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