As the Ootsa Property deposits move towards a feasibility study, Gold Reach is doubt looking to expand their resource and try make their deposits stand out among the more advanced BC copper projects. Snapping up new ground with historical grades certainly can’t hurt.
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June 25, 2014: Vancouver, British Columbia: 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.
[box type=”note” align=”aligncenter” ]We haven’t reported on Gold Reach Resources since the company presented results from their winter drill program, so we though it time for a mid-summer follow-up and grabbed a release from a few weeks back. Over the past months, the company has upgraded the global measured and indicated resource estimate of it’s East and West Seel deposit to 126.6 million tonnes at 0.2% copper, 0.16 g/t gold, 0.016% molybdenum, 2.47% silver, a copper equivalent (CuEq) of 0.37% at a cut-off of 0.2% CuEq. In May the company purchased from Vernon Seel two mining claims that contain the historic Captain mine. The Captain Mine had mined high grade gold and silver veins within two exploration adits. (An adit is a horizontal underground tunnel that leads into a mine.) In June the company announced a 7,500m drill program to expand the mineralization on the Ootsa Property. This exploration program is now underway and will encompass drilling, surface exploration, soil sampling and an induced polarization survey. The company will also get a leg up on a future pre-feasibility study by performing environmental, metallurgical and engineering work on the property. Read more about their Ootsa property.
While the company has begun its summer exploration program that doesn’t mean it can’t set its sites on new opportunities. The company has staked the Hope Prospect claims along the western end of their Ootsa claim block. Staking is the process whereby companies or individuals may apply to claim the subsurface mineral rights for a tract of land. While some areas still use traditional manual staking where wooden claim posts are cut along property lines, many areas have move to digital map staking. In British Columbia where these claims were “staked”, companies or prospectors can sign on to Mineral Title’s Online and mark on a digital map of the province of the area they wish to claim.
When companies stake a claim, they must maintain that claim through exploration work and development. The value of work involved in British Columbia must be $5.00 per hectare for the first two years, $10 per hectare for the third and fourth years, $15 for the fifth and six years followed by $20 for all subsequent anniversaries. Companies must file reports on the work completed within 30 days of exploration and these reports are stored by the government. New claim owners can obtain these historical reports to understand the work done and further advance the knowledge of the property. This system of escalating costs helps ensure that claim owners don’t tie up land and sit on it indefinitely.[/box]
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.
[box type=”note” align=”aligncenter” ]Based on early exploration work, the sulfide minerals identified on the property include chalcopyrite (copper-iron sulfide), galena (lead sulfide), sphalerite (zinc sulfide), tetrahedrite (copper antimony sulfosalt) and pyrite (iron sulfide). [/box]
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.
[box type=”note” align=”aligncenter” ]Depending on the year historical assays were completed it’s usually best to re-sample and re-evaluate a property to ensure the historical results and maps are accurate. [/box]
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.
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
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The company is currently trading between $0.60 and $.70 up from it recent 52-week low of $0.57. Their stock price peaked at $1.75 in July of 2012 and the 52 week high is $1.45.
As the Ootsa Property deposits move towards a feasibility study, Gold Reach is doubt looking to expand their resource and try make their deposits stand out among the more advanced BC copper projects. Snapping up new ground with historical grades certainly can’t hurt.
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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.
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.
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