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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/03/13 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to announce that assay results for the final 8 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.
OX HIGHLIGHTS
-- Strong Mineralization Encountered - Hole Ox12-38 intersected 107.4 metres grading 0.3% copper and 0.026% molybdenum, including 54 metres grading 0.41% copper and 0.033% molybdenum.-- Higher Grades Near Surface - Mineralization starts at surface with the highest grades occurring close to surface as exemplified by hole Ox07-22 which returned 66.4 metres grading 0.36% copper and 0.054% molybdenum starting at 6.1 metres depth (previously released).-- Significant Expansion Potential - Mineralization has been traced for 750 metres along strike, to depths of 150 to 230 metres below surface, and over widths of 100 to 150 metres.
Hole Ox12-37 was oriented toward the northeast at an angle of -55 degrees and drilled to a total depth of 237.9 meters. The hole intersected anomalous copper and molybdenum from 10 metres to 81.9 metres depth and then intersected a continuously mineralized zone of 94.1 metres grading 0.29% copper and 0.026% molybdenum (0.44% copper equivalent) from 81.9 to 176.0 metres depth, including 20 metres grading 0.4% copper and 0.045% molybdenum (0.65% copper equivalent) from 114 to 134 metres depth.
A map showing the simplified geology of the Ox deposit and drill hole locations is available here: http://goo.gl/P82qV
Hole Ox12-38 was located near the west edge of the Ox deposit and drilled toward the east at an angle of -55 degrees to a total depth of 164.6 meters. The hole intersected 107.4 metres grading 0.3% copper and 0.026% molybdenum (0.44% copper equivalent) from 6 to 113.4 metres depth, including 54 metres grading 0.41% copper and 0.033% molybdenum (0.59% copper equivalent) from 58 to 112 metres depth.
Drill holes Ox12-39 to 41 were also located on the west edge of the Ox deposit and drilled toward the east and all intersected significant mineralization as summarized in the table below. Holes Ox12-42 and 43 were drilled toward the northwest, and only intersected the western edge of the mineralized zone. Hole Ox12-44 was located at the northeast end of the mineralized zone and encountered only anomalous copper and molybdenum values, and constrains the northeast extent of mineralization.
Summary of select drill intercepts - Holes Ox12-37 to 43---------------------------------------------------------------------------- From To Width Cu Au Mo Ag Cu Eq.Drill Hole (m) (m) (m)(i) % g/t % g/t %(ii)----------------------------------------------------------------------------Ox12-37 81.9 176.0 94.1 0.29 0.05 0.026 - 0.44----------------------------------------------------------------------------Including 114.0 134.0 20.0 0.40 0.08 0.045 - 0.65----------------------------------------------------------------------------Ox12-38 6.0 113.4 107.4 0.30 0.04 0.026 - 0.44----------------------------------------------------------------------------Including 58.0 112.0 54.0 0.41 0.06 0.033 - 0.59----------------------------------------------------------------------------Ox12-39 10.0 92.8 82.8 0.27 0.06 0.025 2.34 0.43----------------------------------------------------------------------------Including 50.0 92.8 42.8 0.31 0.06 0.035 - 0.50----------------------------------------------------------------------------Ox12-40 6.2 114.0 107.8 0.24 0.04 0.028 1.72 0.39----------------------------------------------------------------------------Including 68.0 99.1 31.1 0.41 0.07 0.027 - 0.58----------------------------------------------------------------------------Ox12-41 15.2 144.0 128.8 0.20 0.03 0.023 - 0.32----------------------------------------------------------------------------Including 74.0 96.7 22.7 0.32 0.04 0.018 - 0.44----------------------------------------------------------------------------Ox12-42 17.3 152.0 134.7 0.16 0.02 0.023 - 0.28----------------------------------------------------------------------------Ox12-43 18.5 58.0 39.5 0.19 0.04 0.016 - 0.29----------------------------------------------------------------------------Ox12-43 84.0 104.0 20.0 0.18 0.03 0.019 - 0.29----------------------------------------------------------------------------(i)Width refers to drill hole intercepts, true widths have not beendetermined.(ii)Cu Eq. (copper equivalent) has been used to express the combined valueof gold, copper, and molybdenum as a percentage of copper, and is providedfor illustrative purposes only. No allowances have been made for recoverylosses that may occur should mining eventually result. Calculations usemetal prices of US $2.50/lb copper, $1200/oz gold, and $10/lb molybdenumusing the formula Cu Eq.% = Cu% + (Au g/t x 0.701) + (Mo% x 4.01).
