program completed at the Quesnel Nickel/Cobalt/Talc Project.

Qualified Person:

Stephen P. Kocsis is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.

About Green River Gold Corp.

Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly owned, high-grade Fontaine Gold Project, Quesnel Nickel/Cobalt Project and Kymar Silver Project which are located in renowned mining districts in British Columbia. The properties straddle an 18km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.

The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,440 hectares, along the southeast flank of Mount Catherine.

For more information contact:

Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193

Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com.

Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumption. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.

The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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