July 16, 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 Ox13-63 to 67 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.
HIGHLIGHTS
- Additional High Grade Material Encountered
- Hole Ox13-63 intersected 52.8m of 0.71% copper equivalent from 5.6 to 58.4m depth,
including 24m of 0.86% copper equivalent. - Hole Ox13-64 intersected 99.4m of 0.54% copper equivalent from 4.6 to 104m depth,
including 10m of 0.71% copper equivalent. - Hole Ox13-66 intersected 43.8m of 0.61% copper equivalent from 3.2 to 47m depth.
- These high grade intercepts start a few metres from surface.
- 2013 drilling has now defined a higher grade core to the system over a strike length of 500 meters. The higher grade core remains open to the north, and has potential to extend for over 750 metres.
- Hole Ox13-63 intersected 52.8m of 0.71% copper equivalent from 5.6 to 58.4m depth,
- Gold and Silver Potential In the Porphyry - Hole Ox13-63 intersected 24m grading 0.10 g/t gold along with 0.52% copper, 0.041% molybdenum and 12.48 g/t silver, plus another 7.9m interval grading 0.10 g/t gold along with 0.41% copper, 0.036% molybdenum and 1.55 g/t silver. Hole Ox13-65 intersected 7.4m grading 0.13 g/t gold along with 0.58% copper, 0.032% molybdenum and 2.15 g/t silver. These intercepts continue to demonstrate the Ox porphyry locally contains appreciable precious metal credits.
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/maps/Ox_2013_drill_hole_location_map_July_15.png
and cross sections H-H’ and I-I’ showing holes Ox13-63 to 67 are available here
http://goldreachresources.com/_resources/maps/Ox_Sec_H-H_2013.png
http://goldreachresources.com/_resources/maps/Ox_Sec_I-I_2013.png.
Summary of select drill intercepts – Holes Ox13-63 to 67
| Drill Hole | From (m) | To (m) | Width (m)* | Cu % | Mo% | Au g/t | Ag g/t | Cu Eq.%** |
|---|---|---|---|---|---|---|---|---|
| Ox13-63 | 5.6 | 58.4 | 52.8 | 0.41 | 0.048 | 0.07 | 6.84 | 0.71 |
| including | 28.0 | 52.0 | 24.0 | 0.52 | 0.041 | 0.10 | 12.48 | 0.86 |
| including | 50.0 | 52.0 | 2.0 | 0.26 | 0.022 | 0.07 | 123.0 | 1.47 |
| Ox13-63 | 73.0 | 80.9 | 7.9 | 0.41 | 0.036 | 0.10 | 1.55 | 0.64 |
| Ox13-64 | 4.6 | 104.0 | 99.4 | 0.33 | 0.040 | 0.05 | 1.20 | 0.54 |
| including | 80.0 | 90.0 | 10.0 | 0.49 | 0.038 | 0.08 | 1.58 | 0.71 |
| Ox13-65 | 5.4 | 30.4 | 25.0 | 0.38 | 0.037 | 0.08 | 1.49 | 0.60 |
| including | 23.0 | 33.4 | 7.4 | 0.58 | 0.032 | 0.13 | 2.15 | 0.82 |
| Ox13-66 | 3.2 | 65.0 | 61.8 | 0.34 | 0.035 | 0.06 | 3.02 | 0.55 |
| including | 3.2 | 47.0 | 43.8 | 0.41 | 0.030 | 0.07 | 3.57 | 0.61 |
| Ox13-67 | 9.7 | 86.1 | 76.4 | 0.25 | 0.035 | 0.04 | 1.62 | 0.43 |
| including | 32.0 | 76.2 | 44.2 | 0.31 | 0.039 | 0.05 | 1.33 | 0.51 |
*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).
Holes Ox13-63 and 64 are shown on section H-H’ and were drilled to fill in the east edge of mineralization on the section. Hole Ox13-63 intersected 52.8 metres grading 0.41% copper and 0.048% molybdenum (0.71% copper equivalent) from 5.6 to 58.4 metres depth, including 24 metres grading 0.52% copper and 0.041% molybdenum (0.86% copper equivalent) from 28 to 52 metres depth. Hole Ox13-63 also intersected a 2 metre carbonate-base metal vein from 50 to 52 metres containing 123 g/t silver, 2.93% lead, 1.78% zinc, and 0.26% copper. Hole Ox13-64 intersected 99.4 metres grading 0.33% copper and 0.040% molybdenum (0.54% copper equivalent) from 4.6 to 104 metres depth, including 10 metres grading 0.49% copper and 0.038% molybdenum (0.71% copper equivalent) from 80 to 90 metres depth.
Holes Ox13-65, 66, and 67 are shown on section I-I’ and were drilled to fill in the east edge of mineralization on the section. Hole Ox13-65 intersected 25 metres grading 0.38% copper and 0.037% molybdenum (0.60% copper equivalent) from 5.4 to 30.4 metres depth, including 7.4 metres grading 0.58% copper and 0.030% molybdenum (0.82% copper equivalent) from 23 to 33.4 metres depth. Hole Ox13-66 intersected 61.8 metres grading 0.34% copper and 0.035% molybdenum (0.55% copper equivalent) from 3.2 to 65 metres depth, including 43.8 metres grading 0.41% copper and 0.030% molybdenum (0.61% copper equivalent) from 3.2 to 47 metres depth. Hole Ox13-67 intersected 76.4 metres grading 0.25% copper and 0.035% molybdenum (0.43% copper equivalent) from 9.7 to 86.1 metres depth, including 44.2 metres grading 0.31% copper and 0.039% molybdenum (0.51% copper equivalent) from 32 to 76.2 metres depth.
Dr. Shane Ebert, president of Gold Reach, commented: "Holes Ox13-63 to 67 have all successfully added higher grade mineralization on the east edge of the system than is predicted by the current resource model. We are very pleased to see that the 2013 drill program is delivering on its stated goal of increasing grade in the Ox deposit through additional infill and delineation drilling. The higher grade core of the Ox system has now been traced for 500 metres along strike and starts within a few metres of surface. Ongoing drilling is looking to further extend the zone to the north and east."
Drilling Update
Assay results for the first 23 holes drilled at Ox during the 2013 program have been received (holes Ox13-45 to Ox13-67). An additional 18 holes have been completed at Ox (Ox13-68 to 85) and are in the lab getting assayed. The drill is currently working on hole Ox13-86.
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.
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
For Further information, please contact:
Telephone: 604-718-5454
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
http://goldreachresources.com
Or
B&D Capital Partners
Don Mosher
Telephone: 604-685-6465
Don@bdcapital.com
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.