GEL Graphano Energy Ltd

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today
announced the commencement of a multi-hole diamond and reverse circulation
("RC") drilling campaign at its Muirs gold prospect in the North Island, New
Zealand.


MUIRS REEFS GOLD PROPERTY (GEL 100%)

Diamond drilling has re-commenced on the Muirs Reefs gold prospect with a large
RC drilling rig also mobilised to arrive shortly. This campaign is designed to
test the extent of the known Muirs/Massey Reef gold system, both southward and
at depth; and to test the exciting potential of the new east and west resistors
interpreted as new vein systems (see attached map). 


The drilling program consists of 5 deep, angled drill holes, drilling a section
across the system to a depth of approximately 250-300 metres (approximately
2,000 m in total).


A summary of previously released information is provided below in order to
background this prospect.


Location and History

The Muirs Reef gold system lies 62 km southeast of the Martha gold mine (Newmont
operation) at the southern extremity of the Hauraki Goldfield in the Western Bay
of Plenty. The property is host to a former producing gold mine discovered in
1895. Gold was mined from two quartz reefs, Muirs and Masseys, in a shallow open
pit and from three underground levels that achieved total production of 43,642
oz gold circa 1930's. 


Geological setting 

The host andesitic flows and pyroclastic's are the southernmost extension of the
Tertiary andesitic and rhyolite Volcanism of the Hauraki Goldfield. The veins
represent a classic low sulphidation epithermal (quartz adularia) gold-silver
system with outcropping banded and colloform textured quartz veins, quartz
breccia, and vein swarms mapped up to 20m wide in the historical open pit. The
overall extent of the vein system is more than 2km along strike and over 1 km
wide, geophysical mapping indicates the vein/alteration system to be
significantly larger than this.


Quartz vein petrology indicates a high-level epithermal system with
unconstrained depth potential. 


Resistivity Surveying

E-SCAN(R) 3D resistivity surveys over the Gibraltar and Otawa targets
(respectively south and north of the historic Muirs Reef gold deposit), combined
with surface mapping, trace the vein/breccia system for over 5,000m,
demonstrating that this exciting epithermal gold prospect conjoins into one
large continuous alteration system over 5,000m in length.


Recent EM electrical ground surveying confirms additional resistors indicative
of new veins in the vicinity of Massey and Muirs quartz reef and two potential
new reef systems east and west of Muirs quartz reef. The new East and West
resistors are of similar size and tenor of the Muirs veins (the subject of the
historical production). 


Rock-chip and soil geochemistry

On the East resistor, gold soil geochemistry is identified along several hundred
metres (up to 458ppb gold) while the West resistor has quartz vein float in the
vicinity assaying up to 4.81g/t gold.


Drilling

Drilling undertaken by Glass Earth in 2008 provided evidence of a high-level
epithermal gold system as indicated by the broad mineralized intersection in the
first and second diamond drill holes. 


The first diamond drill-hole intersected 30m @ 1.2 g/t Au and 6 g/t Ag,
confirming a mineralized system to 75m depth (reported 25 September 2008);


The second diamond drill-hole, drilled 80 m along section, intersected 16m @ 1.1
g/t Au and 3.5 g/t Ag, within a broad zone of 37m@ 0.8gm/t Au and 3.5g/t Ag,
confirming a mineralized system to 75m depth (reported 25 November 2008).


Additional gold mineralized quartz veins, intersected either side of the broad
intercept, indicate potential for a stockwork of veins between the Massey and
Muirs vein systems. 3m @ 3.1g/t Au and 1.9 g/t Ag intersected at the top of
MSDDH 002, relates to this stockwork of veins apparent in resistivity mapping
(350m apart);


Significant legacy core intercepts include 20m @ 4.9 g/t Au; 20m @3.6 g/t Au; 8m
@ 3.4 g/t Au; 22 @ 2.8 g/t Au; 9m @ 2.7 g/t Au; and 1m @ 358 g/t Au.


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 10,000 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 map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/gel1125fig1.pdf.

Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jul 2023 to Jul 2024