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Gold Reach Intersects 238 Metres Of 0.73% Copper Equivalent Including 160 Metres Of 0.44% Copper And 0.53 G/T Gold (0.83% Cu Eq.) At East Seel
October 28, 2013
October 28, 2013: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S13-155 to 159 from the East and West Seel deposits have been received. The East Seel deposit is located adjacent to the Company�s West Seel discovery, and both occur 4 kilometres south-southwest of the Company�s Ox deposit. All 3 deposits occur on the Company�s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
HIGHLIGHTS
- East Seel Deposit � High Grade Intercepts Continue
- Hole S13-155 intersected 238m of 0.73% copper equivalent from 30m to the end of the hole at 268m depth, including 160m grading 0.83% copper equivalent, and 44m of 1.11% copper equivalent.
- On a grade x thickness basis hole S13-155 is the best hole drilled into East Seel to date.
- Hole S13-157 intersected 186.3m of 0.67% copper equivalent from 31.7 to 218m depth, including 126.3m grading 0.75% copper equivalent.
- Hole S13-159 intersected 97.9m of 0.75% copper equivalent from 45.7 to 143.6m depth, including 64.3m grading 0.87% copper equivalent.
- West Seel Deposit � Near Surface High Grade Encountered
- Hole S13-156 intersected 40m of 0.85% copper equivalent from 52 to 92m depth, including 16m of 1.43% copper equivalent, and another 42m of 0.65% copper equivalent.
- This near surface zone of higher grade mineralization has now been encountered in holes S12-108, S13-150, S13-154 and S13-156 and has been traced over a width of at least 150m in a northwest to southeast direction.
The 2013 drilling program is focusing on infilling and expanding known zones of higher-grade near-surface mineralization at Ox, East Seel, and West Seel. Two drills are currently active on the project with one drilling at the East Seel deposit and the second testing geophysical targets.
East Seel Drill Results
An updated drill hole location map for the Seel deposit is available here http://goldreachresources.com/_resources/Seel-drill-hole-location-map-Oct-2013.20131025.jpg and East Seel cross section 15 showing holes S13-155, 157, and 159 is available here http://goldreachresources.com/_resources/E-Seel-Section-15-2013.20131025.jpg.
Hole S13-155 intersected 238 metres grading 0.38% copper and 0.47 g/t gold (0.73% copper equivalent) from 30 to 268 metres depth and the hole ended in mineralization. Included within this is interval is 160 metres grading 0.44% copper and 0.53 g/t gold (0.83% copper equivalent), 44 metres grading 0.62% copper and 0.67 g/t gold (1.11% copper equivalent), and another 16 metres grading 0.64% copper and 0.80 g/t gold (1.22% copper equivalent). Hole S13-157 intersected 186.3 metres grading 0.37% copper and 0.41 g/t gold (0.67% copper equivalent) from 31.7 to 218 metres depth, including 126.3 metres grading 0.42% copper and 0.45 g/t gold (0.75% copper equivalent) from 31.7 to 158 metres depth. Hole S13-159 intersected 97.9 metres grading 0.39% copper and 0.49 g/t gold (0.75% copper equivalent) from 45.7 to 143.6 metres depth, including 64.3 metres grading 0.44% copper and 0.58 g/t gold (0.87% copper equivalent) and 20.3 metres grading 0.52% copper and 0.65 g/t gold (1.0% copper equivalent).
Summary of select drill intercepts � East Seel Holes S13-155, 157, 159
|
Drill Hole |
From (m) |
To (m) |
Width
(m)* |
Cu % |
Au g/t |
Ag g/t |
Mo % |
Cu Eq.%** |
|
S13-155 |
30.0 |
268 EOH |
238.0 |
0.38 |
0.47 |
1.93 |
- |
0.73 |
|
including |
30.0 |
190.0 |
160.0 |
0.44 |
0.53 |
1.98 |
- |
0.83 |
|
including |
42.0 |
86.0 |
44.0 |
0.62 |
0.67 |
2.76 |
- |
1.11 |
|
Including |
140.0 |
156.0 |
16.0 |
0.64 |
0.80 |
2.74 |
- |
1.22 |
|
S13-157 |
31.7 |
218.0 |
186.3 |
0.37 |
0.41 |
1.82 |
- |
0.67 |
|
including |
31.7 |
158.0 |
126.3 |
0.42 |
0.45 |
2.07 |
- |
0.75 |
|
including |
36.0 |
56.0 |
20.0 |
0.51 |
0.50 |
2.67 |
- |
0.88 |
|
S13-157 |
234.0 |
244.0 |
10.0 |
0.26 |
0.20 |
1.48 |
- |
0.41 |
|
S13-159 |
45.7 |
143.6 |
97.9 |
0.39 |
0.49 |
2.41 |
- |
0.75 |
|
including |
45.7 |
110.0 |
64.3 |
0.44 |
0.58 |
2.64 |
- |
0.87 |
|
including |
45.7 |
66.0 |
20.3 |
0.52 |
0.65 |
2.61 |
- |
1.00 |
*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).
