TSX-V: GEL NZAX: GEL Diamond Drilling in Three Regions in New Zealand
TORONTO, Sept. 25 /CNW/ - Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth") today provided an activity update on its drilling activities in the Mamaku-Muirs, Hauraki and Otago Regions in New Zealand. Drilling continues apace through spring in the southern hemisphere.
MUIRS REEFS GOLD PROPERTY, MAMAKU REGION (last reported upon 22 August)
A high-level epithermal system is indicated by the broad mineralized intersection in the first diamond drill hole. In summary;
- First diamond drill-hole intersects 30m @ 1.2 g/t Au and 6 g/t Ag,
confirming a mineralized system to 75m depth;
- Additional gold mineralized quartz veins intersected either side of
the broad intercept indicate potential for a stockwork of veins
between the Massey and Muirs vein systems (350m apart);
- Recent EM electrical ground surveying confirms additional resistors
indicative of new veins in the vicinity of Massey and Muirs quartz
reef;
- Quartz vein petrology indicates a high-level epithermal system with
unconstrained depth potential.
Drilling and assaying of the first diamond drill hole on the Massey section of Muirs Reef provides strong encouragement, showing initial indications of a broad section of mineralized quartz veins (30m @ 1.2 g/t Au and 6 g/t Ag, true width ~20m). Drilling beneath 20m @4.9 g/t gold (surface channel across the Massey section of the Muirs Reef prospect) included a wide mineralized zone steeply dipping beneath the Massey channel and two other peripheral mineralized quartz veins, providing indications of a broader epithermal system than previously described. (see section Figure 1).
The second hole, drilled 80m along section on the Massey reef, is currently at 105.6m and still in the target zone.
The breadth of the mineralized quartz veins, and the intersection of several peripheral veins (up to 4.5 g/t Au over individual one metre intervals) indicates the potential for a large epithermal system. The Massey and Muirs veins lie some 350m apart, with the known Muirs veins mapped over 1500 metres (demonstrated from historical RAB/RC drilling). Recently completed EM (gradient array) ground surveying between the two reefs has detected new resistors indicating additional veining lies between the two vein systems. (See plan Figure 1)
Quartz, chalcedonic colloform banded quartz, silicic altered bladed calcite and adularia assemblages all indicate an epithermal system at a very high-level, with unconstrained potential at depth.
Exploratory drilling is anticipated to be near-continuous over the next few months on this area concentrating on the delineation of resources in the vicinity of the Massey/Muirs vein systems.
This epithermal gold prospect conjoins the Muirs/Massey, Otawa and Gibraltar prospects into one large continuous alteration and quartz veined system over 5,000m in length.
HAURAKI REGION (JV Partner and Operator - Newmont Waihi Gold ("Newmont"))
(last reported upon 22 August 2008)
Newmont has completed its first hole at the Komata prospect (total depth 352.6m) encountering altered andesitic and minor rhyolitic volcanics. Minor narrow quartz veins were observed. A second hole has reached approximately 200m of a 250m target depth prior to moving the drill rig to South Karangakahe to continue a series of exploration forays into the Hauraki region.
A map of the exploration areas is attached as Figure 2. OTAGO REGION (last reported upon 22 August 2008)
The exploratory drilling campaign continues in Otago over lower elevation targets accessible during the winter. The drill rig completed its first hole at Sheep Wash (final depth 274m), just 4km south of the Macraes Gold Mine (Oceana Gold owner/operator), where co-incident magnetic-electromagnetic anomalies demonstrate a potential shear-zone sub-paralleling the Hyde-Macraes shear and targets anomalous gold-arsenic in soil geochemistry. Results are awaited.
Results at Gold and Pine (287.5m) diamond hole intercepted the targeted pelitic shear zone at 200m, but was not significantly mineralized. Weak mineralisation at 260m (2m @ 0.14 ppm Au) and 280m (2m @ 0.1ppm Au) were associated with narrow quartz-pyrrhotite veins.
The drill rig will move to Game Hen (Hindon, central Otago) following the Sheep Wash drilling; where in-situ rock chips from Glass Earth mapping returned grab rock chip assays up to 44 g/t or to the Serpentine (Rough Ridge Central Otago) if the snow and tracks clear sufficiently to allow access to that priority area. A map of the Otago exploration areas is attached as Figure 3.
To view Figures of exploration areas visit the link below: http://files.newswire.ca/614/GEGmuirsdrill0908.doc Qualified Persons
Glass Earth's exploration programmes are carried out under the supervision of Glass Earth's President and CEO, Mr. Simon Henderson, M.Sc, M.AUSIMM, F.SEG. Mr. Henderson meets the qualified person requirements as defined by National Instrument 43-101 with more than 30 years of experience in the gold mining and exploration industry.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 22,000 square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on the Hauraki/Mamaku/Central Volcanic Region. Glass Earth is targeting its exploration to uncover large epithermal gold systems similar to the 10 million ounce gold Waihi/Martha Mine, owned by Newmont Mining located here.
- Hauraki Region - With advanced gold prospects, Glass Earth occupies a significant ground position in this region around the Waihi/Martha Mine. Newmont has commenced earning into the Glass Earth permits via two Joint Ventures: the Waihi West permit, immediately adjacent to the Waihi/Martha Mine; and the surrounding Hauraki Region permits. - Mamaku Region - With recently-defined gold targets, this region includes the Muirs Reef prospect, which historically produced more than 43,000 ounces of gold. - Central Volcanic Region - Glass Earth has defined a number of epithermal gold targets in this region, including advanced prospects that have completed 3D resistivity and have been prioritized for drilling. In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and alluvial gold. - Otago Region - Over 20 significant hard rock gold prospects have been identified in this region; drilling has commenced on the five advanced exploration prospects, while prospecting will continue to bring forward targets through the 2008-2009 exploration period.
Glass Earth Gold Limited, with its main operational office in Wellington, New Zealand and field offices in Rotorua (North Island) and Dunedin (Otago, South Island); is listed on the TSX Venture Exchange (TSX.V: GEL) and the New Zealand Alternative Stock Exchange (NZAX: GEL).
To receive Company news via email, contact sasha@chfir.com and mention "Glass Earth news" in the subject line.
Neither the TSX Venture Exchange nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00009207E
