Gold Reach Resources Ltd

Published : September 30th, 2014

Gold Reach intersects high grade at West Seel with 160 metres grading 0.93% copper equivalent including 52 metres grading 1.21% copper equivalent

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

Gold Reach intersects high grade at West Seel with 160 metres grading 0.93% copper equivalent including 52 metres grading 1.21% copper equivalent

VANCOUVER , Sept. 30, 2014 /CNW/ - Gold Reach Resources Ltd. (GRV:TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S14-206 to 208 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

  • Mineralized zone extended to surface in hole S14-206 at the northeast end of the West Seel deposit.
  • Hole S14-208 intersects high grades returning 308 metres grading 0.68% copper equivalent including 160 metres grading 0.93% copper equivalent and 52 metres grading 1.21% copper equivalent.

The 2014 drilling program at the Ootsa project is now complete.  The program focused on delineating the extent of the large West Seel deposit, and tested several high grade silver base metal vein targets located east of the West Seel deposit.  In excess of 2000 new soil samples were collected during 2014 and numerous regional prospects were prospected, mapped, and sampled.

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_30_2014.png.

Hole S14-206 was located on Section 12NE at the northeast end of the West Seel deposit.  The hole extended the mineralized zone to surface, intersecting 26 metres grading 0.26% copper, 0.19 g/t gold, 6.37 g/t silver, and 0.015% molybdenum (0.51% copper equivalent) from 33 to 59 metres depth.  Hole S14-207 stepped out further northeast than hole S14-206 and did not intersect significant zones of mineralization, constraining the northeast edge of near surface mineralization in this area.

Hole S14-208 was drilled toward the southeast at a dip of -70 degrees and tested the northern part of the West Seel deposit.  The hole intersected a thick zone of high grade mineralization at depth returning 308 metres of mineralization grading 0.28% copper, 0.26 g/t gold, 3.50 g/t silver, and 0.046% molybdenum (0.68% copper equivalent) from 283 to 591 metres depth, including 160 metres grading 0.38% copper, 0.41 g/t gold, 4.29 g/t silver, and 0.056% molybdenum (0.93% copper equivalent) from 431 to 591 metres depth, and 52 metres grading 0.44% copper, 0.64 g/t gold, 5.58 g/t silver, and 0.067% molybdenum (1.21% copper equivalent) from 485 to 537 metres depth.

Summary of select drill intercepts – West Seel Holes S14-206 to 208

Drill Hole   

From (m)

To (m)

Width (m)*

Cu %

Au g/t

Ag g/t

Mo %

Cu Eq.%**

S14-206

33.0

59.0

26.0

0.26

0.19

6.37

0.015

0.51

S14-208

283.0

591.0

308.0

0.28

0.26

3.50

0.046

0.68

including

431.0

591.0

160.0

0.38

0.41

4.29

0.056

0.93

including

485.0

537.0

52.0

0.44

0.64

5.58

0.067

1.21

*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).

The high grade intercept in hole S14-208 is anticipated to have a significant positive impact on the grade of the northern end of the West Seel deposit.  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 Update

The drilling program at Ootsa has been completed on schedule and on budget.  The drill has now been demobilized from the project and the camp has been winterized and shut down.  A total of 9795 metres of drilling was completed in 2014, with 11 holes drilled at the West Seel deposit and 9 short holes drilled on exploration targets located a few kilometres to the east of the West Seel deposit.

Assay results for West Seel holes S14-200 to 208 have been received and released.  Results for West Seel holes S14-209 and 210 are pending along with the 9 short exploration holes.

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 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 Control

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"

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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