NR - Glass Earth Gold Strikes High Grade Interval Glass Earth Gold Strikes High Grade Interval of 2m at 38.4g/t Gold and 49.2g/t Silver at Muirs Reef Gold Project
WELLINGTON, NEW ZEALAND--( March 14, 2012) - Glass Earth Gold Limited(TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth Gold") is pleased to announce results from ongoing drilling at its 100% owned Muirs Reef Gold Prospect in New Zealand.
These results (shown in Table 1) are from MSDDH 09, the second of 17 diamond drill holes (~2,500m) planned to identify gold resources in an area known as Massey Reef, defining extensions to the known reef system both along strike north and south, and at depth. The programme commenced in November 2011 and will continue through 2012, and if successful is expected to produce data of sufficient density to model a gold resource to NI 43-101 standard.
Simon Henderson, the Company's CEO and President, commented that "these results are very encouraging news for the project, and we are now moving to double-shifting on our rigs for the next holes."
"Our exploration team is working hard to develop and evaluate the Massey Reef gold system - the results so far show continuity and expand the system, and striking this high grade interval is a very promising sign."
| Table 1: Significant recent drilling results at Massey Reef, Muirs Project |
| Drillhole ID | | From(m) | | To(m) | | Interval (m) | | Au g/t | | Ag g/t |
| MSDDH 09 | | 12 | | 14 | | 2 | | 2.50 | | 1.2 |
| | | 48 | | 50 | | 2 | | 38.4 | | 49.2 |
| | | 85 | | 103 | | 18 | | 0.78 | | 0.9 |
MSDDH 09 penetrated a highly altered andesitic volcanic unit with significant quartz veining and hydrothermal breccias, indicative of the upper levels of an epithermal gold system. The hole terminated at 191m.
Drilling on the programme's third hole (MSDDH 10), 25m north of MSDDH 09, is ongoing. MSDDH 10 has intersected weathered and altered andesite with quartz veining (often in multiple phases) from 55m to 120m. Assays are pending. To view drillhole locations, please go to https://glassearthgold.com/i/maps/GEGL_PR_Mar2012-Map1.jpg.
Following re-assaying, the Company also reports in Table 2 a variation to results previously reported for MSDDH 08 (on 27th January 2012).
Glass Earth Gold has a QA/QC programme in place, which includes the insertion of certified blanks and gold standards randomly within every 30 samples tested.
| Table 2: Correction to drilling results at Massey Reef, Muirs Project |
| Drillhole ID | | From | | To | | Interval m | | Au g/t | | Ag g/t |
| MSDDH 08 | | 22 | | 39 | | 17 | | 1.58 | | 1.7 |
| (corrected) | | 22 | | 39 | | 17 | | 1.71 | | 1.8 |
The Massey Reef drilling programme follows completion of trenching last year that included significant surface results (reported in July and November 2011 respectively):
- MSTR 06 24m of 5.7g/t gold and 1.9g/t silver
- MSTR 13 10m of 3.1g/t gold and 1.7g/t silver
Muirs Reef Gold Project
The Company's Muirs Reef Gold Prospect lies 65 km southeast of the Martha Mine (Newmont Mining, 10 million ounce gold deposit) at the southern end of the Hauraki Goldfield. Two quartz reefs were mined within this epithermal system until the 1930s, with over 43,000 oz of gold extracted from shallow surface and underground workings.
Massey Reef is part of the historical Muirs Reef gold mining area. Recent significant surface trenching results in outcropping and sub-cropping quartz veins are shown in Table 3. Trenching has demonstrated a 650m strike length of the surface mineralization, ample dimension to potentially host a significant gold resource.
The current drilling programme is designed to identify the depth and strike extent of near surface gold mineralization and identify any further mineralization adjacent to known veins.
| Table 3: Significant recent trenching results at Massey Reef, Muirs Project |
| Channel No | | From (m) | | To (m) | | Interval (m) | | Au g/t | | Ag g/t |
| MSTR 01 | | 0 | | 28 | | 28 | | 1.78 | | 2.4 |
| MSTR 02 | | 0 | | 23 | | 23 | | 1.13 | | 0.9 |
| MSTR 03 | | 0 | | 7 | | 7 | | 0.89 | | 0.7 |
| MSTR 04 | | 0 | | 18 | | 18 | | 0.36 | | 0.4 |
| MSTR 06 | | 0 | | 24 | | 24 | | 5.72 | | 1.9 |
| MSTR 07 | | 0 | | 14 | | 14 | | 1.81 | | 1.2 |
| MSTR 08 | | 0 | | 18 | | 18 | | 0.43 | | 0.4 |
| MSTR 11 | | 0 | | 1 | | 1 | | 1.20 | | 0.7 |
| MSTR 11 | | 8 | | 10 | | 2 | | 3.63 | | 1.4 |
| MSTR 12 | | 9 | | 13 | | 4 | | 1.49 | | 0.7 |
| MSTR 13 | | 16 | | 26 | | 10 | | 3.14 | | 1.7 |
| MSTR 14 | | 1 | | 2 | | 1 | | 6.96 | | 2.9 |
| MSTR 15 | | 15 | | 16 | | 1 | | 1.36 | | 2.1 |
| MSTR 15 | | 20 | | 26 | | 6 | | 1.19 | | 1.0 |
| MSTR 23 | | 0 | | 5 | | 5 | | 1.71 | | 1.4 |
Qualified Person
Mr Kyle Howie, Member of the Australian Institute of Geoscientists, Glass Earth's Senior Geologist, is the Qualified Person for Glass Earth Gold regarding the Muirs Reef Project. Mr Howie has reviewed and approved this news release.
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's largest gold exploration companies, with its experienced geological team exploring promising gold prospects across a land position of approximately 10,000 square kilometres, in both the North and South Islands. The Company held a net cash position of C$3.6 M at the end of Q4 2011 to fund exploration progress.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, host to the 10 million ounce Martha Hill mine, (Newmont Mining).
In the Hauraki Region Glass Earth Gold has identified and developed significant ground positions around Newmont Mining's currently active Martha gold 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, is being actively explored and managed by Newmont in concert 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. Containing 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), further drilling is being undertaken to prove up the resource.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's 7 million ounce 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.
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.