Gold Reserve drills Las Brisas in Venezuela’s Km 88 district

By drilling outside the area of known mineralization, Gold Reserve (GLR-T) has located three significant finds at its Las Brisas gold deposit in the Kilometre 88 region of Venezuela.

The program focused on three areas situated southwest of the Pozo Azul zone of the main deposit.

At the Southwest zone, drilling confirmed that the structure is thicker and longer than previously believed. High-grade mineralization in the zone measures about 400 metres long, 170 metres wide and 200 metres thick; it is open to the north, south and west.

Hole 464, drilled on the western edge of the Southwest zone, encountered 188 metres (from 162 to 351 metres) of gold mineralization at an average grade of 2.58 grams per tonne, including 48 metres (from 303 to 351 metres) grading 6.77 grams. The mineralization represents a deep, high-grade horizon.

The hole, one of the best yet drilled on the property, has the potential to increase the size of the deposit. The company has drilled another hole, No.

466, about 50 metres to the south, and results are pending.

About 400 metres to the south lies the Remo zone, where a 19-hole program outlined a high-grade zone estimated to be 450 metres long. The highest-grade material thus far was encountered in hole 448, which intersected 42 metres of mineralization grading 9.9 grams gold (including 12 metres grading 31.95 grams) at a depth of 36 metres.

The mineralization here is on trend with two geochemical anomalies, 200 metres to the southwest. Gold Reserve is preparing drill sites to test these targets.

The company also encountered gold mineralization during condemnation drilling at a third area, known as Crusher Hill. Hole 459 intercepted several bands of gold mineralization, including 6 metres (from 87 to 93 metres) grading 12.07 grams, 6 metres (120-126 metres) grading 1.43 grams, and another 6 metres (135-141 metres) grading 3.21 grams.

A new drill program, spanning 10,000 metres, will be carried out in these three areas, as well as west of the main Pozo Azul area.

The government of Venezuela recently approved the company’s application for veta rights to gold, copper and molybdenum beneath the Las Brisas alluvial concession.

The resource is estimated to contain 5.5 million oz. gold and 726 million lb.

copper.