Glass Earth Gold Announces Filing of NI 43-101 Technical Report on the Mineral Resource Estimate for the Wharekirauponga (WKP...
August 01 2013 - 7:00AM
Marketwired Canada
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 the mineral resource estimate for
the Wharekirauponga (WKP) gold project, Hauraki Goldfield, New Zealand.
The WKP Project is held by the Hauraki Joint Venture ("HJV") - Newmont Waihi
Gold (65%) and GEG (35%) and is located in the southern Hauraki Goldfield, 10km
north of the Martha Gold Mine (Newmont Waihi Gold100%), and 110km south-east of
Auckland, New Zealand's largest city.
The NI 43-101 compliant mineral resource estimate for the WKP Gold Deposit is
shown in Table 1-1, and summarised below:
Resource Summary WKP:
----------------------------------------------------------------------------
Resource Grade Contained Contained
Category Tonnes Grade Gold Silver Gold Silver
(Tx1000) (g/t) (g/t) (ounces) (ounces)
----------------------------------------------------------------------------
Inferred 1,300 6.2 9.3 260,000 390,000
----------------------------------------------------------------------------
The report was prepared by Roscoe Postle Associates Inc. (RPA), a consulting
firm which has been retained by the HJV to prepare the Mineral Resource estimate
and a supporting independent Technical Report on WKP. This Technical Report
conforms to NI 43-101 Standards of Disclosure for Mineral Projects.
RPA estimated Mineral Resources for the WKP deposit using drill hole data
available to May 31, 2013. A total of 38 holes have been drilled on the
property. At a cut-off grade of 3.0 g/t Au and a true thickness of 1.5 m,
Inferred Mineral Resources are estimated to total 1.3 million tonnes at an
average grade of 6.2 g/t Au and 9.3 g/t Ag for a total of 260,000 ounces of gold
and 390,000 ounces of silver (Table 1-1).
Table 1-1 Mineral Resource Report by Zone, May 31, 2013
Newmont Waihi Gold - Wharekirauponga Project
----------------------------------------------------------------------------
INFERRED MINERAL RESOURCES
----------------------------------------------------------------------------
Zone Tonnage Gold Gold Silver Silver
----------------------------------------------------------------------------
(T x
1,000) (g/t) (ounces) (g/t) (ounces)
----------------------------------------------------------------------------
Central 800 6.6 170,000 10.5 270,000
----------------------------------------------------------------------------
Eastern 430 4.8 66,000 7.5 100,000
----------------------------------------------------------------------------
Western 90 9.7 27,000 7.8 20,000
----------------------------------------------------------------------------
Total 1,300 6.2 260,000 9.3 390,000
----------------------------------------------------------------------------
Notes:
CIM definitions were followed for Mineral Resources.
Mineral Resources are estimated at a cut-off grade of 3.0 g/t Au.
Mineral Resources are estimated using a long-term gold price of US$1,500/oz.
A minimum mining width of 1.5 m was used.
Bulk density is 2.4 t/m3.
Numbers may not add due to rounding.
The Mineral Resources are contained within discrete vein structures within five
mineralized vein domains.
The CEO of Glass Earth Gold, Simon Henderson commented on the filing of this
report and resource estimate: "It gives us great satisfaction to present to our
shareholders this NI 43-101 Technical report and resource estimate which
confirms WKP's potential, based on vein mineralization that demonstrate
three-dimensional continuity, as well as attractive thickness and grades. The
HJV is encouraged by these results and is committed to pursuing further drilling
and assaying to expand this resource. Our focus will now be placed on the
recently discovered TStream breccia vein and structures related to the EG
structure that show the best promise for additional resources, as they host a
style of mineralization similar to major gold mines in the vicinity, namely
Martha, Favona, and Golden Cross."
GEOLOGICAL FEATURES
The deposit was discovered within a large, low-sulphidation epithermal system,
which, in the opinion of RPA, is believed capable of hosting a major gold
deposit.
WKP is a typical adularia-sericite low-sulphidation epithermal quartz
vein-hosted gold and silver deposit. Gold occurs as electrum, argentite, and
possible silver telluride minerals with pyrite, argentiferous pyrite, and
arsenopyrite. Three main zones are defined by CSAMT resistivity anomalies,
Eastern (including the EG structure), Central (including T-Stream), and Western
zones. The Eastern Zone was the focus of exploration by previous owners in the
1980s and 1990s. Recent drilling by the HJV was successful in identifying
additional mineralization in the Central Zone including the T-Stream breccia
vein, the Eastern EG structure, and the Western Zone. The recently discovered
T-Stream breccia vein and EG structure show the best promise for additional
resources, as they host a style of mineralization similar to major gold mines in
the vicinity, namely Martha, Favona, and Golden Cross.
Diamond drilling has outlined vein mineralization that demonstrates
three-dimensional continuity, thickness, and grades that can potentially be
extracted economically.
The style and distribution of mineralization could be amenable to open pit
mining methods, however, based on the project's location in a Department of
Conservation (DoC) administered Forest Park, RPA concurs with Newmont's opinion
that underground mining is the only realistic mining method to be considered.
RPA therefore modelled and reported underground Mineral Resources only.
The Mineral Resources are contained within discrete vein structures within five
mineralized vein domains. Given the broad spaced drilling and style of
mineralization, all Mineral Resources were classified as Inferred. Although
wireframe models and block grades have been interpreted to distances of 200 m,
only blocks within 40 m of a drill hole were reported. There are no Mineral
Reserves estimated on the Property.
RPA believes that additional exploration activities are warranted, including
4,500m of drilling, for a budget of NZ$ 3.5 million. The objective is to expand
the limits of the known veins, test the selected targets for the presence of
additional mineralization, develop new exploration targets, collect preliminary
environmental background data, and conduct preliminary metallurgical testing to
assist the preparation of future Mineral Resource estimates.
The independent technical report, entitled "NI 43-101 Technical Report on the
mineral resource estimate for the Wharekirauponga (WKP) Gold Project, Hauraki,
New Zealand" was prepared by David Ross, P.Geo. Principal Geologist with Roscoe
Postle Associates Inc. Toronto, who is a Qualified Person under NI 43-101, and
has reviewed and approved the technical content of this news release.
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.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
info@glassearthgold.com
Glass Earth Gold Limited
Anne Robert
Manager, Investor Relations
+ 1 514 880 0184
anne.robert@glassearth.co.nz
www.glassearthgold.com
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