Glass Earth Gold Consolidates New Discovery at "WKP SOUTH" and Commences Further Drilling
(firmenpresse) - WELLINGTON, NEW ZEALAND -- (Marketwire) -- 12/01/11 -- Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth") reports gold assays for WKP 30, and that more drilling is underway at the WKP gold/silver prospect near Waihi, New Zealand (North Island). At WKP South, the first hole drilled in this new target zone was DDH WKP 29 which marked a new gold discovery on the prospect. WKP 30 consolidates this discovery, and for the first time notably intersects a significant body of andesite basement, the preferred host of gold mineralisation in this region.
DDH WKP 30, targeting "WKP SOUTH" intersected 9.0 m (at) 3.2 g/t Au and 2.6 g/t Ag; the WKP gold/silver prospect is a joint venture with Newmont (65%) and Glass Earth (35%).
NEW TARGET ZONE - "WKP SOUTH"
DDH WKP 30 drilled westward on section and underneath the initial discovery hole (WKP 29) into this new system, represented by a strong resistor, intersecting a complex zone of quartz veins and faulting, and broad widths of andesite beneath the mineralised zone.
The strong resistor extends both north and south of the current drill holes. Aeromagnetic and CSAMT resistivity geophysical surveys indicate this new zone has a strike potential of at least one kilometre.
Previously reported
Simon Henderson, President and CEO, commented that, "The WKP Project represents a substantial zone of very encouraging gold-silver mineralisation, with three major zones of gold/silver enrichment in a very large and fertile epithermal alteration system of significant dimensions."
Recent exploration has focussed on the WKP WEST zone, represented by very broad (+150m) widths of +1gm/t gold, highlighted by individual high grade intercepts (highest 1.8m (at) 62 g/t gold). The new discovery, 200m to the southwest at WKP South, presents another exciting dimension on this developing project, with individual high grade intercepts (3.2 (at) 37.0 g/t gold) and importantly highlighting the intersection of the preferred host lithology, andesite.
Previous work (1980's-1990's) successfully delineated a quartz stockwork zone to the EAST also reporting significant mineralised intercepts in a 23 hole diamond drilling programme. With the resistivity, magnetics and geochemistry on surface indicating more potential zones of interest this project is at an exciting stage.
A substantial infill/expansion drill programme is planned; drilling to establish constraints of depth, continuity to the south, and mineralised structures in the andesite has commenced.
Additional WKP Location and History Information
The WKP prospect is a 3 x 5 km mineralised alteration zone, just 10 km from Newmont's Martha gold mine at Waihi and 5 km northeast of the Golden Cross deposit (634,000 oz gold production in the 1990's). The WKP epithermal system has magnetic/alteration characteristics similar to the Martha epithermal system and has open-along-strike potential of 1-2 kilometres. The WKP West zone currently outlines an area approximately 180 m wide with a strike continuity of over 800 m.
Previous Drilling Results were:
WKP 24 intersected:
WKP 25 collared from the same drill pad intersected:
The remainder of the WKP 26 hole contained many narrow (less than 150 mm) quartz veins. The entire zone from just above the quartz vein at 115 m to the end of the hole at 552.1 m averaged 436.1 m (at) 0.50 g/t Au, 1.8 g/t Ag.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 10,800 square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and placer/alluvial gold.
For additional information on the company, please:
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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.
Contacts:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
CHF Investor Relations
Jeanny So
Director of Operations
+1 416 868 1079 x225
CHF Investor Relations
Jeremy Hill
Associate Account Manager
+ 1 416 868 1079 x 238
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Unternehmensinformation / Kurzprofil:
Datum: 01.12.2011 - 11:00 Uhr
Sprache: Deutsch
News-ID 92868
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contact information:
Town:
WELLINGTON, NEW ZEALAND
Kategorie:
Mining & Metals
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