2013-01-30 23:38:36 -
WELLINGTON, NEW ZEALAND -- (Marketwire) -- 01/30/13 -- Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth Gold or GEG") is pleased to announce that it has filed on SEDAR (www.sedar.com) its National Instrument 43-101 Technical Report on exploration at the Wharekirauponga (WKP) Project, Hauraki Goldfield, New Zealand.
The WKP Project is held by the Hauraki Joint Venture ("HJV") - Newmont Waihi Gold (65%) and GEG (35%) and is located in the southern Hauraki Goldfield, 10km north of the Martha Gold Mine (Newmont Waihi Gold100%), and 110km south-east of Auckland, New Zealand's largest city.
The WKP Project is developing as a significant new gold discovery within a large low sulphidation Au-Ag epithermal system (approximately 1.2km by 1km) - capable of hosting a major gold deposit.
Exploration by the HJV has been carried out and managed by Newmont Waihi Gold. Following on from historical exploration on the Eastern Zone, the HJV work has identified two other significant zones of mineralisation (Central and Western Zones), and recently intersected mineralisation on the Eastern Graben structure where drilling activity continues.
In the Central Zone broad low-grade intercepts are a feature (WKP26 151m at 1.2ppm Au and WKP27 102.2m at 1.1 ppm Au) with the margins of a voluminous rhyolite rock type providing a focus of hydrothermal fluid flow and high-grade gold mineralisation. The interior of the competent and homogeneous rhyolite rock has permitted regular fracturing and broad hydrothermal fluid flow with resulting consistent low-grade gold mineralisation.
This contrasts with the East Graben structure, within the Eastern Zone, which is typically dominated by discrete veins. Drill core from 580m down-hole in WKP35 shows episodic high level crustiform banded veins, hydrothermal and tectonic brecciation corresponding with multiple phases of mineralisation, hosted on the juxtaposition of rhyolite and andesite lithologies. Assay results for this interval returned 7.9m grading 5.1 ppm Au, including 3.4m grading 8.3 ppm Au. This style of mineralization on the Eastern Graben structure was new for this project and important because, there are strong similarities with major gold mines in the vicinity, namely Martha, Favona, and Golden Cross.
The broad low grade gold mineralisation within the Central Zone and veins relating to the East Graben structure lie on a major north-north-east trending structure marking the intersection of rhyolite (west) and more intermediate andesite pyroclastics (to the east). This is a district-scale structure, identified on magnetic and resistivity (geophysical) data and may represent the primary focus of significant coherent mineralisation in the WKP area.
The HJV plans a significant exploration programme for 2013; further evaluating the Eastern Graben Structure and including an initial project resource estimate, metallurgical test work, rock engineering study, geophysics and a 2,500m diamond drill programme. The estimated cost for this programme is NZ$2.7 million (C$2.2m - GEG share C$0.8m).
The independent technical report, entitled "NI 43-101 Technical Report on the Exploration at the Wharekirauponga (WKP) Project, Hauraki Goldfield, 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 reviewed and approved the technical content of this news release.
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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Glass Earth Gold Limited
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