Vancouver – A step-out hole at Grayd Resource’s (GYD-V) and Golden Reach Resources’ (GRH-V) Seel project, in west-central British Columbia, cut a significant intercept of copper and gold mineralization in the newly discovered porphyry system.
Drill hole S05-8 intersected 102 metres grading 0.44% copper and 0.46 grams gold per tonne, including a 52.5-metre intercept of 0.54% copper and 0.55 grams gold. Mineralization was encountered from bedrock surface, beneath about 18 metres of overburden.
The hole was collared 100 metres north of discovery hole S04-4, drilled in late-2004, where a 148-metre section averaging 0.29% copper and 0.27 grams gold was encountered.
Copper-gold mineralization is associated with Eocene quartz-feldspar porphyries that intrude Hazelton Group volcanic and sedimentary rocks. Peripheral to the intrusive are breccia zones hosting higher copper and gold grades, along with values of silver, lead and zinc that also occur in vein-hosted zones more distal from the porphyry.
The Seel project has road access and is situated about 6 km southeast of Imperial Metals’ (III-T) 50%-owned Huckleberry copper-molybdenum mine, across Thatsa Reach.
Previous exploration companies drilled a number of mostly shallow holes throughout the 1980s and 1990s, returning results up to 1.6% copper and 0.64 grams gold over 18 metres, and 0.9 metres grading 8.3% copper, 9.5 grams gold and 120 grams silver per tonne in breccia zones.
Gold Reach can earn a 61% interest in the project by incurring $1 million in exploration expenditures by the end of 2006, with Grayd holding a back-in right to reacquire 10%.
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