Glass Earth Gold Reports 156 Metres at 1.6 g/t Au and 2.6 g/t Ag at WKP Gold-Silver Prospect, Hauraki, New Zealand
July 12 2010 - 9:30AM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today
announced significant results from a diamond drilling campaign at its WKP
gold-silver prospect, a joint venture with the operator, Newmont Mining
Corporation.
'WKP' GOLD-SILVER PROSPECT - Newmont earning 65%
Newmont continues with its active drilling program on the highly prospective WKP
gold-silver prospect and has completed three diamond drill holes (WKP 24, 25 &
26). More results of WKP 24 and 25 are further below, with assays awaited on WKP
26.
WKP 24 intersected mineralization of 156 m @1.6 g/t Au, including 1.6 m of 30.2
g/t Au and 13.8 m of 6.6 g/t Au.
WKP 25 intersected mineralization of 15 m @ 9.3 g/t Au, including 1.8 m of 61.4
g/t Au.
Simon Henderson, President and CEO that "These drilling results are significant
intersections in both WKP 24 and 25 confirm that mineralization extends well
beyond the known mineralization at WKP. Glass Earth and Newmont are very
encouraged by these results and are confident that this exploration phase will
provide substantial insight into the characteristics of the new zone, "WKP West"
and the overall WKP prospect."
As reported on March 26 2010, the WKP prospect is a 2 km mineralized alteration
zone, just 10 km from Newmont's Martha gold mine at Waihi (see map below) and 5
km north east of the Golden Cross deposit (634,000 oz gold production in the
1990's). The WKP epithermal system has magnetic/alteration characteristics
similar to the Martha mine and has open-along-strike potential for several
kilometres southward. Exploration in the late 1980's and early 1990's identified
a very extensive altered and gold mineralized system identified as the 'WKP
Stockwork Zone' with multiple intersections, including several ore grade
intersections.
The current drilling, together with previous exploration work by Newmont,
targeting the new WKP West zone, outlines a new area approximately 180 m wide
with a strike continuity of over 600 m.
WKP 24 and 25 intersected broad alteration and intense silicification over wide
intervals. Quartz vein stockworks and gold-silver mineralization were
encountered adjacent to major fault structures with at least two high grade
intersections apparent in broad mineralized intervals.
WKP 24 intersected:
Hole No From To Interval m Gold g/t Silver g/t
---------------------------------------------------------------------------
WKP 24 125.9 282 156.1 @ 1.6 2.6
including 268.2 282 13.8 @ 6.6 3
44 (i)within
following
207.7 209.3 1.6 @ 30.2 interval
207 210 3 @ 15.6 23.2
262.5 263.5 1 @ 16 9.8
251 253 2 @ 6.2 2.9
252 253 1 @ 11.3 5.1
WKP 25 collared from the same drill pad intersected:
Hole No From To Interval m Gold g/t Silver g/t
---------------------------------------------------------------
WKP 25 221 236 15 @ 9.3 12.8
including 225 226.8 1.8 @ 61.4 80.3
235 236 1 @ 9.5 19.3
Assay results are pending on WKP 26.
The WKP West zone represents a compelling target in its initial stage of
exploration, with surface mapping and additional geophysical data (CSAMT
resistivity) planned to assist in the targeting of additional step-out drilling.
Qualified Persons
Glass Earth's exploration programs 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 12,000 km2 in the North and South Islands. The
Company maintains its objective to discover new large gold deposits in New
Zealand, and it is currently mining placer gold under its Otago permits to
provide funding for its hard rock gold exploration. 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 jennie@chfir.com and mention "Glass
Earth news" in the subject line.
To view the attached map, please visit the following link:
http://media3.marketwire.com/docs/gelmap712.pdf
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