Gold Reach Intersects High Grade Silver Vein at Ox Returning 4 Metres Grading 8.7 Ounces Per Tonne Silver And 23.2% Combined Lead and Zinc
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/12/12 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for the first ten holes drilled into the Ox porphyry during the 2012 drill program have been received. The Ox porphyry 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
-- High Grade Silver Base-metal Vein Discovered - Hole Ox12-33 intersected
a high grade silver vein returning 147 g/t silver (4.3 ounces per tonne)
and 11.1% combined lead and zinc over 10 meters, including 304 g/t
silver (8.7 ounces per tonne) and 23.2% combined lead and zinc over 4
metres.
-- Ox Deposit Locally Extended to Depth - In some areas the Ox
mineralization has been extended to deeper levels exemplified by hole
Ox12-27 which intersected 70 metres of 0.47% copper equivalent within a
larger zone of 127 metres averaging 0.38% copper equivalent.
-- Ox Resource Showing Potential to Increase - Drilling has indicated the
resource at Ox has room to grow with mineralization identified over an
area 750 metres long by 100 to 125 metres wide and extending to 150 to
230 metres deep.
During the 2012 Ootsa drill program the company has completed 18 holes at Ox for 4947.4 metres of drilling and 41 holes at Seel for a total of 39,700 meters, and drilling is still in progress. Assay results for the first 10 holes at Ox (Ox12-27 to Ox12-36) have been received and are summarized below. This drilling was designed as an initial test to better understand the known resource at Ox and determine the expansion potential of the zone. The Ox deposit currently has a NI 43-101 compliant inferred mineral resource containing 16.1 million tonnes grading 0.3% copper and 0.04% molybdenum (previously released see Gold Reach news release dated February 5, 2008).
The first ten holes into the Ox deposit focused on determining the potential to expand the mineralized zone to depth. An updated drill hole location map for Ox can be found in the map gallery on our website at http://goldreachresources.com/media/map-gallery/. Hole Ox12-27 was oriented toward the east at an angle of -50 degrees and drilled to a total depth of 228.6 metres. The hole intersected 127 metres grading 0.38% copper equivalent from 62 to 189 metres depth, including a zone averaging 0.47% copper equivalent over 70 metres from 116 to 186 metres depth. Holes Ox12-28 and 29 were drilled below Ox12-27 and show the grade of mineralization decreases below 150 metres depth. In this area mineralization starts at surface and has been defined to 150 metres depth with widths of up to 125 metres.
Hole Ox12-30 was oriented toward the southeast at an angle of -50 degrees and drilled to a total depth of 201.3 meters. The hole intersected 15.4 metres grading 0.33% copper equivalent from 126 to 141.4 metres depth, plus 37 metres grading 0.43% copper equivalent from 156 to 193 metres depth. Holes
Summary of select drill intercepts - Holes Ox12-27 to 35
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Drill Hole Width Cu
From (m) To (m) (m)(i) Cu % Au g/t Mo% Ag g/t Eq.%(ii)
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Ox12-27 62.0 189.0 127.0 0.23 0.034 0.031 - 0.38
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including 116.0 186.0 70.0 0.27 0.045 0.042 - 0.47
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Ox12-28 86.0 98.0 12.0 0.17 0.014 0.011 - 0.22
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Ox12-28 138.0 165.2 27.2 0.21 0.032 0.029 - 0.35
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Ox12-29 194.0 218.0 24.0 0.14 - 0.011 - 0.19
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Ox12-30 126.0 141.4 15.4 0.28 0.037 0.007 - 0.33
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Ox12-30 156.0 193.0 37.0 0.26 0.038 0.035 - 0.43
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Ox12-31 186.0 222.0 36.0 0.14 0.01 0.014 - 0.20
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Ox12-33 86.0 102.0 16.0 0.20 0.04 0.002 - 0.23
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Ox12-33 220.0 250.0 30.0 0.13 0.02 0.019 - 0.22
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Ox12-33 268.0 348.0 80.0 0.17 0.01 0.021 - 0.27
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Ox12-34 428.0 440.0 12.0 0.25 0.04 0.006 2.17 0.30
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Ox12-35 132.0 292.0 160.0 0.20 0.03 0.014 2.29 0.28
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including 220.0 275.5 55.5 0.32 0.05 0.021 4.25 0.44
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(i) Width refers to drill hole intercepts, true widths have not been determined.
(ii) Cu Eq. (copper equivalent) has been used to express the combined value of gold, copper, and molybdenum 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, and $10/lb molybdenum using the formula CuEq.% = Cu% + (Au g/t x 0.701) + (Mo% x 4.01).
Ox12-31 and 32 were drilled below Ox12-31 and again show decreasing grade below 150 metres depth. In this area mineralization starts at surface and has been traced to 150 metres below surface with widths of up to 100 metres.
