Gold Reach Further Expands the West Seel Deposit; Initiates Resource Updates for Seel and Ox
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/13 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S12-142 to S12-146 at the company's 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia, have been received. Please see our website at http://goldreachresources.com.
HIGHLIGHTS
-- Expanded Size Potential - On section 6NE the mineralized zone is up to
800 metres wide and open and extends over 600 metres vertically and
remains open at depth.
-- Long Mineralized Intercept - Hole S12-142 intersected 643.7 metres of
0.33% copper equivalent including 196 metres of 0.48% copper equivalent.
-- Precious Metal Vein Intersected - Hole S12-142 intersected 2 metres of
13 g/t gold and 13 g/t silver.
-- Resource Updates Have Started - Resource estimate updates have been
initiated for both the Seel-West Seel and Ox deposits.
Final drill hole results from the 2012 drilling program at West Seel have been received and are summarized in the table below. The final 5 holes are all from the southwest end of the West Seel zone and confirm widespread mineralization on section 6NE and also extend mineralization 100 metres to the southwest where it remains open.
A drill hole location map for West Seel is available here: http://goo.gl/Ow8O9
Summary of select drill intercepts - Holes S12-142 to 146
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Width Au Ag Cu Eq.
Drill Hole From (m) To (m) (m)(i) Cu% g/t Mo% g/t %(ii)
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S12-142 356.0 999.7 EOH 643.7 0.16 0.11 0.018 1.52 0.33
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including 680.0 876.0 196.0 0.20 0.25 0.023 1.54 0.48
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including 744.0 746.0 2.0 0.37 13.0 0.019 13.00 9.60
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S12-143 198.0 984.0 786.0 0.20 0.07 0.016 2.18 0.33
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including 234.0 284.0 50.0 0.29 0.11 0.021 5.84 0.50
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including 262.0 446.0 84.0 0.26 0.12 0.026 3.19 0.48
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S12-144 248.0 304.0 56.0 0.22 0.13 0.006 3.45 0.37
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S12-144 420.0 816.9 396.9 0.18 0.10 0.012 1.55 0.31
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including 438.0 510.0 72.0 0.20 0.16 0.018 3.03 0.41
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S12-145 348.0 720.0 372.0 0.16 0.06 0.015 2.97 0.29
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including 586.0 660.0 74.0 0.22 0.09 0.034 4.84 0.46
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S12-146 254.0 308.0 54.0 0.23 0.07 0.042 5.62 0.50
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S12-146 578.0 592.0 14.0 0.13 0.44 0.003 1.0 0.46
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S12-146 616.0 738.0 122.0 0.14 0.04 0.008 1.39 0.21
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(i) Width refers to drill hole intercepts, true widths have not been
determined.
(ii) Cu Eq. (copper equivalent) has been used to express the combined value
of gold, copper, silver, and molybdenum 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. High values
have not been capped. Calculations use metal prices of US $2.50/lb copper,
$1200/oz gold, $15/oz silver, and $10/lb molybdenum using the formula CuEq.%
= Cu% + (Au g/t x 0.701) + (Mo% x 4.01) + (Ag g/t x 0.0087).
Cross Section 6NE showing holes S12-142, 143 and 145 is available here: http://goo.gl/MVBu7
On section 6NE mineralization starts about 200 metres below surface, and similar to section 7NE, is closely associated with a large sub surface intrusive body containing strong potassic alteration. The mineralized zone extends up to 600 metres vertically (locally open at depth) and is over 800 metres wide and remains open. The subsurface distribution of the large intrusive body associated with mineralization remains poorly defined to the south, where West Seel contains significant potential for further resource expansion. Hole S12-146, drilled 100 metres southwest of section 6NE encountered several zones of mineralization including 54 metres grading 0.50% copper equivalent from 254 to 308 metres depth.
Dr. Shane Ebert, President of the company stated, "The 2012 drill program at West Seel has had tremendous success in expanding the known area of mineralization which still remains open in the southern part of the deposit and to depth. With widths in excess of 800 metres and vertical depths exceeding 600 metres the West Seel deposit has potential to host a very large mineral resource. The Seel and West Seel zones occur within a single large continuous zone of alteration will be modelled as one large deposit. The next milestone for the company will be to complete resource updates for the Seel and Ox deposits then work on aggressive plans to continue to advance the project in 2013."
Updated resource estimates for the Seel-West Seel and Ox deposits are underway. All of our recent news releases can be viewed on the Company's website at http://goldreachresources.com/news/2013/.
Drilling Results Pending
Drilling is complete and all drill results for the West Seel and Ox deposits have been received and reported. Results for 3 holes (OxE12-1 to 3) drilled into a large geophysical anomaly located 4.5 kilometres northeast of the West Seel discovery will be reported shortly.
Vancouver Resource Investment Conference and Roundup
Gold Reach will have a booth at the Vancouver Resource Investment Conference at the Vancouver Convention Centre, on January 20 and 21st. The Company would like to invite shareholders and all interested parties to stop by our Booth number 1639, meet management, and discuss our Ootsa project and plans for the future. Dr. Ebert will give a presentation on the Ootsa project on Monday January 21, from 2:50 to 3:00pm in Workshop # 3.
Gold Reach is also pleased to announce it will display core from the Seel deposit at the 2013 Mineral Exploration Roundup Core Shack, on Thursday January 31st between 10am and 5pm, at the Westin Bayshore, Vancouver.
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 S12-118 encountered 128 metres grading 1.01% Cu Eq. consisting of 0.43% Cu, 0.33 g/t Au, 0.076% Mo and 4.76 g/t Ag within a much larger interval of 537 metres grading 0.65% Cu Eq. consisting of 0.27% Cu, 0.19 g/t Au, 0.055% Mo, and 2.69 g/t Ag.
The Company is well financed with over $2.26 million dollars in the treasury and holds a 2% NSR covering 23,000 hectares of mining claims located adjacent to the Blackwater Gold deposit in central British Columbia.
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 SGS Mineral Services 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 34 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, 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 Toll Free: 888-500-4587
Gold Reach Resources Ltd.
Shane Ebert
President/Director
Direct Line: 250 964-2699
http://goldreachresources.com
B&D Capital Partners
Don Mosher
604-685-6465
Don@bdcapital.com
Envoy Strategic Partners
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com