Glass Earth Gold-Options Into Rise & Shine Gold Prospect
June 10 2009 - 9:36AM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announces
that it has entered into an option agreement to acquire a 70% equity interest in
Golden Fern Resources, which currently holds 70% of the Rise & Shine prospect in
Otago, New Zealand.
Transaction
Glass Earth has entered into an option agreement with CanAlaska Uranium to
acquire 70% of the common shares in its wholly owned subsidiary, Golden Fern
Resources, by funding up to NZ$900,000 (C$640,000) of exploration expenditures
by October 1, 2011.
Golden Fern has a concurrent Joint Venture with OceanaGold (owner of the Macraes
mine in Otago) over the Rise & Shine prospect (EP 40 481). Golden Fern has
earned a 70% interest and has the right to earn up to 100% (subject to
OceanaGold retaining an NSR).
Prospectivity
Glass Earth's ultra-detailed geophysical survey, coupled with targeting and
ranking for large hard rock gold prospects allows significant new
interpretations of the Rise & Shine prospect that shows that the gold bearing
veins appear to be localised at the intersection of northeast and northwest
oriented structures.
The pre-drilling exploration programme, commencing immediately, will target:
1. Large tonnage/ounce resource in relation to un-oxidised shear-related
mineralization;
2. Small, multiple, high grade, oxidised ore deposits, more specifically in
association with and centred upon shear-controlled styles of mineralization.
Location
The 'Rise & Shine' prospect area is located approximately 25 kilometres
northeast of Cromwell in Central Otago. The prospective structures/geology in
the area are held under exploration permits by Glass Earth (EP 40 771 & EP 40
748) and Golden Fern (EP 40 481). These three exploration permits are surrounded
by Glass Earth's Prospecting Permit 39 322 (see map below).
Technical Background
Rise & Shine was subject to historical mining (late 19th Century) including
limited sluicing of gravel immediately above the shear zone in the 'Alluvials'
area and underground mining of steeply dipping structures in the 'Rise & Shine
Mine' where grades of up to 13 oz gold/tonne were historically recorded. The
'Bendigo Gold Mine', also within the Golden Fern permit, lies south west but in
close proximity (less than 3 km) to the main shear area. (Refer to map below).
Prior to Glass Earth's Otago regional geophysical survey, the Rise & Shine Shear
Zone, a low angle mineralised shear, was considered to be the only major
recognised structure and similar to the Hyde-Macraes Shear Zone.
2005 results of the CanAlaska RC drilling programme included:
--------------------------------------------------------------------------
LOCATION HOLE FROM (m) TO (m) WIDTH (m) GOLD (g/t)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
"Rise & Shine" Area RCB 19 37 42 5 2.76
--------------------------------------------------------------------------
"Rise & Shine" Area RCB 21 8 16 8 1.16
--------------------------------------------------------------------------
"Rise & Shine" Area RCB 23 25 34 9 1.90
--------------------------------------------------------------------------
"Alluvials" area RCB 24 56 64 8 2.03
--------------------------------------------------------------------------
and 97 108 11 2.20
--------------------------------------------------------------------------
" Rise & Shine" Area RCB 31 39 57 18 1.58
--------------------------------------------------------------------------
"Come in Time" Area RCB 33 39 42 3 1.76
--------------------------------------------------------------------------
and 52 53 1 28.2
--------------------------------------------------------------------------
Following its 2007 ultra-detailed geophysical survey Glass Earth completed a
comprehensive process of data compilation, data processing, new modelling and
interpretations for exploration targets in the Central Otago Mesothermal gold
district. This work highlighted the Rise & Shine Prospect and the neighbouring
Bendigo Prospect.
Simon Henderson, President and CEO commented, "This agreement is a great
opportunity for Glass Earth to link up this resource potential, as this is a
major structure in the middle of our existing permitted ground."
Golden Fern President Peter Dasler commented, "The historic New Zealand gold
rushes provided ample evidence of extensive gold mineralizing systems throughout
the country. The Company is very pleased to work with Glass Earth and its
committed and competent staff on the highly prospective Rise and Shine property,
so as to allow CanAlaska to advance Rise and Shine and to concentrate more
closely on its uranium exploration activities in Canada's Athabasca Basin."
Qualified Persons
Glass Earth's exploration programmes are carried out under the supervision of
Glass Earth's President and CEO, 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 17,000 km2 in the North and South Islands.
With its main office in Wellington, New Zealand, Glass Earth Gold Limited is
listed on the TSX Venture Exchange (TSX VENTURE:GEL) and the New Zealand
Alternative Stock Exchange (NZAX:GEL).
To receive Company news via email, contact lindsay@chfir.com and mention "Glass
Earth news" in the subject line.
To view a map of "Glass Earth Gold & JV Permits", please visit the following link:
http://media3.marketwire.com/docs/gelmap610.pdf
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