TORONTO, CANADA (NZAX: GEL) ("Glass Earth") is pleased to
provide a progress report on its exploration activities in its 4
focus regions in New Zealand (totalling 27,000km2) namely:
- Hauraki Region, North Island
- Mamaku Region, North Island
- Central Volcanic Region, North Island, and
- Otago Region, South Island of New Zealand.
Promising prospecting results from the Otago Region could see
drilling commencing in this region in the near future.
HAURAKI REGION: (JV Partner and Operator - Newmont Waihi Gold
("Newmont"))
Drilling began in mid January 2008 over the Owharoa target, with
the first two diamond drill holes approaching target depth at the
date of this News Release. Drilling on the Owharoa target
represents the first of a series of exploration forays into the
Hauraki region.
Wider Hauraki Region: in 2007, Newmont conducted a programme of
Hoist Electro-Magnetic surveying, surface geochemistry and
resistivity surveys over several of the targets defined by Glass
Earth in its 2005 prospectivity survey. The Hoist EM programme
(Newmont's proprietary EM/magnetic system suspended under a
helicopter) highlighted resistivity anomalies over the Wentworth /
Glamorgan, Wharekiriponga (WKP) and Owharoa areas, providing
encouragement to advance on-ground exploration of these areas.
Waihi West: In the immediate vicinity of the Martha Gold mine
open pit, Newmont has drilled 9 holes on the Glass Earth's permit,
and followed-up on several anomalous geophysical features
identified through on-ground surveying.
MAMAKU REGION: Gibraltar-Muirs-Otawa Projects
Surrounding the historic Muirs Reef Gold Deposit, (production
43,642 0z gold circa. 1930's) Gibraltar and Otawa prospects have
demonstrated that this exciting epithermal gold prospect represents
one large continuous alteration and quartz veined system over 5000m
in length. Historical drilling and channel sampling in the 1990's
on the Muirs section returned interesting individual gold ("Au")
intercepts (including channel samples of 22m @ 1.76 g/t Au, Hole
RC33 from 61 m to 62m: 1m @ 358g/t Au, Channel sampling of 20m @
4.9g/t Au). Glass Earth has recently completed E-SCAN� 3D
resistivity surveys, over the Gibraltar and Otawa targets,
respectively south and north of the historic Muirs Reef Gold
Deposit which, combined with surface mapping, has traced the
vein/breccia system for over 5000m. Rock chip sampling of outcrop
by Glass Earth personnel has returned individual rock chips in the
0.5-2g/t Au range. Drilling is planned on these projects pending
finalization of access arrangements.
E-SCAN� is a new generation multi-directional direct-current
resistivity method, that highlights resistive/conductive contrasts
(quartz versus altered rock) in three dimensions down to
approximately 650m depth (owner/operator - Premier Geophysics
Inc.)
CENTRAL VOLCANIC REGION:
Glass Earth conducted two E-SCAN� surveys in the CVR in 2007,
over the Ohakuri and Tahunaatara targets and two further E-SCAN�
surveys are underway at the Pukemoremore (February 2008) and
Horohoro (March 2008) targets. These surveys which have been
carried out over the whole target zones are providing invaluable 3D
information of the subsurface systems that could host possible gold
mineralisation.
Drilling of the first E-SCAN� target on Ohakuri (Nov-Dec 2007)
intersected broad zones of a large epithermal system
(quartz-aduaria-illite-pyrite mineral assemblages) but sub-economic
gold-silver. A second E-SCAN� target has been identified in south
Ohakuri, where surface in situ rock chips recorded historical
values ranging from 0.6 - 2.5g/t Au over an area previously drilled
by Amoco/BP Minerals. An historical intercept of 121m @ 0.5g/t Au
(OHBP6 from 81m to 202m) has been reported. This area holds
significant exploration promise.
The top 6 targets in this region will soon have completed 3D
E-SCAN�. It is planned to drill these targets.
