Welcome!

News Feed Item

Gold Reach Signs Letter of Understanding with Cheslatta Carrier Nation and Announces Final 3 Drill Holes at Ootsa

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Gold Reach Resources Ltd. (TSX VENTURE:GRV) (Gold Reach and/or the Company) is pleased to announce that it has signed a Letter of Understanding (LOU) with the Cheslatta Carrier Nation for exploration at the company's 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia. The results of 3 holes drilled into a large geophysical anomaly located 4.5 km NE of the Seel deposit are also reported.

Letter of Understanding

The Letter of Understanding outlines the terms for a respectful and cooperative business relationship between Gold Reach and the Cheslatta Carrier Nation while exploration is conducted at the Ootsa Property. The formal agreement is a critical step in securing access to the area and removing project risk for the Company and at the same time defines significant opportunities for the Cheslatta Nation.

Dr. Shane Ebert, President of Gold Reach, stated, "We are very pleased to have formalized the great working relationship that exists between the Company and the Cheslatta Carrier Nation. Since 2011 Cheslatta personnel have been a key part of our exploration team at Ootsa and their tremendous efforts have helped us advance the project in a timely and cost effective manner. The ongoing support of the Cheslatta Carrier Nation is a major milestone for our project moving forward."

Chief Richard Peters of the Cheslatta Nation, stated, "The Cheslatta Nation has had an excellent working relationship with Gold Reach for 3 years now and we are gearing up for another very productive year. We welcome Gold Reach into our territory and look forward to working with Gold Reach to advance the Ootsa Project."

Final Three Drill Holes

Assay results for 3 holes (holes OxE-1, 2, and 3) testing a large induced polarization geophysical anomaly located 4.5 kilometres northeast of the Seel deposit have been received. Hole OxE12-1 tested the southern part of the geophysical anomaly and was oriented toward the south at a dip of -50 degrees and drilled to a total depth of 536.4 metres. Hole OxE12-2 was drilled from the same pad as OxE12-1 and oriented toward the northwest at a dip of -50 degrees and drilled to a total depth of 518.2 metres. Hole OxE12-3 was located on the west side of the geophysical anomaly and drilled toward the east at a dip of -50 degrees and to a total depth of 527.3 metres.

All 3 holes encountered intense clay alteration containing 2 to 7% pyrite over their entire lengths, demonstrating the area contains a very large zone of strong hydrothermal alteration. The abundant pyrite encountered accounts for the strong geophysical response. All 3 holes encountered significant geochemical anomalies. OxE12-1 encountered 31.8 metres grading 3.56 g/t silver from 12.2 to 44 metres depth and 25.2 metres grading 0.40% zinc with elevated antimony, silver, arsenic, manganese and gold from 35.8 to 61 metres depth. The highest gold value from the hole was a 2 metre interval grading 0.44 g/t gold from 75 to 77 metres depth. Hole OxE12-2 returned 76 metres grading 0.24% zinc and 0.19% manganese along with elevated gold and locally silver, antimony, arsenic, bismuth, and copper, from 49 to 125 metres depth. The highest gold value from the hole was a 2 metre interval grading 0.18 g/t gold from 343 to 345 metres depth. Hole OxE12-3 encountered patchy zinc, silver, gold, and bismuth anomalies in the upper 100 metres of the hole. The hole ended in 1.3 metres grading 0.30 g/t gold at 526 to 527.3 metres depth.

The widespread and intense clay alteration and anomalous values of zinc, lead, silver, gold, antimony and arsenic are interpreted to potentially represent a large zone of alteration proximal to or overlying a porphyry system. This interpretation is consistent with the geologic setting in which rocks in this area are down dropped along a major fault. The large alteration zone could be prospective for narrow high grade base metal-silver (and/or gold) veins, such as the veins at the Damascus zone 3 kilometres to the south. The large alteration zone warrants further exploration and the Company is planning a detailed 3D induced polarization survey over the area, combined with a structural analyses. This would be followed by drill testing some of the major faults that pass through the anomaly targeting high grade precious metal veins. The potential for porphyry style mineralization at depth will also be evaluated.

Updated resource estimates for the Seel-West Seel and Ox deposits are underway. All of our recent news releases can be viewed on the Company's website at http://goldreachresources.com/news/2013/.

For further information please see our website at http://goldreachresources.com.

Mineral Exploration Roundup

Gold Reach will display core from the Seel deposit at the Core Shack during the 2013 Mineral Exploration Roundup, on Thursday January 31st between 10am and 5pm, at the Westin Bayshore, Vancouver.

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 Seel Porphyry where drill hole S12-118 encountered 128 metres grading 1.01% Cu Eq. consisting of 0.43% Cu, 0.33 g/t Au, 0.076% Mo and 4.76 g/t Ag within a much larger interval of 537 metres grading 0.65% Cu Eq. consisting of 0.27% Cu, 0.19 g/t Au, 0.055% Mo, and 2.69 g/t Ag.

The Company is well financed with over $2.26 million dollars in the treasury and holds a 2% NSR covering 23,000 hectares of mining claims located adjacent to the Blackwater Gold deposit in central British Columbia.

Quality Control

All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to SGS Mineral Services for analysis (which is an ISO 9001 and ISO/IEC 17025 certified lab), while the other half is archived and stored on site for verification and reference purposes. Gold is assayed by standard fire assay methods with 34 additional elements analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion. Duplicate samples, blanks, and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...