Gold Reach Resources Ltd. Acquires New Claims Adjacent to Richfield Venturesadmin
Gold Reach Resources Ltd. announce it has acquired a 100% interest in thirteen (13) new mineral claims consisting of 5,081 hectares directly adjacent to Richfield Ventures ‘Blackwater’ Bulk Gold Target.
Richfield Ventures recently announced on January 5, 2010 they had intersected 329 metres of 1.25 g/t Au and on September 29, 2009, 148 metres of 1.26 g/t gold including 23 metres of 2.22 g/t gold.
The recently acquired claims called the Auro Property are located four kilometres directly east and southeast of Richfield’s discovery zone. Using public data from the Geological Survey of Canada the Company has identified an airborne magnetic high anomaly trending southeast from the Richfield discovery onto the new claims. The stronger part of this magnetic anomaly lies central to the claims and is approximately 6 kilometres long and 2 kilometres wide.
Conrad Swanson, President of Gold Reach states “I am pleased with the acquisition of the Auro Property and the fact that we are on trend with the Richfield discovery.”
The terms for the property acquisition of a 100% interest requires a cash payment of $80,000 and the issuance of 150,000 common shares of the Company upon exchange approval.