VANCOUVER, July 17, 2014 /CNW/ - Gold Reach Resources
Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to
announce that 76.4 hectares covering the historic White Gold
Prospect on the eastern side of the large Ootsa claim block has
been acquired by staking.
The White Gold Prospect occurs within and adjacent to several
logging roads which provide easy access to the area and locally
expose altered rocks within road cuts. The prospect was
intermittently explored from 1983 to 1994 (prior to logging road
access) with historic exploration work consisting of soil and rock
sampling, mapping, prospecting and 13 short diamond drill
holes. Historic work has defined a zone 350 metres by 130
metres containing alteration and quartz veining that remains open
for expansion. Historic drilling, as described in a 1984
assessment report by Canamax Resources Inc., intersected numerous
mineralized quartz veins with the best interval returning 3.1 g/t
gold over 3.9 metres. The best historic surface sample was
from a quartz and chalcedony vein which graded 7.8 g/t gold.
These historic results have not been verified by Gold Reach and the
results should not be relied upon. Gold Reach has obtained surface
grab samples from quartz vein and breccia outcrops located adjacent
to the newly acquired White Gold claim which have returned 1.63 and
2.02 g/t gold (previously released see February 24, 2014 news release), and field crews
are currently conducting surface exploration at the zone.
During 2014 Gold Reach will conduct surface mapping, rock channel
sampling, and soil sampling to better understand and characterize
the mineralization, and determine if drill targets can be
identified.
In addition to the White Gold claim 1914.1 hectares of open
ground on the northeast side of the Ootsa property has been
staked. The total size of the Ootsa claims block is now
70,676 hectares.
A map showing the location of the White Gold Prospect and the
recently staked claims is available here:
http://www.goldreachresources.com/_resources/maps/Ootsa-claim-map-July-2014.jpg.
2014 Exploration Program Update
The 2014 Ootsa
exploration program is underway and three holes have now been
completed into the West Seel deposit (holes S14-200, 201, and
202). Hole S14-200 was targeted to fill in and extend a zone
of known higher grade mineralization at depth located within the
central part of the West Seel deposit and was drilled to a depth of
594 metres. Hole S14-201 tested a geophysical target on the
northwest edge of the deposit near the contact between the main
intrusive body and the sedimentary wall rocks to the
intrusion. This hole was drilled to a depth of 951 metres and
is intended to extend the known mineralized zone several hundred
metres to the north. Hole S14-202 tested a geophysical target
to the southeast of the West Seel deposit, on the southeast side of
section 6NE, and was drilled to a total depth of 738 metres.
The drill is currently working on hole S14-203, which is located
roughly 100 metres north of hole S14-201, and aims to continue
expanding mineralization to the north. Samples from holes
S14-200 and S14-201 have been sent to the lab and assay results are
pending.
Field crews continue to work on drill access, rock and soil
sampling, and geophysical line cutting. To date over 500 new
soil samples have been collected during the 2014 season and soil
grids have been completed over the North
Damascus, East Damascus,
Blackjack, and White Gold areas. The locations of the
Damascus area soil grids along
with lead in soil results for the North and East Damascus grids are available at the
following link:
http://www.goldreachresources.com/_resources/maps/Damascus-area-soil-grids.jpg.
Results from the Blackjack and White Gold soil grids are still
pending.
The North Damascus soil grid
defines a narrow north-south trending linear lead in soil anomaly
that is 380 metres long and could be the northern extension of the
Damascus Vein zone defined in historic drilling. The
East Damascus soil grid defines a
strong lead in soil anomaly that is 500 metres long by 100 metres
wide. Both of these soil anomalies are elongate in a north
south direction, parallel to the main vein trend in the area, and
both are compelling drill targets for high grade silver-zinc-lead
veins.
Corporate Announcements
The Company announces that
further to its news release of June 2,
2014 and June 9, 2014, the
Company will not be proceeding with the second and final tranche of
the non-brokered private placement.
On another matter, the Company announces that further to its
stock option plan, it is granting options to buy an aggregate of
108,000 shares to various directors and consultants to the
Company. The options are exercisable at $0.75 per share for a term of five years from the
date of grant.
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 134,878 metres of core
drilling on the property to date, with 36,135 metres completed
during 2013. 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.
For more information on the Ootsa property, the contained
resources, and our 2014 exploration targets, please see our website
at http://goldreachresources.com.
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
managements beliefs, estimates obligations or other factors should
change.
SOURCE Gold Reach Resources Ltd.