Gold Reach Identifies Two New Geophysical Targets at the Ootsa Property, British Columbia
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/26/12 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that results from a reconnaissance induced polarization (IP) geophysical survey have been received.
HIGHLIGHTS
Reconnaissance Geophysical Survey Results
The program included 42.9 kilometres of reconnaissance IP geophysical surveying and was done along 3 widely spaced 5 kilometre long lines located to the east of the Seel deposit and along a network of existing logging roads. The objective of the survey was to test for chargeability anomalies on the east side of the claim block which is largely covered by thin glacial gravels. Two large, kilometre scale anomalies were identified.
The first anomaly is approximately 2 km by 1.5 km, with chargeability values exceeding 40 mV/V, and partially coinciding with a resistivity low. This anomaly is located directly east of the Ox porphyry. The Company plans to drill test the anomaly this year after soil samples taken over the zone have been analysed and interpreted.
A second significant chargeability anomaly with values exceeding 40 mV/V has been identified 5 kilometres east of the Seel deposit. This anomaly occurs along a north-south oriented line over a length of 1.4 kilometres and remains open to the east. The company is conducting soil sampling and mapping in this area to further evaluate the anomaly.
A map showing the 2012 IP survey results is available in the map gallery on our website at .
Drilling Update
Drilling on the West Seel deposit is continuing with one drill exploring the southern extension of the zone and a second drill expanding the deposit to the north. At West Seel holes S12-101 to S12-128 have been completed and the drills are currently working on holes S12-129 and 130. Holes S12-112 to 128 and Ox12-27 to 35 have been sampled and are in the lab getting assayed. Further assay results will be released as they are received.
The ongoing drill program continues to significantly expand the mineralized zone at the West Seel deposit which remains open to the north, south and at depth. The 2012 drilling program has already exceeded the planned 25,000 metres of drilling. Given the success of the program the company has extended the drilling through the fall. Efforts are underway to winterize the Ootsa camp to allow drilling to continue later into the winter season. A resource update will commence once drilling is complete and results have been received.
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.
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
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.
Shane Ebert
President/Director
604-718-5454 / direct line: 250 964-2699
Toll Free: 888-500-4587
Envoy Strategic Partners
Jay Bedard
416-977-7778
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Datum: 26.09.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 186923
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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