A Good Thing! A Purchase of Dire Significance!
Goldrea in negotiations with potential Rushan buyer
2013-10-03 10:41 ET - News Release
Mr. James Elbert reports
GOLDREA RESOURCES CORP. - COMPANY UPDATE
Goldrea Resources Corp. has provided information on the company's properties and recent activities over the past several months.
Chinese gold asset sale
Goldrea is in advanced discussions and negotiations with a potential purchaser of the Rushan Daye gold project in China. The property contains an NI 43-101 indicated resource of 2.6 million tonnes grading 2.03 grams per tonne Au (0.0654 ounce per ton) containing 174,000 ounces of gold.
The company continues to review its mineralized properties in North America, specifically in British Columbia and Arizona. The 50-per-cent-owned Dobbin platinum/palladium/copper project 27 kilometres northwest of Kelowna, B.C., the 50-per-cent-owned Empress molybdenum discovery near Summerland, B.C., and the Arizona gold project located in Mojave county.
Of particular significance
Empress molybdenum discovery (50/50 joint venture with Nevada Clean Magnesium)
Drilling of 19 BQTW diamond drill holes (3,493 metres) (11,470 feet) was completed on a high-grade near-surface molybdenum discovery on the Empress property located near Summerland, B.C. N. Tribe & Associates Ltd. completed an NI 43-101 resource study in November, 2008. The results are as displayed in the table.
0.02% cut-off 0.05% cut-off Indicated 3,996,155 tonnes at 0.0605% 1,703,000 tonnes at 0.094% Mo Mo Indicated 3,498,000 tonnes at 1,657.498 tonnes at 0.094% 0.0619% Mo Mo
The deposit is open to the northeast, to the southwest and at depth. A decision to commence further exploration on the property has been delayed until molybdenum prices begin to rise.
The Gold Chain gold property, located in Mohave county, Arizona, has a historical resource in excess of 40,000* ounces of gold (1.3 million tons of 1.03 g/t Au) (0.032 ounce per ton gold)) which was delineated by Western States the previous operator. The gold resource occupies a prominate detachment fault within Precambrian rocks, which are overlain by silicified, brecciated, volcanic dome features of Tetiary age.
The Gold Rush claims straddle the Roadside detachment fault and trend northward the company's adjacent Gold Chain property, which is situated approximately one mile to the north, and which is also located upon the same detachment structure. Previous operator Anaconda postulated that a historical resource of 3.2 million tons of 0.482 g/t Au (0.015 ounce per ton Au) or 48,000* ounces) may be present, the Gold Chain resource is open in all directions.
The option agreement with Sandfield Resources USA and Sandfield Resources Ltd. where by Sandfield could acquire 60 per cent of the rights and title in the Gold Rush and Gold Chain claims has terminated.
* Where historical estimates are referred to, the company has no classification of the resources or reserve and the company has not obtained enough of the original data and has not done the work necessary to verify the classification to reserve verified by a qualified person and the historical estimate should not be relied upon.
Both Empress moly and the Arizona gold projects are considered to be properties of merit by Goldrea management and opportunities will be pursued once financing becomes available.
We seek Safe Harbor.