Glass Earth Gold Drilling Following Further Trenching Success at Muirs Project
November 29 2011 - 6:00AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass
Earth") is pleased to announce the commencement of drilling at its
100% owned Muirs Reef prospect in New Zealand. The drilling will
consist of 17 diamond holes for a total of approximately 2,500m
designed to identify gold resources in an area known as Massey
Reef.
This drilling programme follows completion of the trenching
programme that included additional significant surface trenching
results being:
-- MSTR 16 10m @ 3.1 g/t gold and 1.7 g/t silver.
Earlier trenching results yielded 24 m of 5.7 g/t Au, with
results up to 33 g/t Au in the broadest intersection (reported July
2011).
Massey Reef is part of the historical Muirs Reef gold mining
area. Recent significant surface trenching results in outcropping
and sub-cropping quartz veins are shown in Table 1 Trenching has
demonstrated a 650m strike length of the surface mineralization,
ample dimension to potentially host a significant gold
resource.
The drilling is designed to identify the depth and strike extent
of near surface gold mineralization and identify any further
mineralization adjacent to known veins.
If successful the program is expected produce data of sufficient
density to model a gold resource to NI 43-101 standard.
Table 1 Recent Significant Trenching results at Massey Reef, Muirs Project
----------------------------------------------------------------------------
Channel ID FROM TO Interval-m Au_ppm Ag_ppm
----------------------------------------------------------------------------
MSTR11 0 1 1 @ 1.20 0.7
----------------------------------------------------------------------------
MSTR11 8 10 2 @ 3.63 1.4
----------------------------------------------------------------------------
MSTR12 9 13 4 @ 1.49 0.7
----------------------------------------------------------------------------
MSTR13 16 26 10 @ 3.14 1.7
----------------------------------------------------------------------------
MSTR14 1 2 1 @ 6.96 2.9
----------------------------------------------------------------------------
MSTR15 15 16 1 @ 1.36 2.1
----------------------------------------------------------------------------
MSTR15 25 26 1 @ 1.36 1.2
----------------------------------------------------------------------------
MSTR23 0 5 5 @ 1.72 1.4
----------------------------------------------------------------------------
Samples were collected using an excavator to strip overburden
and hand sampled at continuous 1m intervals along trench walls. All
assays were undertaken at the SGS laboratory by 50gram fire assay
in Waihi, New Zealand
Previously reported trenching results (July 2011) included:
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
Surface channel sampling has discovered significant quartz
veining, exhibiting multiple phases of gold deposition, across over
650 m of the prospect's southwest extension. Petrology and
mineralogy of samples from surface and drill-core indicate gold
deposition at high levels of an epithermal system, with depth
potential of several hundreds of metres.
The Muirs gold prospect lies 65 km southeast of the Martha Mine
(Newmont Mining, 10 million ounces gold deposit) 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).
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of approximately
10,800 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 adjacent to the Waihi/Martha Gold Mine; The Newmont-Glass
Earth Waihi West JV (Newmont earning 65%) and Hauraki JV (North and
Central Areas - 65/35) are currently being explored and managed by
Newmont.
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
placer/alluvial gold.
To receive Company news via email, contact jeremy@chfir.com and
mention "Glass Earth news" in the subject line.
To view the first map associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/gel1129map1.pdf.
To view the second map associated with this release, please
visit the following link:
http://media3.marketwire.com/docs/gel1129map2.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
4980info@glassearthlimited.comwww.glassearthgold.com CHF Investor
Relations Jeanny So Director of Operations +1 416 868 1079
x225jeanny@chfir.com CHF Investor Relations Jeremy Hill Associate
Account Manager +1 416 868 1079 x 238Jeremy@chfir.com
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