Gold Reach Reports Final Drill Results from Ox Including 107.4 Metres Grading 0.44% Copper Equivalent
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/03/13 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for the final 8 holes drilled into the Ox porphyry during the 2012 drill program have been received. The Ox porphyry 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.
OX HIGHLIGHTS
-- Strong Mineralization Encountered - Hole Ox12-38 intersected 107.4
metres grading 0.3% copper and 0.026% molybdenum, including 54 metres
grading 0.41% copper and 0.033% molybdenum.
-- Higher Grades Near Surface - Mineralization starts at surface with the
highest grades occurring close to surface as exemplified by hole Ox07-22
which returned 66.4 metres grading 0.36% copper and 0.054% molybdenum
starting at 6.1 metres depth (previously released).
-- Significant Expansion Potential - Mineralization has been traced for 750
metres along strike, to depths of 150 to 230 metres below surface, and
over widths of 100 to 150 metres.
Hole Ox12-37 was oriented toward the northeast at an angle of -55 degrees and drilled to a total depth of 237.9 meters. The hole intersected anomalous copper and molybdenum from 10 metres to 81.9 metres depth and then intersected a continuously mineralized zone of 94.1 metres grading 0.29% copper and 0.026% molybdenum (0.44% copper equivalent) from 81.9 to 176.0 metres depth, including 20 metres grading 0.4% copper and 0.045% molybdenum (0.65% copper equivalent) from 114 to 134 metres depth.
A map showing the simplified geology of the Ox deposit and drill hole locations is available here: http://goo.gl/P82qV
Hole Ox12-38 was located near the west edge of the Ox deposit and drilled toward the east at an angle of -55 degrees to a total depth of 164.6 meters. The hole intersected 107.4 metres grading 0.3% copper and 0.026% molybdenum (0.44% copper equivalent) from 6 to 113.4 metres depth, including 54 metres grading 0.41% copper and 0.033% molybdenum (0.59% copper equivalent) from 58 to 112 metres depth.
Drill holes Ox12-39 to 41 were also located on the west edge of the Ox deposit and drilled toward the east and all intersected significant mineralization as summarized in the table below. Holes Ox12-42 and 43 were drilled toward the northwest, and only intersected the western edge of the mineralized zone. Hole Ox12-44 was located at the northeast end of the mineralized zone and encountered only anomalous copper and molybdenum values, and constrains the northeast extent of mineralization.
Summary of select drill intercepts - Holes Ox12-37 to 43
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From To Width Cu Au Mo Ag Cu Eq.
Drill Hole (m) (m) (m)(i) % g/t % g/t %(ii)
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Ox12-37 81.9 176.0 94.1 0.29 0.05 0.026 - 0.44
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Including 114.0 134.0 20.0 0.40 0.08 0.045 - 0.65
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Ox12-38 6.0 113.4 107.4 0.30 0.04 0.026 - 0.44
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Including 58.0 112.0 54.0 0.41 0.06 0.033 - 0.59
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Ox12-39 10.0 92.8 82.8 0.27 0.06 0.025 2.34 0.43
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Including 50.0 92.8 42.8 0.31 0.06 0.035 - 0.50
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Ox12-40 6.2 114.0 107.8 0.24 0.04 0.028 1.72 0.39
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Including 68.0 99.1 31.1 0.41 0.07 0.027 - 0.58
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Ox12-41 15.2 144.0 128.8 0.20 0.03 0.023 - 0.32
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Including 74.0 96.7 22.7 0.32 0.04 0.018 - 0.44
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Ox12-42 17.3 152.0 134.7 0.16 0.02 0.023 - 0.28
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Ox12-43 18.5 58.0 39.5 0.19 0.04 0.016 - 0.29
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Ox12-43 84.0 104.0 20.0 0.18 0.03 0.019 - 0.29
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(i)Width refers to drill hole intercepts, true widths have not been
determined.
(ii)Cu Eq. (copper equivalent) has been used to express the combined value
of gold, copper, and molybdenum 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, and $10/lb molybdenum
using the formula Cu Eq.% = Cu% + (Au g/t x 0.701) + (Mo% x 4.01).
Simplified cross sections through the Ox deposit illustrating the distribution of mineralization are available here: http://goo.gl/VcJ2K http://goo.gl/GcD5H http://goo.gl/gm8Qr http://goo.gl/pqwdC
The mineralized zone at Ox has been traced for 750 metres along strike, to depths of 150 to 230 metres below surface, and over widths of 100 to 150 metres. Mineralization starts at surface, below a thin layer of gravel cover, with the best grades occurring close to surface as indicated on cross sections A, B, and C (see links above). The strong grades combined with the near surface geometry of the Ox deposit make it a very good target for potential open pit minable resources. Any resource expansion at Ox would be a very nice compliment to the much larger mineralized zone being defined at West Seel.
In 2012 a total of 4947.4 metres in 18 holes have been drilled at the Ox deposit. This drilling will be added to the previous drilling data from the zone and will be used in an updated resource calculation which will commence shortly.
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 (details below) wide open for expansion. The Company has recently added the discovery of the West Seal Porphyry where Drill Hole S12-101 encountered 194 metres of higher-grade mineralization grading 0.71% Cu Eq. consisting of 0.22% Cu, 0.47 g/t Au, 0.04% Mo and 1.85 g/t Ag within a much larger 817 metre interval grading 0.45% Cu Eq. consisting of 0.20% Cu, 0.21 g/t Au, 0.026% Mo and 2.24 g/t Ag from 262 metres to the end of the hole at 1,079 metres. The Seel porphyry contains a NI 43-101 compliant resource containing 214.78 million tonnes grading 0.33% Cu Eq. consisting of 0.17% Cu, 0.13 g/t Au, 0.017% Mo, and 2.17 g/t Ag in the inferred category plus an additional 28.13 million tonnes grading 0.40% Cu Eq. consisting of 0.22% Cu and 0.21 g/t Au in the indicated category. The Ox porphyry, located 4 km northeast of Seel, contains a NI43-101 compliant resource containing 16 million tonnes grading 0.3 % Cu and 0.04% Mo in the inferred category.
The Company is well financed with over $2.26 million dollars in the treasury and holds a 2% NSR covering 23,000 hectares of mining claims located adjacent to the Blackwater Gold deposit in central British Columbia.
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 SGS Mineral Services 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 34 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
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.
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.
Contacts:
Gold Reach Resources Ltd.
Shane Ebert
President/Director
604-718-5454 or Direct: 250 964-2699
Toll Free: 888-500-4587
www.goldreachresources.com
B&D Capital Partners
Don Mosher
604-685-6465
Don@bdcapital.com
Envoy Strategic Partners
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com