Gold Reach Resources Ltd. (Gold Reach and/or the Company) is pleased to announce that geophysical surveying will commence shortly on the Company’s 100% owned Ootsa Property located adjacent to the producing Huckleberry Mine south of Smithers, British Columbia.
An 8 man geophysical crew is being mobilized to the site and geophysical surveying will commence shortly. SJ Geophysics from Delta, British Columbia, is the geophysical contractor and will utilize their “Volterra Geoimaging System” a new 3D Induced Polarization (IP) survey system that utilizes a flexible number of single channel and/or 4-channel, 24-bit, full waveform digital acquisition units to obtain good depth penetration and also maintain good near-surface resolution. The survey will be conducted on 3 pre-cut grids with 300 metre line spacing with 100 to 150 metre cross lines for receiver dipoles, and will cover an area roughly 17.8 square kilometres (60 line kilometres). A map showing the location of the 3 grids is available here http://goldreachresources.com/_resources/Ootsa-Project-2013-IP-Grids.jpg
The surveying is anticipated to take approximately 3 weeks to complete.
Dr. Shane Ebert, president of Gold Reach, commented: "Induced polarization geophysical surveying has been very effective at identifying zones of porphyry Cu style mineralization on the Ootsa property and is a key tool for exploring the property which contains large areas covered by thin glacial deposits. The new Volterra system surveys 5 lines at a time in a unique configuration that offers the company a cost effective way of obtaining both good near surface resolution and good depth penetration. The planned surveying will be used to refine existing geophysical targets and explore for new targets within a 4 kilometre radius of the Ox and Seel deposits. Geophysical anomalies will be prioritized and drill tested later this year”.
The company has completed 85 holes at Ox this year, with 42 holes still in the lab with assays pending. Additional drill results are expected shortly. The company is also conducting an ongoing surface exploration program focused on mapping, prospecting, and rock, soil, and stream silt sampling within the large 47,559 hectare Ootsa property.
Second and Final Tranche of Non-Brokered Private Placement Closed
The Company is pleased to announce that further to its news release of June 24, 2013 the Company has closed the second and final tranche of its non-brokered private placement and has issued a further 275,000 units at a purchase price of $1.00 per unit for gross proceeds of $275,000.
Each unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of $2.00 per share for 12 months from the closing date, subject to accelerated expiry, such expiry may be accelerated to 30 days in the event the Company’s share have closed at or above a weighted average trading price of $2.50 per share for ten consecutive trading days.
The proceeds of the financing will be used to continue exploration on the Ox and Seel deposits at the Company’s 100% owned Ootsa property in British Columbia and for general working capital.
In compliance with Canadian securities laws, all of the securities issued in connection with this closing are subject to a hold period expiring on January 4, 2014.
The foregoing is subject to regulatory approval.
On another matter, the Company announces that further to its stock option plan, it is granting options to buy an aggregate of 127,510 shares to various directors, officers, employees and consultants to the Company. The options are exercisable at $1.30 per share for a term of five years from the date of grant.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
“Conrad Swanson”
Chairman
Source: http://www.goldreachresources.com/