October 9, 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 holes S12-112 to S12-116 at the company’s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia, have been received.
- The West Seel deposit has been expanded with 100 metre step outs to the north and south.
- Hole S12-116, a 100 metre step out to the south of West Seel, intersected 402 metres of 0.47% copper equivalent.
- Hole S12-113, a 100 metre step out to the north of West Seel, intersects 88 metres of 0.41% copper equivalent.
- The West Seal Zone has now been traced from the North East to South West for over 510m and the mineralized body varies from 120 to 400m in width and has commonly delivered mineralized down hole intercepts from 400 to 800m in thickness.
The drilling program at West Seel continues to significantly expand the known zone of mineralization. Hole S12-116 was a 100 metre step out to the south of the West Seel zone and was drilled toward the northwest at an angle of -65 degrees to a total depth of 972.3 metres. The hole intersected 402 metres grading 0.25% copper, 0.24 g/t gold, 0.024% molybdenum and 2.04 g/t silver (0.47% Cu. Eq.) from 394 to 796 metres depth, including a higher grade zone grading 0.32% Cu, 0.24 g/t gold, 0.024% molybdenum and 2.54 g/t silver (0.61% Cu. Eq.) over 164 metres.
Summary of select drill intercepts – Holes S12-113 to 116
*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).
Hole S12-113 was a 100 metre step out to the north of the West Seel zone and was drilled toward the northwest at an angle of -50 degrees to a total depth of 774.2 metres. The hole intersected 88 metres grading 0.26% copper, 0.10 g/t gold, 0.012% molybdenum and 4.1 g/t silver (0.41% Cu. Eq.) from 186 to 274 metres depth.
Hole S12-114 was drilled on section 9 NE and was oriented toward the northwest at an angle of -65 degrees to a total depth of 825.6 metres. This hole intersected 427 metres grading 0.32% copper equivalent from 212 to 639 meters depth including 32 metres grading 0.26% copper, 0.22 g/t gold, 0.023% molybdenum, and 4.25 g/t silver (0.54% copper equivalent) from 389 to 421 metres depth.
Holes S12-112 and 115 tested the west and east edges of the mineralized zone, respectively, and help define the margins of mineralization in those areas. Both holes encountered low grade to anomalous zones of mineralization. Hole S12-112 encountered 16.8 metres grading 0.21% copper equivalent from 12.2 to 29 meters depth followed by zones of anomalous mineralization illustrating the gradational nature of the western edge of the West Seel deposit. Hole S12-115 intersected a zone of near surface low grade mineralization located between the West Seel and Seel mineralized zones, returning 188 metres grading 0.24% copper equivalent starting at 70 metres depth. Further drilling will be conducted in this area to see if the West Seel and Seel deposits are connected and form one large zone of continuous mineralization.
An updated drill hole location map can be found in the map gallery on our website at http://goldreachresources.com/media/map-gallery.
Drilling on the West Seel deposit is continuing with one drill exploring the southern extension of the zone and a second drill expanding the deposit to the north. At West Seel holes S12-101 to S12-132 have been completed and the drills are currently working on holes S12-133 and 134. Over 30,000 metres of drilling has been completed during the 2012 program to date and drilling is ongoing.
Holes S12-117 to 132 have been sampled and are in the lab getting assayed. Further assay results will be released as they are received.
The company is in the process of completing a large drill program aimed at defining the West Seel Porphyry and testing the expansion potential of the Ox deposit. The Company is well financed with over $3.5 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.
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 (details below) wide open for expansion. The Company has recently added the discovery of the West Seal Porphyry where Drill Hole S12- 101 encountered 194 metres of higher-grade mineralization grading 0.71% Cu Eq. consisting of 0.22% Cu, 0.47 g/t Au, 0.04% Mo and 1.85 g/t Ag within a much larger 817 metre interval grading 0.45% Cu Eq. consisting of 0.20% Cu, 0.21 g/t Au, 0.026% Mo and 2.24 g/t Ag from 262 metres to the end of the hole at 1,079 metres. The Seel porphyry contains a NI 43-101 compliant resource containing 214.78 million tonnes grading 0.33% Cu Eq. consisting of 0.17% Cu, 0.13 g/t Au, 0.017% Mo, and 2.17 g/t Ag in the inferred category plus an additional 28.13 million tonnes grading 0.40% Cu Eq. consisting of 0.22% Cu and 0.21 g/t Au in the indicated category. The Ox porphyry, located 4 km northeast of Seel, contains a NI43-101 compliant resource containing 16 million tonnes grading 0.3 % Cu and 0.04% Mo in the inferred category.
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.