Exploration Commences Phase Two At Shakespeare Gold Project

TORONTO - Graycliff Exploration Limited reported that drilling has resumed as part of phase two of the 2020/2021 exploration program at the Company's Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. The Company is awaiting assay results from the final three holes from the Phase 1 drill program, which extended the previously identified mineralization and resulted in the discovery of a new mineralized zone.

Phase 2 Exploration Highlights: The first round of 2021 core drilling will be 1,000 meters ("m") with an average hole length of 150 m; Drilling is continuing to focus on the mineralized zone area in the vicinity of the Miller Shaft, in order to provide the Company with a much more comprehensive understanding of structural and geological controls that affect the distribution of the gold mineralization; and  Following the receipt of the Phase 2 assay data on these new holes, Graycliff will be carrying out 3D modeling of the interpreted structure and gold mineralization.

"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," said, Technical Advisor and Qualified Person, Bruce Durham. Our expectation is that we will complete 1,000 m of additional drilling prior to Spring break-up at site. We are drilling below and along trend of the gold mineralization first discovered more than a century ago, and by the end of March we will be in a position to create a modern 3D model of the known geology and mineralization on the property that will draw on all of the available data."