sharetrader
Page 41 of 116 FirstFirst ... 313738394041424344455191 ... LastLast
Results 401 to 410 of 1155
  1. #401
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    The Golden Cross Mine was a second very successful stint in mining gold from the area southwest of WKP. It was a well-run operation by Coeur Gold NZ (80%), and Viking Mining Co (20%). This team still has mining permit no. 322954, although the entire site has been reinstated to farmland, with secure tailings dam, and most equipment removed. Here's a great story about the history of the area.

    http://www.minerals.co.nz/html/green_from_gold/gx.html and http://www.minerals.co.nz/pdf/nzmiafaqs310801.pdf

    Looks like everything worked out well, and they were a large employer for the district, 243 direct staff at the peak.

    If the mineralisation is in the southwest direction down from the WKP sites, wouldn't GEL have been smart to cover all this area in permits? Looks like they did just that, within reason.

    Permit 40717 is all GEL's, and it circles all around mining permit no. 51326, which is the Talisman Mine, HGD. Look at the scale of GEL's JV permits, 40598 and 40813 (Glamorgan). Considering GEL has Newmont onside, it looks a safer bet in many ways.

    EP 40598 is also a bit unique in that most minerals are included, not just gold and silver. Glass Earth's research is capable of picking up other metallic and useful resources, as well as geothermal hotspots.

    At this point, you have to admit that it might have cost a bit of capital funding to get it underway, but their data and permits are now looking like they are worth a lot of moolah.
    Last edited by elZorro; 02-08-2011 at 09:06 PM.

  2. #402
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    Very light trading of GEL on the TSX, understandable with general trading.

    I have had a look into the NZ Minerals 10% Otago holding situation: in the 2007 third quarter report on the website, there is mention of NZ Minerals handing over their Prospecting permit PP39320, which was about 1793 sq km, and contributing 12.5% (up to $437,000, think it ended up as $405,000) towards the cost of the big Resolve Otago Survey, in return for a 10% equity in Glass Earth's combined Otago Region tenement portfolio, then covering over 23,000 sq km.

    Website link to the press release 6th Sept 2007. Via TSX

    The PP39320 site is towards the bottom of the Otago Resolve sweep area, might include the Fruidburn site, but not Serpentine. So I'm not sure whether this agreement carries on to new Otago permits (it appears to), and if any other costs are being covered by NZ Minerals. By January 2008, GEL had raised at least $16.3 mill from shareholders.
    Last edited by elZorro; 04-08-2011 at 01:40 PM.

  3. #403
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    From NZ Resources: Article with photos

    Refurbished dredge prepares to lift Earnscleugh production

    Ross Louthean — 5 August 2011

    The alluvial gold mining operation at Earnscleugh near Clyde is making the transition from trial mining to full production for Christchurch-based L&M Group.
    The company has refurbished the gold dredge it had at Waikaka and it has been moved to a terraced area at Earnscleugh to begin production, replacing a smaller alluvial dredge unit.
    It was being prepared to move into a filling hole this weekend to begin production at around 150 bank cubic metres of material per day.
    L&M Group’s chairman Geoff Loudon said at the Diggers & Dealers Forum in Kalgoorlie, Western Australia this week that the dredge had been streamlined with in-line pressure jigs from the Australian group Gekko which have enhanced the cleaning up of jig concentrate.
    He said L&M has introduced a specially modified long-arm CAT hydraulic excavator to provide feed for the floating treatment plant.
    Compared to some conventional alluvial dredging methods used on the South Island, including past operations by L&M, he said because the feeder is land-based the floating treatment plant “is not really a dredge.”
    Back in May Loudon said the trial mining operation had produced about 2,000 ounces of gold. The refurbished plant should process about 1 million bank cubic metres of alluvials per annum and the production target is about 8,000 oz pa. The gold price this week was about $NZ1,928/oz.
    Earnscleugh has been owned by L&M for more than a decade – at a time it was undertaking alluvial gold mining elsewhere on the South Island, but its development was held up by the then gold price of around $NZ600/ounce and some vexatious issues with one local landholder wanting to sell.
    The company struck a joint venture with the local Coleman family which has a 10% stake in the project. Son Mark Coleman helped operate the smaller dredge for the trial mining.
    One report I saw from Glass Earth mentioned a lease on the smaller dredge (GRU) to L&M through 2011. But if it has been replaced on the site, maybe it will soon help out at the GunClub alluvial permit or elsewhere.

    GEL is holding up very well at this stage, investors still waiting on the WKP assays and news release.

    Meanwhile an older article, 2009, covers Otago areas.
    Last edited by elZorro; 06-08-2011 at 07:00 AM.

