Glass Earth Gold, Newmont strike again
Glass Earth Gold and Newmont Mining Corporation have struck another high-grade intersection on joint venture Hauraki prospect WKP.An initial drilling programme discovered deposits in July across a two kilometre zone close to Newmont's Martha gold min
Thu, 26 Aug 2010
Glass Earth Gold and Newmont Mining Corporation have struck another high-grade intersection on joint venture Hauraki prospect WKP.
An initial drilling programme discovered deposits in July across a two kilometre zone close to Newmont’s Martha gold mine at Waihi.
Based on high gold prices at the time of discovery and the speculated size of the prospect, NBR calculated that it could potentially be worth $20 billion.
Glass Earth announced today that an additional area approximately 180m wide with a strike continuity of over 600m has been discovered in the new WKP west zone.
“These drill results confirm that WKP West represents a significant new prospect with individual higher grade intercepts and broad mineralized widths that portend a major discovery,” Glass Earth president and chief exeutive Simon Henderson said in a release today.
The joint venture partners are “very encouraged” by the results, he said.
Asked by NBR to clarify the significance of the result, Mr Henderson used a fishing analogy to indicate the stage of the WKP development.
"They talk about fishing and getting some nibbles... I would say we've had some nibbles and we've hooked something but we haven't got it on board yet."
He said it was too early to confirm WKP's potential economic value.
"We need to drill a longer net around it to determine its length, wide and grade."
Glass Earth, a dual-listed prospecting company (NZAX: GEL, TSX-V: GEL) released a promising half-year report last week.
Shares last traded at 40c, two cents off the company’s 52-week NZAX high.
Thu, 26 Aug 2010
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