Graycliff Exploration Limited (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) has released a drilling and corporate update on its 2026 exploration campaign at the 100-per-cent-owned Shakespeare gold project near Sudbury, Ontario. The company reports the successful completion of five additional core holes since its last update on August 26, 2026, with samples shipped for laboratory analysis. Graycliff also announced the grant of 1,250,000 stock options to directors, officers, and consultants, adding a notable corporate development alongside its field progress.

Key Points

  • Graycliff Exploration Limited (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) provided a drilling and corporate update on September 23, 2026
  • Five additional core holes completed at the Shakespeare gold project since the August 26, 2026 update
  • 1,250,000 stock options granted at an exercise price of $0.35 per share, exercisable for five years and vesting immediately
  • Investors may watch for pending assay results from multiple drill holes, including HQ Metallurgical Hole D and Holes J-62-26 through J-67-26

Drilling Progress at Shakespeare: New Holes and Visual Mineralisation

The release states that Graycliff has completed seven drill holes as part of its 2026 campaign, including HQ Metallurgical Hole D, which intersected a visually distinct zone of black smoky quartz from 185 metres to 205 metres depth. Holes J-62-26 and J-63-26 were drilled on the same section as four metallurgical holes to provide additional geological data. Holes J-64-26, J-65-26, J-66-26, and J-67-26 were drilled from a setup 12.5 metres to the east along strike of the main gold zone to evaluate high-grade mineralisation potential along trend.

Assay Results Pending as Samples Head to Laboratory

According to the announcement, core from all seven holes has been logged, sampled, and shipped for analysis. Chairman James Macintosh stated that the company continues to observe strong alteration zones and dark sulfide-bearing fractured quartz vein material where anticipated, suggesting continued intersection of the mineralised gold zone. Assay results for HQ Metallurgical Hole D and Holes J-62-26 and J-63-26 are described as expected soon or in the near future. Investors may be watching closely for those results given the visual indicators described.

Shakespeare Project Context: Historic Mine and 13,300 Metres Drilled to Date

The Shakespeare gold project covers 1,366 hectares approximately 88 kilometres west of Sudbury on the Canadian Shield, encompassing the historic Shakespeare Gold Mine, which operated from 1903 to 1907. The current drilling focus, using one drill rig, targets high-grade gold mineralisation proximal to and below the historic underground workings. The company disclosed that it has drilled over 13,300 metres at the property to date, with visible gold mineralisation and significant assay intervals recorded in numerous holes. Technical content was reviewed and approved by Bruce Durham, P.Geo., a Qualified Person under National Instrument 43-101.

Stock Option Grant Details

Separately, Graycliff announced the issuance of 1,250,000 stock options to certain directors, officers, and consultants under its Stock Option Plan. The options are exercisable at $0.35 per share for a period of five years and vest immediately. The options and underlying shares are subject to a four-month hold period in accordance with CSE policies. The immediate share price impact was not clear from available public information.