VANCOUVER,
Nov. 24, 2014 /CNW/ - Gold Reach
Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is
pleased to announce the acquisition of the high grade Troitsa Peak
gold-silver prospect near the south side of the Ootsa property,
roughly 6.5 kilometres south of the Seel deposit. The Troitsa Peak
prospect occurs internal to the Company's large land holdings on
the 100% owned Ootsa property in British
Columbia.
At Troitsa Peak Gold Reach has acquired 940.7
hectares in 7 claims by staking. An additional 211.26 hectare
claim has been acquired in a purchase agreement with vendor
Richard Billingsley. Under the terms
of the agreement Gold Reach will purchase the claim for total
consideration of $5000 and 10,000
shares of the Company. The Vendor will retain a 1% net
smelter return (NSR) royalty on the claims, 50% of the royalty
(0.5% NSR) can be bought back by the Company for $500,000. The agreement is subject to
exchange approval.
Historic assessment reports on the Troitsa Peak
area report epithermal style mineralization in veins and stockwork
zones with strong historic gold and silver values over a large
area. Historic surface grab samples have returned values such
as 41 g/t gold and 9238 g/t silver, 5.9 g/t gold and 4120 g/t
silver, 36.5 g/t gold and 825.6 g/t silver, and 11.4 g/t gold and
2614.4 g/t silver. A grab sample from a historic trench
returned 3.9 g/t gold and 2356 g/t silver and thin veins of
quartz-chalcopyrite-sphalerite returned values up to 44.7 g/t gold
and 2683.2 g/t silver. Gold Reach has not yet visited or
sampled the prospect and none of the historic results have been
confirmed by the Company and they should not be relied upon.
Dr. Shane Ebert,
President of the Company stated, "The Troitsa Peak claims contain
the highest historic gold and silver values of any known prospect
on the large Ootsa claim block, and mineralization occurs within a
very large area, extending at least 2 kilometres by 4 kilometres.
The area shows good potential for both high grade bonanza style
epithermal veins and lower grade bulk tonnage targets. The
claims are only 3.5 kilometres from the nearest road and
establishing access will be key to efficiently and thoroughly
exploring the zone. The acquisition of the Troitsa Peak
prospect fits within the Company's strategic plan for the Ootsa
property which includes acquiring and evaluating all high potential
exploration targets in the district."
A claim location map for the Ootsa property
showing the location of the Troitsa Peak prospect is available
here:
http://www.goldreachresources.com/_resources/maps/Ootsa_claim_map_Nov_2014_v2.png.
With the recent addition of the Troitsa Peak
claims the Ootsa property is now 71,828 hectares in size and
contains 6 large precious metal prospects with excellent
exploration potential, in addition to the established porphyry
Cu-Au-Mo-Ag resources at the Ox, East Seel, and West Seel
deposits.
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
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.
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.