Gold Reach Resources Ltd.
TSX VENTURE : GRV

Gold Reach Resources Ltd.

October 21, 2013 08:00 ET

Gold Reach Intersects 20 Metres of 1.26% Copper Equivalent Within a Larger Interval of 83.8 Metres of 0.80% Copper Equivalent at East Seel

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2013) - Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S13-150 to 154 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 S13-151 intersected 160.1m of 0.61% copper equivalent from 32.9 to 193m depth, including 83.8m grading 0.80% copper equivalent, and 20m of 1.26% copper equivalent.

    • Hole S13-152 intersected 44.3m of 0.86% copper equivalent from 60 to 104.3m depth, including 8.3m grading 1.32% copper equivalent.

    • Hole S13-153 intersected 124m of 0.64% copper equivalent from 64 to 188m depth, including 16m grading 1.37% copper equivalent.

  • West Seel Deposit - Numerous High Grade Intercepts Encountered

    • Hole S13-150 intersected 26m of 0.85% copper equivalent including 12m of 1.19% copper equivalent, and 42m of 0.65% copper equivalent.

    • Hole S13-154 intersected 14m of 1.1% copper equivalent and 296m of 0.49% copper equivalent including 22m of 1.33% copper equivalent.

    • Hole S13-150 and 154 both intersect zones with strong gold-silver mineralization, including 12m of 0.81 g/t gold and 12.02 g/t silver in hole S13-150 and 22m grading 1.19 g/t gold and 9.94 g/t silver in holes S13-154.

The 2013 drilling program is focusing on infilling and expanding known zones of higher-grade near-surface mineralization at Ox, East Seel, and West Seel. Two drills are currently active on the project with one drilling at the East Seel deposit and the second testing geophysical targets.

East Seel Drill Results

An updated drill hole location map for the Seel deposit is available here :

http://goldreachresources.com/_resources/Seel-drill-hole-location-map-Oct-2013.jpg

And East Seel cross sections 15 and 16 showing holes S13-151, 152, and 153 are available here:

http://goldreachresources.com/_resources/E-Seel-section-16.jpg

http://goldreachresources.com/_resources/E-Seel-section-15.jpg.

Holes S13-151 and 152 are part of a fan of holes on East Seel Section 16. Both holes were drilled toward the southeast and both intersected the East Fault which bounds the deposit on the southeast side. Hole S13-151 intersected 160.1 metres grading 0.33% copper and 0.38 g/t gold (0.61% copper equivalent) from 32.9 to 193 metres depth, including 83.8 metres grading 0.42% copper and 0.51 g/t gold (0.80% copper equivalent) and 20 metres grading 0.64% copper and 0.84 g/t gold (1.26% copper equivalent). Hole S13-152 intersected 44.3 metres grading 0.46% copper and 0.54 g/t gold (0.86% copper equivalent) from 60 to 104.3 metres depth, including 8.3 metres grading 0.68% copper and 0.87 g/t gold (1.32% copper equivalent) from 96 to 104.3 metres depth. Hole S13-152 intersected a further 21.8 metres grading 0.28% copper and 0.29 g/t gold (0.50% copper equivalent) from 120 to 141 metres depth.

Summary of select drill intercepts - East Seel Holes S13-151 to 153

Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Ag g/t Mo % Cu Eq.%**
S13-151 32.9 193.0 160.1 0.33 0.38 2.01 - 0.61
including 67.2 151.0 83.8 0.42 0.51 2.53 - 0.80
including 113.0 133.0 20.0 0.64 0.84 3.65 - 1.26
S13-152 60.0 104.3 44.3 0.46 0.54 2.50 - 0.86
including 96.0 104.3 8.3 0.68 0.87 3.62 - 1.32
S13-152 120.0 141.0 21.8 0.28 0.29 1.88 - 0.50
S13-153 64.0 188.0 124.0 0.37 0.37 1.63 - 0.64
including 68.0 84.0 16.0 0.81 0.76 3.63 - 1.37
*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 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).

