Gold Reach Completes Initial Drill Test at the Ox Deposit Located 4 Kilometres Northeast of the Newly Discovered West Seel Deposit on the Ootsa Property, British Columbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/17/12 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that an initial 10 hole 3310.2 metre drill test of the Ox porphyry has been completed. The Ox deposit has a NI 43-101 compliant inferred mineral resource containing 16.1 million tonnes grading 0.3% copper and 0.04% molybdenum (previously released see Gold Reach news release dated February 5, 2008). This resource is based on 36 widely spaced drilled holes that generally only tested the upper 150 to 200 metres of the system. Two drills continue to expand the West Seel deposit.
Dr. Shane Ebert President of the company commented, "The initial drill test at Ox was designed to better understand the boundaries and controls on mineralization and determine the expansion potential at depth. The Ox deposit has potential to host a very significant near surface copper-molybdenum resource which, when combined with the expanding resources at Seel/West Seel, could make a substantial addition to the total resource base on the Ootsa property."
The initial Ox drilling was completed on 4 sections through the Ox deposit with multiple holes per section. This drilling will help to define the east and west boundaries of mineralization and test for mineralization to depths of up to 400 metres below surface. Assay results from the first drill holes at Ox are expected shortly.
Drilling Update
There are currently two drills operating on the West Seel zone. At West Seel holes S12-101 to S12-125 have been completed and the drills are currently working on holes S12-126 and 127. At the Ox porphyry holes Ox12-27 to 36 have been completed. A total of 24,398 metres of drilling have been completed during the 2012 program to date.
Holes S12-112 to 125 and Ox12-27 to 36 have been sampled and are in the lab getting assayed. Further assay results will be released as they are received.
About Gold Reach Resources
Gold Reach Resources Ltd. has made an important new and strategic Copper Gold Molybdenum discovery on its 100% held Ootsa Property located adjacent to the 16,000 tonne per day Huckleberry Mine currently producing Cu Au and Mo in central BC.
Gold Reach's Ootsa property is an advanced stage exploration project containing the Seel and Ox porphyry systems both with compliant resource estimates (details below) wide open for expansion. The Company has recently added the discovery of the West Seal Porphyry where Drill Hole S12-101 encountered 194 metres of higher-grade mineralization grading 0.71% Cu Eq. consisting of 0.22% Cu, 0.47 g/t Au, 0.04% Mo and 1.85 g/t Ag within a much larger 817 metre interval grading 0.45% Cu Eq. consisting of 0.20% Cu, 0.21 g/t Au, 0.026% Mo and 2.24 g/t Ag from 262 metres to the end of the hole at 1,079 metres. The Seel porphyry contains a NI 43-101 compliant resource containing 214.78 million tonnes grading 0.33% Cu Eq. consisting of 0.17% Cu, 0.13 g/t Au, 0.017% Mo, and 2.17 g/t Ag in the inferred category plus an additional 28.13 million tonnes grading 0.40% Cu Eq. consisting of 0.22% Cu and 0.21 g/t Au in the indicated category. The Ox porphyry, located 4 km northeast of Seel, contains a NI43-101 compliant resource containing 16 million tonnes grading 0.3% Cu and 0.04% Mo in the inferred category.
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, President/Director
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.
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.
Contacts:
Gold Reach Resources Ltd.
604-718-5454 or S. Ebert direct line: 250-964-2699
Toll Free: 888-500-4587
Envoy Strategic Partners
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com
www.envoystrategicpartners.com