Graycliff Exploration Limited (CSE: GRAY) has reported striking assay results from its initial metallurgical drill hole at the Shakespeare project, located 84 kilometres west of Sudbury, Ontario. Hole A, the first of three larger-diameter metallurgical holes drilled by the company, returned a 7.0-metre interval grading 454.34 grams per tonne gold. This high-grade intercept includes a specific 1.0-metre sample segment that returned 3,030 g/t gold. Shares of the company jumped more than 70% in response to the announcement.

The company secured the drill core for this metallurgical testing in March 2026, leveraging the property’s historical significance where mining operations first commenced in 1903. Management plans to use the analytical data and material from these three test holes to conduct mineralogical and concentration studies. These technical investigations are intended to support the formulation of a future bulk sampling program on the 1,025-hectare site.

"While we drilled this hole in the vicinity of earlier gold-bearing drill intervals, the gold value of this intersection is clearly well beyond our expectations. The amount of visible gold shows the strength of the mineralizing event at Shakespeare. These results are extremely encouraging and while we recognize it is all about average grade, extreme high grade intersections like these enhance the overall average" — James Macintosh, Chairman

Graycliff is now in the process of re-evaluating its extensive historical data set, which includes records from 61 drill holes completed between 2020 and 2022. The company aims to synthesize this legacy information with the latest metallurgical results to refine its exploration models and identify new drilling targets. Additional assay results for the remaining two metallurgical test holes are expected to be released in the coming weeks.

Read the full announcement: Graycliff Receives Drill Results up to 3030 g/t Gold over 1.0 metre at Shakespeare Gold Project, Ontario