Placer, Grayd table results from White Gold project

Vancouver — A 1,740-metre drill program by Placer Dome (PDG-T) and Grayd Resources (GYD-V) has returned up to 12.2 grams gold per tonne over 1.3 metres on the White Gold property near Tok, Alaska.

The high grade was encountered in the Shalosky prospect at a depth of 117.5 metres in hole 1, which also returned 38 metres grading 0.8 gram gold from 69 metres. Spread over a distance of 8 km, highlights from the remaining 11 holes include the following:

– hole 2 — 17.5 metres grading 1.2 grams gold from 95.6 metres;

– hole 4 — 4.4 metres grading 0.8 gram gold from 117.2 metres;

– hole 6 — 10.9 metres grading 0.5 gram gold from 41.3 metres;

– hole 8 — 19.8 metres grading 0.4 gram gold from 57.3 metres;

– hole 9 — 11.2 metres grading 0.7 gram gold from 47.5 metres;

– hole 10 — 13 metres grading 1.2 grams gold from 64 metres; and

– hole 11 — 4 metres grading 1.4 grams gold from 22.1 metres.

Placer financed the program as part of its requirements to earn up to a 70% interest in the property. Earlier in the year, the major inked a deal to earn a 51% stake by spending US$3.1 million over four years, of which US$350,000 must be spent this year. The company can acquire an additional 19% by completing a bankable feasibility study. Grayd will remain project operator this year, with Placer assuming that role in 2002.

Grayd acquired the property in 1999 from American Copper & Nickel, a wholly owned subsidiary of Inco (N-T). The 45-sq.-km land package was previously known as Rumble Creek.

In 1996, American Copper identified an 8-km-long trend of gold-bearing quartz-carbonate shear zones over the claims.