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Glass Earth Gold Limited (TSX VENTURE:GEL - News; NZAX:GEL)
("Glass Earth") today announced the commencement of a multi-hole
diamond and reverse circulation ("RC") drilling campaign at its
Muirs gold prospect in the North Island, New Zealand.
MUIRS REEFS GOLD PROPERTY (GEL 100%)
Diamond drilling has re-commenced on the
Muirs Reefs gold prospect with a large RC drilling rig also mobilised to
arrive shortly. This campaign is designed to test the extent of the known
Muirs/Massey Reef gold system, both southward and at depth; and to test the
exciting potential of the new east and west resistors interpreted as new vein
systems (see attached map).
The drilling program consists of 5 deep,
angled drill holes, drilling a section across the system to a depth of
approximately 250-300 metres (approximately 2,000 m in total).
A summary of previously released
information is provided below in order to background this prospect.
Location and History
The Muirs Reef gold system lies 62 km
southeast of the Martha gold mine (Newmont operation) at the southern
extremity of the Hauraki Goldfield in the Western Bay of Plenty. The property
is host to a former producing gold mine discovered in 1895. Gold was mined
from two quartz reefs, Muirs and Masseys, in a shallow open pit and from
three underground levels that achieved total production of 43,642 oz gold
circa 1930's.
Geological setting
The host andesitic flows and pyroclastic's
are the southernmost extension of the Tertiary andesitic and rhyolite
Volcanism of the Hauraki Goldfield. The veins represent a classic low
sulphidation epithermal (quartz adularia) gold-silver system with outcropping
banded and colloform textured quartz veins, quartz breccia, and vein swarms
mapped up to 20m wide in the historical open pit. The overall extent of the
vein system is more than 2km along strike and over 1 km wide, geophysical
mapping indicates the vein/alteration system to be significantly larger than
this.
Quartz vein petrology indicates a
high-level epithermal system with unconstrained depth potential.
Resistivity Surveying
E-SCAN® 3D resistivity surveys over
the Gibraltar and Otawa targets (respectively south and north of the historic
Muirs Reef gold deposit), combined with surface mapping, trace the
vein/breccia system for over 5,000m, demonstrating that this exciting
epithermal gold prospect conjoins into one large continuous alteration system
over 5,000m in length.
Recent EM electrical ground surveying
confirms additional resistors indicative of new veins in the vicinity of
Massey and Muirs quartz reef and two potential new reef systems east and west
of Muirs quartz reef. The new East and West resistors are of similar size and
tenor of the Muirs veins (the subject of the historical production).
Rock-chip and soil geochemistry
On the East resistor, gold soil
geochemistry is identified along several hundred metres (up to 458ppb gold)
while the West resistor has quartz vein float in the vicinity assaying up to
4.81g/t gold.
Drilling
Drilling undertaken by Glass Earth in
2008 provided evidence of a high-level epithermal gold system as indicated by
the broad mineralized intersection in the first and second diamond drill
holes.
The first diamond drill-hole intersected
30m @ 1.2 g/t Au and 6 g/t Ag, confirming a mineralized system to 75m depth
(reported 25 September 2008);
The second diamond drill-hole, drilled
80 m along section, intersected 16m @ 1.1 g/t Au and 3.5 g/t Ag, within a
broad zone of 37m@ 0.8gm/t Au and 3.5g/t Ag, confirming a mineralized system
to 75m depth (reported 25 November 2008).
Additional gold mineralized quartz
veins, intersected either side of the broad intercept, indicate potential for
a stockwork of veins between the Massey and Muirs vein systems. 3m @ 3.1g/t
Au and 1.9 g/t Ag intersected at the top of MSDDH 002, relates to this
stockwork of veins apparent in resistivity mapping (350m apart);
Significant
legacy core intercepts include 20m @ 4.9 g/t Au; 20m @3.6 g/t Au; 8m @ 3.4
g/t Au; 22 @ 2.8 g/t Au; 9m @ 2.7 g/t Au; and 1m @ 358 g/t Au.
Qualified Persons
Glass Earth's exploration programmes are
carried out under the supervision of Glass Earth's President and CEO, Simon
Henderson, M.Sc, M.AUSIMM, F.SEG. Mr. Henderson meets the qualified person
requirements, as defined by National Instrument 43-101, with more than 30
years of experience in the gold mining and exploration industry.
About Glass Earth Gold Limited
Glass Earth is one of the largest New
Zealand-based gold exploration companies exploring a land position of over
10,000 km2 in the North and South Islands. The Company maintains its
objective to discover new large gold deposits in New Zealand, and it is
currently mining placer gold under its Otago permits to provide funding for
its hard rock gold exploration. With its main office in Wellington, New
Zealand, Glass Earth Gold Limited is listed on the TSX Venture Exchange (TSX
VENTURE:GEL - News) and the New Zealand
Alternative Stock Exchange (NZAX:GEL).
To receive Company news via email,
contact jennie@chfir.com and mention
"Glass Earth news" in the subject line.
To view the map associated with this
release, please visit the following link: http://media3.marketwire.com/docs/gel1125fig1.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.
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