Graycliff Exploration Resumes Drilling at Shakespeare Gold Project Near Sudbury to Advance Metallurgical Testing and Expand High-Grade Gold Zones

Graycliff Resumes Active Drilling at Shakespeare After Nearly Three Years

Graycliff Exploration has recommenced exploration drilling at its Shakespeare Gold Project, resuming operations for the first time since Q1 2023. This marks a key milestone for the junior exploration company, which holds 100% ownership of the property located approximately 88 kilometres west of Sudbury on the Canadian Shield.

The current drilling campaign builds on previously reported metallurgical assay results. By returning to active drilling, Graycliff advances exploration on a property that includes the historic Shakespeare Gold Mine, operational from 1903 to 1907. The project covers 1,366 hectares of prospective land, comprising one crown patented lease, two crown leases, and 82 claims.

Fourth Metallurgical Drill Hole Targets Exceptional Gold Grades

The ongoing drilling program focuses on a large-diameter (HQ) core hole positioned directly behind Hole A, the project’s initial metallurgical test hole. Hole A intersected very high-grade gold mineralization, with assays of 454.34 g/t gold over 7.0 metres starting at 123 metres depth. Within this interval, an ultra high-grade section returned 3,030 g/t gold over 1.0 metre, highlighting the deposit’s remarkable grade potential.

The newly commenced fourth metallurgical hole is designed to sample material beneath Hole A, aiming to collect representative core for initial mineralogical, extraction, and concentration testing. This targeted drilling approach supports a detailed understanding of the deposit’s characteristics and processing potential prior to advancing larger-scale development plans.

Robust Historical Drilling Data Underpins Expansion Plans

Graycliff’s confidence in the expansion drilling program is bolstered by extensive historical exploration at Shakespeare. Across four previous drilling phases, the company completed 61 drill holes totaling over 12,500 metres of core. This comprehensive dataset provides a strong foundation for interpreting the mineralization’s distribution and geometry.

Notably, 62% of these holes intersected gold mineralization, with roughly 40% exhibiting visible gold. These figures surpass typical early-stage exploration benchmarks and indicate a consistent, well-defined mineralization system. The frequent occurrence of visible gold suggests coarse gold presence, which may positively impact metallurgical recovery and processing economics.

Financing Secures Funded Exploration and Drilling Mobilization

The resumption of drilling was facilitated by closing the first tranche of Graycliff’s LIFE financing, providing the capital required to mobilize drilling equipment and execute the exploration plan. The company maintains a lean capital structure, with fewer than 19 million shares issued and outstanding and a market capitalization near CAD 6 million.

Following completion of the metallurgical hole, Graycliff will immediately shift focus to drill-testing high-priority targets. These subsequent drilling phases aim to further define and expand the main gold zone, integrating metallurgical results to inform targeting and optimize exploration efforts.

Qualified Person Oversight and Rigorous Laboratory QA/QC

The technical details in this announcement have been reviewed and approved by Bruce Durham, P.Geo., a Qualified Person under National Instrument 43-101 and Director of Graycliff Exploration, ensuring accuracy and reliability of geological and assay data.

Core samples undergo strict quality assurance and control protocols, including split-core sampling and analysis at ISO 17025-accredited AGAT Laboratories in Thunder Bay, Ontario. For samples containing visible gold, the lab applies screen-metallic gold analysis, a specialized method to accurately quantify coarse gold particles and provide reliable grade estimates.

Management Highlights Market Recognition and Project Value

James Macintosh, Chairman of Graycliff Exploration, emphasized the significance of resuming drilling and the company’s strong positioning amid current market conditions. Highlighting assay results such as 3,030 g/t gold over 1.0 metre, he noted the evident strength of the Shakespeare mineralizing system.

Macintosh described Graycliff as an exceptional value proposition, citing its under 19 million shares outstanding, CAD 6 million market capitalization, and funded exploration program. He expressed that market awareness of the project, management team, and high-grade mineralization is increasing, especially given the favorable gold price environment, making this an opportune time to advance exploration at Shakespeare.

Project Context: Historic Gold Mining and Geological Setting

The Shakespeare Gold Project’s location on the Canadian Shield—a globally recognized mineral-rich geological province—adds significant context to its exploration potential. The historic Shakespeare Gold Mine, which operated from 1903 to 1907, demonstrates early recognition of gold mineralization despite the technological and economic limitations of that era.

Modern exploration techniques, including systematic core drilling and advanced assays, have enabled Graycliff to delineate mineralization at grades and scales unattainable during historic mining. The combination of historic production evidence and recent high-grade assay results strengthens the case for a substantial mineralization system warranting continued exploration and potential development.

Future Drilling Phases Focused on Zone Expansion

Upon completing the current metallurgical test hole, Graycliff plans to advance expansion drilling targeting high-priority areas identified through integration of historical drilling, geological interpretation, and metallurgical findings. This phased strategy allows exploration insights from each stage to refine subsequent drilling designs.

The expansion drilling aims to better define and enlarge the main gold zone by testing priority targets surrounding the metallurgical holes. This approach seeks to extend the mineralization envelope and identify additional economically viable zones, following standard industry practices for progressing early-stage exploration projects toward resource definition.

Ontario’s Mining Jurisdiction Supports Gold Exploration Efforts

Graycliff’s Shakespeare activities take place within Ontario, Canada’s most historically productive gold region. The Sudbury area of the Canadian Shield has hosted significant mining and exploration for over a century. Modern explorers benefit from established infrastructure, skilled labor, investor-friendly regulations, and access to experienced service providers and laboratories.

The announcement’s reference to independent third-party reports recognizing the company’s project, team, and mineralization reflects growing industry interest. Against a backdrop of elevated gold prices and strong investor appetite for gold exploration, such recognition may enhance Graycliff’s visibility within the investment and exploration communities.