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, 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.
For further information:
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
B&D Capital Partners