Glass Earth Gold - Drilling update
TORONTO, Aug. 22 /CNW-AsiaNet/ --
TSX-V: GEL
NZAX: GEL
Diamond Drilling in Three Regions in New Zealand
Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth") today provided an activity update
on its drilling activities in the Mamaku-Muirs, Hauraki and Otago Regions in New Zealand. Drilling continues
apace through the southern hemisphere winter.
MUIRS REEFS GOLD PROPERTY, MAMAKU REGION (last reported upon 1 August)
Diamond drilling continues on the first hole of a planned 10-hole
program. Drilling beneath 20m(at)4.9 g/t gold (surface channel across the
Muirs reef) has reached the target zone, consisting of a broad zone of
fractured brecciated quartz veining which is proving slow drilling;
similarities with the Martha gold mine style of mineralisation (similar banded
brecciated quartz veins) are apparent. The hole is currently at 102m, out of
an expected total depth of 160m and still in the target zone.
Exploratory drilling is anticipated to be near-continuous over the next
few months on this area encompassing the extensions to the north (Otawa) and
to the south (Gibraltar). This epithermal gold prospect conjoins into one
large continuous alteration and quartz veined system over 5,000m in length.
HAURAKI REGION (JV Partner and Operator - Newmont Waihi Gold ("Newmont"))
(last reported upon 29 February)
Newmont has completed its first hole at the Komata prospect (total depth
352.6m) encountering altered andesitic and minor rhyolitic volcanics. Minor
narrow quartz veins were observed. A second hole collared today is planned to
test drill this target prior to moving the drill rig to South Karangakahe to
continue a series of exploration forays into the Hauraki region.
A five-hole drilling campaign over the Owharoa target in early 2008
returned non-economic results.
OTAGO REGION (last reported upon 16 June)
The exploratory drilling campaign continues in Otago over lower elevation
targets accessible during the winter. The drill-rig collared its first hole at
Sheep Wash, just 4km south of the Macraes Gold Mine (Oceanagold
owner/operator), where co-incident magnetic-electromagnetic anomalies
demonstrate a potential shear-zone sub-paralleling the Hyde-Macraes shear. The
hole targets anomalous gold-arsenic in soil geochemistry.
The drill rig will move to Game Hen (Hindon, central Otago) following the
Sheep Wash drilling, where in-situ rock chips from Glass Earth mapping
returned grab rock chip assays up to 44gm/t gold. Drilling of the Serpentine
prospect is anticipated to follow this programme as spring clears access to
this area.
Assay results are awaited from the 287.5m hole at Gold & Pine completed
on 12 August 2008.
Assays from the drill holes at Sparrow Hawk in June/July returned
non-economic results; however the stratigraphic information has proved
invaluable and has pointed to a promising zone in Sparrow Hawk south.
Fieldwork is ongoing in this area.
To view maps of the exploration areas visit the links below:
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 the five
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(at)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.
CONTACT: Simon Henderson,
President and Chief Executive Officer,
at +64 4 903 4980
or info(at)glassearthlimited.com;
Lindsay Carpenter,
Account Manager,
CHF Investor Relations,
at (416) 868-1079 x239
or lindsay(at)chfir.com;
(GEL.)
SOURCE: Glass Earth Gold Limited
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