Spokane-based Gold Reserve Corp. announced drilling results Wednesday that suggest its Venezuelan gold field may contain more gold than expected.
Gold Reserve has enjoyed a stock run-up following last week’s announcements that it had received important permits to mine the Brisas concession in Venezuela.
Geologists already had outlined a potential resource of 5.5 million ounces of gold and 726 million pounds of copper. Wednesday’s results suggest that more gold could lie around the area where Gold Reserve has been drilling.
The company expects more results from drilling around the concession next week. Gold Reserve continues to develop a feasibility study for Brisas that could be approved by mid-1997.
Gold Reserve’s stock rose 38 cents to close at $14.88 Wednesday.
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