It is often said that the best place to build a gold mine is next to an existing gold mine, which leads us to looking at this countries history of mining. It can be soon ascertained that New Zealand has a rich history in gold mining with the Martha gold mine on its own yielding over 7 million ounces of gold and about 50 million ounces of silver since the 1880s.
GLASS EARTH LIMITED is a gold exploration company in New Zealand. It trades on the New Zealand stock exchange as NZAX: GEL and on the TSX.V as GEL and has just released some promising drill results.
Glass Earth holds the Waihi West exploration permit adjacent to the 10 million ounce Martha Gold Mine. Exploration is being undertaken by Glass Earth’s Joint Venture partner and Martha mine operator, Newmont Waihi Gold, in order to determine the strike extensions of the gold vein systems, which are interpreted as extending into Glass Earth’s permit. Glass Earth and Newmont are also advancing exploration on GEL's prospects in the wider Hauraki the Martha Gold Mine at Waihi Region, also under JV with Newmont.
Here is a snippet from their latest news release.
Simon Henderson, President and CEO commented that
“The success of the 2010 drilling results on holes WKP 24, 25 and 26 demanded further drilling examination. Both Newmont and Glass Earth have been very keen to press forward with additional drilling and we are confident that this exploration phase will provide further substantial insight into the characteristics of WKP West and the overall WKP prospect."
Wellington, New Zealand, Thursday, 12 May 2011
GLASS EARTH GOLD ANNOUNCES SIGNIFICANT HIGH GRADE GOLD
RESULTS FROM ‘WKP-WEST’, WAIHI, NEW ZEALAND.
DDH WKP 27 intersected 1.4 m @ 30.7 g/t Au and 77.7 g/t Ag within
152.4m @ 1.16 g/t Au and 2.22 g/t Ag.
Glass Earth Gold Limited reports completion of a further two drill holes on the WKP West gold – silver project near Waihi, New Zealand.
Results from the first hole (WKP27) are tabled below with the results from diamond drill hole (“DDH”) WKP 28 pending. Drill testing is planned on other targets during the course of 2011 as influenced by successive results (the WKP Gold-Silver Prospect is a joint venture with Newmont Mining - Newmont 65%, Glass Earth 35%).
DDH WKP 27, a two hundred metre step-out southwest confirms the previous significant intersections of gold mineralisation consistently greater than 150m, with narrow high-grade zones in the one ounce to two ounce gold range (see 25th August 2010 news release).
To read the report in full please click here.
Glass Earth Gold Limited a small exploration company with market capitalization of $14.10 million with a 52 week trading range of $0.17 to $0.44, volume is thin at the moment varying between 10,000 to 52,000 shares traded. However, we will see how the market reacts when it opens later today.
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