Infill and definition drilling on East Seel Section 15 is now complete and a clear picture of the geometry and grade of the mineralized zone has been established. A link to East Seel Section 15 showing the distribution of copper equivalent grades is available here http://goldreachresources.com/_resources/E-Seel-section-15-Cu-Eq-grades.20131025.jpg. The mineralized zone on the section is located near surface, below 20 to 50 metres of gravel cover, and is up to 275 metres wide by 250 metres deep. Mineralization on East Seel Section 15 is strong and continuous, with a core of material greater than 0.75% copper equivalent that is 150 metres wide by 150 metres deep and starts at the base of gravel cover. Within this high grade core is a significant volume of material grading greater than 1% copper equivalent.
Dr. Shane Ebert, President of Gold Reach, commented: "The East Seel deposit continues to return very strong grades over long widths. Hole S13-155 with an intercept of 238 metres grading 0.73% copper equivalent is our longest high grade intercept from the zone to date, and on a grade x thickness basis even surpasses hole S13-148 which intersected 146.3 metres grading 0.94% copper equivalent. The company is continuing step out drilling, looking to further expand the high grade zone to the west.�
West Seel Drill Results
Holes S13-156 and 158 are located at the West Seel deposit. Hole S13-156 is shown on West Seel Section 9 NE available here http://goldrea chresources.com/_resources/W-Seel-Section-9NE-2013.20131025.jpg, hole S13-158 is located between Sections 9 and 10NE.
Hole S13-156 was a relatively short vertical hole drilled to a depth of 231 metres along the northwest edge of the deposit. The hole intersected 40 metres grading 0.28% copper, 0.64 g/t gold, 8.98 g/t silver, and 0.012% molybdenum (0.85% copper equivalent) from 52 to 92 metres depth, including 16 metres grading 0.50% copper, 1.08 g/t gold, 16.1 g/t silver and 0.009% molybdenum (1.43% copper equivalent) from 52 to 68 metres depth. The hole also intersected mineralized zones between 136 and 154 metres depth, and 182 to 215 meters depth. Hole S13-158 intersected 28 metres grading 0.23% copper, 0.13 g/t gold, 8.42 g/t silver, and 0.025% molybdenum (0.49% copper equivalent) from 12 to 40 metres depth, followed by 78 metres grading 0.21% copper, 0.13 g/t gold, 4.42 g/t silver and 0.012% molybdenum (0.39% copper equivalent) from 120 to 198 metres depth.
Summary of select drill intercepts � West Seel Holes S13-156 and 158
|
Drill Hole |
From (m) |
To (m) |
Width
(m)* |
Cu % |
Au g/t |
Ag g/t |
Mo % |
Cu Eq.%** |
|
S13-156 |
52.0 |
92.0 |
40.0 |
0.28 |
0.64 |
8.98 |
0.012 |
0.85 |
|
including |
52.0 |
68.0 |
16.0 |
0.50 |
1.08 |
16.10 |
0.009 |
1.43 |
|
S13-156 |
136.0 |
154.0 |
18.0 |
0.21 |
0.19 |
2.81 |
0.007 |
0.40 |
|
S13-156 |
182.0 |
215.0 |
33.0 |
0.20 |
0.07 |
3.79 |
0.008 |
0.31 |
|
S13-158 |
12.0 |
40.0 |
28.0 |
0.23 |
0.13 |
8.42 |
0.025 |
0.49 |
|
S13-158 |
120.0 |
198.0 |
78.0 |
0.21 |
0.13 |
4.42 |
0.012 |
0.39 |
|
S13-158 |
216.0 |
250.0 |
34.0 |
0.18 |
0.05 |
3.89 |
0.013 |
0.30 |
*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).
Drilling Update
Two drills are currently active on the Ootsa property with one drilling at the East Seel zone and the second testing a geophysical anomaly located between the Ox deposit and the Huckleberry Mine. Assay results for the first 13 holes drilled at Seel have been received (holes S13-147 to 159). An additional 20 holes have been completed at Seel (S13-160 to 179) and are in the lab getting assayed.
Additional information is available on our website at www.goldreachresources.com.
Stock Options
The Company announces that further to its stock option plan, it is granting options to buy an aggregate of 279,573 shares to directors, officers, employees and consultants of the Company. The options are exercisable at $1.30 per share for a term of five years from the date of grant.
About Gold Reach Resources
The Ootsa property is an advanced stage exploration project containing the Seel and Ox porphyry systems both with compliant resource estimates open for expansion. The Company has completed over 105,000 metres of core drilling on the property to date, with over 25,000 meters completed during 2013. Two drills are currently working on the project which is being advanced towards preliminary economics. An updated resource for the Ox deposit is expected in the fourth quarter of 2013 and an updated resource on the Seel deposit is expected in the first quarter of 2014.
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
For Further information, please contact:
Telephone: 604-718-5454
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
http://goldreachresources.com
Or
B&D Capital Partners
Don Mosher
Telephone: 604-685-6465
Don@bdcapital.com
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. |