VANCOUVER, June 25, 2014 /CNW/ - 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"
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.