VANCOUVER(Commodity Online): Gold Reach Resources Ltd. (GRV: TSX-V) has announced an updated resource estimate for the Seel deposit on the company's 100% owned Ootsa property, British Columbia.
The new independent mineral resource estimate study was conducted by Giroux Consultants Ltd. and follows up an initial mineral resource estimate on Seel completed by Wardrop Engineering in 2008.
The new resource is based on 28,294 meters of drilling in 100 holes and was completed in accordance with Canadian Securities Administrators National Instrument 43-101and the CIM Standards on Mineral Resources and Reserves, and has an effective date of December 8, 2011.
Dr. Shane Ebert, President of the company stated, "The recently discovered West Seel deposit has returned impressive mineralized intercepts including 566.7 metres grading 0.54% Cu Eq in hole 100, the last hole drilled during the 2011 program. This zone remains wide open for expansion to the west, north, south, and at depth, and in 2012 we will look to significantly increase the tonnage in this area with an aggressive drilling program. At West Seel we see a trend of increasing grade at depth, and we are planning a few deep holes into the zone this year to see if that trend continues."
In addition to the Seel deposit the property also hosts the Ox porphyry, located 3.2 km north of Seel, which hosts a 43-101 compliant resource estimate containing 16 million tonnes grading 0.3% Cu and 0.04% Mo. The Ox porphyry also shows good potential for expansion and will be drill tested in 2011.
The company is planning a substantial exploration program for the Ootsa project this year, which will including a minimum of 10,000 metres of diamond drilling. Permitting for this program is already in place and the company will look to secure financing shorty.
Gold Reach Resources Ltd. is a Canadian exploration company with an experienced board and management team that is actively involved in mineral exploration in British Columbia.
