September 8, 2016, Vancouver, British Columbia - Gold Reach Resources Ltd. (the “Company”) (TSX-V:GRV) is pleased to announce that an initial evaluation of gold and silver mineralization at Troitsa Peak has been completed. Troitsa Peak has seen considerable historic exploration which has reported high grade gold and silver values associated with numerous epithermal quartz vein systems. This recent program was the first time Gold Reach personnel have visited the zone, and the evaluation was conducted by 2 people over a period of 5 days.
Troitsa Peak is located within the 72,691 hectare Ootsa Property, about 8 km south of the Seel deposit. Historic work in the area has identified mineralization in several zones over an area about 4 km by 5 km. The Company collected 49 surface rock samples as part of the evaluation and conducted reconnaissance stage geologic mapping. The rock samples have been sent for assay with results expected in 3 to 4 weeks.
In addition, another round of base line water quality sampling has recently been completed at the Ootsa Project. Base line water sampling over a period of time is a requirement for permitting, and the recent sampling will compliment similar water sampling studies conducted in 2014.
About Gold Reach Resources
Gold Reach Resources owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits, located adjacent to the open pit Huckleberry copper mine. The property contains NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories with contained metals of 1.1 billion pounds of copper and 1 million ounces of gold as summarized in the table below.
Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property which assumed contract mining and toll milling. The study recommends that Gold Reach continue to advance the Ootsa Project with extended and advanced technical studies with the intention of moving the project toward a production decision.
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company’s website at www.goldreachresources.com and has an effective date of January 2016. The resource estimate uses $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. Copper Equivalent (CuEq) calculations are based on base case metal price (US$3/lb Cu, US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process recovery assumptions, and take into account smelter payable rates and refining costs. M&I = measured and indicated.
Dr. Shane Ebert P.Geo., 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.
President and Chief Executive Officer
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.
This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, that the Offering will not complete, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.