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Drilling at Gold Reach’s Ox deposit continues to outline near-surface copper-gold-moly porphyry mineralization.
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Gold Reach Resources (TSXV:GRV)
Price: $1.11
Market cap: $35 million
Cash estimate: $2.9 million
Project: Ootsa
Country: Canada
Ownership: 100 percent
Resource: 67.7 Mt @ 0.21% Cu, 0.015% Mo, 0.17 g/t Au indicated; 463 Mt @ 0.17% Cu, 0.1 g/t Au, 0.02% Mo, 1.87 g/t Ag inferred
Project status: Advanced exploration
Catalysts: Additional drilling — resource update
- Drilling on the Ox deposit four kilometres to the north-northeast of the Company’s West Seel deposit continues to outline near-surface copper-gold-molybdenum porphyry mineralization.
- Hole Ox13-78 intersected 225.6 metres grading 0.30% Cu, 0.032% Mo, 0.05 g/t Au, and 1.73 g/t Ag (0.48% Cu equivalent) starting at a depth of 8.7 metres. An additional hole (Ox13-77) starting at a depth of 14 metres intersected 148.2 metres of 0.35% Cu, 0.033% Mo, 0.07 g/t Au and 1.82 g/t Ag (0.55% Cu equivalent).
- The Ootsa Project, while typical of many low grade British Columbia porphyry deposits, has some advantages over many current development projects. The key issue is the number of holes that are very near surface thus creating a situation that may provide opportunities for a low-strip, near surface starter pit that could potentially reduce the up-front capital cost of the project (Note: no economic studies have been completed by the Company). The second advantage is the higher than average grade of potential by-product molybdenum.
- The Company has outlined a total indicated resource of 67.7 million tonnes grading 0.21% Cu, 0.015% Mo, and 0.17 g/t Au with an additional 463 million tonnes of inferred resource at 0.17% Cu, 0.10 g/t Au and 0.02% Mo (0.2% CuEq cut-off).
DISCLOSURES
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