July 10, 2012: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for the first 2 holes of the 2012 drill program at the company’s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine in British Columbia, have been received. Both holes tested the new West Seel discovery made at the end of the 2011 exploration season.
Hole S12-101 was a 100 metre step out from hole S11-100 and was drilled toward the southwest at an angle of 65 degrees to a total depth of 1079 metres. The hole intersected 817 metres grading 0.20% Cu, 0.21 grams per tonne (g/t) Au, 0.026% Mo, and 2.24 g/t Ag (0.45% Cu Eq.) from 262 metres to the end of the hole at 1079 meters. The hole encountered 194 metres of higher grade mineralization grading 0.22% Cu, 0.47 g/t Au, 0.040% Mo, and 1.85 g.t Ag (0.71% Cu Eq.) from 584 to 778 metres depth.
Hole S12-102 was a 100 metre step out from hole S11-98 and was drilled toward the southwest at an angle of 60 degrees to a total depth of 951 metres. The hole intersected 649.9 metres grading 0.17% Cu, 0.09 g/t Au, 0.013% Mo, and 3.1 g/t Au (0.31% Cu Eq.) starting from surface. The hole encountered 152 metres of higher grade mineralization grading 0.27% Cu, 0.13 g/t Au, 0.026% Mo, and 4.2 g/t Ag (0.51% Cu Eq.) from 353 to 505 metres depth.
Summary of select drill intercepts - West Seel Deposit
|Drill Hole||From (m)||To (m)||Width (m)*||Cu %||Au g/t||Mo%||Ag g/t||Cu Eq.%**|
*Width refers to drill hole intercepts, true widths have not been determined.
**Cu Eq. (copper equivalent) has been used to express the combined value of gold, copper, silver, and molybdenum as a percentage of copper, and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of US $2.50/lb copper, $1200/oz gold, $15/oz silver, and $10/lb molybdenum using the formula CuEq.% = Cu% + (Au g/t x 0.701) + (Mo% x 4.01) + (Ag g/t x 0.0087).
*** Excludes 21.2 metres of post mineral dike
Dr. Shane Ebert, President of the company stated, “The Company is extremely pleased with the results of the first 2 step out holes at West Seel which confirm grade and continuity of the West Seel deposit and demonstrate very large size potential. Mineralization was encountered at 210 metres vertically below surface in hole S12-101 and is continuous to 1025 metres vertically below surface, and remains open at depth. In hole S12-102 mineralization starts at surface below just 6 metres of gravel cover, and extends to a vertical depth of 575 metres below surface. We are seeing the strongly potassic altered intrusive unit pinch out to the southwest and increase in size to the northeast, suggesting the core of the mineralized system lies toward the northeast. To date the West Seel mineralized zone has been defined over a length of 500 metres in a northeast orientation and still remains open to the northeast and southwest. The width of the zone is being delineating along northwest oriented drill sections. Three drill rigs are active on the West Seel discovery stepping out in multiple directions and the ultimate size potential of the deposit appears to be growing with every new drill hole.”
There are currently three drills operating on the Ootsa Property. Holes S12-101 to S12-105 have been completed and the drills are currently working on holes S12-106, 107 and 108. A total of 7300 metres of drilling have been completed during the 2012 program to date. A drill hole location map and a cross section showing holes S12-101 and 102 can be found in the Map Gallery on Gold Reach’s website (www.goldreachresources.com).
The next set of assay results are expected within 3 weeks.
About Gold Reach Resource
Gold Reach Resources Ltd. is a Canadian exploration company with an experienced board and management team that is actively involved in mineral exploration in British Columbia. The company holds a 100% interest in the Ootsa Property, located adjacent to the producing Huckleberry Mine, and containing the Seel and Ox porphyry systems. The Seel porphyry contains a NI43-101 compliant resource containing 214.78 million tonnes grading 0.17% Cu, 0.13 g/t Au, 0.017% Mo, and 2.17 g/t Ag (0.33% Cu Eq) in the inferred category plus an additional 28.13 million tonnes grading 0.22% Cu and 0.21 g/t Au (0.40% Cu Eq) in the indicated category. The Ox porphyry, located 4 km northwest of Seel, contains a NI43-101 compliant resource containing 16 million tonnes grading 0.3% Cu and 0.04% Mo in the inferred category.
The company is well financed with over $6.8 million dollars in the treasury and holds a 2% NSR covering 23,000 hectares of mining claims located adjacent to the Blackwater Gold deposit in central British Columbia. Additional information is available on our website at www.goldreachresources.com.
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to SGS Mineral Services for analysis (which is an ISO 9001 and ISO/IEC 17025 certified lab), while the other half is archived and stored on site for verification and reference purposes. Gold is assayed by standard fire assay methods with 34 additional elements analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion. Duplicate samples, blanks, and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control.
Dr. Shane Ebert P.Geo., President of the Company, is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
Shane Ebert, President/Director
For Further information, please contact:
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbour Statement: The Company relies upon litigation protection for “forward-looking statements.” The Company undertakes no obligation to update these forward- looking statements in the managements beliefs, estimates obligations or other factors should change.