Business
Glass Earth Gold Limited Reports; Exploration update and interim financial statements and Management's Discussion & Analysis for the nine months ended 30 September 2008
TSX-V: GEL NZAX: GEL TORONTO, Nov. 27 /CNW/ - Glass Earth Gold Limited (TSX Venture: GEL; NZAX: G...
About this update from Chatham Rock Phosphate Limited
[{"type":"text","content":"\n\n\n\nTSX-V: GEL\nNZAX: GEL\n\n\nTORONTO, Nov. 27 /CNW/ - Glass Earth Gold Limited (TSX Venture: GEL;\nNZAX: GEL) ("Glass Earth") today updates its Exploration activities along with\ninterim financial statements for the nine-month period ending September 30,\n2008 together with Management's Discussion and Analysis ("MD&A") report\npertaining to that period.\n\n\nGlass Earth Gold reports second gold intersection at Massey Reef (Muirs\n Reef Gold Prospect)\n\nMUIRS REEFS GOLD PROSPECT, MAMAKU REGION (last reported upon 25 September)\nA high-level epithermal gold system is indicated by the broad mineralized\nintersection in the first and second diamond drill holes. In summary;\n\n- First diamond drill-hole intersected 30m @ 1.2 g/t Au and 6 g/t Ag,\n confirming a mineralized system to 75m depth (reported 25 September);\n\n- Second diamond drill-hole drilled 80 m along section intersected\n 16m @ 1.1 g/t Au and 3.5 g/t Ag, within a broad zone of\n 37m@ 0.8gm/t Au and 3.5g/t Ag, confirming a mineralized system to\n 75m depth;\n\n- Additional gold mineralized quartz veins intersected either side of\n the broad intercept indicate potential for a stockwork of veins\n between the Massey and Muirs vein systems. 3m@ 3.1g/t Au and\n 1.9 g/t Ag intersected at the top of MSDDH 002, relates to this\n stockwork of veins apparent in recent resistivity mapping (350m\n apart);\n\n- Recent EM electrical ground surveying confirms additional resistors\n indicative of new veins in the vicinity of Massey and Muirs quartz\n reef, and a potential new reef system east of Muirs quartz reef;\n\n- Quartz vein petrology indicates a high-level epithermal system with\n unconstrained depth potential.\n\n\nOPERATIONAL ADJUSTMENTS TO CONSERVE FUNDS\n\n\nGiven the market turmoil experienced in the third quarter and coincident\nuncertainty in the outlook for additional equity financing at present, Glass\nEarth has moved to streamline its operations to maximize exploration in the\nfield and minimize overheads.\n\n\nOtago operations are now operating from shared facilities, retaining key\ngeologists and field staff. North Island field activities are running from a\nfield office on the Muirs Reef Prospect. The Company's General and\nAdministrative cash expenditures are being reduced and reduction of corporate\noverheads has also been targeted....