Quote:
Ross Louthean — 15 June 2011
What a difference two years make for Glass Earth Gold Ltd shareholders (TSX-V & NZAX: GEL).
Two years ago the company was looking as though it had its back to the wall like so many other junior explorers in the Western World following the global financial crisis which hit global sharemarkets for a six.
This year the company will hold its annual general meeting in Vancouver, Canada on June 29 and there will be good news on several fronts.
The company is getting a cash flow out of alluvial mining joint ventures in Otago but its eye catching performance has been in the joint venture with Newmont Waihi Gold on the WKP West gold prospect, north of Waihi where there have been some spectacular intersections.
The best last diamond hole released had an intercept of 152.4 metres grading 1.1 grams/tonne gold and 2.2 g/t silver within which there were a series of high grade intercepts, the best being 1.4m @ 30.7 g/t Au and 77.7 g/t Ag.
At the time of writing the joint venture – Newmont Waihi 65% and Glass Earth 35% -- was awaiting assays from the latest diamond hole, WKP28.
There have been a series of wide intersections of epithermal gold and silver on the WKP property in the past two years to indicate there is a big system.
With the company better cashed up Chief executive Simon Henderson is also expected to give an outline of a more aggressive exploration programme on both NZ islands, taking in projects such as Muirs Reef in the Tauranga region and the Serpentine gold prospect in Central Otago.