VANCOUVER, Oct. 14, 2014 /CNW/ - Gold Reach Resources Ltd.
(GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce
that assay results for holes S14-209 and 210 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
- Hole S14-210 intersects a long interval of
continuous mineralization grading 0.56% copper equivalent over 668
metres, and the hole ends in mineralization.
- Hole S14-210 intersects high grade
containing 172 metres grading 0.89% copper equivalent including 34
metres grading 1.01% copper equivalent.
West Seel Drill Results
An updated drill hole location
map for the Seel deposit is available at
http://goldreachresources.com/_resources/maps/seel_drill_hole_location_map_20141006.jpg.
Hole S14-210 was the final hole drilled into the West Seel
deposit in 2014 and is a 100 metre step out from hole S12-121,
testing a known part of the system. The hole is located on
section 7NE near the southern end of the West Seel deposit.
Hole S14-210 was drilled toward the southeast at a dip of -65
degrees to a total depth of 867 metres. The hole intersected
668 metres of mineralization grading 0.28% copper, 0.17 g/t gold,
3.34 g/t silver, and 0.033% molybdenum (0.56% copper equivalent)
from 199 metres to the end of the hole at 867 metres.
Included in this zone is 172 metres grading 0.39% copper, 0.29 g/t
gold, 4.99 g/t silver, and 0.062% molybdenum (0.89% copper
equivalent) from 361 to 533 metres depth, including 34 metres
grading 0.48% copper, 0.36 g/t gold, 5.45 g/t silver, and 0.058%
molybdenum (1.01% copper equivalent) from 483 to 517 metres
depth.
Summary of select
drill intercepts – West Seel Holes S14-209 and 210
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)*
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Mo
%
|
Cu
Eq.%**
|
S14-209
|
588.0
|
735 EOH
|
147.0
|
0.23
|
0.18
|
1.58
|
0.034
|
0.51
|
including
|
628.0
|
672.0
|
44.0
|
0.27
|
0.19
|
1.97
|
0.036
|
0.56
|
S14-210
|
199.0
|
867 EOH
|
668.0
|
0.28
|
0.17
|
3.34
|
0.033
|
0.56
|
including
|
361.0
|
533.0
|
172.0
|
0.39
|
0.29
|
4.99
|
0.062
|
0.89
|
including
|
361.0
|
415.0
|
54.0
|
0.47
|
0.38
|
6.89
|
0.047
|
0.98
|
and
|
483.0
|
517.0
|
34.0
|
0.48
|
0.36
|
5.45
|
0.058
|
1.01
|
*Width refers to drill hole intercepts, true widths have not
been determined. EOH = end of hole.
**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 S14-209 was drilled near the northern end of the West Seel
deposit and tested section 12NE at depth. The hole was
drilled toward the northwest at a dip of -65 degrees and was
drilled to a depth of 735 metres. The hole successfully
extended the near surface zone of mineralization on section 12NE to
depth, returning 147 metres of mineralization grading 0.51% copper
equivalent as summarized in the table above. The hole ended
in mineralization.
Dr. Shane Ebert, President of
Gold Reach, commented: "The 2014 drilling program has added some
excellent grades to the northern, central, and southern parts of
the West Seel deposit and has confirmed a very significant high
grade core to the large mineralized system. Hole S14-210 with
172 metres of 0.89% copper equivalent really highlights the size of
the higher grade section within the deposit. The main West
Seel deposit has been defined over an area 750 metres long by 400
metres wide and to depths up to 1000 metres. We have now
closed off the West Seel deposit to the north, west, and east, with
the deposit still open to the south and at depth. Several
geophysical targets immediately southwest of the deposit remain to
be tested and this area has potential to add additional
tonnage."
Additional information is available on our website at
www.goldreachresources.com.
Drill Results Pending
All of the 2014 drill holes into
the West Seel deposit have been received and released. During
the 2014 drill program 9 holes were drilled testing 3 separate
silver base-metal vein targets located east of the Seel
deposit. The results for these drill holes are still pending
and will be released once they have been received and
interpreted.
Gold Reach Engages Specialized TSX-V Consulting
Services
The Company has, subject to regulatory approval,
retained Venture Liquidity Providers Inc. (VLP) to initiate its
market-making service to provide assistance in maintaining an
orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a
registered broker, W.D. Latimer Co. Ltd., in compliance with the
applicable policies of the TSX Venture Exchange and other
applicable laws. For its services, the Company has agreed to pay
VLP $5000 per month for a period of
12 months. The agreement may be terminated at any time by the
Company or VLP. The Company and VLP act at arm's length, and VLP
has no present interest, directly or indirectly, in the Company or
its securities. The finances and the shares required for the
market-making service are provided by W.D.
Latimer. The fee paid by the Company to VLP is for services
only.
VLP is a specialized consulting firm based in Toronto providing a variety of services
focused on TSX-V-listed issuers.
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 144,673 metres of core
drilling on the property to date, with 9,795 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.