VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2013) - Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S13-147 to 149 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.
- High Grade Intercepts
- Hole S13-147 intersected 110m of 0.61% copper equivalent from 32 to 142m depth, including 74m grading 0.73% copper equivalent.
- Hole S13-148 intersected 146.3m of 0.94% copper equivalent from 31.7 to 178m depth, including 44.3m grading 1.76% copper equivalent.
- Hole S13-149 intersected 54.4m of 0.60% copper equivalent from 37.0 to 92m depth.
- Hole S13-148 contains the highest grade intercept ever encountered at East Seel
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 drilling at the West Seel deposit.
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_15.png
and East Seel cross section 16 showing holes S13-147 to 149 is available here: http://goldreachresources.com/_resources/E_Seel_section_16.png.
Holes S13-147, 148, and 149 are part of a fan of holes on East Seel section 16 designed to define the edges of the mineralized zone and bring the drill density to a sufficient level to upgrade the mineralization into the measured and indicated resource categories.
Hole S13-147 was drilled at a dip of -60 degrees toward the northwest to a total depth of 249.9 metres. The hole intersected 110 metres grading 0.33% copper and 0.38 g/t gold (0.61% copper equivalent) from 32 to 142 metres depth, including 74 metres grading 0.40% copper and 0.45 g/t gold (0.73% copper equivalent) from 32 to 106 metres depth. Mineralization starts at bedrock below 28 metres of glacial gravels, and the best grades occur in the upper part of the hole.
Hole S13-148 was a vertical hole drilled to a total depth of 277.1 metres. The hole intersected 146.3 metres grading 0.51% copper and 0.59 g/t gold (0.94% copper equivalent) from 31.7 to 178 metres depth, including 44.3 metres grading 0.94% copper and 1.12 g/t gold (1.76% copper equivalent) from 31 to 76 metres depth. From 256 metres to the end of the hole at 277.1 metres the hole intersected 21.1 metres grading 0.30% copper and 0.31 g/t gold (0.55% copper equivalent) and the hole ended in mineralization with the last 2 metres grading 0.21% copper and 0.30 g/t gold. The high grade mineralization in hole S13-148 is associated with potassic alteration in a coarse crowded feldspar porphyry containing quartz-magnetite veining with vein hosted and disseminated chalcopyrite and bornite.
|Summary of select drill intercepts - East Seel Holes S13-147 to 149
|* 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).
Hole S13-149 was drilled at a dip of -45 degrees toward the northwest to a total depth of 207.3 metres. The hole intersected 54.4 metres grading 0.33% copper and 0.37 g/t gold (0.60% copper equivalent) from 37.6 to 92 metres depth. The hole penetrated the northwest edge of mineralization and helps define the boundary on this side.
Dr. Shane Ebert, President of Gold Reach, commented: "Hole S13-148 highlights the excellent potential for the East Seel zone to contain very high copper and gold grades close to surface in a zone with a favorable geometry for open pit mining. This is the best intersection we have ever had at the East Seel zone and it is an excellent way to start off our infill drilling program. Our recent infill drilling program at Ox was very successful in adding higher grade material to the deposit and we are optimistic that we can repeat that success again at East Seel. Additional drilling will be conducted around the high grade zone in hole S13-148 to see if it can be extended and a trend identified. "
Two drills are currently active on the Seel deposit with one drilling at the East Seel zone and the second drilling at the West Seel zone. Assay results for the first 3 holes drilled at Seel have been received (holes S13-147 to 149). An additional 23 holes have been completed at Seel (S13-150 to 172) 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.
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.