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Attention Business Editors:
GOLD RESERVE ANNOUNCES INCREASED GOLD MINERALIZATION IN SOUTHWEST ZONE AND
IDENTIFICATION OF SIGNIFICANT NEW MINERALIZATION IN THE EL REMO AREA
SPOKANE, Wash., Sept. 11 /CNW/ - Gold Reserve Corporation (TSE - GLR;
NASDAQ - GLDR) reports increased gold mineralization in the Southwest Zone and
the identification of a new target south-southeast of the Pozo Azul Zone
referred to as the El Remo area, where 42 meters grading 9.9 grams of gold
(0.32 ozs.) per tonne were intercepted in drill hole No. 448. Additionally,
condemnation drilling east of the Pozo Azul zone in an area referred to as
Crusher Hill also appears positive where good gold grade mineralization was
intercepted in drill hole No. 459. Based on recent drill results a major new
drilling campaign will commence in several new areas on the property (See Map
I).
SOUTHWEST ZONE (SEE MAP II)
Recent drill data confirms that the new Southwest Zone is thicker and
longer than previous estimates. This zone is characterized by mineralized
horizons that strongly correlate over a 500 meter northeast trend, mineable by
open pit methods. The higher-grade gold mineralization within this zone is
currently 400 meters long, 170 meters wide and 200 meters thick and is open to
the north, south, and west. Additional offset drilling has commenced in this
area. Deep drilling in certain areas west of the Pozo Azul Zone will also be
conducted in the future. This drill data indicates significant potential to
expand the western border of the currently defined Pozo Azul Zone.
Three drill holes not previously reported, show extensive, pervasive gold
mineralization over large distances. Drill holes No. 359 and No. 386 and No.
388 were drilled as offsets to the previously announced drill hole No. 316
which bottomed at 255 meters, averaging 1.09 grams of gold per tonne over the
entire hole and are approximately 250 meters northeast of drill hole No. 464,
which was the subject of the most recent press release. The following
intercepts were encountered in drill holes No. 316, No. 359, No. 386 and No.
388:
Hole No. Intercept Interval Grams/
Meters Meters Tonne
------ ------ -----
316 54-99 45 3.31
153-156 3 9.89
171-180 9 0.63
207-255 48 1.49
Total depth of 255 meters, averaging 1.09 grams of gold per tonne.
359 21-99 78 2.19
138-225 87 1.51
Total depth of 231 meters, averaging 1.43 grams of gold per tonne.
386 0-81 81 1.47
204-260 56 1.68
Total depth of 260 meters, bottoming in ore grade material.
388 84-129 45 0.87
168-282 114 1.51
Note: 1 troy ounce equals 31.1034 grams
Drill hole No. 466, drilled 50 meters to the south of drill hole No. 464,
has been partially assayed and, along with visual inspection of drill core,
preliminarily confirms the results of drill hole No. 464. Drill hole No. 466
will be reported on when all assays are received and checked.
The major geologic features of this area include evidence of coarser,
more brecciated lithic fragments, and more definitive evidence of gold
remobilization into structurally prepared zones, containing pyrite and
carbonates as well as fracturing, resembling stockworks.
EL REMO AREA (SEE MAP III)
A new area 400 meters south-southeast of the Pozo Azul Zone and referred
to as the El Remo Area has been identified. Drill hole No. 203 intercepted 21
meters of 4.82 grams of gold (0.155 ozs.) per tonne at a depth of 111 to 132
meters and visible gold was also observed in the drill core. Drill hole No.
379, offset 50 meters to the south of drill hole No. 203 intercepted 18 meters
of 0.96 grams of gold per tonne, at a depth of 42 to 60 meters. Approximately
170 meters to the southwest of drill hole No. 379, drill hole No. 448, assayed
as follows:
Intercept Interval Grams/
Meters Meters Tonne
------ ------ -----
36-78 42 9.90
including 36-48 12 31.95
Another drill hole No. 467, located 200 meters south of drill hole No.
448, also intercepted higher grade gold zones as follows:
Intercept Interval Grams/
Meters Meters Tonne
------ ------ -----
93-96 6 2.16
141-147 6 1.46
183-192 9 1.76
A number of drill holes drilled on what appears to be the eastern
boundary of the area indicate low grade mineralization apparently intersecting
the upper edge of this mineralization. Additional offset drilling to the west
of drill hole No. 448 has been recently completed and assay results are in
process. As presently outlined, this smaller high-grade gold area measures
approximately 450 meters along strike to drill hole No. 467 and is in line
with a geochemical anomaly that is a further 200 meters southwest of hole No.
467. Preliminary results are extremely encouraging although additional
drilling will be necessary to confirm the extent of this new area.
CONDEMNATION DRILLING TURNED POSITIVE (SEE MAP II)
Condemnation drill hole No. 459 intercepted several bands of good grade
gold mineralization in a new area designated as Crusher Hill. Further drilling
in this area will commence immediately. Results of drill hole No. 459 are as
follows:
Intercept Interval Grams/
Meters Meters Tonne
------ ------ -----
87-93 6 12.07
120-126 6 1.43
135-141 6 3.21
CONCLUSION (SEE MAP IV)
The recent expansion of the Southwest Zone, indications that the western
boundary of the Pozo Azul Zone may be expanded and the possibility of smaller
higher grade gold zones elsewhere on the property, indicates that there is
substantial additional gold potential on the Brisas property. A major new
drilling campaign of at least 10,000 meters will commence in these newly
defined areas, as well as, west of the main Pozo Azul Zone.
The Company has 21.6 million shares currently outstanding, US $27 million
in cash and no debt. Warrants to purchase 1 million common shares will add an
additional US $13 million if exercised and paid for by 4:00 PM on September
16, 1996.
Gold Reserve is exploring and developing the Brisas Property in KM 88 in
Southeastern Venezuela. The current estimate of the gold/copper deposit is 5.5
million ounces of gold and 726 million pounds of copper. The Company expects
to report on the Phase IV in-fill drilling of the Pozo Azul zone early next
week.
For further information: Fax on Demand - Current Company and Property
Information (800) 549-0673. A. Douglas Belanger, Executive Vice President,
1940 Seafirst Financial Center, Spokane, WA 99201. Tel. (509) 623-1500, Fax
(509) 623-1634. Visit us on the Internet:
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13:52e 11-SEP-96
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