March 10, 2014: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce it has purchased 2 mining claims that occur internal to its large land holdings at the Company’s 100% owned Ootsa Property in British Columbia.
Gold Reach has entered into a purchase agreement with Vernon Seel (the Vendor) to buy two mining claims totaling 383.42 hectares which cover the historic Captain Mine. The claims are located 10 kilometres west of the Company’s East and West Seel deposits, and are surrounded by claims owned by Gold Reach. The historic Captain Mine contains 2 exploration adits which follow a high grade silver lead zinc vein. One of the adits extends about 100 metres into the hillside and remains in good condition.
Under the terms of the agreement Gold Reach will purchase the claims for total consideration of 25,000 shares of the Company. The Vendor will retain a 2% net smelter return (NSR) royalty on the claims, 50% of the royalty (1% NSR) can be bought back by the Company for $500,000, or 100% (the entire 2% NSR) can be bought back for $1,000,000.
The Captain Mine and surrounding area was visited by Gold Reach personnel in 2013 and 7 grab samples were taken. Two samples were taken of the Captain vein containing abundant galena and sphalerite to verify vein mineralization. These samples are summarized in the table below, and returned values up to 2220 g/t (65 ounces per tonne) silver, 9.2% lead, and 0.27% copper. Five samples were taken from areas outside the vein to investigate siliceous pyritic alteration zones, intrusive rocks, and lithic breccia. These samples returned low to anomalous values with up to 0.28 g/t gold and 1.4 g/t silver.
Gold Reach Grab Samples from the Captain Vein
Dr. Shane Ebert, President of the Company stated, “the acquisition of the historic Captain Mine is part of Gold Reach's strategic plan for the Ootsa property which includes acquiring and evaluating high priority exploration targets in the district. The claims contain high grade silver base metal veins and widespread altered intrusive rocks and are prospective for both high grade silver veins similar to the Damascus prospect east of the Seel deposit, and for porphyry style mineralization."
A claim location map for the Ootsa property showing the location of the Captain Mine is available here:
http://goldreachresources.com/_resources/maps/Ootsa_Property_Claim_Map.jpg. Photographs of the Captain adits can be viewed in the photo gallery on our website at www.goldreachresources.com.
About Gold Reach Resources
The Ootsa property is an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry systems all with NI 43-101 compliant resources. The Company has completed 134,878 metres of core drilling on the property to date, with 36,135 metres completed during 2013. In total the Ootsa property contains compliant pit constrained resources totaling 1.25 billion pounds copper equivalent in the measured and indicated categories (consisting of 712.8 million lbs. copper, 0.65 million ounces gold, 66 million lbs. molybdenum, and 11.4 million ounces silver) and 1.66 billion pounds copper equivalent in the inferred category (consisting of 887.2 million lbs. copper, 0.83 million ounces gold, 103.5 million lbs. molybdenum, and 16.1 million ounces silver), using a 0.2% copper equivalent cut off.
For more information on the Ootsa property and the contained resources please see our website at http://goldreachresources.com.
Rock samples have been sent to AGAT Laboratories for analysis (which is an ISO 9001 and ISO/IEC 17025 certified lab). Gold is assayed by standard fire assay methods with 45 additional elements analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion.
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 event management’s beliefs, estimates obligations or other factors should change.