VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2014) - Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S13-178 to 182 from the East Seel deposit 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.
- East Seel Deposit - High Grade Intercepts Continue
- Hole S13-178 intersected 143.5m of 0.87% copper equivalent from 26.5 to 170m depth, including 83.5m grading 1.0% copper equivalent.
- Hole S13-182 intersected 85.8m of 0.61% copper equivalent from 39.2 to 125m depth.
- The East Seel high grade zone remains open to the south.
The goal of the 2013 drilling program, which is now complete, was to infill and expand known zones of higher-grade near-surface mineralization at Ox, East Seel, and West Seel and the program has been very successful at achieving that goal. Results for 17 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/images/seel/seel_location_map_20140114.jpg
and East Seel cross section 14 showing holes S13-179, 180, and 182 is available here
Hole S13-178 was a vertical hole drilled between sections 15 and 16. The hole intersected 143.5 metres grading 0.46% copper and 0.55 g/t gold (0.87% copper equivalent) from 26.5 to 170 metres depth, including 83.5 metres grading 0.53% copper and 0.64 g/t gold (1.0% copper equivalent).
Holes S13-179, 180, and 182 are shown on East Seel Section 14. Hole S13-179 intersected 156 metres grading 0.20% copper and 0.22 g/t gold (0.36% copper equivalent) from 74 to 230 metres depth. Hole S13-180 intersected 22 metres grading 0.20% copper and 0.20 g/t gold (0.35% copper equivalent) from 272 to 294 metres depth. Hole S13-182 intersected 145.8 metres grading 0.27% copper and 0.30 g/t gold (0.49% copper equivalent) from 39.2 to 185 metres depth, including 85.8 metres grading 0.32% copper and 0.39 g/t gold (0.61% copper equivalent). Hole S13-182 expands the known zone of high grade mineralization at East Seel another 25 metres to the south, and the zone remains open in that direction.
Hole S13-181 was a vertical hole drilled between sections 14 and 15. The hole intersected 97.7 metres grading 0.26% copper and 0.27 g/t gold (0.46% copper equivalent) from 26.3 to 124 metres depth, including 28 metres grading 0.32% copper and 0.33 g/t gold (0.56% copper equivalent).
|Summary of select drill intercepts - East Seel Holes S13-178 to 182
|* 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).
Dr. Shane Ebert, President of the company, stated, "The 2013 drilling program at East Seel has been very successful in defining the extents of the East Seel deposit which is bounded to the northeast by the North Fault and to the east south-east by the East Fault. The boundary on the northwest side is gradational and drilling is still extending the zone to the southwest towards the West Seel deposit. Infill drilling is demonstrating very good continuity of high grade mineralization within the deposit. With each drill hole into the zone we increase our understanding of the bounding faults and as this knowledge grows so does our chances of finding the fault offset portions of the deposit. Our work to date indicates there is still a lot of exploration potential in and around the East and West Seel deposits, and additional drilling will be required to fully understand the extent of the large mineralized system."
The 2013 drill program is now complete. Assay results for the first 36 holes drilled at Seel have been received (holes S13-147 to 182) and released. An additional 17 holes have been completed at Seel (S13-183 to 199) and will be released shortly.
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 Seel deposit is expected in the first quarter of 2014.
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 managements beliefs, estimates obligations or other factors should change.