Graycliff Exploration (CSE:GCE) has resumed drilling at its Shakespeare Gold Project in Ontario, Canada, for the first time since the first quarter of 2023.
The company is drilling a large-diameter HQ core hole to collect material for mineralogical, extraction, and concentration testing before shifting its focus to expansion of the project’s main gold zone.
The hole is positioned directly behind metallurgical Hole A, which returned 7m @ 454.34 grams per tonne gold (Au) from 123m, including 1m @ 3,030g/t Au.
Graycliff says the new hole, the fourth drilled for metallurgical purposes, will target material below Hole A to provide an additional representative core for the initial test work.
Once the hole is completed, the company says it plans to test priority targets intended to further define and expand the main zone.
Graycliff has completed four previous drilling phases at Shakespeare, comprising 61 holes for more than 12,500m. According to the company, 62% of the holes intersected gold mineralisation, of which approximately 40% displayed visible gold.
The latest program is being funded through the first tranche of Graycliff’s recently closed listed issuer financing exemption placement.
Chairman James Macintosh says the company is returning to drilling following the recent metallurgical core assays.
“With the first tranche of our LIFE financing closed, we are thrilled to get the drills turning again at Shakespeare,” Macintosh says.
“We feel Graycliff presents an exceptional value proposition with under 19 million shares issued and outstanding, $6-million market cap, and a funded exploration program.”
The 1,366-hectare Shakespeare project lies about 88km west of Sudbury and comprises one Crown patented lease, two Crown leases, and 82 claims.
The property includes the historic Shakespeare gold mine, which operated between 1903 and 1907. Graycliff has drilled more than 12,900m across the project to date.
Write to France Pinzon at Mining.com.au
Images: Graycliff Exploration
