AXG - Antipodes Gold [formerly GEL - Glass Earth]

All of the proposed motions at the AGM were passed, which means Antipodes Gold will provide a back-door listing on the TSX-V for CRP, while at the value end of the deal Oceana Gold will pay the old Glass Earth bills, and obtain 100% of what's left of the permits. These are under part of Waihi township, and to the Northeast of Waihi, up in the hills at and around WKP.

I also saw this snippet in the management information circular sent out before the AGM.

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ANTIPODES GOLDLIMITED

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NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
To be held on November 24, 2015
Management Information Circular
(Dated October 23, 2015)

The Company had employment contracts with Messrs. Henderson and Liddle but these have been cancelled by mutual agreement and replaced with a time based contractor rate of NZ$700/day (C$600/day). Mr. Rabone is also on a time based contractor rate of NZ$800/day (C$680/day) since his appointment as CEO in February 2014. Other management services for the Company are not, to any material degree, performed by persons other than the senior officers of the Company. No pension plan or retirement benefit plans have been instituted by the Company and none are proposed at this time.

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Of course at this juncture, the three people concerned are the most likely to know what's going on with the company business. But they also helped put the company in a very bad position, and lost a whole lot of shareholder cash. Some of this capital was apparently lost through a minority of untrained or unsupported staff who were being paid only around $25 an hour. Even then the staff did a lot better out of the deal than the shareholders, who actually paid good money to watch all of this unfold. Our return =NIL.

Oceana Gold is firing ahead with drilling into the Waihi West permit, where they have a new vein discovery called Quattro. Note that this didn't get 'discovered' while Glass Earth had any money or ability to do anything about it. It just sat there, while GEL shareholders helped cover the permit holding and overall mapping costs.

http://www.goldfm.co.nz/general/new-...called-quattro

NTL also seems to demonstrate a similar lack of action... Perhaps, as one poster mentioned, they also may not know how to drill.

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Originally Posted by youngatheart

NTL also seems to demonstrate a similar lack of action... Perhaps, as one poster mentioned, they also may not know how to drill.

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Yes, it all goes to show how goldmining is certainly a game for the big guys. Newmont just stalled Glass Earth on Waihi West (surely always a good bet), waited for them to run out of money. They were outfoxed in Otago by an older operator, but they were well and truly done up in Waihi. Drilling costs a heap, you have to drill a lot of holes to get good data reliable enough for mining. GEL only had to pay a smaller percentage, but that was always too much for their budget at WKP, and Waihi West was not really started. Then they lost the new capital Brent Cook brought along (or the potential for it) at Drybread, and they were sunk. Lots of the SI permits were probably never adequately checked out, they had too many permits for the funds available.

I still think that they were unlucky not to find a rich spot in their few contracted drills, but when it came to alluvial mining, they were inept compared to people who had been doing it for a living. That's what finished off the game as far as shareholders were concerned.

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Originally Posted by elZorro

Yes, it all goes to show how goldmining is certainly a game for the big guys. Newmont just stalled Glass Earth on Waihi West (surely always a good bet), waited for them to run out of money. They were outfoxed in Otago by an older operator, but they were well and truly done up in Waihi. Drilling costs a heap, you have to drill a lot of holes to get good data reliable enough for mining. GEL only had to pay a smaller percentage, but that was always too much for their budget at WKP, and Waihi West was not really started. Then they lost the new capital Brent Cook brought along (or the potential for it) at Drybread, and they were sunk. Lots of the SI permits were probably never adequately checked out, they had too many permits for the funds available.

I still think that they were unlucky not to find a rich spot in their few contracted drills, but when it came to alluvial mining, they were inept compared to people who had been doing it for a living. That's what finished off the game as far as shareholders were concerned.

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Yip, Yip and Yip.

Can't wait for this little thread and my AXG holding to disappear.

Thanks for your insight and your continual postings elZorro.

A lot of lessons have been learnt. My future cash will stay away from the directors involved in this failure.

