Business
Graycliff Exploration Expands Property Package by Acquiring Lunge Project
Toronto, Ontario--(Newsfile Corp. - March 2, 2023) - Graycliff Exploration Limited (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) (the "Company" or "Graycliff") is pleas
About this update from Graycliff Exploration Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 2, 2023) - Graycliff Exploration Limited (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) (the \"Company\" or \"Graycliff\") is pleased to announce that it has acquired the Lunge Project (\"Lunge\") located on the prolific Canadian Shield in the Sudbury Basin of Ontario. The newly acquired project comprises 27 claim units covering 601 hectares. Graycliff's total property package in this mineral-rich area now comprises 3,674 hectares spanning across three projects (see Figure 1). The Lunge Project is located 6 km to the north-east of the Baldwin property boundaries, approximately 70 km west of Sudbury, with excellent infrastructure and road access. All three projects are proximal to Magna Mining’s advanced-stage Shakespeare nickel-copper-PGM project, and Lunge sits on the same geological trend as Graycliff’s Shakespeare and Baldwin Projects. Figure 1 - Graycliff Properties in the Sudbury Mining Division, Northwestern Ontario The Project lies along the southern margin of the Archean aged Superior Province, proximal to where it is overlapped by sedimentary rocks of the Huronian Supergroup. The area is host to intrusive rocks with significant copper-nickel-PGM mineralization and, similar to Shakespeare, there is also gold mineralization. Previous work on the property completed by Mustang Minerals includes grab sampling and limited drilling (see Figure 2). Highlighted drill holes include MH03-01 which returned historic results of 1.14 grams per tonne of gold (\"g/t Au\") over 1 metre (\"m\") with 0.28% combined Copper-Nickel (\"Cu-Ni\"); and MH03-03 which returned 0.46% Cu-Ni over 1.50 m. A geophysical survey completed on Lunge by a previous operator reportedly identified a sulphide-rich horizon associated with a 900 m long IP conductor with significant precious and critical minerals values. The conductor is open at both ends and at depth and is interpreted to be hosted within the main gabbro sill on the property which has a strike length more than 4.5 km. Given the limited work completed to date and the presence of nickel and copper bearing sulphides as well as gold, the target gabbro sill warrants further exploration, including core drilling. James Macintosh, President & CEO, says: \"The Sudbury Basin is an excellent place to carry out exploration. We are pleased to add another Sudbury-based...