Gold Reach to drill Ox Lake to Increase Reserves
January 16, 2007
Vancouver, British Columbia: Gold Reach Resources Ltd. (GRH: TSX-V) ("Gold Reach" or the "Company") announces that further to the news announcement of January 15, 2007, the Company intends to bring the Ox lake property to NI 43-101 reporting requirements.
The Ox Lake deposit was drilled in 1968 and 1969, and various government publications have reported a historical (non-NI 43-101 compliant) “inferred reserve of 23.6 million tons of 0.35 %Cu equivalent" (G.Richards, 1976). A more recent estimate is contained in the BC MINFILE report for Ox Lake as follows:
“Geological reserves are 17,234,900 tonnes grading 0.33 per cent copper and 0.035 per cent molybdenum (VSE Offering of Rights July 17, 1985 - Consolidated Silver Standard Mining Ltd.).”
As well as the main mineralized copper-molybdenum zone hosted by hornfels and breccia adjacent to a porphyritic granodiorite stock (similar to that of the Huckleberry deposit), there are older feldspar porphyry dykes and sills that are important hosts of molybdenum mineralization. An IP survey, conducted in 1977, has indicated several as yet untested anomalies. The company cautions that the estimate, though relevant, is historical in nature, not NI 43-101 compliant and should not be relied upon.
The project is under the direction of Barbara Welsh, P.Eng, a qualified person, as defined by National Instrument 43-101.
Gold Reach Resources is a Canadian exploration company actively involved in the development of the Seel property a 17,149.5 hectare copper-gold-molybdenum property located 120 Km south of Houston, BC and eight kilometres to the east of the producing copper gold molybdenum Huckleberry Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
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