Hole Ox12-33 is located near the northern part of the Ox deposit and was drilled toward the southeast at an angle of -50 degrees. The hole intersected 30 metres grading 0.22% copper equivalent from 220 to 250 metres depth, plus 80 metres grading 0.27% copper equivalent from 268 to 348 metres depth. Between these two mineralized porphyry intervals a 10 metre wide interval of quartz carbonate veining was encountered which returned 147 g/t silver (4.3 ounces per tonne) and 11.1% combined lead and zinc from 246 to 256 metre depth, including 304 g/t silver (8.7 ounces per tonne) and 23.2% combined lead and zinc over 4 metres from 246 to 250 metres depth. The silver base-metal vein is interpreted to have a true width of approximately 4 metres. Hole Ox12-34 was drilled below hole 33 and constrains the depth of porphyry mineralization in this area. Hole Ox12-34 did encounter some silver bearing veins as summarized in the table below. In this area the zone of porphyry style mineralization occurs from surface to about 200 meters depth and has a width ranging up to 150 metres. The extent of silver mineralization remains largely unconstrained.
Summary of select Silver Vein Intercepts - Holes Ox12-33 and 34
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Drill Hole Width Ag
From (m) To (m) (m)(i) Ag g/t OPT(ii) Au g/t Pb % Zn% Cu %
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Ox12-33 246.0 256.0 10.0 147 4.3 0.07 6.1 5.0 0.12
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Including 246.0 254.0 8.0 180 5.3 0.08 7.4 6.2 0.15
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Including 246.0 250.0 4.0 304 8.7 0.12 11.9 11.3 0.28
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Ox12-34 350.0 352.0 2.0 32.4 0.95 0.01 - 0.21 0.18
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Ox12-34 466.0 470.0 4.0 14.7 0.43 0.06 - 0.37 0.07
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(i) Width refers to drill hole intercepts, the true width of the vein is estimate to be 40% of drill hole intercept.
(ii) OPT = ounces per tonne
Hole Ox12-35 was located near the south edge of the Ox zone and oriented toward the northeast at an angle of -60 degrees and intersected 160 metres grading 0.28% copper equivalent from 132 to 292 metres depth including 55.5 metres grading 0.44% copper equivalent from 220 to 275.5 metres depth. Hole Ox12-36 was drilled below Ox12-35 and encountered anomalous mineralization and constrains the mineralized zone in this area from surface to a depth of 230m with widths up to 125 metres.
Overall the mineralized zone at Ox has been identified over a length of 750 metres and typically has widths ranging from 100 to 150 metres and extends to depths of 150 to 230 metres. Mineralization in this zone starts at surface, below a few metres of glacial gravels, and is being evaluated as an open pitable resource. Shane Ebert, President of Gold Reach, commented "We are very pleased with the initial results at our Ox zone as it highlights the potential of increasing the resources of a near surface mineralized zone that might be economically combined with our growing resource at Seel. In addition, the high grade silver vein discover at Ox underscores the possibility of multiple zones of silver mineralization occurring on the property such at the historic Damascus Silver Vein located east of Seel, and the Seel Breccia zone on the north edge of the Seel deposit."
Ox Drilling Update
Assay results for the first 10 holes drilled at Ox during the 2012 program have been received (holes Ox12-27 to Ox12-36). An additional 8 holes have been completed at Ox (Ox12-37 to 44) and are in the lab getting assayed.
Two drills are currently drilling at the West Seel deposit and a third drill is testing a large geophysical anomaly east of Ox. Further assay results from the project will be released as they are received.
The company is in the process of completing a large drill program aimed at defining the West Seel Porphyry, testing the expansion potential of the Ox deposit, and testing new exploration targets. The Company is well financed with over $2.4 million dollars in the treasury and holds a 2% NSR covering 23,000 hectares of mining claims located adjacent to the Blackwater Gold deposit in central British Columbia. 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 (details below) wide open for expansion. The Company has recently added the discovery of the West Seal Porphyry where Drill Hole S12-101 encountered 194 metres of higher-grade mineralization grading 0.71% Cu Eq. consisting of 0.22% Cu, 0.47 g/t Au, 0.04% Mo and 1.85 g/t Ag within a much larger 817 metre interval grading 0.45% Cu Eq. consisting of 0.20% Cu, 0.21 g/t Au, 0.026% Mo and 2.24 g/t Ag from 262 metres to the end of the hole at 1,079 metres. The Seel porphyry contains a NI 43-101 compliant resource containing 214.78 million tonnes grading 0.33% Cu Eq. consisting of 0.17% Cu, 0.13 g/t Au, 0.017% Mo, and 2.17 g/t Ag in the inferred category plus an additional 28.13 million tonnes grading 0.40% Cu Eq. consisting of 0.22% Cu and 0.21 g/t Au in the indicated category. The Ox porphyry, located 4 km northeast of Seel, contains a NI43-101 compliant resource containing 16 million tonnes grading 0.3 % Cu and 0.04% Mo in the inferred category.
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 SGS Mineral Services 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 34 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.
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.
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.
Contacts:
Gold Reach Resources Ltd.
604-718-5454
S. Ebert direct line: 250 964-2699
Toll Free: 888-500-4587
Envoy Strategic Partners
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com
www.envoystrategicpartners.com
