Glass Earth Gold's Ophir Gold Prospect: Evaluation Study and Exploration Update
November 12 2009 - 10:52AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") -
- Pilot processing plant construction completed, bulk testing
commenced on
the Wai-iti gold vein.
- Gold soil geochemistry highlights potential for new gold
bearing
vein/shears
- Ultra-detailed ground magnetics demonstrates gold geochemistry
hosted on
green schist margins pointing to several new vein/shears.
Glass Earth Gold Limited is pleased to provide an update on its
work on the Ophir gold prospect (last reported on August 18).
The Ophir Prospect (in a 50:50 JV with Ophir Gold Ltd) is
located on Exploration Permits 40 427, 40 870, part 40 702 and part
PP 39 322 ("Ophir JV area") in the heart of Central Otago,
reef-gold country, in the South Island of New Zealand (see map
below). Numerous highly prospective mineralized reefs, as well as
near-surface gold bearing gravels, contribute to the excellent
potential of the overall Joint Venture Area.
Glass Earth has recently constructed a purpose-built pilot plant
(5-7 tonnes/hour throughput) designed to recover coarse/fine free
gold by means of conventional crushing/grinding followed by a
gravity separation process. An initial bulk sample of approximately
150 m3 is currently being processed in order to confirm the
crushing parameters and recoveries. Following this test, the pilot
plant will be relocated on site at the Wai-iti vein system for
additional bulk testing.
Following a successful Evaluation Phase (November 2009), an
affirmative decision to mine would allow for the construction of a
larger plant (circa 40 tonnes/hour throughput), completion of
regulatory consents and mining. The potential to replicate the
mining on other pods of near-surface ore will be progressively
evaluated thereafter.
In terms of the farm-in to the JV, Glass Earth is required to
solely fund the Evaluation Phase study as well as the design,
resource permitting and installation of suitable processing plant
on the chosen mining site.
Glass Earth has also expended 60% of the requisite NZ$250,000
(approximately C$185,000) on other exploration initiatives in the
JV Area; the preliminary focus having been on EP 40 427 and the
Wai-iti vein system therein.
Glass Earth undertook geological mapping across the Ophir JV
area, collecting and assaying 30 rock-chip samples and 672 soil
samples. Legacy and Glass Earth derived soil samples both display
new NW trending gold anomalies. High grade rock samples up to 56
ppm gold have been taken from trenches and adit sampling across the
Wai-iti shear.
Glass Earth has also completed a detailed ground magnetic survey
to complement the airborne geophysical data acquired in a previous
survey, providing accurate delineation of the greenschist
lithologies which host important shear/vein systems on its
margins.
Combined, the greenschist margins and new soil gold geochemistry
highlight potential for several new gold bearing shear/vein
systems.
Further updates on other aspects of Glass Earth's exploration
efforts will be provided shortly.
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 the map associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/glassmap.jpg
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 +1 416 868 1079 x239 lindsay@chfir.com
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