Gold Reach Resources Ltd.
TSX VENTURE : GRV

Gold Reach Resources Ltd.

December 19, 2013 08:00 ET

Gold Reach Drills 118 Metres of 0.65% Copper Equivalent at East Seel and 355 Metres of 0.48% Copper Equivalent at West Seel

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2013) - Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S13-165 to 169 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 S13-166 intersected 118m of 0.65% copper equivalent from 61 to 179m depth, including 46m grading 0.78% copper equivalent.
  • West Seel Deposit - Near Surface High Grade Expanded
    • Hole S13-169 intersected 26m of 1.50% copper equivalent from 18 to 44 metres depth. This extends the near surface high-grade zone identified in Section 9NE 50 metres to the southwest.
  • West Seel Deposit - Long Mineralized Intercepts
    • Hole S13-167 intersected 355m of 0.48% copper equivalent from 55 to 410m depth, and the hole ended in mineralization.
    • Hole S13-169 intersected 446m of 0.40% copper equivalent.

The goal of the 2013 drilling program is to infill and expand known zones of higher-grade near-surface mineralization at Ox, East Seel, and West Seel. The 2013 drill program, which is now complete, has been very successful at identifying and expanding near surface mineralization. Results for 30 additional drill holes from the 2013 program are still pending.

East Seel Drill Results

An updated drill hole location map for the Seel deposit is available here http://goldreachresources.com/_resources/seel/images/20131205/seel_location_map.jpg and East Seel cross section 16 showing hole S13-166 is available here http://goldreachresources.com/_resources/seel/images/20131205/seel_section_16.jpg.

Hole S13-166 was drilled across East Seel section 16 from the southeast toward the northwest. The hole intersected 118 metres grading 0.33% copper and 0.42 g/t gold (0.65% copper equivalent) from 61 to 179 metres depth, including 46 metres grading 0.40% copper and 0.51 g/t gold (0.78% copper equivalent). Hole S13-166 also intersected an additional 47.4 metres grading 0.20% copper and 0.25 g/t gold (0.40% copper equivalent) from 231 to 278.4 metres depth followed by another 42 metres grading 0.21% copper and 0.21 g/t gold (0.38% copper equivalent) from 291 to 333 metres depth.

Infill and definition drilling on East Seel Section 16 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 16 showing the distribution of copper equivalent grades is available here http://goldreachresources.com/_resources/seel/images/20131205/seel_copper_equivalent_grades.jpg. The mineralized zone on the section is located near surface, below 12 to 50 metres of gravel cover, and is up to 275 metres wide and over 300 metres deep. The section shows a core of material greater than 0.75% copper equivalent that is 150 metres wide by 125 metres deep and starts at the base of gravel cover.

Hole S13-168 was drilled oblique to East Seel section 16 toward the northeast and was designed to help constrain the northeast boundary to the mineralized zone. The hole encountered significant clay alteration associated with the sub parallel East Fault which appears to be grade destructive. Hole S13-168 intersected 62 metres grading 0.21% copper and 0.12 g/t gold (0.33% copper equivalent) from 122 to 184 metres depth followed by another 26 metres grading 0.19% copper and 0.26 g/t gold (0.39% copper equivalent) for 212 to 238 metres depth.

Summary of select drill intercepts - East Seel Holes S13-166, 168
Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Ag g/t Mo % Cu Eq.%**
S13-166 61.0 179.0 118.0 0.33 0.42 2.40 - 0.65
including 61.0 107.0 46.0 0.40 0.51 2.74 - 0.78
S13-166 231.0 278.4 47.4 0.20 0.25 2.19 0.002 0.40
S13-166 291.0 333.0 42.0 0.21 0.21 1.54 0.002 0.38
S13-168 122.0 184.0 62.0 0.21 0.12 0.99 0.006 0.33
S13-168 212.0 238.0 26.0 0.19 0.26 2.01 - 0.39
*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).

West Seel Drill Results

Holes S13-165, 167, and 169 are located at the West Seel deposit. Hole S13-167 and 169 are shown on West Seel Section 8.5 NE available here http://goldreachresources.com/_resources/seel/images/20131205/seel_section_8.5.jpg.

Hole S13-165 was drilled between sections 9 and 10NE on the edge of the mineralized zone. The hole intersected anomalous mineralization as summarized in the table below. Holes S13-167 intersected 355 metres grading 0.22% copper, 0.19 g/t gold, 4.47 g/t silver, and 0.021% molybdenum (0.48% copper equivalent) from 55 metres to the end of the hole at 410 metres depth. Included in this interval is 148 metres grading 0.22% copper, 0.30 g/t gold, 4.93 g/t silver, and 0.013% molybdenum (0.53% copper equivalent) and 16 metres grading 0.26% copper, 1.16 g/t gold, 6.48 g/t silver, and 0.013% molybdenum (1.18% copper equivalent).

Hole S13-169 intersected a near surface higher grade zone containing 26 metres grading 0.92% copper, 0.42 g/t gold, 28.19 g/t silver, and 0.009% molybdenum (1.5% copper equivalent) from 18 to 44 metres depth. This extends the near surface high-grade zone identified in Section 9NE 50 metres to the southwest.

Summary of select drill intercepts - West Seel Holes S13-165, 167, 169
Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Ag g/t Mo % Cu Eq.%**
S13-165 51.0 65.0 14.0 0.22 0.04 1.41 0.014 0.32
S13-165 91.0 107.0 16.0 0.16 0.05 1.54 0.012 0.26
S13-167 55.0 410 EOH 355.0 0.22 0.19 4.47 0.021 0.48
including 55.0 203.0 148.0 0.22 0.30 4.93 0.013 0.53
including 119.0 135.0 16.0 0.26 1.16 6.48 0.013 1.18
S13-169 18.0 44.0 26.0 0.92 0.42 28.19 0.009 1.50
S13-169 58.0 504 EOH 446.0 0.20 0.13 4.59 0.017 0.40
including 233.0 359.0 126.0 0.26 0.18 4.89 0.027 0.54
*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).

Drilling Update

The 2013 drill program is now complete. Assay results for the first 23 holes drilled at Seel have been received (holes S13-147 to 169) and released. An additional 30 holes have been completed at Seel (S13-170 to 199) and are in the lab getting assayed.

Additional information is available on our website at www.goldreachresources.com.

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 134,878 metres of core drilling on the property, with 36,135 meters completed during 2013. An updated resource for the Ox deposit is expected shortly 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, 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.

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