Gold Reach Resources Ltd

Published : September 09th, 2014

Drilling extends West Seel Deposit over 400 metres down dip to the north and intersects near surface mineralization

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Keywords :   Copper | Diamond | Gold | Molybdenum | Recovery | Silver |

Drilling extends West Seel Deposit over 400 metres down dip to the north and intersects near surface mineralization

VANCOUVER , Sept. 9, 2014 /CNW/ - Gold Reach Resources Ltd. (GRV:TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S14-202 to 205 from the West Seel deposit, have been received.  The West and East Seel deposits are located 4 kilometres south-southwest of the Company's Ox deposit.  All 3 deposits occur on the Company's 100% owned Ootsa Property located south of Smithers British Columbia , adjacent to the operating Huckleberry Mine.

HIGHLIGHTS

  • Hole S14-203 intersected 872.8 metres of continuous mineralization starting at 3.2 metres depth and extends mineralization 400 metres down dip to the north
  • Hole S14-205 successfully extends near surface mineralization 100 metres to the north, and encounters near surface mineralization starting 33 metres down hole

The 2014 drilling program at the Ootsa project has focused on delineating the extent of the large West Seel deposit.   The drill is currently testing several high grade silver base metal vein targets located east of the Seel deposit.

West Seel Drill Results

An updated drill hole location map for the Seel deposit is available at http://www.goldreachresources.com/_resources/maps/Seel_drill_hole_location_map_Sept_2014.png.

Holes S14-203, 204, and 205 tested the northern part of the West Seel deposit and all 3 holes intersected mineralization as summarized in the table below.  Hole S14-203 and 204 are shown on section B-B' available at: http://www.goldreachresources.com/_resources/maps/West_Seel_Section_B-B.png.  Hole S14-203 intersected low-grade mineralization through its entire length from 2.3 metres depth to 876 metres depth, with a near surface zone of stronger mineralization containing 29.8 metres grading 0.31% copper, 0.32 g/t gold, 8.94 g/t silver, and 0.013% molybdenum (0.66% copper equivalent) from 3.2 to 33 metres depth.  This occurs within a zone 163.8 metres wide containing 0.2% copper, 0.13 g/t gold, 5.04 g/t silver and 0.015% molybdenum (0.40% copper equivalent).

Hole S14-204 intersected 381 metres grading 0.19% copper, 0.13 g/t gold, 2.96 g/t silver, and 0.025% molybdenum (0.41% copper equivalent) from 366 metres to the end of the hole at 747 metres depth.  The best grades in hole 204 occur within a breccia body intersected between 471.1 and 539 metres depth which returned 67.9 metres grading 0.24% copper, 0.12 g/t gold, 4.11 g/t silver, and 0.043% molybdenum (0.53% copper equivalent).  The 2014 drilling program has now extended West Seel mineralization an additional 400 metres beyond previous drilling in a down dip direction to the north.  

Hole S14-205 tested the northeast part of the West Seel deposit and successfully extends near surface mineralization 100 metres to the northeast.  The hole intersected a cumulative thickness of 206 metres of mineralization over its 495 metre length, starting at 33 meters depth in the hole.  This includes 82 metres grading 0.22% copper, 0.15 g/t gold, 3.61 g/t silver, and 0.014% molybdenum (0.41% copper equivalent).

Summary of select drill intercepts – West Seel Holes S14-202 to 205










Drill Hole   

From (m)

To (m)

Width (m)*

Cu %

Au g/t

Ag g/t

Mo %

Cu Eq.%**

S14-203

3.2

876.0 EOH

872.8

0.15

0.09

2.63

0.011

0.28

including

3.2

33.0

29.8

0.31

0.32

8.94

0.013

0.66

including

3.2

167.0

163.8

0.20

0.13

5.04

0.015

0.40

including

445.0

509.0

64.0

0.23

0.13

3.82

0.016

0.42

including

763.0

815.0

52.0

0.22

0.10

2.85

0.013

0.37

S14-204

366.0

747.0 EOH

381.0

0.19

0.13

2.96

0.025

0.41

including

366.0

541.0

175.0

0.21

0.10

3.62

0.029

0.43

including

471.1

539.0

67.9

0.24

0.12

4.11

0.043

0.53

S14-205

33.0

83.0

50.0

0.21

0.09

4.25

0.019

0.39

S14-205

127.0

175.0

48.0

0.20

0.11

3.44

0.017

0.38

S14-205

215.0

297.0

82.0

0.22

0.15

3.61

0.014

0.41


*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 S14-202 tested the southeast part of the West Seel deposit and did not intersect significant zones of mineralization.  Hole S14-202 was collard 100 metres south of previous hole S12-118 and was drilled toward the southeast whereas hole S12-118 was drilled toward the northwest into the center of the West Seel deposit and intersected 537 metres of 0.65% copper equivalent including 128 metres of 1.01% copper equivalent and ended in mineralization (previously released).  The Company anticipates encountering the boundary of the mineralized system in holes oriented away from the mineralized core of the deposit, as we continue to define the edges of the system.

Mineralization at the West Seel deposit has now been defined over an area 750 metres long by 400 metres wide, and to depths up to 1000 metres, and the systems remains open to the southwest and at depth.

Drilling UpdateOne drill is currently active on the Ootsa property testing high grade vein targets to the east of the Seel deposit. Eleven holes have been completed on the West Seel deposit during 2014 (holes S14-200 to 210).  Assay results for holes S14-200 to 205 have been received and released.   Holes S14-206 to S14-210 have been sent to the lab and assay results will be released when received and interpreted.  The drill is currently working on the second hole testing high grade targets east of the Seel deposit.

Additional information is available on our website at www.goldreachresources.com.

About Gold Reach ResourcesThe Ootsa property is an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry systems all with NI 43-101 compliant resources.  The Company has completed 137,678 metres of core drilling on the property to date, with 2,800 metres completed during 2014.   In total the Ootsa property contains compliant pit constrained resources totaling 1.25 billion pounds copper equivalent in the measured and indicated categories (consisting of 0.7 billion lbs. of Cu, 0.65 million ounces of Au, 66 million lbs. of Mo, and 11.4 million ounces of Ag) and 1.66 billion pounds copper equivalent in the inferred category (consisting of 0.9 billion lbs. of Cu, 0.8 million ounces of Au, 104 million lbs. of Mo, and 16 million ounces of Ag), using a 0.2% copper equivalent cut off.

Quality ControlAll 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

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 event management's beliefs, estimates obligations or other factors should change.

SOURCE Gold Reach Resources Ltd.

Read the rest of the article at finance.yahoo.com

Gold Reach Resources Ltd

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CODE : GRV.V
ISIN : CA3806863039
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Gold Reach Res. Ltd is a gold exploration company based in Canada.

Gold Reach Res. Ltd holds various exploration projects in Canada.

Its main exploration properties are AURO, OX LAKE and SEEL in Canada.

Gold Reach Res. Ltd is listed in Canada. Its market capitalisation is CA$ 12.0 millions as of today (US$ 9.5 millions, € 7.7 millions).

Its stock quote reached its lowest recent point on December 19, 2008 at CA$ 0.02, and its highest recent level on June 22, 2012 at CA$ 2.13.

Gold Reach Res. Ltd has 46 980 000 shares outstanding.

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