WELLINGTON, NEW ZEALAND--(Marketwired - April 29, 2013) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL)(GEL.NZ) is pleased to announce the results of the drill holes 36 and 37 at the WKP gold-silver prospect, Hauraki, New Zealand and the commencement of its 2013 diamond drill program.
Holes 36 and 37 carry modest grade intersections, and bring useful information on the structure of the mineralised system that occurs at WKP and contribute to narrowing down targets for the current drilling campaign.
|Table 1: WKP 36-37 drill intercepts |
After a period of three months when drilling has been interrupted due to the drought conditions prevailing in New Zealand, Glass Earth is pleased to announce the commencement of the 2013 drill program at WKP. This marks a further step forward in the development of this project, where several broad zones of 100m of 1 g/t gold and silver, and significant high grade intersections 3-9m of 15-60 g/t gold and silver have encouraged the exploration team. Results to date have demonstrated that the WKP project as a whole represents a very large gold mineralised system.
The planned 2,400m drilling programme focusses on testing the under-explored EG structure (first discussed in a Glass Earth Gold press release, 31st October 2012), both along strike and up and down dip. See Figure 1. The 2013 work program is budgeted to cost approximately $C2.3M (Glass Earth Gold's share ~$C0.8M), and is to include project-first resource estimates.
Simon Henderson, President and CEO of Glass Earth Gold, commented that "WKP continues to demonstrate enticing targets and higher grade intersections within the envelope of current drilled zones (e.g. WKP 31 9.7m of 17.2 g/t gold and 24.2 g/t silver (see news release dated February 29, 2012))."
The WKP prospect is a joint venture between Glass Earth Gold (35%) and Newmont Mining (65%). The prospect is a large, three by five km mineralised alteration zone, just 10km from Newmont's producing Martha gold mine at Waihi and five km northeast of the Golden Cross deposit. The WKP epithermal system has magnetic/alteration characteristics similar to the Martha epithermal system and has open-along-strike potential of at least 1-2km. The WKP Central zone currently outlines an area approximately 180m wide with a strike continuity of over 800m.
The Glass Earth Gold/Newmont Joint Venture began drilling exploration at the WKP prospect in March 2010, with further drilling in 2011 and 2012. Highlights from previously reported drilling during 2012 are summarised in Table 2, and results from holes WKP 36 and 37 are summarised in table 1. Additional highlights of drilling by the JV from 2010-11 are available from the WKP page on Glass Earth Gold's website, www.glassearthgold.com.
|Table 2: Significant drilling results from the 2012 Glass Earth Gold/Newmont joint venture exploration at WKP Project |
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to producing deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the operating Martha Hill mine, (Newmont Mining).
In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold.
The recent announcement that Glass Earth Gold has acquired option rights to the Neavesville gold/silver prospect (just north of WKP) will mean an increased exploration focus in the Hauraki region.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, and has reviewed and approved the technical information given above.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
To view Figure 1, "WKP Drilling Programme 2013," please visit the following link: http://media3.marketwire.com/docs/GELfig1.pdf.