Stepout drilling by Gold Reserve (GLR-T) in the Kilometre 88 region of Venezuela continues to encounter gold mineralization. As a result, the company is opening up for future exploration an area west and south of known resources.
After the discovery in June of the Brisas concession’s Southwest zone, the company launched a drill program to outline the limits of mineralization. The most recent results confirm a strong correlation between drillholes and continue to extend the mineralization to the north, south and west.
Much of the mineralization has been intercepted at depths of about 400 metres, and the company plans to bring in a rig capable of drilling past 1,000 metres.
Gold Reserve also intercepted good-grade mineralization in the Camp, Remo, Crusher Hill and Nuevo Mundo areas. The company plans to drill another 45 exploration and condemnation holes before the December break. Deep drilling is scheduled to begin in the next two months.
The deposit currently contains 212 million tonnes of material at an average grade of 0.88 gram gold per tonne plus 0.17% copper, equivalent to 6 million oz. gold and 728 million lb. copper.
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