NEW COPPER/GOLD ZONE DISCOVERED AT BRISAS 11:32 EST Monday, November 10, 1997
Canada NewsWire
SPOKANE, Wash., Nov. 10 /CNW/ - Gold Reserve Corporation (TSE: GLR - NASDAQ: GLDR), is pleased to announce that a zone of copper/gold mineralization has been identified directly below the center of the main Brisas gold/copper mineralized zone. This new zone (located between 2500N and 2900N) has a strike length of 400 meters and is 50-70 meters thick and is open in the down dip direction. It is characterized as having low gold grades but the copper grades are more than twice the average grade of copper in the Brisas mineralized deposit.
This new deeper copper/gold zone was encountered during previous wide spaced drilling but recent drilling has successfully determined the continuity of the zone. Some examples of the recent drilling are as follows:
Hole No. Intercept Interval Gold Grade % Copper Gold Equiv. Meters Meters gpt gpt 691 360-414 54 0.27 0.43 1.12 692 396-450 54 0.54 0.55 1.63 693 348-450 45 0.40 0.57 1.53 694 408-459 51 0.38 0.39 1.16 695 330-390 60 0.61 0.38 1.37 696 381-429 48 0.42 0.41 1.23 260a(x) 264-336 72 0.41 0.51 1.42 334a(x) 264-336 72 0.40 0.47 1.33
(x) Extension of Existing Holes
All holes drilled at -60 E
Gold Equivalent calculated using $0.90 per pound copper and $310 per
ounce gold
gpt (equal sign) grams per tonne, 1 ounce (equal sign) 31.1034 grams
The mineralized material in this new zone appears to be economic as preliminary pit designs mine material directly above this zone. The Company estimates that the deep copper zone could add 1 to 2 years to the mine life if proven feasible. Further drilling will be conducted on this new zone, prior to the completion of the final feasibility study.
Gold Reserve still has US $31 (CDN $43) million in cash (US $1.36 (CDN $1.89) per share) and no long-term debt. The Company's gold resource is currently valued at less than $5 per ounce, after deducting 3 cents per pound for the copper.
Gold Reserve Corporation is developing the Brisas gold copper deposit which the Company estimates to contain 7.3 million ounces of gold and 950 million pounds of copper making it one of the largest undeveloped gold deposits in the world.
The information presented in this news release includes both historical
information and forward-looking information or statements, as defined by
the Private Securities Litigation Reform Act of 1995 (the "Act'').
Examples of the latter include, without limitation, statements regarding
potential mineralization, exploration results, and future plans and
objectives of the Company, all of which involve risks and uncertainties.
In accordance with the Act, the Company cautions that there can be no
assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed under the
heading "Risk Factors" and elsewhere in documents filed from time to
time with the United States Securities and Exchange Commission. All
subsequent written and oral forward-looking statements attributable to
Gold Reserve or persons acting on its behalf are expressly qualified in
their entirety by this notice. Brisas refers to the gold alluvial
concessions and concessions under application.
c Canada NewsWire - 1997 |
