GOLD REACH PROVIDES A SUMMARY OF THE OOTSA COPPER GOLD PROJECT BRITISH COLUMBIA, AND ANNOUNCES EXPLORATION PLANS FOR 2018
January 10, 2018, Vancouver, British Columbia - Gold Reach Resources Ltd. (the �Company� or �Gold Reach�) (TSX-V:GRV) is pleased to provide a summary of previous exploration and engineering results from the Ootsa Property along with Corporate plans for 2018. Gold Reach owns a 100% interest in the Ootsa Property, an advanced stage copper-gold exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the Huckleberry open pit copper mine in British Columbia. The Company has drilled over 122,066 metres of core in 353 holes on the Ootsa Property since 2004, and has encountered strong mineralization within the 3 deposits defined to date as demonstrated by the 3 select intercepts presented below.
- 146.3 metres grading 0.51% Cu and 0.59 g/t Au from East Seel (Hole S13-148)
- 537 metres grading 0.27% Cu, 0.19 g/t Au, and 0.055% Mo from West Seel (Hole S12-118)
- 108.7 metres grading 0.44% Cu, 0.04% Mo, and 0.06 g/t Au from Ox (Hole Ox13-110)
Ootsa Project Summary
Gold Reach has had significant exploration success at Ootsa, having discovered the East Seel deposit in 2006, the West Seel deposit in 2011, and predicted and successfully targeted a significant expansion on the east side of the Ox deposit in 2013. Large near surface Measured and Indicated category resources constrained by 3 conceptual open pit shells have been defined containing NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories. These resources contain 1.1 billion pounds of copper and 1 million ounces of gold as summarized in the table below.. The West Seel deposit remains open for expansion.
Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value
| Category |
Tonnes
(�000�s) |
CuEq
% |
Cu % |
Au
g/t |
Mo
% |
Ag g/t |
CuEq
M lbs |
Cu
M lbs |
Au
K oz |
Mo
M lbs |
Ag
K oz |
| Measured |
187,148 |
0.38 |
0.23 |
0.15 |
0.021 |
2.8 |
1,568 |
934 |
916 |
85 |
17,089 |
| Indicated |
37,041 |
0.35 |
0.21 |
0.12 |
0.023 |
2.8 |
286 |
175 |
146 |
19 |
3,368 |
| M&I |
224,189 |
0.37 |
0.22 |
0.15 |
0.021 |
2.8 |
1,854 |
1,109 |
1,062 |
104 |
20,457 |
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low risk and rapid pay back utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The study recommends that Gold Reach continue to advance the Ootsa Project with extended and advanced technical studies with the intention of moving the project toward a production decision.
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company�s website at www.goldreachresources.com and has an effective date of January 2016. The resource estimate uses $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A �Measured Mineral Resource� is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An �Indicated Mineral Resource� is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. Copper Equivalent (CuEq) calculations are based on base case metal price (US$3/lb Cu, US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process recovery assumptions, and take into account smelter payable rates and refining costs. M&I = measured and indicated. The resource update and Preliminary Economic Assessment was completed by P&E Mining Consultants Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
A map showing the Ootsa Property and known deposits and prospects is available here Deposit Map
888 - 700 West Georgia Street, Vancouver, BC V7Y 1G5