The Las Brisas concession in the Kilometre 88 region of Venezuela has undergone a new grade and tonnage calculation.
New figures unvelied by Gold Reserve (GLR-T) show an additional 300,000 oz.
gold, bringing the total to 5.5 million oz. The increase is due to higher-grade material encountered in about 100 infill holes drilled on a 50-by-50-metre grid.
Using a cutoff grade of 0.5 gram gold-equivalent, the deposit is now estimated to contain 186 million tonnes grading 0.91 gram gold per tonne and 0.17% copper.
To date, the company has drilled about 440 core and auger holes (totalling 65,000 metres) on the wholly owned property, including 65 core holes from a fourth phase of drilling. These holes are being added to the geologic model and should boost the property’s known resources further.
Gold Reserve expects to drill another 50 holes (totalling 10,000 metres) during the remainder of the year. This drilling will focus on a new zone of mineralization, situated in the southwest, as well as deeper portions of the Blue Whale structure, and the southern portion of the concession.
Metallurgical, condemnation and engineering drilling will continue into 1997.
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