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Glass Earth Gold is reporting that exploration in Otago has led it to new major gold-bearing structures.
The structures were similar to that at Oceana Gold's Otago Macraes gold mine, the company said in a progress report on its exploration activities today.
The finding came after Glass Earth carried out an airborne geophysical survey over a large area of Otago, followed by more exploration work on the ground.
At the Serpentine historical alluvial gold-field geochemical soil surveys over a 15km by 5km zone had identified soil gold anomalism over at least two areas with strike extents of 3km and 2km, Glass Earth said.
Drilling of these anomalies was being planned as a priority.
Similar ground mapping and soil/rock chip sampling was being carried out at three targets, with a further eight prospects being examined in the Central Otago region.
Glass Earth is also carrying out exploration work in the Hauraki, Mamaku and central volcanic areas of the North Island, with its total exploration area covering 27,000sq km.
In Hauraki, drilling started in mid-January at the Owharoa target, with the first two diamond drill holes approaching target depth, the company said.
In Mamaku, drilling was planned on projects surrounding the historic Muirs Reef gold deposit, pending the finalisation of access arrangements.
In the central volcanic area drilling of a target on Ohakuri in November and December had intersected broad zones of a large epithermal system but gold and silver was below economic levels.
Glass Earth has its main operational office in Wellington, with field offices in Rotorua and Dunedin, and a corporate office in Toronto.
It is listed in Canada and on the alternative NZAX exchange in this country.
Its shares last traded in New Zealand on Tuesday for 21c, having ranged between 25c and 17.5c in the past year.
- NZPA
