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New major gold-bearing structures in Otago, Glass Earth says
1 April 2008 - Wellington-based gold explorer Glass Earth Gold Ltd says it is exploring new major gold-bearing structures in Otago similar to that hosting Macraes gold mine containing 8 million oz in resources and production.
Glass Earth Gold says the largest ever airborne geophysical survey in New Zealand which the company conducted last year over 13,000 sq km has led to interpretation and ground truthing of electro-magnetic and magnetic anomalies in the airborne geophysical data.
At Serpentine, a historical alluvial gold field approximately 30 km west of Middlemarch over the Rock and Pillar Range, coincident magnetic and EM features relate to quartz veined shears, with individual rock chip results ranging from 1.3 to 14.8 grams per tonne of gold.
Geochemical soil surveys over a 15 km x 5 km zone have identified soil gold anomalism over at least two individual areas with strike extents of 3 km and 2 km respectively. Drilling of these anomalies is being planned as a priority.
Similar ground mapping and soil/rock chip sampling is being carried out over the Gold and Pine targets (adjacent to the historic Gabriel's Gully site of the original gold discovery in Otago which began the 1860s gold rush) and Game Hen (adjacent to historic Hindon Gold workings) where targets are being prioritised by the coincidence of magnetic/EM identified shears, and surface gold anomalism.
A further eight prospects are being examined in the Central Otago region providing a major new focus to Glass Earth's exploration.
Based on its interpretation of its exploration results, Glass Earth says it believes that there is evidence that the Otago Mesothermal gold belt may be considered to be a major new Orogenic gold province.
