Gold Reach Intersects 227.7 Metres Of 0.52% Copper Equivalent Including 90 Metres Of 0.58% Copper Equivalent At The Ox Deposit
August 13, 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 Ox13-80 to 86 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.
- Long Intercept of Strong Mineralization
- Hole Ox13-80 intersected 227.7m of 0.52% copper equivalent starting near surface
- including 17.6m of 0.62% copper equivalent from 28 to 45.6m depth
- and 90m of 0.58% copper equivalent from 108 to 198m depth.
- Hole Ox13-80 intersected 227.7m of 0.52% copper equivalent starting near surface
- Increased Size of Mineralized Zone
- The mineralized zone at Ox has now been traced over a curved length of 860m with widths of 100 to 200m, and to depths of 130 to 250m.
- Near surface mineralization could extend further northeast under the pond adjacent to the intrusive contact.
- Targets immediately adjacent to the Ox deposit are being drilled to test for additional mineralized extensions.
The 2013 drilling at the Ox deposit is focusing on infilling and expanding near surface mineralization along a higher grade core that runs 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/20130812/ox_location.jpg
and cross sections K-K’, N-N’, and O-O’ showing holes Ox13-80 to 83 are available here
Hole Ox13-80 is shown on section N-N’ and was drilled to expand the new zone of mineralization identified under the shallow pond. The hole intersected 227.7 metres of continuous mineralization grading 0.34% copper and 0.032% molybdenum (0.52% copper equivalent) from 18.3 to 246 metres depth, including 17.6 metres grading 0.46% copper and 0.024% molybdenum (0.62% copper equivalent) from 28 to 45.6 metres depth, and another 90 metres grading 0.40% copper and 0.031% molybdenum (0.58% copper equivalent) from 108 to 198 metres depth.
Summary of select drill intercepts – Holes Ox13-80 to 86
|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 Ox13-81 is shown on section K-K’. The hole intersected near surface mineralization that weakens with depth and appears to constrain the eastern edge of the deposit in this area. The hole returned 47.7 metres grading 0.21% copper and 0.014% molybdenum (0.30% copper equivalent) from 27.3 to 75 metres depth, and another 55 metres grading 0.13% copper and 0.015% molybdenum (0.21% copper equivalent) from 77 to 132 metres depth.
Holes Ox13-82 and 83 are shown on section O-O’ and are a 50 metre step out to the northeast from section N-N’. These holes have successfully extended the mineralized zone further east under the pond. Hole Ox13-82 intersected 96 metres grading 0.32% copper and 0.024% molybdenum (0.46% copper equivalent) from 137 to 233 metres depth. Hole Ox13-83 intersected a 168 metre interval of lower grade mineralization grading 0.14% copper and 0.016% molybdenum (0.23% copper equivalent) from 119 to 287 metres depth, including 22.1 metres grading 0.28% copper and 0.023% molybdenum (0.43% copper equivalent) from 263 to 285.1 metres depth. The section shows that the grade of mineralization decreases with depth. This trend also occurs on the west side of the deposit where the best grades occur near surface and in proximity to the intrusive contact. In this area, the presence of the pond prevents the drill from setting up near the intrusive contact and testing the shallow portion of the deposit.
Holes Ox13-84, 85, and 86 were step outs to the northeast, designed to test the north and east extent of mineralization. The holes were collared well back of the targeted intrusive contact due to the presence of the pond, and each hole intersected the zone at considerable depth. All three holes encountered strong alteration with anomalous copper and molybdenum, with the best intercept returning 8 metres grading 0.23% copper and 0.012% molybdenum in hole Ox13-84. A winter drill program (drilling on the pond when frozen) may be necessary to test this zone above 150 metres vertical depth.
Dr. Shane Ebert, president of Gold Reach, commented: "Drilling at Ox continues to intersect strong zones of mineralization that start near surface and are showing favorable geometry for potential open pit exploitation. The 2013 program has expanded the size of the mineralized zone and has added a lot more higher grade material. The mineralized zone has been traced over a curved length of 860 metres with widths of 100 to 200 metres, and to depths of 130 to 250 metres. Drilling at Ox will be complete within the next few weeks and once all drill results are in the company will initiate a resource update. A representative sample of Ox mineralization has been sent for detailed metallurgical studies”.
Assay results for the first 42 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-86). An additional 17 holes have been completed at Ox (Ox13-87 to 103) and are in the lab getting assayed. The drill is currently working on hole Ox13-104.
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.