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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Gold Reach Resources Ltd. (TSX VENTURE: GRV) (Gold Reach and/or the Company) is pleased to provide an overview of the company's 100% owned Ootsa Property, located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
HIGHLIGHTS
-- Large Resource Base on the Property - At a 0.2% Cu Eq cut off the Ootsa Property contains 463.5 million tonnes of inferred resources plus an additional 67.8 million tonnes indicated.-- Higher Grade Material - At a 0.4% Cu Eq cut off the Ootsa Property contains 75.06 million tonnes of inferred resources plus an additional 25.98 million tonnes indicated with grades near or above 0.5% Cu Eq.-- Near Surface Higher Grade Zones - Shallow higher grade zones that are potentially open pit mineable occur at East Seel, Seel Breccia zone, and Ox and could have potential to help accelerate pay back of capital expenditures.-- Contained Copper Equivalent - The property contains 3.26 billion pounds of copper equivalent inferred plus an additional 0.58 billion pounds of copper equivalent indicated.-- Technical Report Available - The technical report supporting the Seel and Ox resource estimates is complete and will be posted on Sedar and on our website shortly (http://goldreachresources.com).
Resource Summary
Total resources for the Ootsa Property are summarized in the table below and are taken from recent resource updates conducted on the Seel and Ox deposits (previously released see January 29, 2013 and February 11, 2013 news releases). The table highlights the large resource base that now occurs on the Ootsa Property within the Seel and Ox deposits. At a 0.2% Cu Eq cut off property wide NI 43-101 compliant resources contain 463.5 million tonnes in the inferred category plus an additional 67.8 million tonnes in the indicated category. The tremendous rate at which resources have been increased over the past 2 years is illustrated in the graph available at http://goo.gl/WuzRC. Roughly 200 million tonnes of resources were added to the project following the 2011 exploration program and roughly 250 million tonnes of resources were added following the 2012 program. The Company anticipates that further significant resource increases are possible with continued exploration on the property.
Within this very large resource there is a substantial amount of higher grade material. At a 0.4% Cu Eq cut off the Ootsa property contains 75.06 million tonnes in the inferred category plus 25.98 million tonnes in the indicated category with average grades near or above 0.5% Cu Eq (see table below). Portions of these higher grade resources occur at or near surface in the East Seel, Seel Breccia Zone, and Ox deposits, and these near surface higher grade zones could be important for rapid pay back of capital expenditures in any future mining operation.
The near surface higher grade zone at East Seel (or Seel Cu-Au zone) was intersected in hole S11-90 which returned 194 metres grading 0.37% Cu and 0.42 g/t Au starting at 22 metres depth (previously released). To the north of East Seel, in the Seel Breccia zone, hole S06-42 returned 138 metres grading 0.85% Cu and 23 g/t Ag starting at 22 metres depth (previously released). At the Ox deposit hole Ox07-2 intersected 112.5 metres grading 0.36% Cu and 0.029% Mo from 30 metres depth, and hole Ox07-22 intersected 66.4 metres grading 0.36% Cu and 0.054% Mo from 6.1 metres depth (previously released). Some areas of near surface higher grade mineralization are also known at West Seel including hole S12-108 which intersected 316 metres grading 0.56% Cu Eq starting at 24 metres down hole, including 30 metres grading 1% Cu Eq starting at 74 metres down hole.
