Hole Ox13-77 Intersects 148.2 Metres Grading 0.55% Copper Equivalent From 14.4 To 162.6 Metres Depth At The Ox Deposit
August 7, 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 Ox13-76 to 79 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 Long Mineralized Intercepts
- Hole Ox13-76 intersected 50m of 0.52% copper equivalent from 64 to 114m depth.
- Hole Ox13-77 intersected 148.2m of 0.55% copper equivalent from 14.4 to 162.6m depth.
- Hole Ox13-78 intersected 225.6m of 0.48% copper equivalent from 8.7 to 234.3m depth.
- Hole Ox13-79 intersected 123.3m of 0.48% copper equivalent from 26.7 to 150m depth.
- Drilling Expands the New Mineralized Extension Discovered East of Damascus Fault
- Hole Ox-13-79 confirms strong mineralization extends eastward under the pond and mineralization has been extended at least 100m to the south and 100m to the east, and remains open to the northeast.
- Additional High Grade Material Encountered
- Hole Ox13-77 intersected 51.6m of 0.67% copper equivalent from 111 to 162.6m depth.
- Hole Ox13-78 intersected 26m of 0.63% copper equivalent from 74 to 100m depth.
- Hole Ox13-79 intersected 20m of 0.61% copper equivalent from 31 to 51m depth and 22m of 0.67% copper equivalent from 79 to 101m depth.
- The high grade core of the Ox deposit has been defined over a strike length of 790 metres and continues to show excellent continuity. The zone still remains open to the north and east.
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/20130807/ox_location_map.jpg and cross sections K-K’, M-M’, and N-N’ showing holes Ox13-76 to 79 are available here
Summary of select drill intercepts - Holes Ox13-76 to 79
|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).
Hole Ox13-76 is shown on section K-K’ and was drilled to expand mineralization to the east under the shallow pond. The hole intersected 197.6 metres of continuous mineralization grading 0.25% copper and 0.024% molybdenum (0.38% copper equivalent) from 8.4 to 206 metres depth, including 50 metres grading 0.35% copper and 0.029% molybdenum (0.52% copper equivalent) from 64 to 114 metres depth.
Holes Ox13-77 and 78 are shown on section M-M’. Hole Ox13-77 intersected 148.2 metres grading 0.35% copper and 0.033% molybdenum (0.55% copper equivalent) from 14.4 to 162.6 metres depth, including 51.6 metres grading 0.44% copper and 0.036% molybdenum (0.67% copper equivalent) from 111 to 162.6 metres depth. Hole Ox13-78 intersected 225.6 metres grading 0.30% copper and 0.032% molybdenum (0.48% copper equivalent) from 8.7 to 234.3 metres depth, including 26 metres grading 0.44% copper and 0.032% molybdenum (0.63% copper equivalent) from 74 to 100 metres depth and another 28 metres grading 0.37% copper and 0.028% molybdenum (0.54% copper equivalent) from 192 to 220 metres depth. This section is a 50 metre step out to the east from section L-L’ and demonstrates strong mineralization continues in this direction. Mineralization on the section starts within 10 metres of surface, extends at least 200 metres vertically, and is at least 130 metres wide. The width and depth of the zone remain open for expansion on this section.
Hole Ox13-79 is shown on section N-N’ and is the southeastern most hole on the section, testing under the pond toward the southeast. Hole Ox13-79 intersected 123.3 metres grading 0.29% copper and 0.034% molybdenum (0.48% copper equivalent) from 26.7 to 150 metres depth, including 20 metres grading 0.42% copper and 0.031% molybdenum (0.61% copper equivalent) from 31 to 51 metres depth, and another 22 metres grading 0.46% copper and 0.034% molybdenum (0.67% copper equivalent) from 79 to 101 metres depth. Hole Ox-13-79 confirms mineralization extends eastward under the pond and the deposit remains open in this direction.
Dr. Shane Ebert, president of Gold Reach, commented: "Drilling in the northern part of the system continues to intersect long mineralized intercepts demonstrating the vertical extent of mineralization at Ox is greater in the north than in the south. This deeper mineralization, combined with our successful eastward expansion of the zone, highlights the excellent potential to increase the resource base at Ox. To date drilling in the north and eastern part of the system has consistently encountered strong copper and molybdenum grades and we anticipate this area has potential to add a significant amount of quality tonnes to the deposit”.
Assay results for the first 35 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-79). An additional 12 holes have been completed at Ox (Ox13-80 to 91) and are in the lab getting assayed. The drill is currently working on hole Ox13-92.
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.