September 10, 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 Ox13-92 to 99 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.
HIGHLIGHTS
- Additional High Grade Material Encountered
- Hole Ox13-96 intersected 10.8m of 0.82% copper equivalent from 280 to 290.8m depth.
- Hole Ox13-97 intersected 39.6m of 0.65% copper equivalent from 38 to 77.6m depth.
- Hole Ox13-98 intersected 24m of 0.64% copper equivalent from 46 to 70m depth.
- Hole Ox13-99 intersected 40.5m of 0.74% copper equivalent from 76 to 116.5m depth.
- Strong Molybdenum and Gold-Silver credits
- Hole Ox13-96 intersected 10.8m of 0.55% copper with 0.041% molybdenum, 0.10 g/t gold, and 3.78 g/t silver
- Hole Ox13-97 intersected 39.6m of 0.41% copper with 0.040% molybdenum, 0.09 g/t gold, and 1.74 g/t silver
- Hole Ox13-99 intersected 40.5m of 0.46% copper with 0.046% molybdenum, 0.10 g/t gold, and 2.69 g/t silver.
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
http://www.goldreachresources.com/_resources/maps/20130909_Ox_2013_drill_hole_location_map.png
and cross sections L-L’, and H.5-H.5’showing holes Ox13-96 to 99 are available here
http://www.goldreachresources.com/_resources/maps/20130909_Ox_Sec_L-L_2013.png
http://www.goldreachresources.com/_resources/maps/20130909_Ox_Section_H-5_2013.png.
Holes Ox13-95 and 96 are shown on section L-L’ and were each stepped back 50 metres on the section to help define the western edge and depth extent of mineralization. Hole Ox13-95 returned 164 metres grading 0.23% copper and 0.028% molybdenum (0.38% copper equivalent) from 60 to 224 metres depth, including 17 metres grading 0.36% copper and 0.033% molybdenum (0.54% copper equivalent) and another 20 metres grading 0.32% copper and 0.045% molybdenum (0.57% copper equivalent). Hole Ox13-96 returned 110.8 metres grading 0.28% copper and 0.042% molybdenum (0.50% copper equivalent) from 180 to 290.8 metres depth, including 10.8 metres grading 0.55% copper and 0.041% molybdenum (0.82% copper equivalent).
Holes Ox13-97, 98, and 99 were infill holes drilled within a gap between sections H-H’ and I-I’ and are shown on section H.5-H.5’. Hole Ox13-97 returned 69.6 metres grading 0.35% copper and 0.037% molybdenum (0.56% copper equivalent) from 8 to 77.6 metres depth, including 39.6 metres grading 0.41% copper and 0.040% molybdenum (0.65% copper equivalent) from 38 to 77.6 metres depth. Hole Ox13-98 returned 76.3 metres grading 0.31% copper and 0.038% molybdenum (0.51% copper equivalent) from 6 to 82.3 metres depth, including 24 metres grading 0.40% copper and 0.045% molybdenum (0.64% copper equivalent) from 46 to 70 metres depth. Hole Ox13-99 returned 101.2 metres grading 0.33% copper and 0.035% molybdenum (0.53% copper equivalent) from 15.3 to 116.5 metres depth, including 40.5 metres grading 0.46% copper, 0.046% molybdenum, and 0.10 g/t gold (0.74% copper equivalent) from 76 to 116.5 metres depth.
Summary of select drill intercepts - Holes Ox13-92 to 99
|
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu % |
Mo% |
Au g/t |
Ag g/t |
Cu Eq.%** |
|
Ox13-95 |
60.0 |
224.0 |
164.0 |
0.23 |
0.028 |
0.03 |
1.67 |
0.38 |
|
including |
118.0 |
135.0 |
17.0 |
0.36 |
0.033 |
0.05 |
1.82 |
0.54 |
|
including |
188.0 |
208.0 |
20.0 |
0.32 |
0.045 |
0.06 |
3.47 |
0.57 |
|
Ox13-96 |
180.0 |
290.8 |
110.8 |
0.28 |
0.042 |
0.04 |
2.32 |
0.50 |
|
including |
280.0 |
290.8 |
10.8 |
0.55 |
0.041 |
0.10 |
3.78 |
0.82 |
|
Ox13-97 |
8.0 |
77.6 |
69.6 |
0.35 |
0.037 |
0.07 |
1.48 |
0.56 |
|
including |
38.0 |
77.6 |
39.6 |
0.41 |
0.040 |
0.09 |
1.74 |
0.65 |
|
Ox13-98 |
6.0 |
82.3 |
76.3 |
0.31 |
0.038 |
0.05 |
1.41 |
0.51 |
|
including |
46.0 |
70.0 |
24.0 |
0.40 |
0.045 |
0.07 |
1.75 |
0.64 |
|
Ox13-99 |
15.3 |
116.5 |
101.2 |
0.33 |
0.035 |
0.07 |
1.78 |
0.53 |
|
including |
76.0 |
116.5 |
40.5 |
0.46 |
0.046 |
0.10 |
2.69 |
0.74 |
*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 Ox13-92, 93, and 94 were exploration holes located 300 to 600 metres to the east of the Ox deposit. All three holes intersected minor zone of anomalous mineralization. Hole Ox13-92 intersected a 1.7m zone containing 9.3 g/t silver and 1% zinc with 0.6% lead from 46 to 47.7 metres depth along with patchy molybdenum mineralization up to 0.23%. Hole Ox13-93 intersected 2m grading 13.6 g/t silver and 0.17 g/t gold from 56 to 58m depth along with patchy anomalous copper up to 0.1%. Hole Ox13-94 tested a chargeability high 600 metres east of Ox and encountered patchy anomalous gold and silver (up to 0.24 g/t gold and 4.4 g/t silver) with no significant copper or molybdenum.
Dr. Shane Ebert, president of Gold Reach, commented: "Drilling at Ox is now complete. During 2013 the company has drilled 17,458.3 metres at Ox in 89 drill holes and has had tremendous success in defining higher grade mineralization and expanding the mineralized zone. The drill has been moved and is now starting infill and expansion drilling on the East Seel zone”.
Drilling Update
Assay results for the first 55 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-99). An additional 34 holes have been completed at Ox (Ox13-100 to 134) and are in the lab getting assayed. The drill has completed two holes at East Seel, S13-147 and 148, and is currently working on hole S13-149.
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.
Quality Control
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”
Shane Ebert, President/Director
For Further information, please contact:
Telephone: 604-718-5454
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
http://goldreachresources.com
Or
B&D Capital Partners
Don Mosher
Telephone: 604-685-6465
Don@bdcapital.com
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.