Gold Mining Industry Could Be Key to Economic Rebound in Canada
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NEW YORK, March 25, 2021 /PRNewswire/ -- With many mining companies' exploration and development projects ramping up in 2021, the Mining Association of Canada believes that the industry will be able to bounce back from the initial economic downturn caused by the health crisis. For companies such as Graycliff Exploration Ltd. (CSE:GRAY) (OTCQB:GRYCF) and Pure Gold Mining Inc. (CSE:PGM) (OTCPK:LRTNF), commercial production is on track for 2021, while the likes of Yamana Gold (NYSE:AUY) (TSX:YRI), Newmont Corporation (NYSE:NEM) (TSX:NGT), and Great Bear Resources (TSXV:GBR) (OTCQX:GTBAF) are looking forward to a more consistent year of mining production.
Phase Two Commences for Graycliff's Shakespeare Gold Project
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Graycliff Exploration Ltd. announced in early March that the company has resumed drilling production at its Shakespeare Gold Project, located near Sudbury, Ontario. The project is currently in Phase 2 of its 2020/2021 exploration program. At present, Graycliff is awaiting assay results for the final three holes of its initial Phase 1 drill program. This project was extended from the previously identified mineralization, which led to the outcome of a new mineralized zone.
Graycliff's Technical Advisor, Bruce Durham, commented on the progress of the project, stating, "we are extremely motivated by the success of the Phase 1 drilling program, which saw Shakespeare's mineralized area expanded and directed us to earmark more drilling in the vicinity of the Miller Shaft and the Number 3 adit. We are working in the 'shadow of a historic headframe', deemed often to be the best place to find a new gold mine."
Graycliff also shared details of two additional drill holes from the 2020 Phase 1 exploration program for the Shakespeare Gold Project. Key highlights include findings for drill hole J-3-20, which intersected a near surface mineralized interval of 5.37 g/t gold over 5 meters, including 18.50 g/t over 1.0 meter and 4.34 g/t over 0.7 meter. Drill hole J-4-20, meanwhile, confirmed the interpreted zone of mineralization remains open at depth. Together, the drill holes confirm that mineralization also extends along strike.