No problem Carpenterjoe, guess you were as optimistic as me for a long time. If I'd been a bit more informed by the company as to the true state of affairs, I'd have posted a lot less. Their carefully worded press releases remind me of that slug gun and motorcycle brand, BSA.

One outfit I will be keeping a good eye on is OGC, they could do very well around Waihi, as the gold grade appears to be close to 1 oz/tonne in parts of the Quattro vein alone.

http://www.oceanagold.com/assets/Upl...elease-ASX.pdf

CRP put out a press release yesterday, in which AXG is carefully posed as a "cashed up" entity, ready to help CRP achieve all of its long-term goals.

http://www.scoop.co.nz/stories/BU160...9+January+2016

All the best for that - looks like Simon will be going to another PDAC conference overseas.

Nothing to report, except that an old November 2015 press release puts a new perception on the Quattro Vein in Waihi West. Remember GEL had a big chunk of that in the beginning, at the IPO. While they hooned all over the country looking for a pot of gold, it was probably sitting there under Waihi township all along. But I bet Newmont wouldn't allow them to drill it for several years.

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The newly identified Quattro vein located west of the old Trio workings may be a potential strike extension of the Martha system. Its estimated to have a strike length in excess of 500m with thick vein widths up to 7.6m.

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http://www.goldfm.co.nz/general/pros...-for-oceanagol

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14/3/2016 — Gold
OceanaGold to acquire Antipodes tenements
By Simon Hartley
OceanaGold Corporation (TSX, ASX & NZX: OGC) has purchased the gold exploration assets of Toronto-listed Antipodes Gold Ltd (TSX-V & NZAX: AXG) in the central North Island, with the latter still headed for its reverse takeover of Chatham Rock Phosphate Ltd (NZAX: CRP).
Antipodes, formerly gold exploration company Glass Earth Gold which operated mainly around Otago, announced completion of the sale on Friday to OceanaGold, which separately last year purchased the adjacent Newmont Waihi Gold production mine and exploration permits.
Antipodes chairman Adrian Fleming, who did not reveal the sale price, said the company could now focus on the reverse takeover of Chatham Rock.
Because of TSX Venture Exchange regulations, Antipodes, with Chatham as its subsidiary, must have sufficient working capital to meets administration and budgeted operating costs for the 12 months after the reverse takeover.
To achieve that, Chatham has boosted its cash position by entering into a conditional subscription agreement for up to $NZ600,000 of new shares from a private investor, Fleming said.
“The divestment of the [central North Island] gold assets provided an opportunity for shareholders to invest in a company with exciting prospects in the marine and terrestrial phosphate industry,” he said.
Chatham Rock holds a mining permit over a significant phosphate deposit on the Chatham Rise seabed, about 400 kilometres east of Christchurch. However, Chatham's initial marine consent application was declined in February 2015 by the the Environmental Protection Authority, but Chatham is planning to submit a new application, subject to improvements to the consenting process.
Chatham intends to raise further funds of up to $NZ900,000, Fleming said.
He cautioned completion of the reverse takeover was subject to a number of conditions, including final acceptance by the TSX-V, so he could give no assurance the transaction would be completed as proposed.
*Simon Hartley is senior business reporter and assistant chief reporter for the Otago Daily Times.


http://www.sharetrader.co.nz/img/icons/pdf.jpg ANTIPODES GOLD NEWS RELEASE 16-1 10 March 2016 (194.6 kilobytes)

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That's one way of spinning it..

