Gold Reach Resources Ltd. (TSXV:GRV) provided updates on resource estimates for the Seel and West Seel deposits, including a 141 percent increase in indicated and 91 percent increase in inferred resources.
As quoted in the press release:
At a 0.2% copper equivalent (Cu Eq) cut off the Seel deposit contains an indicated resource of 67.8 million tonnes grading 0.21% Cu, 0.17 g/t Au, 0.015% Mo and 2.02 g/t Ag (0.39% Cu Eq) plus an inferred resource of 410.9 million tonnes grading 0.16% Cu, 0.11 g/t Au, 0.018% Mo, and 1.95 g/t Ag (0.31% Cu Eq). The majority of the resource sits in the inferred category reflecting the widely spaced nature of the drilling completed during the 2011 and 2012 drill programs.
Gold Reach’s President, Dr. Shane Ebert, said:
The Company is extremely pleased with the rapid increase in resources at the Seel deposit over the last 2 years. At the beginning of 2011 the Seel deposit had a modest resource of less than 50 million tonnes, and now it has been transformed into a very significant mineral deposit containing 410.9 million tonnes in the inferred category plus 67.8 million tonnes in the indicated category, and is open to the south.