Glass Earth Gold Strikes 9.7m of 17.2 g/t Gold and 24.2 g/t Silver at WKP Gold-Silver Prospect in New Zealand
February 29 2012 - 5:00AM
Marketwired Canada
Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX
VENTURE:GEL)(NZAX:GEL) is pleased to announce a new and significant highgrade
gold intercept from drilling in the "Central Zone" of the WKP gold-silver
prospect.
Table 1: Significant recent drilling results at Central Zone, WKP Project
Drillhole ID From To Interval m Au g/t Ag g/t
---------------------------------------------------------------------------
WKP 31 146.1 155.8 9.7 17.2 24.2
---------------------------------------------------------------------------
Simon Henderson, President and CEO of Glass Earth Gold, commented that "this new
intercept is a highly encouraging display of WKP's gold potential. We had
already found a broad intersection of over 150m of mineralisation across the
Central Zone, and to hit highgrade intersections where we didn't expect adds
real excitement to our exploration."
"The results continue to confirm and expand the significant mineralisation at
WKP, and they add some further vigour to this project."
The WKP prospect is a joint venture between Glass Earth Gold (35%) and Newmont
Mining (65%), lying 10km from Newmont's own 10Moz Martha gold mine in Waihi, New
Zealand.
DDH WKP 31, drilled at a 68 degree dip southwards from the centre of the
prospect (see map), intersected a highly mineralised breccia zone at 146.1m
down-hole. Although the same structure had been intersected by previous
drillholes closer to surface, it was typically only weakly mineralised in prior
results. Significant results from assays received so far are presented in Table
1, and further results are awaited for the remaining 270m of the drillhole, that
traversed through an andesite dyke intercepted in previous drillholes and
terminated in rhyolite at 598.3m.
To view the location of WKP 31, please go to:
http://glassearthgold.com/i/maps/WKP_PRMap29Feb2012.jpg.
The WKP prospect is a large, three by five km mineralised alteration zone, just
10 km from Newmont's Martha gold mine at Waihi (10Moz gold) and 5 km northeast
of the Golden Cross deposit (634koz gold).
The WKP epithermal system has magnetic/alteration characteristics similar to the
Martha epithermal system and has open-along-strike potential of at least 1-2
kilometres. The WKP Central zone currently outlines an area approximately 180 m
wide with a strike continuity of over 800 m.
The Glass Earth Gold/Newmont Joint Venture began drilling exploration at the WKP
prospect with DDH WKP 24 in March 2010. Highlights from results achieved to date
are summarised in Table 2.
Table 2: Significant drilling results from Glass Earth Gold/Newmont joint
venture exploration at WKP Project.
Drillhole ID From To Interval m Au g/t Ag g/t
----------------------------------------------------------------------------
WKP 24 125.9 282 156.1 1.6 2.6
----------------------------------------------------------------------------
incl. 268.2 282 13.8 6.6 3
----------------------------------------------------------------------------
207.7 209.3 1.6 30.2 44
----------------------------------------------------------------------------
WKP 25 221 236 15 19.36 12.8
----------------------------------------------------------------------------
incl. 225 226.8 1.8 61.4 80.3
----------------------------------------------------------------------------
235 236 1 9.5 19.3
----------------------------------------------------------------------------
WKP 26 115 293 178 1.05 3.0
----------------------------------------------------------------------------
incl. 141 205 64 2.0 2.6
----------------------------------------------------------------------------
167.2 168 0.8 24.5 greater than
100
----------------------------------------------------------------------------
WKP 27 129 281.4 152.4 1.16 2.2
----------------------------------------------------------------------------
incl. 181.4 182.8 1.4 30.7 77.7
----------------------------------------------------------------------------
WKP 28 174 223 49 1.08 3.3
----------------------------------------------------------------------------
incl. 174 175 1 7.69 34.0
----------------------------------------------------------------------------
WKP 29 216 219.2 3.2 37.0 17.0
----------------------------------------------------------------------------
incl. 217.1 218 0.9 89.2 39.2
----------------------------------------------------------------------------
and 279.8 293 14.8 4.82 2.7
----------------------------------------------------------------------------
WKP 30 194 237 43 0.93 1.21
----------------------------------------------------------------------------
incl. 194 203 9 3.2 2.6
----------------------------------------------------------------------------
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 approximately 10,000 square kilometres, in both the North and
South Islands. The company held a net cash position of C$3.6 M at the end of Q4
2011 to fund exploration progress.
In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki Region, host to the 10 million ounce Martha Hill mine,
(Newmont Mining).
In the Hauraki Region Glass Earth Gold has 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 discovery, is being actively
explored and managed by Newmont in concert with Glass Earth Gold.
Glass Earth Gold has also defined several significant epithermal gold targets to
independently explore in this region including the Muirs Reef project.
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 being undertaken to
prove up the resource.
In the South Island, exploration efforts are focused on the Otago Region, home
to OceanaGold's 7 million ounce Macraes Goldfield, for identification of
mesothermal "Macraes-style" gold targets and revenue generation through placer
(alluvial) gold production.
Qualified Person
Mr Kyle Howie, Member of the Australian Institute of Geoscientists, Glass
Earth's Senior Geologist, is the Qualified Person for Glass Earth Gold regarding
the WKP Project. Mr Howie has reviewed and approved this news release.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
To view Figure 1: WKP Project - Hauraki, New Zealand, click on the following
link: http://media3.marketwire.com/docs/g228m.pdf
To receive Company news via email, contact olivia@chfir.com and mention "Glass
Earth news" in the subject line.
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