Latest update from NZResources:

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13/7/2016 — Other Minerals and Metals
Reverse takeover for CRP is nigh

The planned reverse takeover of Chatham Rock Phosphate (NZAX: CRP) by Antipodes Gold continues to work through the Toronto Stock Exchange.
Last year the two companies agreed to come together, with Antipodes Gold having to shed some gold assets to remain afloat and CRP seeing this as an opportunity to use Antipodes listing on the Venture Exchange of the TSX.
The reverse takeover was said now to be 95% down the track.
Chatham Rock’s chief executive Chris Castle said that with the Antipodes shell CRP would inherit some funds associated with the merger, a Toronto director, 1,003 resources-sector shareholders in a number of countries, and a Canadian corporate support structure.
“This merger will strengthen Chatham, complement our New Zealand listing and provide new opportunities for existing Antipodes shareholders,” he said.
Chatham Rock said in its June quarter report it has been able to raise $3.7 million since its share price was “slaughtered by the Environmental Protection Authority’s (EPA) refusal of a mining consent for seafloor phosphate nodules on Chatham Rise.
Castle said the company’s present share price of 0.9 cents values Chatham at $7.24 million - a sixth of its market value in February last year.
“We believe Chatham is now in a stronger position than it’s ever been due to the knowledge gained during the marine consent application process,” Castle said.
CRP will be reapplying for a marine consent following further consultation with stakeholders, a potential revision of the project and further research on some scientific issues.
Castle said both the company and the EPA have learned a lot from the initial consent application.
“We’re confident this will result in improved application and hearing processes and we’ll resubmit an even better application to robustly deal with the issues on which we were rejected.
Castle said that CRP remains puzzled by environmental groups which, through opposing our Chatham project, condone New Zealand importing all its phosphate needs, “so exporting our environmental footprint to countries mining phosphate where it involves severe social and environmental distress.”
CRP will be holding its annual general meeting in Wellington at Chartered Accountants’ House, 50 Customhouse Quay, on July 26.

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This is all about using the Antipodes TSX-V listing and a bit of leftover cash to help give CRP some leverage, when needed for their next fundraising. It's the last bit of tidy-up work for Glass Earth-Antipodes. However untidy it may look, some Glass Earth key staff will be thankful that they were working in a listed company. If they'd tried the same operation with their own private money, they'd have lost the lot.

At least the Govt seems to have figured out that a few million spent on surveys and then made available to exploration companies, would be a good investment.

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12/10/2016 — Gold
Surveys to hold up prospecting permits
By Simon Hartley
Prospecting permits will not be issued for metallic minerals across much of Otago and the South Island until mid-2018, as permit agency New Zealand Petroleum & Minerals (NZP&M) completes its $8 million aeromagnetic and soil geochemical surveys.
Under the prospecting permit exclusion, just put in place by Minister of Energy and Resources Simon Bridges, permits can still be applied for mineral exploration and mining.
The aeromagnetic data helps identify mineral deposits and information on faults, aquifers, and soils, measuring the earth's magnetism and naturally occurring radiation.
Of the total $8 M being spent on new data, about $6.4 M is being spent on the aeromagnetic and soil sampling.
NZP&M manager-commercial, analysis and investment David Darby said in his latest update that the Murchison survey will create a link between the Nelson and Marlborough surveys, and the Government's 2013 survey of the West Coast.
“Once complete we will have a seamless data-set linking Nelson and Marlborough with the West Coast.
“It will mean aeromagnetic data has been gathered over more than 30% of the country,” Darby said.
He said the data gathered is available, free, to the resource's industry and provided valuable information for potential investors which could help sway investment decisions.
NZP&M similarly also undertakes seaborne hydrographic surveys of the seabed, also to entice oil and gas explorers to New Zealand.
The exclusion of applying for prospecting permits runs from last September to July 2018, with the reservations in total covering more than 17,626 square kilometres.
Simon Bridges said prospecting permits for metallic minerals would not be granted or extended in relation to three separate areas of land around the South Island, including the reserve areas in Otago and Murchison.
Under the wider aeromagnetic survey, undertaken by helicopters and fixed-wing aircraft, areas being covered included east Nelson, Murchison, North and Central Otago and South Otago and Southland.
The Otago-Southland survey started in January and was now more than 45% complete and will restart again in the summer of 2016-17.
The North Otago part of the survey restarted in mid-September and was expected to be completed by November.
“So far this part of the survey has acquired approximately 53,000 line km of geophysical data,'' NZP&M said.
The Marlborough District Council and Venture Southland; representing Environment Southland, Southland District Council, Invercargill City Council and Gore District Council had partnered with NZP&M on the project, which would provide them with information on geological hazards, including fault lines, regional water resources and information on climate, soil and geology.
*Simon Hartley is senior business reporter and assistant chief reporter for the Otago Daily Times.

