Listed Glass Earth Gold has announced a "significant" gold find during test drilling in the Hauraki region, with one of the 19 results finding 17.2g of gold per tonne (g/t) and 24.2 g/t of silver in a 9.7m drilling sample.
Glass Earth, which continues exploring around Otago and has boutique alluvial gold operations in the province, has spent more than $30 million during more than fours years and retained $4.4 million at the end of last year to continue exploring.
Glass Earth (35%) is in a joint venture with Newmont (65%) to explore the WKP prospect, 10km from Newmont's Martha gold mine at Waihi, and began drilling exploration at the prospect in March 2010.
Glass Earth chief executive Simon Henderson said the 9.7m intercept was "a highly encouraging display of WKP's gold potential".
"The results continue to confirm and expand the significant [gold and silver] mineralisation at WKP, and they add some further vigour to this project," Mr Henderson said in a market statement yesterday.
A month ago, Glass Earth released the first results of test drilling at its separate, 100% owned Muirs Reef prospect in the same region. The first of 17 diamond drilled holes, totalling 2500m, planned to identify gold resources in the area known as Massey Reef.
Initial results from the Massey Reef drilling, to a depth of 87m, included a 2m intersection of gold at 2.46 g/t and another at 17m in length at 1.58g/t.
Glass Earth holds permits totalling about 10,000sq km in both the North and South islands.
