Two New Drill Sites Show High Grade Gold Assays 10 km North Of Waihi

Posted by Gold FM on 27/08/2011

 

Glass Earth Gold Limited, who are in a joint venture partnership with Newmont Waihi Gold, reported high grade gold assays for 2 additional drill holes at the WKP prospect on Friday, one of which is a new discovery at the (WKP South) Wharekirauponga prospect 10km north of Waihi.

Glass Earth is one of the largest New Zealand based gold exploration companies exploring a land position of approximately 10,800 square kilometres in the North and South Islands.

In the North Island Glass Earth's exploration efforts are focused on large epithermal gold systems in the Hauraki and Central Volcanic Regions, and occupies a significant ground position adjacent to the Martha Mine.

Newmont Waihi Gold earns 65% of the WKP prospect which is a 2 km mineralised alteration zone, 5 km north-east of the Golden Cross deposit that produced 634,000 oz of gold in the 1990s.

Exploration in the late 1980s and early 1990s identified a very extensive altered and gold mineralised system called the WKP stockwork zone, containing several ore grade intersections.

Glass Earth said the WKP epithermal system has magnetic/alteration characteristics similar to the Martha Mine for several kilometres southward.