Glass Earth Gold Limited: Drilling Commences at Serpentine Gold Prospect
March 28 2011 - 4:49PM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") is pleased to announce the commencement of drilling
activities at the Serpentine gold prospect in central Otago, New
Zealand (refer to map below).
Serpentine (Rough Ridge - Lake Onslow, Central Otago)
Diamond drilling commenced on March 29, 2011 as part of a 5 hole
program to test a 12 km long gold anomalous shear zone. Rock chips
ranging from 2 - 30 g/t gold together with coincident high soil
gold geochemistry (up to 1500ppb), mapped mineralized shears and
magnetic/resistivity anomalies provide strong encouragement for
drill testing this prospect (see map below).
The CEO of Glass Earth, Mr Henderson, commented that "he was
excited to be finally drilling one of Glass Earth's highest
priority targets, as this drilling was originally planned 2 years
ago but had been delayed for various financial and weather related
reasons".
Background Information on Serpentine Gold Prospect
The Serpentine gold prospect lies in the centre of the Otago
schist belt, a mesothermal gold province host to the 7M oz Macraes
Mine (OceanaGold 100%) currently producing in excess of 200,000 oz
gold per annum. Historically this region was a prolific placer gold
producer, with some 8M oz of gold recovered. Placer gold production
continues on a moderate scale today.
Glass Earth undertook a major geophysical survey over the entire
area in 2007-2008 targeting major structures likely to host Macraes
style mesothermal gold. A targeting and ranking exercise using the
detailed geophysical data from the airborne surveying completed in
2007, initially highlighted the Serpentine prospect.
Four areas of highly anomalous gold, arsenic, tungsten - key
ingredients of "Macraes"-style mineralisation strike out over
15kms. Hard-rock legacy sampling of shears indicated numerous rock
chip values in the 1-15gm/t Au range. Glass Earth sampling repeated
these gold values with further work returning individual rock chips
up to 31gm/t gold, and 2.1gm/t gold in soils. Pan concentrates
(fine gold grains in pan examined under microscope) indicate gold
very close to source(s). Shears mapped were narrow, steep and
numerous, and mapped over hundreds of metres (length and width).
The area has been subject to pre-20th Century placer and some hard
rock mining.
Otago Region exploration has focused on developing targets
recognised as having the signature of orogenic - mesothermal gold
mineralisation and the size to generate large gold deposits.
Field Exploration Office re-established in central Otago
In March 2011, a large office/workshop was established in
Alexandra, central Otago and 4 additional staff employed. All field
equipment and other exploration staff have relocated into these
premises in preparation for an increased level of drilling and
exploration activity.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 2,800
square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on large
epithermal gold systems in the Hauraki/Central Volcanic Region.
This Region is host to the 10 million ounce Martha Gold Mine,
(Newmont Mining).
Hauraki Region - Glass Earth occupies a significant ground
position around the Waihi/Martha Gold Mine; The Newmont-Glass Earth
Waihi West JV (Newmont earning 60%) and Hauraki JV (North and
Central Areas - 65/35) are currently being explored and managed by
Newmont. Exploration at the WKP gold prospect is ongoing following
the very encouraging 2010 drilling results on that prospect.
Central Volcanic Region - Glass Earth has defined several
significant epithermal gold targets in this region including the
Muirs Reef project (Mamaku district).
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
alluvial gold.
Otago Region - Field programmes to support the drilling of
highly ranked Serpentine and Game Hen gold targets are
underway.
Two alluvial mining operations continue into the 2011 year,
coupled with an acceleration of alluvial exploration and resource
definition; Glass Earth / Dunstan Mining (placer mining 50/50
partner) anticipates a significant increase in gold output in
2011.
To receive Company news via email, contact jennie@chfir.com and
mention "Glass Earth news" in the subject line.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/gel0328fig1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/gel0328fig2.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
www.glassearthgold.com CHF Investor Relations Jeanny So Director of
Operations +1 416 868 1079 x225 jeanny@chfir.com
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