October 17, 2013: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that results from 2013 geophysical surveying at the Ootsa property have been received and drill targets have been confirmed. Gold Reach’s 100% owned Ootsa Property is located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
- Geophysical Surveying over 3 new grids is complete and preliminary results have been received.
- Two large geophysical anomalies have been confirmed, one located east of the Ox deposit (East Ox), and one located west of the Ox deposit (West Ox) and both on trend with the Huckleberry Mine.
- Drill testing of the geophysical targets is underway.
2013 Geophysical Surveying
Geophysical 3D induced polarization (IP) surveying has been completed over 3 pre-cut grids (60 line kilometres) adjacent to the Ox and Seel deposits by contractor SJ Geophysics. A map showing the location of the 3 grids is available here http://goldreachresources.com/_resources/Ootsa-Project-2013-IP-Grids.jpg. In addition, the Seel and West Seel deposits were re-surveyed using the 3D IP Volterra Geoimaging System which should provide significantly deeper imaging of the chargeability and resistively properties of the deposit area. Final results for the re-surveying over the Seel and West Deposits have not yet been received, and will be posted to the company’s website once complete.
A compilation map showing interpreted chargeability 100 metres below surface is available here http://goldreachresources.com/_resources/Oct-2013-IP-compilation-map.jpg. Two cross sections showing resistivity and chargeability are available here http://goldreachresources.com/_resources/Oct-2013-IP-long-sections.jpg. The upper cross section is an east west oriented section through the Ox deposit and including the West Ox target, located west of Ox, and the East Ox target, located east of Ox. The lower cross section extends in a northeast direction and runs through the Seel deposit.
The West Ox and East Ox targets stand out as high priority exploration targets, they are similar in size to the Ox geophysical expression, and like Ox they both contain corresponding chargeability highs and resistivity lows. The West Ox target has a weak corresponding copper in soil anomaly along its northern side and sulfide bearing and quartz veined outcrop has been identified along its margins. The West Ox target, Ox deposit, and East Ox target, are aligned along an east-west orientation, forming a straight line with the Huckleberry Mine to the west.
A drill has been mobilized to the West Ox target and drill testing of the target is underway.
Additional information is available on our website at www.goldreachresources.com.
About Gold Reach Resources
The 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 completed over 105,000 metres of core drilling on the property to date, with over 25,000 meters completed during 2013. Two drills are currently working on the project which is being advanced towards preliminary economics. An updated resource for the Ox deposit is expected in the fourth quarter of 2013 and an updated resource on the Seel deposit is expected in the first quarter of 2014.
The geophysical survey presented in this news release was conducted by SJ Geophysics, a private contractor, and was conducted using industry best practices employing sound scientific principles and state-of-the-art equipment and modeling software. Interpretation and modeling of the data is still in progress, and revised interpretations and models are possible in the future. Comparing geophysical targets with the geophysical expression of known zones of mineralization is not a guarantee of exploration success.
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.