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WELLINGTON, NEW ZEALAND--(Marketwire - Jan. 30, 2013) - Glass Earth Gold Limited (News - Market indicators)(NZAX:GEL) ("Glass Earth Gold or GEGL") is pleased to announce that it has filed on SEDAR (www.sedar.com) its National Instrument 43-101 Technical Report on resources at Muir's Project, Te Puke, Bay of Plenty, New Zealand.
Exploration at the Muir's Project in the Hauraki Goldfield in New Zealand's North Island has outlined an inferred resource of 5.24 Mt averaging 1.3 g/t gold using a 0.5 g/t gold cut off for a total of 219,000 ounces of gold. Gold as electrum occurs in mineralised low sulphidation style epithermal quartz veins. GEGL wholly owns the prospect and has focused on developing greater understanding of the economic potential of the mineralization at the site.
The resource estimate is based on data from GEGL and historical data from BP Minerals and Mineral Resources (New Zealand) Ltd dating back to the 1980's. GEGL executed 24 trenches of 510m total length, 16 Diamond drillholes of 3,141.25m combined length, 2 RC drillholes of 463m combined length. The historical drilling comprises 12 Diamond drillholes with a combined length of 1,739m and 40 RC drillholes with a combined length of 3,966m. Historical channel sampling includes 7 channel samples taken from surface and underground workings for a total of 253m combined length.
The reader is cautioned that the status of inferred resource reflects the relative confidence of the grade estimates and is based on several factors including sample spacing (both along strike and down dip), lack of quality assured data for historical drilling data, limited bulk density data, uncertainty over structural controls on mineralisation and sample quality. Furthermore, geological continuity has been assumed but not established. The resource has not yet been demonstrated as economically viable. There is also no certainty that it will be converted to a measured and indicated resource category through further drilling, or into a mineral reserve once economic considerations are applied.
The independent technical report, entitled "NI 43-101 Technical Report on Resources at Muir's Project, Te Puke, Bay of Plenty, New Zealand" was prepared by Mr Peter Grieve, M.Sc., M.A.I.G. of GeoVentures Limited, who is a Qualified Person under NI 43-101 and has also reviewed and approved the technical content of this news release.
The Company's Muirs Reef Gold Prospect lies 65 km southeast of the Martha Gold Mine (Newmont Mining) 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.
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed and approved the technical information given in this press release.
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to producing deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the operating Martha Hill mine, (Newmont Mining).
In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine 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, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold.
The recent announcement that Glass Earth Gold has acquired option rights to the Neavesville gold/silver prospect (just north of WKP) will mean an increased exploration focus in the Hauraki region.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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