Brisas gets regulatory nod

Venezuela’s Ministry of Energy and Mines has approved an operating plan for the Brisas gold deposit in Bolivar state, opening the way for development by Gold Reserve (GLR-T).

Brisas, with proven and probable reserves of 235 million tonnes grading 0.79 oz. gold per tonne and 0.14% copper, has been on hold since the mid-1990s. Thin grades and the falling price of gold called the feasibility of developing the deposit into question.

But recent increases in gold and copper prices have sparked new interest in development of the large, low-grade deposits of the Kilometre 88 district in Bolivar state. Brisas is immediately south of the Las Cristinas gold deposit, currently held de facto by Corporacion Venezolana de Guayana (CVG), the government-owned regional development company. Rights to develop Las Cristinas are disputed by Crystallex International (KRY-T) and Vannessa Ventures (VVV-V).

Geologically, Brisas is an extension of the Las Cristinas deposit, and CVG has indicated it favours developing the two properties as a single project.