Bolivar tests gold targets at concession in Venezuela

Exploratory drilling by Bolivar Goldfields (TSE) is testing the Loma prospect and other targets at the Nena gold project in the Chicanan district of Venezuela.

The 2,000-hectare exploitation concession covers an extension of the Chicanan shear zone, the controlling mineral structure in the region. The Loma prospect, a 1.5-km-long mineralized shear zone, was discovered in 1989 and extensively worked at surface by local miners.

As part of this year’s US$1.5-million program, Bolivar is carrying out a drilling program over Loma and several other mineralized structures on the property.

One of the longer drill intercepts within the Loma shear zone returned 62 metres of 1.05 grams gold per tonne, while significant results from two other shear structures included 5 metres of 5.3 grams for the Piwi zone and 3 metres of 5.58 grams for the South Loma zone.

Further prospecting, geochemical sampling and trenching are being carried out in areas that have shown anomalous values. And channel sampling on the newly identified Elda zone yielded grades up to 11 grams from a 4-metre-deep exploration pit.

Bolivar must spend US$5 million on exploration and feasibility studies over the next three years in order to earn an 80% interest in the Nena concession.

A representative selection of assay results from recent drilling at Nena is as follows:

HoleIntervalWidthGrade

(m)(m)(g/t)

N-131.0-34.03.02.04

77.0-84.27.22.06

N-10160.0-163.03.01.63

N-2238.0-59.021.02.03

N-2456.0-83.027.01.64

N-33134.3-140.76.43.15

P-1497.0-99.02.031.00

P-3237.0-43.06.01.57

52.0-55.03.02.16