Vancouver — A new estimate at
About 15,000 metres of infill drilling bumped up inferred resources to the indicated category. The previous estimate was based on prices of US$325 per oz. gold and US85 per lb. copper, which gives about the same cutoff grade as the new estimate.
The new resource estimate, performed by Pincock Allen & Holt, outlined 502.7 million tonnes grading 0.678 gram gold per tonne and 0.126% copper at a cutoff grade of 0.4 gram gold-equivalent per tonne in the measured and indicated categories, at gold and copper prices of US$350 per oz. and 90 per lb.
There are also 126.5 million tonnes grading 0.649 gram gold and 0.133% copper in the inferred category. The inferred resource at Brisas has been revised to 2.64 million oz. gold and 370 million lbs. copper.
Recent drill results indicate the deposit remains open at depth, along strike, and to the southwest.
The reserve estimate analysis for the Brisas deposit, based on a 70,000-tonne-per-day plant, is expected to be completed by early August.
Aker Kvaerner was selected to complete the bankable feasibility study for the development, construction and operation of the Brisas gold-copper project. The study contemplates a 50,000-tonne-per-day conventional mill.
Brisas is expected to produce about 475,000 oz. gold and 60 million lbs. copper per year. The company plans to produce gold dor on-site and ship copper concentrates to an off-site smelter.
Gold Reserve expects to complete the bankable feasibility study and make a production decision by year-end.
The company has had no further discussions with
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