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.
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, 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.
For further information: 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, [email protected]