Gold Reach
Resources Ltd.
888 - 700 West
Georgia St.
Vancouver, BC
V7Y 1G5
NEWS RELEASE
February 5, 2008
Gold Reach Resources Ltd. announces
16.1 million tonnes Inferred Mineral Resource grading 0.30% Cu and 0.04% Mo for
100% owned Ox Lake Project
Vancouver, British Columbia: Gold Reach
Resources Ltd. (GRH: TSX-V) ("Gold Reach" or
the "Company") is pleased to announce that Wardrop Engineering of
Vancouver has estimated an inferred mineral resource for its 100% owned Ox Lake
Project situated in north central British Columbia. The estimate is based on a
total of 36 diamond drill holes representing 6,530 metres. Twenty of the holes
were drilled by Silver Standard Resources between 1968 and 1970 and 16 infill
holes totaling 3,356 metres were drilled by Gold Reach during the 2006
2007 field seasons.
The
mineral resource estimated by Wardrop was prepared on January 28, 2008 and
includes both historical and recent drilling. The estimate was prepared using 3
dimensional block modeling software, grades were interpolated using inverse
distance weighted to the second power and at least two drill holes were
required within a 100m by 120m by 40m search radius to interpolate within a
block. Grade interpolations were restricted to a geological wireframe
representing the mineralized unit and all grades were composited to a three
metre length prior to estimation.
Grades
were reported based on a US dollar equivalent cut-off. The dollar equivalent
calculation incorporates an assumed 85% recovery for copper and 60% for
molybdenum and metal prices of $2.27 for copper and $25.46 for molybdenum. A
fixed specific gravity of 2.65 was used for the resource estimate.
Based
on the above data, Wardrop estimated that the Ox Lake deposit contained the
following Inferred Mineral Resources at a $20 US equivalent cut-off.
Cut-off
US$ EQ
|
Tonnes
|
CU%
|
MO%
|
$20
|
16,130,000
|
0.30%
|
0.04%
|
The
Wardrop resource estimate was prepared by Dr. Gilles Arseneau, Ph.D., P. Geo.
The Gold Reach drilling program was carried out under the supervision of Derrick
Strickland, P. Geo. and is responsible for the contents of this news Release.
Gold
Reach is reviewing other geochemical and geophysical targets in the immediate
area around the Ox Lake deposit to determine the next phase of drilling for the
project.
Also
the Company announces the Ox Lake drill results from the 2007 drill season.
Hole
|
From
(m)
|
To (m)
|
LENGTH
|
Cu%
|
Mo%
|
Au g/t
|
Ag g/t
|
|
|
Ox07-13
|
5.00
|
60.00
|
52.50
|
0.12
|
0.012
|
0.033
|
3.9
|
|
|
Ox07-14
|
|
|
No
significant
results
|
|
|
|
|
|
|
Ox07-15
|
3.05
|
137.50
|
119.45
|
0.11
|
0.009
|
0.020
|
1.7
|
|
|
Ox07-15
|
152.50
|
167.50
|
12.50
|
0.11
|
0.005
|
0.017
|
1.1
|
|
|
Ox07-15
|
177.50
|
190.00
|
12.50
|
0.10
|
0.010
|
0.014
|
1.0
|
|
|
Ox07-16
|
|
|
No
significant
results
|
|
|
|
|
|
|
Ox07-17
|
17.50
|
55.00
|
30.00
|
0.12
|
0.009
|
0.011
|
0.6
|
|
|
Ox07-17
|
87.50
|
107.50
|
7.50
|
0.16
|
0.004
|
0.008
|
0.5
|
|
|
Ox07-17
|
117.50
|
187.50
|
47.50
|
0.10
|
0.012
|
0.010
|
0.7
|
|
|
Ox07-17
|
205.00
|
252.50
|
47.50
|
0.11
|
0.007
|
0.007
|
0.3
|
|
|
Ox07-18
|
3.05
|
155.00
|
151.95
|
0.17
|
0.021
|
0.023
|
1.6
|
|
|
Ox07-18
|
175.00
|
180.00
|
5.00
|
0.09
|
0.006
|
0.007
|
0.3
|
|
|
Ox07-19
|
17.50
|
27.50
|
10.00
|
0.06
|
0.020
|
0.013
|
0.7
|
|
|
Ox07-20
|
15.00
|
200.25
|
185.25
|
0.21
|
0.025
|
0.028
|
0.8
|
|
|
Ox07-21
|
12.50
|
102.50
|
90.00
|
0.17
|
0.011
|
0.034
|
0.2
|
|
|
Ox07-21
|
130.00
|
170.00
|
40.00
|
0.07
|
0.011
|
0.011
|
0.3
|
|
|
Ox07-21
|
190.00
|
202.50
|
12.50
|
0.09
|
0.010
|
0.013
|
0.2
|
|
|
Ox07-22
|
6.10
|
72.50
|
66.40
|
0.36
|
0.054
|
0.070
|
2.0
|
|
|
Ox07-23
|
25.00
|
185.00
|
160.00
|
0.14
|
0.014
|
0.025
|
0.4
|
|
|
Ox07-24
|
295.00
|
305.00
|
10.00
|
0.02
|
0.014
|
0.007
|
0.3
|
|
|
Ox07-25
|
|
|
No
significant
results
|
|
|
|
|
|
Ox07-26
|
|
|
No
significant
results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
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|
About Gold Reach:
Gold
Reach Resources is a Canadian exploration company actively involved in the
development of the Seel and Ox Lake projects , a 17,149.5 hectare copper-gold-molybdenum-silver
project located 120 kilometres south of Houston, BC and eight kilometres east
of the producing copper-molybdenum Huckleberry Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
For further information, please contact:
Doug
Kerr
Gold Reach Resources
Telephone: 604-718-5454
Toll Free 888-500-4587
Email: doug@goldreachresources.com
Web: www.goldreachresources.com