Glass Earth Recommences Drilling at Muirs Reef
November 25 2010 - 9:30AM
Marketwired
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® 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of 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
CHF Investor Relations Jeanny So Director of Operations +1 416 868
1079 x225 jeanny@chfir.com www.glassearthgold.com.
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