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The Toronto stock exchange has approved the reverse takeover of CRP by AXG, which means CRP will have all AXG's assets, being a small amount of cash and the TSX-V listing. In the big document they filed on Sedar, it looks like Simon Henderson isn't a big part of the new operation.

http://www.nzresources.com/attachmen...atemen_lrt.pdf

An Australian company is looking to raise cash to develop Neavesville, just above the WKP area. Glass Earth /Antipodes couldn't raise the cash or access for their attempt a few years ago, even when they were backed 50% by Geoff Loudon.

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6/3/2017 — Gold
Neavesville the focus for Australian float
By Ross Louthean
One of the identified gold regions in the Hauraki Goldfield is to be the prime asset in a new Australian float.
A company called E2 Metals Ltd has released a placement prospectus for the issue of 40 million A20 cent shares to raise $A8 M for an IPO that hopes to list on the Australian Securities Exchange in early April.
The principal target is the Neavesville prospect, a known target for epithermal gold-silver in the Hauraki goldfield, and the 51% owned Mount Hope project in the Cobar copper-gold field in New South Wales. E2 plans to acquire the other 49% equity in the Australian project.
Under the proposal the company plans to offer a loyalty option for every three shares issued in parcels greater than $A2,000 in the IPO.
E2 said the Trig’s Bluff prospect at Neavesville has a JORC-compliant inferred resource of 1,489,500 tonnes grading 2.58 g/t gold and 9.69 g/t silver. The prospectus said Trig’s Bluff was open at depth, up dip and down dip.
The prospectus shows E2 already has 30.37 M shares on issue.
The non-executive chairman Martin Donohue was founder of listed ASX company Kidman Resources, and managing director Simon Peters is a mining engineer and executive director Christopher Spurway a geologist who has worked on the Neavesville project for five years.
Neavesville is 15 km south-east of the historic Thames goldfield and 20 km north-west of Golden Cross which was a recent mining operation for US company Couer d’Alene.
There are three principal targets at Neavesville – Neavesville, Oneura and Chelmsford and the most advanced being Trig’s Bluff at Neavesville and the Ajax prospect.
Neavesville is on land owned by Trustees of the Pakirarahi Number One B Trust and Trustees of the Pakirarahi Number Two Trust. A joint venture and access agreement has been with the Number One B Trust covering 1,409.5 hectares and this contains Oneura, Chelmsford and the Ajax prospect.
When the now disappearing Antipodes Gold (by going into a reverse takeover with Chatham Rock Phosphate Ltd) was operating in the Hauraki goldfield as Glass Earth Gold it attempted to acquire Neavesville, but the quest failed undoubtedly due to Glass Earth’s diminishing cash.

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Update: E2 Metals raised $6mill, they have recently listed on the ASX, and they are ready to drill immediately at Neavesville.

http://e2metals.com.au/new-zealand/t...ville-project/

GEL/AXG had a right to hold this permit, but relinquished it in March 2014 as part of their meltdown in the South Island.

Oceana Gold is putting two new tunnels into an area near the existing Martha pit, around the bottom level. This is for grade checking.

But also, a presentation included a page on drilling and mapping programmes on the Coromandel, with the majority of the expensive work going in at the WKP permit. 6,000mtrs of drilling is underway. That could produce say 30 new drills at 200mtrs each. It's a scale well above what Glass Earth achieved, and with costs in the region of $1,000 a metre at WKP, it'll cost them $6mill for those drills.