September 30, 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 Ox13-111 to 116 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
- More High Grade Encountered
- Hole Ox13-111 intersected 32m of 0.60% copper equivalent.
- Hole Ox13-112 intersected 115m of 0.56% copper equivalent including 14 metres of 1.09% copper equivalent.
- Hole Ox13-114 intersected 32.4m of 0.58% copper equivalent and another 48 metres of 0.63% copper equivalent.
- Hole Ox13-115 intersected 100.9m of 0.53% copper equivalent including 48m of 0.56% copper equivalent.
- Warrants Exercised
- 968,333 Gold Reach warrants priced at 90 cents have been exercised bring in $871,500.
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. The drilling program is now focusing on infilling and expanding the large resource base at the Seel deposit.
Ox Drill Results
An updated drill hole location map for Ox is available here
http://goldreachresources.com/_resources/ox_lake/20130920/location_map.jpg
and cross sections B.5-B.5’, and A.5-A.5’showing holes Ox13-111 to 116 are available here
http://goldreachresources.com/_resources/ox_lake/20130920/section_b5.jpg
http://goldreachresources.com/_resources/ox_lake/20130920/section_a5.jpg.
Holes Ox13-111 and 112 were drilled toward the east to better define the position of the Ox Fault and the eastern extent of mineralization and are shown on section B.5-B.5’. Hole Ox13-111 returned 50 metres grading 0.33% copper and 0.028% molybdenum (0.51% copper equivalent) from 8 to 58 metres depth, including 32 metres grading 0.41% copper and 0.028% molybdenum (0.60% copper equivalent) from 8 to 40 metres depth. Hole Ox13-112 returned 115 metres grading 0.39% copper and 0.024% molybdenum (0.56% copper equivalent) from 10 to 125 metres depth, including 14 metres grading 0.88% copper, 0.015% molybdenum, 0.17 g/t gold, and 4.06 g/t silver (1.09% copper equivalent) from 42 to 66 metres depth. This higher grade interval is strongly enriched in gold and silver.
Holes Ox13-113, 114, 115, 116, and 129 infill a gap 50 meters to the southeast of section A-A’ and are shown on section A.5 – A.5’. The section continues to show strong mineralization near the intrusive contact and mineralization remains open to the southwest on the section. Hole Ox13-113 returned 35.5 metres grading 0.30% copper and 0.014% molybdenum (0.42% copper equivalent) from 7.5 to 43 metres depth. Hole Ox13-114 returned 125.3 metres grading 0.38% copper and 0.015% molybdenum (0.51% copper equivalent) from 4.9 to 130.2 metres depth, including 32.4 metres grading 0.45% copper and 0.013% molybdenum (0.58% copper equivalent) and an additional 48 metres grading 0.48% copper and 0.017% molybdenum (0.63% copper equivalent).
Summary of select drill intercepts – Holes Ox13-111 to 116
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu % |
Mo% |
Au g/t |
Ag g/t |
Cu Eq.%** |
| Ox13-111 |
8.0 |
58.0 |
50.0 |
0.33 |
0.028 |
0.07 |
2.14 |
0.51 |
| including |
8.0 |
40.0 |
32.0 |
0.41 |
0.028 |
0.08 |
1.98 |
0.60 |
| Ox13-112 |
10.0 |
125.0 |
115.0 |
0.39 |
0.024 |
0.08 |
1.91 |
0.56 |
| including |
36.0 |
125.0 |
89.0 |
0.42 |
0.021 |
0.08 |
2.04 |
0.58 |
| including |
52.0 |
66.0 |
14.0 |
0.88 |
0.015 |
0.17 |
4.06 |
1.09 |
| Ox13-113 |
7.5 |
43.0 |
35.5 |
0.30 |
0.014 |
0.07 |
1.41 |
0.42 |
| Ox13-113 |
45.0 |
53.0 |
8.0 |
0.12 |
0.015 |
0.03 |
0.56 |
0.21 |
| Ox13-114 |
4.9 |
130.2 |
125.3 |
0.38 |
0.015 |
0.07 |
1.90 |
0.51 |
| including |
4.9 |
37.3 |
32.4 |
0.45 |
0.013 |
0.09 |
2.01 |
0.58 |
| including |
53.0 |
101.0 |
48.0 |
0.48 |
0.017 |
0.09 |
2.45 |
0.63 |
| Ox13-115 |
6.3 |
13.9 |
7.6 |
0.22 |
0.014 |
0.03 |
0.90 |
0.31 |
| Ox13-115 |
21.1 |
122.0 |
100.9 |
0.36 |
0.028 |
0.06 |
1.69 |
0.53 |
| including |
57.0 |
105.0 |
48.0 |
0.42 |
0.018 |
0.07 |
2.01 |
0.56 |
| Ox13-116 |
4.4 |
24.1 |
19.7 |
0.21 |
0.008 |
0.03 |
1.00 |
0.27 |
| Ox13-116 |
50.0 |
75.3 |
25.3 |
0.28 |
0.010 |
0.04 |
2.89 |
0.37 |
| Ox13-116 |
95.0 |
140.8 |
45.8 |
0.20 |
0.009 |
0.04 |
1.50 |
0.28 |
*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).
Hole Ox13-115 returned 100.9 metres grading 0.36% copper and 0.028% molybdenum (0.53% copper equivalent) from 21.1 to 122 metres depth, including 48 metres grading 0.42% copper and 0.018% molybdenum (0.56% copper equivalent) from 57 to 105 metres depth.
Warrants Exercised
The Company is pleased to announce that all of the Gold Reach warrants set to expire on September 15, 2013 have been exercised. In total 968,333 warrants priced at 90 cents were exercised bringing in $871,500. These monies will be used to fund the ongoing exploration program at Ootsa and for general working capital.
Drilling Update
Assay results for the first 72 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-116). An additional 17 holes have been completed at Ox (Ox13-117 to 134) and are in the lab getting assayed. Eight holes have been completed at East Seel (S13-147, 148, 149, 151, 152, 154, 157, 159) and five holes has been completed at West Seel (S13-150, 153, 155, 156, 158). One drill is currently working on hole S13-160 at East Seel and the second drill is working on hole S13-161 at West Seel.
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.