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SOURCE Gold Reach Resources Ltd.
VANCOUVER, June 25, 2014 /PRNewswire/ - Gold Reach Resources Ltd. (GRV: TSX-V) (Gold Reach and/or the Company) is pleased to announce that the Hope Prospect, on the western end of the large Ootsa claim block, has been acquired by staking.
The Hope Prospect is located roughly 3 kilometres east of an access road into the west end of Tahtsa Reach and is 22 kilometres northeast of Kemano. The area staked is 383.7 hectares in size and covers all of the areas of known mineralization and alteration at the prospect. The prospect was intermittently explored from 1982 to 1990 and historic exploration consisted of sampling, mapping, trenching and geophysical surveys. Historic work has delineated a sulphide-bearing alteration zone within volcanic and intrusive rocks that is 40 to 50 metres wide and more than 700 metres long. This zone locally carries significant gold, silver, and base metals in numerous sub-parallel quartz-calcite veins. Sulfide minerals identified within the zone include chalcopyrite, galena, sphalerite, tetrahedrite, and pyrite.
Historic assessment reports on the Hope Prospect report a chip sample from within the altered zone that assayed 1305 g/t silver and 3.1 g/t gold across 0.17 metres, with values from grab samples containing up to 13 g/t gold and 6.3% copper. 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. The Hope Prospect will be added to the numerous exploration targets on the Ootsa Property that occur outside of the main resource areas at Ox and Seel. Future work by Gold Reach will focus on evaluating both the narrow high grade vein potential and the bulk mineable potential of the zone.
In addition to the Hope Prospect a 364 hectare claim on the northern edge of the Ootsa claim block, located southeast of the Huckleberry Mine, was also recently acquired by staking. The total size of the Ootsa claims block is now 68,685 hectares.
A map showing the location of the Hope Prospect and the recently staked claims is available here: http://goldreachresources.com/_resources/news/Ootsa-claim-map-July-24-2014.png.
2014 Exploration Program
The 2014 Ootsa exploration program is underway and drilling has begun on the West Seel Deposit to test the down dip extension of higher grade zones and delineate the extent of the deposit to the north and south. Field crews are being mobilized to start soil sampling, prospecting, mapping, and line cutting to better define numerous high grade silver-zinc-lead vein targets prior to drill testing later in the summer.
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.
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