Trading Symbol: TSX-Venture: GEL
Shares Outstanding: 57,237,634
TORONTO, June 8 /CNW/ - Glass Earth Limited ("Glass Earth") wishes to
announce the commencement of the largest ultra-detailed airborne magnetic and
airborne gravity surveys ever carried out in New Zealand. The surveys are
being carried out over key areas of the Glass Earth prospecting permits
covering the Coromandel Central Volcanic Region ("CCVR") of the North Island,
New Zealand. The Coromandel Volcanic Region is the host to the 10 million
ounce Waihi / Martha Hill Mine owned by Newmont Mining, which is considered
the "type" epithermal gold deposit and the kind of epithermal gold deposit
targeted by Glass Earth
Airborne Geophysical Surveys
The majority of the Glass Earth prospecting permits are covered by a
layer of volcanic ash varying from several meters to tens of meters in
thickness. This layer of volcanic ash masks the terrane from conventional
exploration methods, requiring alternative exploration methods to be utilized,
namely airborne geophysics.
Based on the collection, compilation and modeling of all available
existing geological data over the CCVR, Glass Earth has identified 29 priority
gold target areas that could potentially host large deposits of epithermal
gold mineralization. In order to identify drill targets within these priority
gold target areas, Glass Earth has commenced flying two major airborne
geophysical surveys:
- A 40,000 line kilometer airborne magnetic survey currently being
carried out by U.T.S of Perth, Western Australia. The survey commenced
in March 2005 and is being conducted at 150 meter line spacings at an
elevation of 60 meters above ground level. U.T.S are specialists in
low level ultra-detailed aeromagnetic surveying, and pioneered the use
of fixed-wing agricultural aircraft for airborne geophysical work.
- A 6,000 line kilometer airborne gravity survey currently being carried
out by Bell Geospace Limited of Aberdeen, Scotland. This survey
commenced in April, 2005 and is being flown at 450 meter line spacings
at an elevation of 90 meters above the ground level. Bell Geospace
Limited provides the only worldwide source of high quality full tensor
gravity gradient data using their airborne 3D Air FTG(TM) system.
The two ultra-detailed airborne geophysical surveys are designed to:
- Provide data in sufficient detail that individual drill targets can be
located within the priority gold target areas
- Add new targets in areas where previously there was poor data coverage
- Provide an order of magnitude increase in the available high
resolution magnetics in the CCVR
- Provide the first ever detailed gravity data set in the CCVR
increasing the volume of data by two orders of magnitude.
The airborne geophysical programs are scheduled to be completed by the
end of June 2005. This will be followed by the interpretation of the data and
the definition of drill targets during July and August 2005.
Qualified Persons
The Glass Earth exploration programs are carried out under the
supervision of Glass Earth's VP Exploration and Chief Operating Officer, Mr.
Simon Henderson, M.Sc, M.AUSIMM. Mr. Henderson meets the qualified person
requirements (as defined by National Instrument 43-101) with more than 30
years of experience in the gold mining and exploration industry.
Glass Earth Limited is a New Zealand based gold exploration company
focused on exploring the Coromandel Central Volcanic Zone of the North Island,
New Zealand located on the infamous "Pacific Ring of Fire" which is known to
host exceptionally large epithermal deposits. These large epithermal gold
deposits are the target of Glass Earth's exploration activities.
For further information about Glass Earth Limited, please visit the Glass
Earth's website at:
www.glassearthlimited.com
Or Contact: E-mail investor(at)glassearthelimited.com
The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
