September 29th 2008 Vancouver, British
Columbia: Gold Reach Resources Ltd. (�Company�)
(GRH: TSX-V) announces that Wardrop Engineering of Vancouver has completed an
estimate of the indicated and inferred mineral resources on the Seel
Property. The project is located 120 kilometres south of Houston, B.C and
eight kilometres east of the producing copper-molybdenum Huckleberry Mine.
The estimates are based on a total of 63 diamond
drill holes representing 13064 metres of core drilling. All sixty three
infill and step out drill holes were completed by the Company during the 2004
to 2008 field seasons.
The mineral resource estimate was prepared by Thomas
C. Stubens, P.Eng., Senior Geologist, Wardrop Engineering Inc., who is a
Qualified Person as defined by National Instrument 43-101. Mr. Stubens
has reviewed and approved the contents of this news release.
The estimate was generated using Datamine 3
dimensional block modeling software, to interpolate Copper, Gold, Molybdenum
and Silver grades using inverse distance squared weighting (ID2). Search
radii of 75 and 150 meters for indicated and inferred categories respectively
were used and a uniform specific gravity of 2.60 (t/m3) was
assumed throughout the bedrock portions of the block model. Wardrop
reported the Seel Inferred and Indicated Mineral Resource using a copper
equivalent cut-off.
Seel Mineral Resource Estimate � August 2008
|
CuEq (%)
Cut-off
|
Resource
Category
|
Tonnes (x1000)
|
Cu
(%)
|
Au
(g/t)
|
Mo
(%)
|
Ag
(g/t)
|
CuEq
(%)
|
|
0.25
|
Indicated
|
20,491
|
0.26
|
0.25
|
0.008
|
0.95
|
0.37
|
|
0.25
|
Inferred
|
23,384
|
0.18
|
0.10
|
0.016
|
2.71
|
0.33
|
|
|
|
|
|
|
|
|
|
|
0.30
|
Indicated
|
13,864
|
0.30
|
0.30
|
0.007
|
1.04
|
0.41
|
|
0.30
|
Inferred
|
12,945
|
0.20
|
0.11
|
0.019
|
3.35
|
0.38
|
The copper
equivalent calculation uses a four year average metal price of $2.67 US/lb
for copper, $614 US/oz for gold, $29.20 US/lb for molybdenum and $11.35 US/oz
silver and assumes an 87% recovery for copper and 80% recovery for gold,
molybdenum and silver.
The Seel resource estimate comprises three adjacent and likely related zones
of porphyry and breccia style mineralization known as the Cu-Au zone, the
Cu-Mo zone and the Seel Breccia. A detailed break-down of the resources in
the individual zones is summarized below:
Seel Mineral Resource Estimate �
August 2008
(0.30% copper equivalent cut-off)
|
Zone
|
Resource
Category
|
Tonnes (x1000)
|
Cu
(%)
|
Au
(g/t)
|
Mo
(%)
|
Ag
(g/t)
|
CuEq
(%)
|
|
Cu-Au
|
Indicated
|
10,522
|
0.35
|
0.37
|
0.002
|
1.18
|
0.42
|
|
Cu-Mo
|
Indicated
|
3,342
|
0.15
|
0.10
|
0.025
|
0.57
|
0.30
|
|
Seel Breccia
|
Indicated
|
|
|
|
|
|
|
|
Total
|
Indicated
|
13,864
|
0.30
|
0.30
|
0.007
|
1.04
|
0.41
|
|
|
|
|
|
|
|
|
|
|
Cu-Au
|
Inferred
|
482
|
0.29
|
0.29
|
0.003
|
0.71
|
0.36
|
|
Cu-Mo
|
Inferred
|
12,091
|
0.18
|
0.10
|
0.020
|
2.97
|
0.38
|
|
Seel Breccia
|
Inferred
|
372
|
0.66
|
0.05
|
0.001
|
19.13
|
0.69
|
|
Total
|
Inferred
|
12,945
|
0.20
|
0.11
|
0.019
|
3.35
|
0.38
|
In addition
to the Seel resource estimate, Wardrop recently estimated an Inferred
resource at the Company�s 100% owned Ox Lake project of 16.1 million tonnes,
grading 0.30% copper and 0.04% molybdenum. The Ox Lake deposit is located 3.7
kilometers northwest of the Seel deposit. For specific details on the Ox Lake
resource, please refer to the Company news release dated February 5, 2008.
The Company
is now the sole owner of the 17,149 hectare property which includes both the
OX Lake and Seel deposits. Gold Reach President Conrad Swanson said
�Considering that only 10% of our land holdings have been systematically
explored for porphyry style copper gold and molybdenum mineralization. I
believe the property holds potential for finding additional resources.�
The Gold
Reach drilling programs were carried out under the supervision of Derrick
Strickland, P. Geo., who is a Qualified Person as defined by National
Instrument 43-101. Mr Strickland has reviewed and approved the contents
of this news release.
About
Gold Reach:
Gold Reach
Resources Ltd. 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:
Gold Reach
Resources
Telephone: 604-718-5454
Toll Free: 888-500-4587
Web: http://www.goldreachresources.com
Safe
Harbour Statement: The Company relies upon litigation protection for
�forward-looking statements.�
THE TSX
VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.