WELLINGTON, NEW ZEALAND--(Marketwire - July 19, 2011) - Glass Earth Gold Limited (News - Market indicators)(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. 
