WELLINGTON, NEW ZEALAND — (Marketwire) — 08/26/11 — Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) („Glass Earth“) reports high grade gold assays for two additional drill holes on the WKP gold/silver prospect near Waihi, New Zealand (North Island). At WKP South, DDH 29, the first hole drilled in this new target zone, marks a new gold discovery on the prospect.
The WKP gold/silver prospect is a joint venture with Newmont Mining (65%) and Glass Earth (35%).
NEW TARGET ZONE – „WKP SOUTH“
DDH WKP 29, drilled westward (previous holes were drilled eastward into the WKP West resistor) targeted a potentially new mineralised zone to the south-west, represented by a strong resistor, intersecting an exciting zone of high grade gold-silver mineralisation. (See Section attached)
The strong resistor extends both north and south of the current drill hole, with another drill hole WKP 30, (results pending) drilled beneath WKP 29, angling at depth and traversing the resistor for a length of 720m. Aeromagnetic and CSAMT resistivity geophysical surveys indicate this new zone has a strike potential of at least a kilometre.
„WKP WEST“
DDH WKP 27 (previously announced – see below – which had several notable intercepts) and WKP 28, confirmed significant low grade gold mineralisation, highlighted by narrow intervals of high grade, and is consistent with strong ground-based resistivity (geophysical) surveying. This demonstrates the zone has potential for over 800 m strike and a vertical extent of over 250 m. To date, the five long, angled, diamond holes drilled have all intersected significant gold-silver mineralisation over broad widths confirming a potentially very large epithermal gold system.
A priority is to test further very strong resistor signatures, 500m to the north, and infilling to provide information on the continuity and grade of high grade structures. (See map attached)
Simon Henderson, President and CEO, commented that, „WKP West represents a substantial zone of very encouraging gold-silver mineralisation, with all five holes drilled into this target, showing compelling continuity of gold mineralisation. The new discovery, 200 m to the southwest at WKP South, presents another exciting dimension on this developing project. A substantial infill/expansion drill program is warranted when budgets and resource consents for further work are approved“.
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 @ 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).
Hauraki Region – Glass Earth occupies a significant ground position adjacent to the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (Newmont earning 65%) and Hauraki JV (North and Central Areas – 65/35) are currently being explored and managed by Newmont.
Central Volcanic Region – Glass Earth has defined several significant epithermal gold targets in this region including the Muirs Reef project (Mamaku district).
In the South Island, exploration efforts are focused on the Otago Region for mesothermal „Macraes-style“ gold targets and placer/alluvial gold.
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To view the map associated with this release, please visit the following link:
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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
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