Glass Earth Gold Limited

Glass Earth Gold Limited

April 23, 2012 06:00 ET

Glass Earth Gold Makes New Gold Discovery at Garibaldi; Central Otago, New Zealand

WELLINGTON, NEW ZEALAND--(Marketwire - April 23, 2012) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL)(NZAX:GEL) today announced that it has made a new gold discovery at its Garibaldi project in Central Otago. The new discovery is characterised by a network of quartz veins from which systematic soil and bedrock trench samples have returned grades ranging up to 16.1 g/t Au. The zone of interest is 900m in strike length and 300m wide. It has coincident elevated tungsten and arsenic mineralisation.

Simon Henderson, President and CEO of Glass Earth Gold, commented that "This is an important development in early stage prospect delineation where the potential for significant widths of mineralised quartz and host mafic schist offer potential for a significant size mesothermal gold discovery... This new discovery is a turning point in GEL's hard rock gold exploration in Central Otago and attests to the science driven exploration program focused on discovery of gold deposits similar to OceanaGold's 7.2 million ounce Macraes gold deposit in the metaphorphic terrain of Central Otago".

Exploration following GEL's major airborne geophysics survey in 2007 highlighted mafic protoliths as important hosts to gold mineralisation; regional geochemical surveys followed by detailed soil sampling recorded anomalous gold in soil over an area 5 km x 2 km with individual results up to 9,750 ppb Au, with anomalous arsenic and tungsten. Narrow outcropping quartz veins gave anomalous rock chip values (up to 8.73 g/t gold) which encouraged a significant trenching program to delineate mineralised quartz veins and host mafic schist over a 900 x 300m area.

Channel/panel sampling from trenching at Anomaly 2 (individual samples of 1mx1m) demonstrate consistent mineralised E-W orientated quartz veins with individual grades between 1-16.1 g/t Au and importantly inter-fingered mafic schist with grades between 0.5 - 2.65 g/t Au. Of 60 samples, 10 samples exceeded 1 g/t, 8 samples ran 0.5 - 1 g/t and 9 samples ran 0.1 - 0.5 g/t Au.

In 2007, Glass Earth Gold completed the largest airborne geophysical survey in New Zealand, over 13,000km² of mesothermal terrain in the Otago region. The magnetic and electro-magnetic data collected, identified shear zones similar to the Hyde-Macraes Shear Zone which hosts the Macraes gold mine; Glass Earth commenced on-ground exploration, focusing directly on these potentially gold-bearing regional structures. The Macraes gold mine, New Zealand's largest gold producing operation has produced over two million ounces of gold since current mining operations began in 1990.

Forward Work Programme

The immediate objective is to finalise additional fieldwork in order to plan and recommend a drill program.

To view "Figure 1: - Garibaldi project in Central Otago, New Zealand", please visit the following link:

Location Map: To view "Figure 2: - Garibaldi project in Central Otago, New Zealand", please visit the following link:

About Glass Earth Gold

Glass Earth Gold is one of New Zealand's largest gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team, the Company is exploring promising gold prospects across a land position of approximately 10,000 km2, in both the North and South Islands. The Company held a net cash position of C$2.2 million at the end of Q1 2012 to fund exploration progress.

In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the 10Moz gold equivalent 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.

Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef project where drilling is ongoing. A historical resource of 390,000 oz (non NI 43-101-compliant, at 1.5 g/t Au and cut-off grade of 0.5 g/t Au), as well as recent drilling provided further encouragement with intersections of 2m of 38.4g/t gold and 49.2g/t silver.

In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's 7Moz Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.

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.

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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.

Contact Information

  • 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 x 225

    CHF Investor Relations
    Lauren Clarke
    Associate Account Manager
    + 1 416 868 1070 x 241