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Ophir gold veins larger than previously thought
8 September 2010 - Glass Earth Gold says the Wai-iti and Wai-iti South gold veins in its Ophir central Otago hard rock prospect have been demonstrated to be larger than previously thought.
Sources: Glass Earth Gold and Lindsay Clark
Wellington-based Glass Earth Gold’s June half year report stated that the Ophir prospect has a high potential to define a shallow resource for small scale production. Metallurgical test results have been encouraging and an evaluation study is expected to be completed by September.
Meanwhile Glass Earth has been carrying out placer (alluvial) mining this year in the Ida Valley deposits called Gunclub and McAdies, a few kilometers from Ophir. The company’s aim is to raise money for further exploration from gold deposits discovered so far. In the June quarter cash from the initial placer operation totaled $119,000. Increased cash and profit generation is forecast for the September quarter.
