September 5, 2013: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes Ox13-87 to 91 from the Ox deposit have been received. The Ox deposit is located 4 kilometres north-northeast of the Company’s West Seel discovery, and both deposits occur on the Company’s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
- Long Intercepts of Near-Surface Mineralization
- Hole Ox13-88 intersected 170.6m of 0.43% copper equivalent from 16 to 186.6m depth.
- Hole Ox13-89 intersected 258.4m of 0.46% copper equivalent from 7.1 to 265.4m depth.
- Hole Ox13-91 intersected 226.8m of 0.43% copper equivalent from 53 to 279.8m depth.
- High Grade Silver Vein Encountered
- Hole Ox13-88 intersected a high grade silver vein returning 216 g/t silver, 0.75% Cu, 0.51% lead, and 0.56% zinc over 2m from 86 to 88m depth.
The 2013 drilling at the Ox deposit has focused on infilling and expanding near surface mineralization along a higher grade core that runs the length of the system, and is looking to increase resource categories, tonnage, and grade of the deposit.
Ox Drill Results
An updated drill hole location map for Ox is available here
and cross sections K-K’, N-N’, and M-M’ showing holes Ox13-87 to 91 are available here
Holes Ox13-87 to 90 were infill and expansion holes drilled in the northern part of the Ox deposit. Holes Ox13-87 and 90 are shown on section N-N’ and were step out holes designed to define the northwest edge of mineralization. Hole Ox13-87 constrains the northwest edge of mineralization and returned modest zones of mineralization summarized in the table below. Hole Ox13-90 returned 40 metres grading 0.23% copper and 0.009% molybdenum (0.30% copper equivalent) from 18 to 53 metres depth, and another 97.4 metres grading 0.22% copper and 0.027% molybdenum (0.36% copper equivalent) from 78.6 to 176 metres depth.
Holes Ox13-88 and 89 are shown on section K-K’ and these holes confirm and fill in a large zone of continuous mineralization on the section that starts near surface and is approximately 400 metres long by 200 to 300 metres deep. Hole Ox13-88 intersected 170.6 metres grading 0.25% copper and 0.032% molybdenum (0.43% copper equivalent) from 16 to 186.6 metres depth, including 19.4 metres grading 0.40% copper and 0.025% molybdenum (0.77% copper equivalent) from 72 to 91.4 metres depth, along with additional zones of mineralization summarized in the table below. Hole Ox13-88 intersected 2 metres from 86 to 88 metres depth grading 216 g/t silver (6.94 ounces per tonne) with 0.75% copper, 0.51% lead, 0.56% zinc, 0.027% molybdenum, and 0.12 g/t gold. This high grade silver intercept is associated with a set of late quartz-carbonate base metal sulfide veins that have been intersected sporadically throughout the Ox deposit.
Summary of select drill intercepts – Holes Ox13-87 to 91
|Drill Hole||From (m)||To (m)||Width (m)*||Cu %||Mo%||Au g/t||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 copper, molybdenum, gold and silver 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 silver, and $10/lb molybdenum using the formula Cu Eq.% = Cu% + (Au g/t x 0.701) + (Ag g/t x 0.0087) + (Mo% x 4.01).
Holes Ox13-91 is shown on section M-M’ and was a 50 metres step back on the section to expand mineralization to the northwest. The hole intersected 226.8 metres grading 0.27% copper and 0.030% molybdenum (0.43% copper equivalent) from 53 to 279.8 metres depth, including 40 metres grading 0.40% copper and 0.030% molybdenum (0.58% copper equivalent) from 218 to 258 metres depth. Mineralization remains open to the northwest on this section.
Dr. Shane Ebert, president of Gold Reach, commented: "Infill and expansion drilling at Ox deposit is now complete. During 2013 the company has drilled over 17,500 metres in 85 holes at Ox and we anticipate this very successful drill program will lead to a substantial increase in both tonnage and grade for the Ox deposit. The drill will complete 3 additional exploration holes on the east side of the Ox intrusion testing for new zones of mineralization, before moving to start infill and expansion drilling at the Seel deposit. The drill hole geology for Ox is being compiled and modeled on an ongoing basis and a resource update on the deposit will be initiated once all of the assays have been received”.
Assay results for the first 47 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-91). An additional 38 holes have been completed at Ox (Ox13-92 to 129) and are in the lab getting assayed. The drill is currently working on hole Ox13-130.
The current round of drilling is focusing on infilling and expanding three areas of higher grade near-surface mineralization with open pit potential at Ox, East Seel, and West Seel. Previous drilling in all three zones has intersected significant grades at shallow depths including hole S11-90 at East Seel which returned 194 metres grading 0.37% copper and 0.42 g/t gold (0.66% copper equivalent) starting at 22 metres depth (previously released), hole S06-42 just north of East Seel which returned 138 metres grading 0.85% Cu and 23 g/t Ag (1% copper equivalent) starting at 22 metres depth (previously released), and hole S12-108 at West Seel which intersected 316 metres grading 0.56% copper equivalent starting at 24 metres down hole, including 30 metres grading 1% copper equivalent starting at 74 metres down hole.
Additional information is available on our website at www.goldreachresources.com.
About Gold Reach Resources
Gold Reach Resources Ltd. has made an important new and strategic Copper Gold Molybdenum discovery on its 100% held Ootsa Property located adjacent to the 16,000 tonne per day Huckleberry Mine currently producing Cu Au and Mo in central BC.
Gold Reach’s Ootsa property is an advanced stage exploration project containing the Seel and Ox porphyry systems both with compliant resource estimates open for expansion. The Company has recently added the discovery of the West Seel Porphyry where drill hole S12-118 encountered 128 metres grading 1.01% Cu Eq. consisting of 0.43% Cu, 0.33 g/t Au, 0.076% Mo and 4.76 g/t Ag within a much larger interval of 537 metres grading 0.65% Cu Eq. consisting of 0.27% Cu, 0.19 g/t Au, 0.055% Mo, and 2.69 g/t Ag. The Seel deposit contains 67.8 million tonnes of indicated resources and 410.9 million tonnes of inferred resources at a 0.2% copper equivalent cut off. The Ox deposit contains 52.65 million tonnes of inferred resources at a 0.2% copper equivalent cut off.
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to AGAT Laboratories 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 45 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
B&D Capital Partners
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.