News Release tonight. Came out between 6 and 7pm.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GOLD RESERVE CORP.
TSE SYMBOL: GLR
NASDAQ SYMBOL: GLDR
SEPTEMBER 19, 1996
Phase IV Drilling Increases Gold Reserve's Brisas Deposit
to over 6 Million Ounces of Gold
SPOKANE, WASHINGTON--Gold Reserve Corp. announces that the Phase IV in-fill
drilling has increased the gold-copper deposit on its Brisas property to
over 6 million ounces of gold.
The significance of the new Southwest Zone and the substantial potential to
add not only more gold but higher grades as well, now overshadows the
current deposit estimate.
A new detailed airborne geophysical survey of the western part of the
property combined with previous geophysical data will help target additional
drill-sites north of the Southwest Zone and west of the Pozo Azul Zone.
The current deposit, derived from 440 drill-holes, presently
consists of 212 million tonnes grading 0.88 grams (0.028 ozs.)
per tonne gold and 0.17 percent copper, containing over 6.0
million ounces of gold and 788 million pounds of copper. Less
than 25 percent of the property has been systematically drilled
to-date.
The Phase IV drilling focused primarily in the Pozo Azul Zone and
to a lesser extent in portions of the Southwest Zone. The recent
indications of significant additional gold mineralization, as a
result of the discovery of new exploration targets, has required
the implementation of a major new drill program on the Brisas
property.
The new Southwest Zone, the area along the western edge of the
Pozo Azul Zone, the high-grade intercepts in the El Remo area,
indications of potential mineralization in the Crusher Hill area
to the east of the Southwest Zone and other exploration targets
have the combined potential to develop into substantially more
mineralization than that already delineated on the property.
The company's technical staff has been evaluating the indicated
down-dip potential that the new Southwest Zone could add to the
deposit and is presently focusing the drilling efforts west,
south and north of discovery Hole No. 464 which intercepted 188
meters of 2.58 grams per tonne and bottomed in 48 meters of 6.77
grams per tonne.
It appears that substantial mineralization may exist in certain
areas along the western edge of the Pozo Azul Zone at depths
greater than those presently delineated in the Pozo Azul Zone.
Broad based projections of existing preliminary drill data
indicate the potential for substantial mineralization over a
potential 1400 meter strike length. In-fill drilling is already
in process.
Exploration drill hole No. 466, which was drilled concurrently
with hole No. 464, was completed in August, to a planned depth of
258 meters and confirmed the mineralization in the area. Based
on the results of holes No. 464 and No. 466, a 50 meter grid
drill program to depths over 400 meters is ongoing in the
Southwest Zone. A third diamond drill rig is being mobilized and
a fourth much larger drill rig capable of testing the deep
potential of the property is now being sourced.
Drill core from new holes in the Southwest Zone and El Remo area
are being prepared and shipped to assay labs. The assay results
are expected shortly.
Gold Reserve is exploring and developing the Brisas property in
KM 88 in Southeastern Venezuela.
Map available upon request.
Fax on Demand - Current Company and Property Information
800/549-0673
I don't think there is anything new here. But I am impressed that the
company is keeping everyone informed about these new exciting developments.
I really believe this stock has a lot of upside potential.
Jason |
