Gold Reach Continues to Intersect Strong Mineralization at Ox Including 46 Metres of 0.70% Copper Equivalent and 42 Metres of 0.73% Copper Equivalent
July 8, 2013
July 8, 2013: Vancouver, British Columbia: Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes Ox13-54 to 58 from the Ox deposit have been received. The Ox deposit is located 4 kilometres north-northeast of the Company’s West Seel discovery, and both deposits occur on the Company’s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
Additional High Grade Material Encountered
- Hole Ox13-54 intersected 23m of 0.63% copper equivalent from 32 to 55m depth.
- Hole Ox13-56 intersected 46m of 0.70% copper equivalent from 26 to 72m depth.
- Hole Ox13-57 intersected 42m of 0.73% copper equivalent from 54 to 96m depth.
These intercepts along with previous 2013 drilling have defined a higher grade core to the system over a strike length of 250 meters. The higher grade core remains open to the north, and has potential to extend for over 750 metres.
- Drill Testing Under The Pond – The drill is currently stepping out under the pond testing for an extension to the Ox deposit on the east side of the Damascus Fault. Strongly altered rocks containing visible copper and molybdenum sulfides have been intersected in this area, assay results are pending.
The 2013 drilling at the Ox deposit is focusing on infilling and expanding near surface mineralization along a higher grade core that may run the length of the system. The goal of this infill and expansion drilling will be to increase resource categories, tonnage, and grade ahead of economic studies later in the year.
Ox Drill Results
An updated drill hole location map for Ox is available here http://goldreachresources.com/_resources/ox_lake/images/ox_location_map_2013.jpg and cross sections D-D’ and E-E’ showing holes Ox13-54 to 58 are available here
Summary of select drill intercepts – Holes Ox13-54 to 58
|Drill Hole||From (m)||To (m)||Width (m)*||Cu %||Mo%||Au g/t||Ag g/t||Cu Eq.%**|
*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).
Holes Ox13-54, 55 and 56 are shown on section D-D’. All 3 were short holes drilled to better define the east edge of mineralization on the section. Hole Ox13-54 intersected 55.7 metres grading 0.31% copper and 0.031% molybdenum (0.48% copper equivalent) from 4.4 to 60.1 metres depth, including 23 metres grading 0.42% copper and 0.036% molybdenum (0.63% copper equivalent) from 32 to 55 metres depth. Hole Ox13-55 intersected 62 metres grading 0.31% copper and 0.030% molybdenum (0.48% copper equivalent) from 45 to 107 metres depth, including 16 metres grading 0.40% copper and 0.031% molybdenum (0.58% copper equivalent) from 91 to 107 metres depth. Hole Ox13-56 intersected 77.9 metres grading 0.40% copper and 0.033% molybdenum (0.58% copper equivalent) from 6.1 to 84 metres depth, including 46 metres grading 0.47% copper and 0.040% molybdenum (0.70% copper equivalent) from 26 to 72 metres depth.
Holes Ox13-57 and 58 are shown on section E-E’ and were drilled toward the northeast to total depths of 115.8 and 140.2 metres respectively. Hole Ox13-57 intersected 90.4 metres grading 0.34% copper and 0.033% molybdenum (0.51% copper equivalent) from 5.6 to 96 metres depth, including 42 metres grading 0.47% copper and 0.047% molybdenum (0.73% copper equivalent) from 54 to 96 metres depth. Hole Ox13-58 intersected 100.4 metres grading 0.25% copper and 0.025% molybdenum (0.38% copper equivalent) from 25.5 to 125.9 metres depth, including 40 metres grading 0.36% copper and 0.033% molybdenum (0.53% copper equivalent) from 61 to 101 metres depth.
Dr. Shane Ebert, president of Gold Reach, commented: "The results from holes Ox13-54 to 58 are similar to those from holes Ox13-45 to 53 and demonstrate that higher grades occur in a continuous zone along the east edge of the Ox deposit. This near surface higher grade zone has been targeted by several shallow drill holes along the length of the known Ox deposit, the results for most of these holes are still pending. The drill is currently drilling holes under the pond testing for an extension to the Ox deposit on the east side of the Damascus Fault. Several holes have been completed in this area and strongly altered rocks have been encountered containing potassic, sericitic and minor clay alteration, along with variable amounts of pyrite, chalcopyrite, molybdenite, and magnetite. Assay results for these holes are expected in 3 to 4 weeks.”
Assay results for the first 14 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-58). An additional 31 holes have been completed at Ox (Ox13-59 to 80) and are in the lab getting assayed. The drill is currently working on hole Ox13-81.
The current round of drilling is focusing on infilling and expanding three areas of higher grade near-surface mineralization with open pit potential at Ox, East Seel, and West Seel. Previous drilling in all three zones has intersected significant grades at shallow depths including hole S11-90 at East Seel which returned 194 metres grading 0.37% copper and 0.42 g/t gold (0.66% copper equivalent) starting at 22 metres depth (previously released), hole S06-42 just north of East Seel which returned 138 metres grading 0.85% Cu and 23 g/t Ag (1% copper equivalent) starting at 22 metres depth (previously released), and hole S12-108 at West Seel which intersected 316 metres grading 0.56% copper equivalent starting at 24 metres down hole, including 30 metres grading 1% copper equivalent starting at 74 metres down hole.
Additional information is available on our website at www.goldreachresources.com.
About Gold Reach Resources
Gold Reach Resources Ltd. has made an important new and strategic Copper Gold Molybdenum discovery on its 100% held Ootsa Property located adjacent to the 16,000 tonne per day Huckleberry Mine currently producing Cu Au and Mo in central BC.
Gold Reach’s 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 recently added the discovery of the West Seel Porphyry where drill hole S12-118 encountered 128 metres grading 1.01% Cu Eq. consisting of 0.43% Cu, 0.33 g/t Au, 0.076% Mo and 4.76 g/t Ag within a much larger interval of 537 metres grading 0.65% Cu Eq. consisting of 0.27% Cu, 0.19 g/t Au, 0.055% Mo, and 2.69 g/t Ag. The Seel deposit contains 67.8 million tonnes of indicated resources and 410.9 million tonnes of inferred resources at a 0.2% copper equivalent cut off. The Ox deposit contains 52.65 million tonnes of inferred resources at a 0.2% copper equivalent cut off.
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
For Further information, please contact:
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
B&D Capital Partners
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.