NEW BRECCIA ZONE DISCOVERED
VANCOUVER, Sept. 2, 2014 /PRNewswire/ - 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 Results
An 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 Update
One 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 5th
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 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.