TORONTO, June 16 /CNW/ - Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL)
("Glass Earth") is pleased to provide a progress report on its exploration
activities in the Otago Region, South Island, New Zealand (see Appendix 1 for
a map of Glass Earth's Otago permits and prospects:
- Drilling commenced at Sparrow Hawk on 10 June
- Drill ready targets at Serpentine and Gold & Pine
In the South Island, from January to August 2007, Glass Earth conducted
the largest airborne geophysics survey undertaken in New Zealand (1.3 million
hectares), targeting mesothermal orogenic gold, similar to the Hyde-Macraes
shear; host to the 7m oz Macraes gold mine. Coincident magnetic/resistivity
anomalies (signatures of major shears), together with regional geochemical
anomalies, provided the focus for the summer season of targeted on-ground
Contemporaneous evaluation of the survey data allowed on-ground
exploration work to commence in September 2007. Several teams, totalling
twenty field staff, have spent the past 8 months (the New Zealand summer)
undertaking soil, rock chip and stream sediment sampling combined with
Glass Earth is advancing a sequence of ranked prospects and has commenced
drilling on an initial target, Sparrow Hawk. Drilling commenced on 10 June
2008 with two orientated diamond holes which will take approximately two
months to complete and receive assay results for. Further drilling targets are
being evaluated, with access and drilling consents being obtained.
In total, some 5,500 soil samples, 600 rock chip samples and 700 stream
sediment samples (BLEG and 80-mesh) over 24 prospects have been collected and
assayed in the last 8 months, leading to the advancement of 5 prospects to
drilling and a further 19 following through. A smaller, more specialised team
is now engaged in the drilling programs which will concentrate on the lower
elevation prospects accessible in the winter months (June- September in this
Further information is contained in the Exploration Summary 2007/08,
filed on SEDAR and Glass Earth's website.
At Sparrow Hawk (Rough Ridge, Central Otago), subsequent ground-based
prospecting identified in-situ rock chips assaying up to 131 grams/tonne gold,
indicating a new significantly gold mineralised system. Rock chips assayed
1.65, 2.82, 4.3, 0.93, 131 g/t Au, representing sampling of approximately 1m
wide veins, intermittently outcropping over a width of 125 metres and striking
out over 800 metres (open ended). Drilling has commenced to test this target.
At Serpentine (an historical alluvial gold-field) on-ground geochemical
soil surveys over a 15km x 5km zone have identified soil gold anomalism over
at least two individual areas with strike extents of 3km and 2kms
respectively. Planning is complete to drill test the coincident high soil gold
geochemistry (max 1240ppb Au), mapped mineralised shears and
magnetic/resistivity anomalies. The approaching winter precludes drilling this
prospect until the fourth quarter 2008.
At Gold and Pine (adjacent to historic Gabriel's Gully, Lawrence, Central
Otago) soil sampling over a major shear has returned coherent gold soil
geochemistry (maximum 475 ppb Au) indicating several zones of gold, tungsten,
antimony mineralisation striking out over 1000 metres.
At Game Hen (Hindon, Central Otago), in-situ rock chips from Glass Earth
mapping returned grab rock chip assays up to 44gm/t gold. A 14 km long area
has been grid soil sampled at 1km fence spacing and 50m sample spacing with
highest soil results 993 ppb gold. In addition, legacy hard-rock samples from
workings are in the 1-7gm/t gold range. Infill soil sampling, to assist in
drill targeting, has been prioritised.
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 /
Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the
10 million ounce gold Waihi / Martha Mine, owned by Newmont Mining, which is
considered the "type" epithermal gold deposit and the kind of large epithermal
gold system targeted by Glass Earth.
- Hauraki Region - With advanced gold prospects, this region occupies a
significant ground position 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 are now being prioritised for drilling.
In the South Island, exploration efforts are focused on the Otago Region
for mesothermal orogenic gold deposits, typified by the 7m oz Macraes gold
mine in Otago (Oceana Gold Corporation) and producing around 180,000 oz
- Otago Region - A major data collection/airborne geophysical survey over
this region was completed in August 2007. Subsequent detailed on-ground
evaluation has identified over 24 significant hard rock gold prospects;
drilling has commenced 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
Neither the TSX Venture Exchange nor New Zealand Exchange Limited has
reviewed this release nor accepts responsibility for the adequacy or
accuracy of this release.
For further information:
For further information: Simon Henderson, President and Chief Executive
Officer, at +64 4 903 4980, email - email@example.com; or Richard
Billingsley, non-executive director at (604) 868-2475; or Visit the Company's
website at www.glassearthlimited.com