Graycliff Exploration Limited announced that visible gold ("VG") has been identified in multiple recent drill holes from the current Phase Four drilling program at its Shakespeare Gold Project located on the Canadian Shield near Sudbury, Ontario. Initial review of recent drill holes identified VG in four holes, including several intersections that were noted to contain multiple flakes of VG. Graycliff's technical team is now logging the core and sending samples for assay.

Assay results for the intervals will be reported once the results are determined, verified and compiled. The Company began Phase Four drilling in First Quarter 2022 and has already completed 11 holes totaling over 2,500 metres ("m"). Graycliff's focus for Phase Four drilling is to add additional critical mass to the mineralized zone and to extend the mineralized zone along strike and to depth.

Drill hole information and surface data has now traced gold assays and VG from surface to depths of greater than 250 m, where the main zone remains open to further expansion. The Company is also engaged in other surface exploration on its large land package.