WELLINGTON, NEW ZEALAND--(Marketwire - April 17, 2012) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL)(NZAX:GEL) is pleased to announce the commencement of a substantial 5,500m diamond drill program at the WKP gold-silver prospect, Hauraki, New Zealand.
Commencement of the 2012 drill program at WKP marks an important milestone in the development of this project, where both 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 inspired the exploration team.
Results to date have demonstrated that this project represents a very large gold mineralised system. The current program will test both the size and tenor of broad mineralised zones and connectivity of high grade intervals.
Simon Henderson, President and CEO of Glass Earth Gold, commented that "exploration within the WKP area continues to demonstrate new enticing targets south of the current drilling areas 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 current 5,500m program will test both southern extensions of known targets, and examine the potential of both rhyolite and basement andesites as these are preferred host rocks to economic mineralisation."
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 (approximately 10Moz gold equivalent) and five km northeast of the Golden Cross deposit (634koz gold). The program is budgeted to cost approximately $C3.3M (Glass Earth Gold's share ~$C1.2M).
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 with DDH WKP 24 in March 2010. Highlights from results achieved to date are summarised in Table 1:
|Table 1: Significant drilling results from Glass Earth Gold/Newmont joint venture exploration at WKP Project|
|Drillhole ID||From||To||Interval m||Au g/t||Ag g/t|
To view "Figure 1: WKP Project - Hauraki, New Zealand", please visit the following link: http://media3.marketwire.com/docs/WKP417.pdf.
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's largest gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across a land position of approximately 10,000 km2, in both the North and South Islands. The Company held a net cash position of C$2.2 million at the end of Q1 2012 to fund exploration progress.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the 10Moz gold equivalent 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.
Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef project where drilling is ongoing. A historical resource of 390,000 oz (non NI 43-101-compliant, at 1.5 g/t Au and cut-off grade of 0.5 g/t Au), as well as recent drilling provided further encouragement with intersections of 2m of 38.4g/t gold and 49.2g/t silver.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's 7Moz Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
Mr Kyle Howie, Member of the Australian Institute of Geoscientists, Glass Earth's Senior Geologist, is the Qualified Person for Glass Earth Gold regarding the WKP Project. Mr Howie has reviewed and approved this news release.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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.