Gold Reach Intersects 668 Metres Grading 0.56% Copper Equivalent Including 172 metres Grading 0.89% Copper Equivalent at West Seel
VANCOUVER, Oct. 14, 2014 /PRNewswire/ - Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that assay results for holes S14-209 and 210 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 S14-210 intersects a long interval of continuous mineralization grading 0.56% copper equivalent over 668 metres, and the hole ends in mineralization.
- Hole S14-210 intersects high grade containing 172 metres grading 0.89% copper equivalent including 34 metres grading 1.01% copper equivalent.
West Seel Drill Results
An updated drill hole location map for the Seel deposit is available at
http://goldreachresources.com/_resources/maps/seel_drill_hole_location_map_20141006.jpg.
Hole S14-210 was the final hole drilled into the West Seel deposit in 2014 and is a 100 metre step out from hole S12-121, testing a known part of the system. The hole is located on section 7NE near the southern end of the West Seel deposit. Hole S14-210 was drilled toward the southeast at a dip of -65 degrees to a total depth of 867 metres. The hole intersected 668 metres of mineralization grading 0.28% copper, 0.17 g/t gold, 3.34 g/t silver, and 0.033% molybdenum (0.56% copper equivalent) from 199 metres to the end of the hole at 867 metres. Included in this zone is 172 metres grading 0.39% copper, 0.29 g/t gold, 4.99 g/t silver, and 0.062% molybdenum (0.89% copper equivalent) from 361 to 533 metres depth, including 34 metres grading 0.48% copper, 0.36 g/t gold, 5.45 g/t silver, and 0.058% molybdenum (1.01% copper equivalent) from 483 to 517 metres depth.
| Summary of select drill intercepts – West Seel Holes S14-209 and 210 |
||||||||
| Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu % |
Au g/t |
Ag g/t |
Mo % |
Cu Eq.%** |
| S14-209 |
588.0 |
735 EOH |
147.0 |
0.23 |
0.18 |
1.58 |
0.034 |
0.51 |
| including |
628.0 |
672.0 |
44.0 |
0.27 |
0.19 |
1.97 |
0.036 |
0.56 |
| S14-210 |
199.0 |
867 EOH |
668.0 |
0.28 |
0.17 |
3.34 |
0.033 |
0.56 |
| including |
361.0 |
533.0 |
172.0 |
0.39 |
0.29 |
4.99 |
0.062 |
0.89 |
| including |
361.0 |
415.0 |
54.0 |
0.47 |
0.38 |
6.89 |
0.047 |
0.98 |
| and |
483.0 |
517.0 |
34.0 |
0.48 |
0.36 |
5.45 |
0.058 |
1.01 |
*Width refers to drill hole intercepts, true widths have not been determined. EOH = end of hole.
**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 S14-209 was drilled near the northern end of the West Seel deposit and tested section 12NE at depth. The hole was drilled toward the northwest at a dip of -65 degrees and was drilled to a depth of 735 metres. The hole successfully extended the near surface zone of mineralization on section 12NE to depth, returning 147 metres of mineralization grading 0.51% copper equivalent as summarized in the table above. The hole ended in mineralization.
Dr. Shane Ebert, President of Gold Reach, commented: "The 2014 drilling program has added some excellent grades to the northern, central, and southern parts of the West Seel deposit and has confirmed a very significant high grade core to the large mineralized system. Hole S14-210 with 172 metres of 0.89% copper equivalent really highlights the size of the higher grade section within the deposit. The main West Seel deposit has been defined over an area 750 metres long by 400 metres wide and to depths up to 1000 metres. We have now closed off the West Seel deposit to the north, west, and east, with the deposit still open to the south and at depth. Several geophysical targets immediately southwest of the deposit remain to be tested and this area has potential to add additional tonnage."
Additional information is available on our website at www.goldreachresources.com.
Drill Results Pending
All of the 2014 drill holes into the West Seel deposit have been received and released. During the 2014 drill program 9 holes were drilled testing 3 separate silver base-metal vein targets located east of the Seel deposit. The results for these drill holes are still pending and will be released once they have been received and interpreted.
Gold Reach Engages Specialized TSX-V Consulting Services
The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
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 144,673 metres of core drilling on the property to date, with 9,795 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.
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