Someone has renamed the GEL thread to AXG, cheers.
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Someone has renamed the GEL thread to AXG, cheers.
Thanks to Vince for changing the Thread title from Glass Earth to AXG - Anitpodes Gold.
I did try to do it myself but failed miserably :crying:.
Best Wishes
Paper Tiger
PT, can I briefly say, that after so gallantly starting this thread all those years ago, this is your second post on it. That would probably imply that you are a reasonably smart investor, and use your time well. Congrats :) (Edit, Vince and yourself appear to have spelling trouble with Antipodes.)
Here is a press article on NBR from today, an interview with the new CEO, Thomas Rabone. Stuart Rabone, his father, is the lead author of a scientific paper on the geological structures and gold potential at WKP.
http://www.nbr.co.nz/article/glass-e...base-bd-153475
Looks like the exploration expenditure to October next year is not necessarily huge, maybe $730,000. That is the shortfall cash that is owed to the joint venture by GEL. By June 2015, there should be a preliminary economic assessment on WKP.
I have to take the entire blame for the spelling, which I have now corrected.
During the course of helping troubleshoot the "I started the thread but I can not change it's name bug" I obviously got a little careless.
Hopefully the new name (which is actually applicable from next Tuesday) and emphasis is a successful change for the company and all it's holders.
Best Wishes
Paper Tiger
Thanks for the encouragement PT - at the moment AXG is at a low point MCap wise, only time and some more exploration work will tell.
While the share is not trading here in NZ as per the ruling until Tuesday next week, I presume this is not AXG management's idea, because it is still trading on the TSX. Shares mostly traded at C1c on Friday, on the GEL ticker. The volume was relatively low, I guess most investors will wait and see what happens next week. A 10c shareprice will put it on the radar of more investors.
Reading between the lines, I think Antipodes Gold will have a modest drill programme in 2014-2015, after all, the drilling is expensive at WKP. Their last planning when Newmont were more closely involved mentioned $800,000 just to move the drill sites around for several drills. To contribute the $730,000 shortfall to the JV by late next year, they will possibly drill at close spacings so helicopter work is reduced, maybe multiple drills from one collar as they've done before. The hope will be that these drills fire up investor interest, so a more comprehensive programme can be achieved.
If AXG get to 51% of the JV, (needs another $3.2mill exploration expenditure) that's a powerful bargaining position when it comes to decision-making, but of course at that point there is no confirmed requirement that Newmont have to start contributing 49% of the ongoing costs (not that I noted anyway). Previously, Newmont's geologist team at Waihi sporadically worked on WKP. That team has apparently been severely reduced. Newmont's policy worldwide, at the moment, reportedly is to not do any greenfields exploration. They will develop existing resources. It's a real hunker-down attitude, obviously tied to the gold price and investor sentiment.
That policy means that they're able to move ahead with Correnso, a smart move, as it's high grade and close to their mill. This does give AXG some room to make a point over WKP in the meantime, but they'll need to find all the resources for that work themselves. I can see that the enthusiasm of Thomas Rabone, and the real-world experience of Adrian Fleming (who also has some capital backing) should be handy for the company. Simon Henderson is still on the board, I'm unsure if the paid side of his involvement is a full-time position or as a consultant.
Here's the company MCap and shareprice trend since the IPO, corrected for the dilutions.
Based on the $730,000 to meet their JV costs, AXG could drill 2 holes at 500mtrs each, but the JV was intending to drill 9 or 10 holes in the next series I think.
The highest grades at WKP were in or near the JV discovery of the Central Zone's T-Stream Breccia. This vein is up to 5 metres across, the vein is continuous but the gold grades are not as well behaved. It still seems to be the most likely spot to start underground mining, and this is the area Antipodes Gold will be working in, for the near future. Grades were up to nearly 3oz/tonne in some parts of this vein, but it's the average grade that is more important. Of the 38 drills that have gone down into WKP (this is not many for a big area), WKP drills 24,25,26,31,33 painted a picture, the discovery being made in 2010-2011, and filled out since.
Look at pages 7.11 and 7.12 of this RPA document, the resource report.
http://www.antipodesgold.com/uploads.../ross_2013.pdf
The Northern Miner has produced an article on Antipodes Gold. This was posted on the AXG website yesterday I think. Interesting background, and there is also a 21 page investor presentation loaded on the website.
http://www.antipodesgold.com/uploads...ld_reprint.pdf
In NZResources:
Quote:
11/4/2014 — Gold
Antipodes tells shareholders it’s now a one-project company
Antipodes Gold Ltd (TSX-V & NZAX: AXG) has told its shareholders that following the name change, capital and major boardroom changes it was now a single project company.
