VANCOUVER, June 18, 2014 /CNW/ - Gold Reach Resources Ltd.
(GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce
a 7,500 metre drilling program will commence on June 23 at the company's 100% owned Ootsa
Property, located adjacent to the producing Huckleberry Mine south
of Smithers, British Columbia.
PROGRAM HIGHLIGHTS
- Up to 7,500 Metres of Core Drilling – Drilling will
start on the West Seel deposit with one drill rig and will focus on
expanding known zones of higher grade mineralization and defining
the extents of the large West Seel deposit.
- Porphyry Targets and High Grade Silver Veins to be Tested
– A second highly portable track mounted drill will be added to
the project in July to test numerous targets outside of the known
resource areas, including both large porphyry targets and high
grade silver base metal vein targets.
- Ongoing Surface Exploration – A surface exploration
program consisting of soil sampling, induced polarization
geophysics, mapping and prospecting, will continue on the property
to advance known targets to the drill stage and continue to
generate new targets.
2014 Exploration Program
The focus for 2014 will be to
optimize the economic potential of the project and test all of the
main exploration targets surrounding the known resources ahead of a
potential preliminary economic assessment. Field crews
will be mobilized to the Ootsa camp on June
23 and drilling will commence shortly after. The 2014
exploration program will include a minimum of 7,500 metres of core
drilling, an induced polarization geophysical survey, a substantial
surface exploration program, and various engineering,
metallurgical, and environmental test work.
Drilling will initially start on the West Seel deposit and will
focus on two objectives: 1) testing the depth extent of known
higher grade trends defined during previous drill programs, and 2)
delineating the extent of the deposit which still remains open to
the north and south. The north side of the West Seel deposit
contains mineralization that starts close to surface and there is
good potential to add significant near surface tonnage in this
area.
A second highly portable track mounted drill will be added to
the project in July once numerous surface targets have been better
defined and drill access established. This second drill will
initially be used to test high grade silver-zinc-lead vein targets,
analogous to the Damascus Silver Vein. These types of veins
are widespread in the district and this program will be the first
time the Company has specifically targeted high grade veins for
drill testing. The track mounted drill will also be used to
test several porphyry copper exploration targets.
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 134,878 metres of core
drilling on the property to date, with 36,135 metres completed
during 2013. 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.
For more information on the Ootsa property, the contained
resources, and our 2014 exploration targets, please see our website
at http://goldreachresources.com.
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
managements beliefs, estimates obligations or other factors should
change.
SOURCE Gold Reach Resources Ltd.