Attention Business Editors:
Glass Earth Gold Exploration Update
Diamond Drilling Commences at Muirs Reefs, New Zealand
TSX-V: GEL
NZAX: GEL
TORONTO, Aug. 1 /CNW/ - Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL)
("Glass Earth") today reported on its exploration activities in Muirs/Mamaku
and Central Volcanic Regions in the North Island of New Zealand.
MUIRS REEFS GOLD PROPERTY, MAMAKU REGION
Diamond drilling has commenced on the Muirs Reefs gold property following
successful negotiation of an access agreement with the landowners. Not since
the 1990's has the Muirs section been drilled. At that time drilling returned
interesting individual gold intercepts (22m @ 1.76 g/t Au; 1m @ 358 g/t
Au; 20m @ 4.9 g/t Au); nevertheless, exploration was abandoned following
the collapse of the gold price in the late 1990's. The current drilling
program calls for 1500 metres in up to 10 holes over the next 12 to 14 weeks.
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.
The veins represent a typical epithermal gold 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 host andesitic flows and
pyroclastics are the southernmost extension of the Tertiary Volcanics of the
Hauraki Goldfield. The Martha gold mine (Newmont operation) lies 62 km
northwest of Muirs within the central Hauraki Goldfield.
GIBRALTAR-MUIRS-OTAWA PROJECTS, MAMAKU REGION
Surrounding the historic Muirs Reef Gold Deposit, the Gibraltar and Otawa
prospects have demonstrated that this exciting epithermal gold prospect
conjoins into one large continuous alteration and quartz veined system over
5,000m in length. Recently completed E-SCAN(R) 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. Rock chip sampling of outcrops have
returned individual rock chips in the 0.5-3.0 g/t Au range.
E-SCAN(R) is a new generation multi-directional direct-current
resistivity method, which highlights resistive/conductive contrasts (quartz
versus altered rock), in three dimensions down to approximately 650m depth
(owner/operator - Premier Geophysics Inc.).
CENTRAL VOLCANIC REGION (CVR) AND MAMAKU REGION
Glass Earth has completed its major E-SCAN(R) campaign over the top 6
epithermal gold targets in the CVR and Mamaku Region. This technology has been
applied as an essential precursor to drilling this young geological terrane
where the extent of volcanic ash obscures the surface mapping of shallow gold
deposits. The 3D electrical resistivity scanning provides detailed structural
and alteration information down to an approximate 750m depth, critical to
allow features indicative of gold mineralization to appear.
A series of drill campaigns is planned commencing with the
Gibraltar/Muirs/Otawa prospects, followed in order of priority by Horohoro,
Ohakuri, Tahunaatara and Pukemoremore.
A map of the exploration areas is available at
http://files.newswire.ca/728/GlassEarthFigure1.doc.
Qualified Persons
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's President and CEO, Mr. 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 27,000 square kilometres in the
North and South Islands.
In the North Island, exploration efforts are focused on the Hauraki /
Mamaku / Central Volcanic Region. Glass Earth is targeting its exploration to
uncover large epithermal gold systems similar to the 10 million ounce gold
Waihi/Martha Mine, owned by Newmont Mining located here.
- Hauraki Region - With advanced gold prospects, Glass Earth occupies a
significant ground position in this region around the Waihi/Martha
Mine. Newmont has commenced earning into the Glass Earth permits via
two Joint Ventures: the Waihi West permit, immediately adjacent to
the Waihi/Martha Mine; and the surrounding Hauraki Region permits.
- Mamaku Region - With recently-defined gold targets, this region
includes the Muirs Reef prospect, which historically produced more
than 43,000 ounces of gold.
- Central Volcanic Region - Glass Earth has defined a number of
epithermal gold targets in this region, including advanced prospects
that have completed 3D resistivity and have been prioritized for
drilling.
In the South Island, exploration efforts are focused on the Otago Region
for mesothermal "Macraes-style" gold targets and alluvial gold.
- Otago Region - Over 20 significant hard rock gold prospects have been
identified in this region; drilling has commenced on advanced
exploration prospects, while prospecting will continue to bring
forward targets through the 2008-2009 exploration period.
Glass Earth Gold Limited, with its main operational office in Wellington,
New Zealand; field offices in Rotorua (North Island) and Dunedin (Otago, South
Island) and corporate office in Toronto, Canada; is listed on the TSX Venture
Exchange (TSX.V: GEL) and the New Zealand Alternative Stock Exchange (NZAX:
GEL).
To receive Company news via email, contact sasha@chfir.com and mention
"Glass Earth news" in the subject line.
Neither 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.
For further information: Simon Henderson, President and Chief Executive
Officer, at +64 4 903 4980 or info@glassearthlimited.com; Lindsay
Carpenter, Account Manager, CHF Investor Relations, at (416) 868-1079 x239 or
lindsay@chfir.com; Visit the Company's website at www.glassearthgold.com
.