Until recently, it was known as Glass Earth Gold Ltd and as well as a new managing director in Thomas Rabone, it has essentially a new board and former CEO Simon Henderson has stepped off as a director but is now exploration manager.
In the share reconstruction Antipodes rolled back its issued shares on a one-for-10 basis, partly as a measure to be seen as a “tight” company to allow a capital raising to take place.
Rabone said the WKP gold project – a joint venture with Newmont Waihi Gold near Waihi in the Hauraki goldfield – was now the single project for the company.
The first inferred resource for WKP, produced in mid 2013 for Canadian market compliance, was 260,000 ounces of gold at a grade of 6.2 grams/tonne gold, at a cut-off grade of 3 g/t.
Antipodes said development of the T-Stream target at WKP was “compelling” as this zone was less than 25% tested and was open on strike and depth, with no drilling below 200 metres depth.
Near T-Stream the “Western Zone” has provided drill hits including 3.2m grading 37 g/t Au.
Rabone said the company was proposing a 5,000m drilling programme on this area.
Antipodes has re-negotiated the joint venture with Newmont Waihi to lift its equity from 35% to 51% and to take over project management.
Perhaps this is part of the story about why those grades at Drybread were a bit lower than expected.
http://www.stuff.co.nz/southland-tim...ral-gold-theft
If the operation down there was properly supervised, we wouldn't be hearing about this sort of thing.
AXG has published the full year report on SEDAR (30th April), but not on the TSX or the NZX yet. It's not a pretty sight. The Auditors produced strong warnings about the company not being a going concern, and refused to comment on most of the content. In fact the company at 31st Dec 2013 had $83,000 in cash, but owed well over a million to sundry creditors, most of whom have been put on hold (placer creditors, and Newmont). To top it all off, the asset value of just about everything has been dropped to a bare minimum, which is effectively $2mill for their share of WKP's permit. They'd have spent a lot more than that for their part of the exploration costs. KPMG didn't even accept that figure.
Well, that was a lot of money to blow away wasn't it? I hope a few people got something out of it.
Maybe that's so, Yankiwi. I have been patiently waiting to see the annual reports posted on the AXG website, on the NZX, or on the TSX. Not yet, not yet. I suppose legally, the fact is that the data is there on SEDAR. All of the GEL files have now been renamed as AXG, so if you want to check back, they are still there, but need to be searched for through the Antipodes Gold company.
To spare anyone going through the reports, KPMG has provided their audit opinion at the front of the document. There was a bit of musing for the 2012 year books, but it was a lot more hard-nosed for the 2013 report.
Antipodes Gold is going for a private placement to raise up to $2mill, announced overnight.
http://web.tmxmoney.com/article.php?...&qm_symbol=AXG
Still no mention on either sharemarket about the annual reports being available to read on Sedar.
Actually this makes perfect sense: Chris Castle runs Aorere, and his office was in the same Straterra grouping on the first floor of 93 The Terrace, Wellington. He'll know Simon Henderson quite well. Aorere seems to have the same huge share numbers, with not much value per share. MCAP about 3.5mill at present. All of the permits dropped by Glass Earth will be in the mix here, some will be duds, but maybe there's some value to be had in others. However, it's like in any business, projects all require capital and time. How many of these can Aorere afford?Quote:
NZResources today: Henderson joins Aorere board
Geologist Simon Henderson has become a director of Aorere Resources Ltd (NZX: OAR).
Until recently he was managing director of Glass Earth Gold Ltd which changed its name to Antipodes Gold Ltd and remains listed on the Toronto Stock Exchange’s Venture board and also the New Zealand junior board (NZAX).
Henderson remains on the Antipodes board as exploration director.
Aorere’s chairman Dene Biddlecomb said Simon Henderson brings a level of expertise to the company – perhaps an indication it will be looking at gold prospects in NZ and abroad, given a statement last week that the company was looking for new opportunities.
Glass Earth /Antipodes have surrendered Neavesville North which was below Broken Hills mine, permit EP54492. Manorburn, which was transferred to Ophir Gold Ltd, has also been dropped. Antipodes still has WKP, and 40767, which is a permit underneath a large chunk of Waihi Township, beside Martha Mine. There are some other live permits too.
Hard to say, Moosie.
What is more important for those clinging doggedly to their AXG/GEL shares, is that today NZPAM approved EP40598 for another 4 years.
http://www.nzpam.govt.nz/cms/online-...ate/CMINPSMINL
This is WKP of course (35% AXG's), and requires a scoping study and 4500mtrs of drilling before the end of the term.
The Gun Club mining permit in S.I (MP52021) has been dropped.
On the TSX today, an unusual screen shows up for the buy/sell bids. I've not seen N/A written there before.