Gold Reach Resources Ltd

Published : September 02nd, 2014

Gold Reach intersects 73 metres of 0.96% copper equivalent within 207 metres of 0.65% copper equivalent at West Seel

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

Gold Reach intersects 73 metres of 0.96% copper equivalent within 207 metres of 0.65% copper equivalent at West Seel

NEW BRECCIA ZONE DISCOVERED

VANCOUVER , Sept. 2, 2014 /CNW/ - Gold Reach Resources Ltd. (GRV:TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S14-200 and S14-201 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 and 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 S14-200 hits high grade and successfully filled in a gap between previous widely spaced intercepts in the central part of the West Seel deposit
    • Hole S14-200 intersected 207 metres of 0.65% copper equivalent from 324 to 531 metres depth, including 73 metres grading 0.96% copper equivalent.  
  • Long Mineralized Intercept
    • Hole S14-201 intersected 752 metres of 0.41% copper equivalent from 76 to 828 metres depth.  This hole successfully extends mineralization hundreds of metres to the north.
  • New Breccia Discovery
    • Hole S14-201 intersected a new breccia zone over a cumulative thickness of 321 metres and the hole ended in breccia. The breccia contains variably rounded clasts in a hydrothermal and intrusive matrix containing chalcopyrite and molybdenite and the highest grade zone of mineralization in the hole occurred within the breccia.    

The 2014 drilling program at the Ootsa project is currently focused on delineating the extent of the large West Seel deposit.    

West Seel Drill ResultsAn updated drill hole location map for the Seel deposit is available here http://goldreachresources.com/_resources/images/Seel_drill_hole_location_map_Sept_1_2014.png.

Hole S14-200 was drilled toward the northeast at an angle of minus 50 degrees and targeted a gap in higher grade mineralization within the central part of the West Seel deposit.  The hole filled in this gap and successfully extended the higher grade zone between previous widely spaced drill intercepts.  As expected, the hole intersected modest grades in its upper portions including 89 metres grading 0.19% copper, 0.09 g/t gold, 3.04 g/t silver, and 0.010% molybdenum (0.32% copper equivalent) from 187 to 276 metres depth.  This was followed by 207 metres grading 0.31% copper, 0.24 g/t gold, 4.45 g/t silver, and 0.034% molybdenum (0.65% copper equivalent) from 324 to 531 metres depth, including 73 metres grading 0.45% copper, 0.31 g/t gold, 6.32 g/t silver, and 0.059% molybdenum (0.96% copper equivalent) from 366 to 439 metres depth.  This high grade interval should help to significantly increase grades in that part of the deposit.

Summary of select drill intercepts – West Seel Holes S14-200 and 201

Drill Hole   

From (m)

To (m)

Width (m)*

Cu %

Au g/t

Ag g/t

Mo %

Cu Eq.%**

S14-200

187.0

276.0

89.0

0.19

0.09

3.04

0.010

0.32

S14-200

324.0

531.0

207.0

0.31

0.24

4.45

0.034

0.65

including

366.0

439.0

73.0

0.45

0.31

6.32

0.059

0.96

S14-201

76.0

828.0

752.0

0.20

0.10

3.22

0.027

0.41

including

650.0

710.0

60.0

0.27

0.16

2.95

0.051

0.61

*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 S14-201 was drilled toward the north at an angle of minus 58 degrees and successfully extended mineralization to the north.  The hole is shown on cross section B-B' available here http://goldreachresources.com/_resources/images/West_Seel_Section_B-B.png.  Hole S14-201 intersected a new breccia zone over a cumulative thickness of 321 metres and the hole ended in breccia at 951 metres depth.  The breccia contains sedimentary and intrusive clasts in a hydrothermal and intrusive matrix which contains sulfides including chalcopyrite and molybdenite.  Photographs of the breccia in hole S14-201 are available here http://goldreachresources.com/_resources/images/West_Seel_Breccia_Photos_Hole_201.pdf. Photographs of the same breccia zone encountered again in hole S14-204 are available here http://goldreachresources.com/_resources/images/West_Seel_Breccia_Photos_hole_204.pdf.  Hole S14-201 intersected 752 metres of continuous mineralization grading 0.2% copper, 0.1 g/t gold, 3.22 g/t silver, and 0.027% molybdenum (0.41% copper equivalent) from 76 to 828 metres depth, including a higher grade interval associated with the new breccia discovery which returned 60 metres grading 0.27% copper, 0.16 g/t gold, 2.95 g/t silver, and 0.051% molybdenum (0.61% copper equivalent) from 650 to 710 metres depth.  

Hole S14-201 has successfully extended mineralization hundreds of metres to the north at depth.  Holes S14-203 and 204 were also targeted to extend mineralization to the north and better define the new breccia discovery on section B-B', and both holes intersected smaller intervals of breccia.  Results from these holes are pending.   

Dr. Shane Ebert , President of Gold Reach, commented: "we are very excited to have drilled into a large zone of mineralized breccia containing rounded milled clasts of sedimentary rocks, intrusive rocks, and quartz veins in a hydrothermal and intrusive matrix. Large breccia zones in porphyry deposits can host higher grade mineralization and our drilling is currently focused on understanding the geometry and extent of this new breccia discovery and determining if it can help add higher grades to the deposit."

Drilling UpdateOne drill is currently active on the Ootsa property working on the West Seel deposit.  To date 10 holes have been completed during 2014 (holes S14-200 to 209) and the drill is currently working on hole S14-210.  Assay results for holes S14-200 and 201 have been received and released.  Samples from holes S14-202 to S14-209 have been sent to the lab and assay results will be released when received and interpreted.

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

Gold Reach Annual General Meeting September 5 th
The Company will hold its Annual General Meeting at the Coast Inn of the North, 770 Brunswick Street, Prince George, British Columbia on Friday, September 5, 2014 at 11:00 a.m. Pacific Time . The meeting will be broadcast via conference call.  The conference call will open at 11:00 a.m. , the call in number is 1-888-884-4538 and the Guest Code is 9172180.

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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