WELLINGTON, NEW ZEALAND -- (Marketwire) -- 02/07/13 -- Glass Earth Gold Limited (TSX VENTURE: 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 Glass Earth's Placer Projects, Central Otago and Southland, New Zealand.
The report examines five separate alluvial (placer) properties in the Central Otago Goldfields in New Zealand's South Island. Each project, Drybread, Matakanui, Vinegar Hill, Waikaia and Pigburn is detailed independently in the report.
Exploration by GEG at the Placer Projects has outlined indicated mineral resources of 945,000 m3 for a total of 9,950 ounces of gold. In addition GEG has outlined inferred mineral resources of 1,351,400 m3 for a total of 22,500 ounces of gold.
The indicated resources lie within the Drybread Project, in the upper Manuherikea Valley, where the gold is contained within degradational gravels of Tertiary, Quaternary and Recent age, in shallow horizontal fluvial horizons within 1-11m of surface.
The reader is cautioned that this indicated classification reflects the relative confidence of the grade estimates, the geological continuity, and the continuity of mineralization. Furthermore, there is sufficient information to allow appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.
The Inferred Resources are contained in four other project areas, Matakanui, Vinegar Hill, Pigburn and Waikaia, respectively located in the Manuherikia, Maniototo and Waikaia valleys, where the gold is contained within degradational gravels of Tertiary, Quaternary and Recent age, in shallow horizontal fluvial horizons within 1-11m of surface.
The reader is cautioned that this inferred classification reflects that quantity and grade can only be estimated on the basis of geological evidence and limited sampling, allowing reasonably assumed, but not verified geological and grade continuity. The estimate is based upon limited information and sampling, gathered through drilling. Due to the uncertainty associated with an inferred mineral resource, it cannot be assumed that all or any part of the resource will be upgraded to an indicated or measured mineral resource with further exploration. Confidence is insufficient to apply meaningful technical or economic parameters.
The report chronicles the historical mining, generally several campaigns of historical drilling, followed by GEG's drilling, bulk sampling, and where appropriate metallurgical/engineering data collection on five project areas that are the focus of GEG Placer activities.
GEG completed a total of 887 drill-holes totalling 7200 metres of drilling, 166 bulk sample/pits for 600m of sampling, and compiled and verified 341 legacy drill-holes for 4,500m of legacy drilling; averaging over both GEG and Legacy drill-holes an 8.2m depth of vertical drill-holes.
GEG established its own Laboratory testing facility in Alexandra. This report describes the sample preparation and analytical processes undertaken for this report, as well as gold morphology for individual projects.
GEG Placer operations and projects remain relatively underexplored in the Central Otago and Southland regions of the South Island of New Zealand.
At Drybread, where mining operations are currently underway, exploratory mapping and drilling is recommended to target the zone between the current operations, and historical mining activity adjacent to the Dunstan Range.
At Matakanui and Vinegar Hill, further drilling, and bulk sampling are recommended to improve the confidence in existing resources outlined, and examining the gold potential of recent gravel horizons identified to the south of both resources.
At Waikaia, this larger gold resource in the Southland basin requires significantly more drilling, pitting and engineering data to provide confidence to proceed further on what is a deeper and potentially clayey deposit.
Pigburn, whilst relatively modest, has both resource consent and mining permit in place, and is being examined as a small mining operation under franchise arrangement.
A two stage programme of drilling, pitting and engineering studies is recommended, for an estimated cost of NZ$195,000 over all five properties.
The technical report, entitled "NI 43-101 Technical Report on Glass Earth's Placer Project" was prepared by Mr Simon Henderson MSc, MAusIMM CP (Geology), who is a Qualified Person under NI 43-101, and has reviewed and approved the technical content of this news release.
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.
To receive Company news via email, contact email@example.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.
Glass Earth Gold Limited
President and Chief Executive Officer
+64 4 903 4980
CHF Investor Relations
Director of Operations
+1 416 868 1079 x 225
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