Gold Reach Expands the West Seel Deposit to Over 800 Metres Wide and Significantly Increases the Size Potential of the Zone
Gold Reach Resources Ltd. GRV
1/10/2013 8:00:14 AM

 

Gold Reach Expands the West Seel Deposit to Over 800 Metres Wide and Significantly Increases the Size Potential of the Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2013) - Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S12-137 to S12-141 at the Company's 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia, have been received.

HIGHLIGHTS

  • Expanded Size Potential - On section 7NE the mineralized zone is 800 metres wide and open and extends over 600 metres vertically with a core of higher grade mineralization at least 400 metres wide by 400 metres vertically.
    • Long Mineralized Intercept - Hole S12-137 intersected 643.9 metres of 0.33% copper equivalent including 50 metres of 0.54% copper equivalent.
      • Another Precious Metal Vein Intersected - Hole S12-137 intersected 2 metres of 4.5 g/t gold and 13.5 g/t silver.
        • Results of final 5 West Seel Holes Pending - Results from holes S12-142 to 146 from the West Seel zone are expected shortly.

        Holes S12-137 and S12-141 tested the east and west sides of Cross Section 7NE through the West Seel zone. Results are shown in the table below and illustrated in the cross section available in the Map Gallery on our website or through the link below.

        A drill hole location map for West Seel is available here: http://goo.gl/R4bSy

        Summary of select drill intercepts - Holes S12-137 to 141

        Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Mo% Ag g/t Cu Eq.%**
        S12-137 304.0 947.9 EOH 643.9 0.19 0.11 0.011 1.64 0.33
        including 444.0 494.0 50.0 0.29 0.18 0.025 2.72 0.54
        including 304.0 306.0 2.0 0.64 4.51 0.027 13.5 4.02
        S12-138 84.0 114.0 30.0 0.14 0.10 0.010 - 0.25
        S12-138 276.0 286.0 10.0 0.16 0.10 0.016 - 0.30
        S12-139 188.0 244.0 56.0 0.20 0.23 0.015 - 0.43
        S12-140 368.0 452.0 84.0 0.15 0.05 0.017 2.21 0.27
        S12-140 524.0 572.0 48.0 0.18 0.08 0.013 3.46 0.31
        S12-140 594.0 622.0 28.0 0.17 0.05 0.011 3.29 0.28
        S12-140 676.0 728.0 52.0 0.17 0.07 0.019 2.27 0.31
        S12-141 420.0 778.0 358.0 0.19 0.10 0.017 2.72 0.35
        including 524.0 594.0 70.0 0.33 0.14 0.023 4.46 0.53
        S12-141 810.0 854.0 44.0 0.18 0.14 0.018 2.29 0.37

        *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 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 7NE showing holes S12-137 and 141 is available here: http://goo.gl/qtncp

        On section 7NE mineralization starts about 200 metres below surface and 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 to the southeast and northwest. Lower grade mineralization was encountered in holes S12-141 and S12-137 on the west and east edges respectively, and strong grades have been encountered near the center of the zone over an areas at least 400 metres by 400 metres including 537 metres grading 0.65% copper equivalent in hole S12-118 and 375.3 metres grading 0.64% copper equivalent in hole S12-125 (previously released see GRV October 10 and November 15, 2012 news releases).

        Dr. Shane Ebert, President of the Company, stated, "Section 7NE demonstrates the West Seel deposit contains a very large and robust mineralized system that still has good potential for expansion beyond the limits of the 2012 drill program. West Seel is a blind deposit covered by a thin layer of glacial gravels and its discovery can be attributed largely to induced polarization geophysics and drilling. One of the priorities for Gold Reach in 2013 will be to fully explore the large induced polarization anomaly surrounding the West Seel deposit."

        Holes S12-138 and 139 tested the "connector zone" between West Seel and the Seel Cu-Au zone. Both holes intersected narrow zones of low grade mineralization with hole S12-139 intersecting 56 metres grading 0.20% copper, 0.23 g/t gold, and 0.015% molybdenum (0.43 % copper equivalent). These holes will help fill in mineralization between Seel and West Seel.

        Updated resource estimates for the Seel-West Seel and Ox deposits will be started in January once all the assay data for the 2012 drilling program has been received. 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 holes have been sent to the lab for assay. At West Seel assay results have been received and released for holes S12-101 to 141, results for holes S12-142 to 146 are still pending. In addition, 3 holes drilled into a large geophysical anomaly located 4.5 kilometres northeast of the West Seel discovery (OxE12-1 to 3) are still pending.

        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 21. The Company would like to invite shareholders and all interested parties to stop by our Booth number 1369, 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 31 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 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.

        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.

        Contact Information:
        Gold Reach Resources Ltd.
        Shane Ebert
        President/Director
        604-718-5454 or Direct: 250 964-2699
        Toll Free: 888-500-4587
        www.goldreachresources.com


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