Announcement
MINE: GEL: Glass Earth Announces Filing of WKP Technical Report
11:36am
GEL
31/01/2013 11:36
MINE
REL: 1136 HRS Glass Earth Gold Limited
MINE: GEL: Glass Earth Announces Filing of WKP Technical Report
Glass Earth Gold announces Filing of NI 43-101 Technical Report
on exploration at the Wharekirauponga ("WKP") Project,
Hauraki, New Zealand.
Glass Earth Gold Limited (TSXV-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.
Qualified Person
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
or contact:
Simon Henderson, President and Chief Executive Officer, at +64 4 903 4980 or
info@glassearthgold.com;
Jeanny So, Director of Operations, CHF Investor Relations, at +1 416 868 1079
x 225 or jeanny@chfir.com;
To receive Company news via email, contact erica@chfir.com and mention "Glass
Earth news" in the subject line.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of 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.
End CA:00232479 For:GEL Type:MINE Time:2013-01-31 11:36:51
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