VANCOUVER, Sept. 9, 2014 /CNW/ - Gold Reach Resources Ltd.
(GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce
that assay results for holes S14-202 to 205 from the West Seel
deposit, have been received. The West and East Seel deposits
are located 4 kilometres south-southwest of the Company's Ox
deposit. All 3 deposits occur on the Company's 100% owned
Ootsa Property located south of Smithers
British Columbia, adjacent to the operating Huckleberry
Mine.
HIGHLIGHTS
- Hole S14-203 intersected 872.8 metres of continuous
mineralization starting at 3.2 metres depth and extends
mineralization 400 metres down dip to the north
- Hole S14-205 successfully extends near surface
mineralization 100 metres to the north, and encounters near surface
mineralization starting 33 metres down hole
The 2014 drilling program at the Ootsa project has focused on
delineating the extent of the large West Seel deposit.
The drill is currently testing several high grade
silver base metal vein targets located east of the Seel
deposit.
West Seel Drill Results
An updated drill hole location map for the Seel deposit is
available at
http://www.goldreachresources.com/_resources/maps/Seel_drill_hole_location_map_Sept_2014.png.
Holes S14-203, 204, and 205 tested the northern part of the West
Seel deposit and all 3 holes intersected mineralization as
summarized in the table below. Hole S14-203 and 204 are shown
on section B-B' available at:
http://www.goldreachresources.com/_resources/maps/West_Seel_Section_B-B.png.
Hole S14-203 intersected low-grade mineralization through its
entire length from 2.3 metres depth to 876 metres depth, with a
near surface zone of stronger mineralization containing 29.8 metres
grading 0.31% copper, 0.32 g/t gold, 8.94 g/t silver, and 0.013%
molybdenum (0.66% copper equivalent) from 3.2 to 33 metres
depth. This occurs within a zone 163.8 metres wide containing
0.2% copper, 0.13 g/t gold, 5.04 g/t silver and 0.015% molybdenum
(0.40% copper equivalent).
Hole S14-204 intersected 381 metres grading 0.19% copper, 0.13
g/t gold, 2.96 g/t silver, and 0.025% molybdenum (0.41% copper
equivalent) from 366 metres to the end of the hole at 747 metres
depth. The best grades in hole 204 occur within a breccia
body intersected between 471.1 and 539 metres depth which returned
67.9 metres grading 0.24% copper, 0.12 g/t gold, 4.11 g/t silver,
and 0.043% molybdenum (0.53% copper equivalent). The 2014
drilling program has now extended West Seel mineralization an
additional 400 metres beyond previous drilling in a down dip
direction to the north.
Hole S14-205 tested the northeast part of the West Seel deposit
and successfully extends near surface mineralization 100 metres to
the northeast. The hole intersected a cumulative thickness of
206 metres of mineralization over its 495 metre length, starting at
33 meters depth in the hole. This includes 82 metres grading
0.22% copper, 0.15 g/t gold, 3.61 g/t silver, and 0.014% molybdenum
(0.41% copper equivalent).
Summary of select drill intercepts – West Seel Holes S14-202
to 205
|
|
|
|
|
|
|
|
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)*
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Mo
%
|
Cu
Eq.%**
|
S14-203
|
3.2
|
876.0 EOH
|
872.8
|
0.15
|
0.09
|
2.63
|
0.011
|
0.28
|
including
|
3.2
|
33.0
|
29.8
|
0.31
|
0.32
|
8.94
|
0.013
|
0.66
|
including
|
3.2
|
167.0
|
163.8
|
0.20
|
0.13
|
5.04
|
0.015
|
0.40
|
including
|
445.0
|
509.0
|
64.0
|
0.23
|
0.13
|
3.82
|
0.016
|
0.42
|
including
|
763.0
|
815.0
|
52.0
|
0.22
|
0.10
|
2.85
|
0.013
|
0.37
|
S14-204
|
366.0
|
747.0 EOH
|
381.0
|
0.19
|
0.13
|
2.96
|
0.025
|
0.41
|
including
|
366.0
|
541.0
|
175.0
|
0.21
|
0.10
|
3.62
|
0.029
|
0.43
|
including
|
471.1
|
539.0
|
67.9
|
0.24
|
0.12
|
4.11
|
0.043
|
0.53
|
S14-205
|
33.0
|
83.0
|
50.0
|
0.21
|
0.09
|
4.25
|
0.019
|
0.39
|
S14-205
|
127.0
|
175.0
|
48.0
|
0.20
|
0.11
|
3.44
|
0.017
|
0.38
|
S14-205
|
215.0
|
297.0
|
82.0
|
0.22
|
0.15
|
3.61
|
0.014
|
0.41
|
|
*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 S14-202 tested the southeast part of the West Seel deposit
and did not intersect significant zones of mineralization.
Hole S14-202 was collard 100 metres south of previous hole S12-118
and was drilled toward the southeast whereas hole S12-118 was
drilled toward the northwest into the center of the West Seel
deposit and intersected 537 metres of 0.65% copper equivalent
including 128 metres of 1.01% copper equivalent and ended in
mineralization (previously released). The Company anticipates
encountering the boundary of the mineralized system in holes
oriented away from the mineralized core of the deposit, as we
continue to define the edges of the system.
Mineralization at the West Seel deposit has now been defined
over an area 750 metres long by 400 metres wide, and to depths up
to 1000 metres, and the systems remains open to the southwest and
at depth.
Drilling Update
One drill is currently active on the
Ootsa property testing high grade vein targets to the east of the
Seel deposit. Eleven holes have been completed on the West Seel
deposit during 2014 (holes S14-200 to 210). Assay results for
holes S14-200 to 205 have been received and released.
Holes S14-206 to S14-210 have been sent to the lab and assay
results will be released when received and interpreted. The
drill is currently working on the second hole testing high grade
targets east of the Seel deposit.
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 East Seel, West
Seel and Ox porphyry systems all with NI 43-101 compliant
resources. The Company has completed 137,678 metres of core
drilling on the property to date, with 2,800 metres completed
during 2014. In total the Ootsa property contains
compliant pit constrained resources totaling 1.25 billion pounds
copper equivalent in the measured and indicated categories
(consisting of 0.7 billion lbs. of Cu, 0.65 million ounces of Au,
66 million lbs. of Mo, and 11.4 million ounces of Ag) and 1.66
billion pounds copper equivalent in the inferred category
(consisting of 0.9 billion lbs. of Cu, 0.8 million ounces of Au,
104 million lbs. of Mo, and 16 million ounces of Ag), using a 0.2%
copper equivalent cut off.
Quality Control
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"
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
event management's beliefs, estimates obligations or other factors
should change.
SOURCE Gold Reach Resources Ltd.