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
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...