Glass Earth Gold-Options Into Rise & Shine Gold Prospect
June 10 2009 - 9:36AM
Marketwired
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
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 President and
Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com
www.glassearthgold.com CHF Investor Relations Lindsay Carpenter
Account Manager 416-868-1079 x239 lindsay@chfir.com
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