OTHER NORTH ISLAND REGIONAL TARGETS:
Through the 2005 airborne surveys and data intervention process
in the North Island, Glass Earth generated over 100 epithermal gold
targets in the Central Volcanic and Mamaku Regions, and ranked them
for further evaluation.
While exploration activities, including drilling, have continued
apace on the higher ranked targets, Rotorua-based field teams have
completed the technical evaluation through further mapping and
detailed stream geochemical surveying of the remainder of Glass
Earth's target table in those regions,. In addition, 2D gradient
array geophysical reconnaissance was used to indicate the depth of
post mineral cover, and the likelihood of buried
mineralisation.
As a result, Glass Earth has been able to refine the ranking of
targets and has dispensed with the lowest ranked targets, choosing
to retain only the top 40 targets. These are considered more likely
to provide a major epithermal gold discovery.
OTAGO REGION:
In 2007, Glass Earth conducted the largest ever airborne
geophysical survey in New Zealand, using Fugro Airborne Survey's
cutting-edge RESOLVETM technology to collect high quality
electro-magnetic and magnetic data over 13,000km2 of mesothermal
gold terrane in the Otago Region. The 7 month, C$3m survey was
completed in August 2007.
Glass Earth's interpretation and ground truthing of
electro-magnetic and magnetic anomalies in the airborne geophysical
data have led exploration efforts directly to new major
gold-bearing structures similar to that hosting Oceana Gold's
Macraes Gold Mine (8million ounces in production and
resources).
At Serpentine (a historical alluvial gold-field) coincident
magnetic and EM features relate to quartz veined shears, with
individual rock chip results ranging from 1.3- 14.8 g/t Au. On
ground geochemical soil surveys over a 15km x 5km zone has
identified soil gold anomalism over at least two individual areas
with strike extents of 3km and 2kms respectively. Drilling of these
anomalies is being planned as a priority.
Similar ground mapping and soil/rock chip sampling is being
carried out over the Gold and Pine targets (adjacent to the
historic Gabriel's Gully site of the original gold discover in
Otago) and Game Hen (adjacent to historic Hindon Gold workings)
where targets are being prioritised by the coincidence of
magnetic/EM identified shears, and surface gold anomalism.
A further eight prospects are being examined in the Central
Otago region providing a major new focus to Glass Earth's
exploration endeavours.
Based on its interpretation of its exploration results, Glass
Earth believes that there is evidence that the Otago Mesothermal
gold belt may be considered to be a major new Orogenic Gold
Province.
Qualified Persons
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's VP Exploration and Chief Operating
Officer, 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 over 27,000
square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on the
Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic
Region is host to the 10 million ounce gold Waihi / Martha Mine,
owned by Newmont Mining, which is considered the "type" epithermal
gold deposit and the kind of large epithermal gold system targeted
by Glass Earth.
- Hauraki Region - With advanced gold prospects, this region
occupies a significant ground position 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 in the process of being drilled.
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
alluvial gold.
- Otago Region - A major data collection/geophysical survey over
this region was completed in August 2007. It is being followed by a
targeting process to identify priority areas of gold potential for
detailed on-ground evaluation (which commenced in November 2007).
Drilling is anticipated in the 2nd quarter 2008.
Glass Earth Gold Limited, with its main operational office in
Wellington, New Zealand; field offices in Rotorua (North Island)
and Dunedin (Otago, South Island) and corporate office in Toronto,
Canada; is listed on the TSX Venture Exchange (TSX VENTURE: GEL)
and the New Zealand Alternative Stock Exchange (NZAX: GEL).
To view a copy of the Glass Earth Exploration Projects map,
please visit the link below:
http://media3.marketwire.com/docs/gelmap229.pdf
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.
Contacts: Glass Earth Gold Limited Simon Henderson Chief
Operating Officer and Vice President, Exploration +64 4 903 4980
Email: info@glassearthlimited.com Glass Earth Gold Limited Glenn
Laing President (416) 368-7220 Website: www.glassearthgold.com
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