Hole S13-153 is shown on East Seel Section 15 and was drilled toward the northwest to a total depth of 265.2 metres. The hole intersected 124 metres grading 0.37% copper and 0.37 g/t gold (0.64% copper equivalent) from 64 to 188 metres depth, including 16 metres grading 0.81% copper and 0.76 g/t gold (1.37% copper equivalent) from 68 to 84 metres depth. Hole S13-153 is located 55 metres southwest of high grade hole S13-148 which returned 44.3 metres of 1.76% copper equivalent, and demonstrates high grade mineralization continues in this direction.

West Seel Drill Results

Holes S13-150 and 154 are located in the West Seel deposit and are shown on West Seel Section 9NE, available here http://goldreachresources.com/_resources/W-Seel-Section-9NE.jpg.

Hole S13-150 intersected 20 metres grading 0.25% copper, 0.13 g/t gold, and 0.016% molybdenum (0.45% copper equivalent) from 49 to 69 metres depth, followed by 26 metres grading 0.31% copper, 0.54 g/t gold, and 0.022% molybdenum (0.85% copper equivalent) from 81 to 107 metres depth including 12 metres grading 0.45% copper, 0.81 g/t gold, 12.02 g/t silver, and 0.016% molybdenum (1.19% copper equivalent). From 135 to 273 metres depth hole S13-150 intersected 138 metres grading 0.26% copper, 0.13 g/t gold, and 0.024% molybdenum (0.50% copper equivalent) including 42 metres grading 0.37% copper, 0.14g/t gold, and 0.028% molybdenum (0.65% copper equivalent).

Hole S13-154 was collared 50 metres back from hole S13-150 and intersected a near surface zone of high grade mineralization returning 14 metres grading 0.41% copper, 0.09 g/t gold, 12.86 g/t silver, and 0.129% molybdenum (1.1% copper equivalent). This interval contains exceptionally high molybdenum grades along with strong silver and copper. Hole S13-154 also intersected 296 metres grading 0.23% copper, 0.22 g/t gold, 4.44 g/t silver, and 0.016% molybdenum (0.49% copper equivalent) from 60 to 356 metres depth. Included in this interval is a zone containing 22 metres grading 0.33% copper, 1.19 g/t gold, 9.94 g/t silver and 0.021% molybdenum. This interval contain very strong gold grades within the porphyry system.

Summary of select drill intercepts - West Seel Holes S13-150 and 154

Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Ag g/t Mo % Cu Eq.%**
S13-150 49.0 69.0 20.0 0.25 0.13 5.25 0.016 0.45
S13-150 81.0 107.0 26.0 0.31 0.54 8.72 0.022 0.85
including 93.0 105.0 12.0 0.45 0.81 12.02 0.016 1.19
S13-150 135.0 273.0 138.0 0.26 0.13 5.99 0.024 0.50
including 231.0 273.0 42.0 0.37 0.14 7.84 0.028 0.65
S13-154 18.0 32.0 14.0 0.41 0.09 12.86 0.129 1.10
S13-154 60.0 356.0 296.0 0.23 0.22 4.44 0.016 0.49
including 60.0 82.0 22.0 0.33 1.19 9.94 0.021 1.33
including 218.0 340.0 122.0 0.30 0.17 4.70 0.016 0.52
*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 Gold Reach, commented: "Results from East Seel continue to return very significant high grade intersections that have been encountered in multiple holes on sections located 50 metres apart. The high grade zone remains open to the northeast and southwest and is currently being delineated through closely spaced drilling. The Company is also very pleased to see that initial infill drilling on the large West Seel deposit has identified some very strong near-surface mineralization, with localized zones returning high gold, silver, and molybdenum grades."

Drilling Update

Two drills are currently active on the Ootsa property with one drilling at the East Seel zone and the second testing a geophysical anomaly located between the Ox deposit and the Huckleberry Mine. Assay results for the first 8 holes drilled at Seel have been received (holes S13-147 to 154). An additional 23 holes have been completed at Seel (S13-155 to 177) 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 over 105,000 metres of core drilling on the property to date, with over 25,000 meters completed during 2013. Two drills are currently working on the project which is being advanced towards preliminary economics. An updated resource for the Ox deposit is expected in the fourth quarter of 2013 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 managements beliefs, estimates obligations or other factors should change.

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