Glass Earth Gold Announces Significant Gold Results at Muirs Prospect in New Zealand
July 19 2011 - 2:00PM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth Gold") today announced significant results from surface
channel sampling undertaken at its Muirs gold prospect in New
Zealand. The results are:
Channel No From To Interval m Gold g/t Silver g/t
----------------------------------------------------------------------------
MSTR 01 0 28 28 @ 1.78 2.4
including 15 16 1 @ 8.70 7.4
----------------------------------------------------------------------------
MSTR 02 0 23 23 @ 1.13 0.9
including 11 12 1 @ 7.91 0.3
----------------------------------------------------------------------------
MSTR 03 0 7 7 @ 0.89 0.7
----------------------------------------------------------------------------
MSTR 04 0 18 18 @ 0.36 0.4
----------------------------------------------------------------------------
MSTR 06 0 24 24 @ 5.72 1.9
including 0 1 1 @ 26.1 8.8
15 16 1 @ 33.4 9.9
----------------------------------------------------------------------------
MSTR 07 0 14 14 @ 1.81 1.2
including 2 3 1 @ 7.03 3.5
----------------------------------------------------------------------------
MSTR 08 0 18 18 @ 0.43 0.4
Glass Earth Gold's President and CEO, Simon Henderson, said the
results confirmed the potential of the Muirs prospect, and provided
another platform for development work to confirm this.
"This has been an efficient and productive program, and it's
adding another level of enthusiasm for the Muirs prospect. As well
as continuing with steady groundwork, we'll now be gearing up for a
new drilling campaign to keep adding depth to this exciting
ground."
The Muirs gold prospect lies 65 km southeast of the Martha Mine
(Newmont Mining, 10m oz Au) at the southern end of the Hauraki
Goldfield. Two quartz reefs were mined within this epithermal
system until the 1930s, with over 43,000 oz of gold extracted from
shallow surface and underground workings (see maps attached).
To expand and develop the prospect's zone of identified
mineralization, Glass Earth Gold's recent exploration has been
concentrated on surface channel sampling.
These have discovered significant quartz veining, exhibiting
multiple phases of gold deposition, across over 450 m of the
prospect's southwest extension.
"The area to the south and west has significant potential. We've
been encouraged by our previous geophysics, drilling and petrology
work - for instance drillhole MSDDH07 ran through extensive veining
and alteration throughout, and ended in mineralization. To now
uncover consistent alteration, plus high grades, at surface is a
positive signal of the scale of what we're looking at."
Glass Earth Gold is now launching a further drilling program, in
order to prove up identified mineralization and establish an NI
43-101-compliant resource.
In other news, drilling at the WKP West discovery, north of
Newmont Mining's Martha Mine, is progressing and results from
drillholes WKP 28, 29 and 30 will be available soon.
To view the maps associated with this news release, please visit
the following links:
Muirs Location map:
http://www.glassearthgold.com/i/pdf/07-18-11newsreleasemap1.pdf
Muirs channel sampling map:
http://www.glassearthgold.com/i/pdf/07-18-11-newsreleasemap2.pdf
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's largest gold
exploration companies, with its experienced geological team
exploring promising gold prospects across a land position of over
10,000 square kilometres, in both the North and South Islands. The
company held a net cash position of C$3.4 M at the end of Q1 2011
to fund exploration progress.
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 Mine, (Newmont
Mining):
In the Hauraki Region - Glass Earth Gold identified and
developed significant ground positions around Newmont Mining's
currently active Martha gold operations at Waihi. The Newmont-Glass
Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV
(65/35), including drilling at the WKP West discovery, is being
actively explored and managed by Newmont in concert with Glass
Earth Gold.
And, in the Central Volcanic Region - Glass Earth Gold has
defined several significant epithermal gold targets in this region
including the Muirs prospect. Containing a historical resource of
390,000 oz (non NI 43-101-compliant, at 1.5 g/t Au and cut-off
grade of 0.5 g/t Au), further drilling is planned to prove up the
resource.
In the South Island, exploration efforts are focused on the
Otago Region for identification of mesothermal "Macraes-style" gold
targets and revenue generation through placer (alluvial) gold
production:
In the Otago Region - The drilling of highly ranked Serpentine
and Game Hen gold targets has commenced.
Meanwhile, two placer mining operations continue through 2011,
with accelerated placer exploration and resource definition.
Significant net revenue generation is already being achieved -
covering G&A expenses and allowing cash reserves to be invested
directly into exploration - and Glass Earth Gold, with Dunstan
Mining (placer mining 50/50 partner) plan to treble gold output by
year's end.
For more information on Glass Earth Gold please visit
www.glassearthgold.com.
To receive news via email, contact jennie@chfir.com and mention
"Glass Earth news" in the subject line.
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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