October 7, 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 Ox13-117 to 124 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.
- Long Intercepts of Continuous Mineralization
- Hole Ox13-120 intersected 128.9m of 0.41% copper equivalent from 22 to 150.9m depth, including 32.9m grading 0.52% copper equivalent.
- Hole Ox13-122 intersected 274.9m of 0.48% copper equivalent from 5.5 to 280.4m depth and the hole ended in mineralization.
- Hole Ox13-123 intersected 132m of 0.44% copper equivalent from 36 to 168m depth, including 31.3m grading 0.66% copper equivalent
- Pond Discovery Expanded
- Holes Ox13-123 and 124 were collared on the edge of the pond on the northeast end of the Ox deposit, and were drilled under the pond at shallow angles.
- These holes encountered long intercepts of strong mineralization further expanding the recently discovered mineralization in this zone to the southeast.
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
and cross sections M-M’, and N-N’ showing holes Ox13-119, and 121 to 123 are available here
Holes Ox13-119, 121, and 122 are shown on section M-M’ and help define a continuous mineralized zone that starts near surface and is 200 metres wide by 275 metres deep on the section. Hole Ox13-119 started in coarse Ox intrusive, a unit that is typically unmineralized, and returned 17.5 metres near the top of the hole grading 0.29% copper and 0.017% molybdenum (0.41% copper equivalent) from 19.4 to 36.9 metres depth. Hole Ox13-121 returned 62.8 metres grading 0.24% copper and 0.033% molybdenum (0.44% copper equivalent) from 25.9 to 88.7 metres depth. Hole Ox13-122 returned 274.9 metres grading 0.28% copper and 0.036% molybdenum (0.48% copper equivalent) from 5.5 to 280.4 metres depth and ended in mineralization. Hole Ox13-120 was collared from the same pad as hole Ox13-119, but was drilled toward the east and is oriented oblique to the section. The hole intersected 128.9 metres grading 0.29% copper and 0.016% molybdenum (0.41% copper equivalent) from 22 to 150.9 metres depth.
Hole Ox13-123 is shown on section N-N’ and was drilled at a 45 degree angle under the Pond. The hole intersected 132 metres grading 0.29% copper and 0.024% molybdenum (0.44% copper equivalent) from 36 to 168 metres depth, including 31.3 metres grading 0.46% copper and 0.021% molybdenum (0.66% copper equivalent) from 94.7 to 126 metres depth. Ox13-124 was collared from the same pad as hole Ox13-132, but was drilled toward the east and is oriented oblique to the section and away from the Ox intrusive contact. The hole intersected 125.4 metres grading 0.19% copper and 0.021% molybdenum (0.31% copper equivalent) from 38.6 to 164 metres depth.
Summary of select drill intercepts – Holes Ox13-117 to 124
|Drill Hole||From (m)||To (m)||Width (m)*||Cu %||Mo%||Au g/t||Ag g/t||Cu Eq.%**|
*Width refers to drill hole intercepts, true widths have not been determined. EOH = end of hole.
**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 Ox13-117 and 118 tested for mineralization in the southern part of the Ox deposit on the east side of the Ox Fault. The holes encountered widespread alteration but did not encounter any significant mineralization.
Assay results for the first 80 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-124). An additional 10 holes have been completed at Ox (Ox13-125 to 134) and are in the lab getting assayed. Thirteen holes have been completed at East Seel (S13-147, 148, 149, 151, 152, 153, 155, 157, 159, 160, 163, 164, 166) and eight holes has been completed at West Seel (S13-150, 154, 156, 158, 161, 162, 165, 167). One drill is currently working on hole S13-168 at East Seel and the second drill is working on hole S13-169 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. At the end of 2012, the Seel deposit contained 67.8 million tonnes of indicated resources and 410.9 million tonnes of inferred resources at a 0.2% copper equivalent cut off, and the Ox deposit contained 52.65 million tonnes of inferred resources at a 0.2% copper equivalent cut off. Since that resource calculation the Company has drilled an additional 24,400 metres in 113 holes with drilling ongoing, and increases in grade and tonnage are anticipated during the next resource update.
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, 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 managements beliefs, estimates obligations or other factors should change.