Spokane-based Gold Reserve Corp. said Tuesday that it has discovered more gold at its Venezuelan gold property.
New drilling at the Brisas site in southeastern Venezuela has added an additional 400,000 ounces of gold to the large site. The results come from Brisas’ southwest zone, which has a higher grade than the rest of the mine.
The new finds increase the total reserves of the Brisas deposit to 6.4 million ounces of gold and 800 million pounds of copper.
Gold Reserve has moved closer to gaining approval from the Venezuelan government to mine the property. Other encouraging developments for Gold Reserve include the resolution of issue for Placer Dome and its nearby Las Cristinas property, which helps the Brisas project as well, according to Gold Reserve.
Gold Reserve’s stock finished at $9.63 a share Tuesday, up one-thirtysecond.