  4. #404
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    Still no news on WKP assays, but the AUSIMM conference in Queenstown is coming up, dates are 27-30 August. Simon Henderson is listed as a participant (explorers division) on page 2 of the brochure.

    http://www.ausimm.co.nz/reg_brochure.pdf

    I can't see him heading up a session in the draft proceedings, but several other names are there, which have links to Glass Earth permits and exploration.

    Paul Wopereis, Nokomai Gold, 2 sources.. is a consultant (MWH) for GEL, Nokomai is one of their areas.
    Anthony Coote, applied petrologist, Finding gold in Otago Schist, also a GEL consultant. Website, needs upgrade?
    Amy Fleetwood (under Jeff Mauk, University Auckland), Ohui Prospect, Hauraki area, soil mercury
    Tobias Francis, WKP, mercury soil gas measured as a tracer for gold.

    Also a lot of representation from members of Straterra.
    Last edited by elZorro; 11-08-2011 at 06:16 AM.

  5. #405
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    Maybe the WKP news is being saved for the AUSIMM conference. From NZResources today.

    Partners preparing to release next drill hole from WKP West

    Ross Louthean — 12 August 2011
    At the time of writing the joint venture on the promising WKP West gold prospect north of Waihi were looking at assays to release another major drill hole from the epithermal gold project.
    An update is scheduled to be given on the exploration progress at WKP West as well as other exploration targets for Glass Earth Gold (TXS-V & NZAX: GEL) at the AusIMM 2011 NZ Minerals Conference in Queenstown at the end of this month.

    Newmont Waihi Gold (65%) and Glass Earth Gold Ltd (35%) were advancing this prospect which is shaping up as the next major gold discovery in New Zealand. Glass Earth Gold indicated results for the latest diamond hole was pending. Eyebrows were raised with the last diamond hole into WKP West which intercepted 152.4 metres grading 1.16 grams/tonne gold and 2.2 g/t silver, within which there were a series of high grade intercepts. These included 1.4m @ 30.7 g/t Au and 77.7 g/t Ag and 1.1m @ 11 g/t Au and 5.4 g/t Ag.

    From drilling to date WKP West has a known system of 180m wide on a strike length of 600m. The name WKP is an abbreviation for a mouthful – Wharekirauponga.
    A previous diamond hole last year hit 178m @ 1.05 g/t Au and 3 g/t Ag, including intercepts of 64m @ 2 g/t Au and 2.6 g/t Ag and narrower hits of 1m @ 19.1 g/t Au and 71 g/t Ag and 0.8m @ 24.5 g/t Au and 100 g/t Ag.

    A year ago Glass Earth Gold chief executive Simon Henderson described WKP West as providing the portent of a major discovery – a view he maintains. The WKP prospect is just 10 km from Waihi where Newmont Waihi Gold operates the Martha open cut, the maturing Favona Lode underground mine and is developing the nearby Trios underground mine.

    Glass Earth is earning a modest income from alluvial gold mining operations with private partners in Otago province on the South Island, and is advancing its Muirs gold project in the Hauraki goldfield, south of Waihi, where it gained more encouraging results last month.

    Surface channel sampling at Muirs, following earlier positive drilling, included a series of sections grading high grade gold and significant silver values.
    Better results included a 24m section @ 5.7 g/t Au, within which there were values up to 33 g/t gold, and other channel results included 28m @ 1.78 g/t Au and 2.4 g/t silver, including 1m @ 8.7 g/t Au and 7.4 g/t Ag and another channel with 23m @ 1.13 g/t Au and 0.9 g/t Ag, including 1m @ 7.91 g/t Au and 0.3 g/t Ag.

    Another major target for Glass Earth is the high country Serpentine prospect near Millers Flat, west of Dunedin where there are old workings and indications of a strongly mineralised system. A drilling programme is earmarked for this property.
    If the news is being saved up for a technical audience, I would expect it to be positive in nature. Not just a quiet news release then.

    GEL shares are holding a good price here and on the TSX.

  6. #406
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    It's not often Glass Earth gets in the mainstream news, and this time it's all good.

    http://www.stuff.co.nz/business/5443...to-Glass-Earth

    OceanaGold and Newmont get a mention too. Newmont is always very cool about press releases.

    Rocketing gold price breathes fire into Glass Earth
    CATHERINE HARRIS Last updated 05:00 15/08/2011

    Gold's stellar performance last week has given a confidence boost to gold exploration company Glass Earth.
    The spot gold price touched a record US$1800 last week, although by the weekend it had slid to $1746 an ounce, in reaction to a rise on Wall St.
    In New Zealand, AX-listed Glass Earth shares closed unchanged at 70c on Friday. They have almost doubled since the end of June after a company roadshow and indications of high-grade gold and silver deposits at Muir's prospect in the central volcanic region.
    The firm also has a joint exploration venture near Newmont Mining's Martha Mine and mines alluvial gold in Central Otago.
    Glass Earth chief executive Simon Henderson said the rising spot price for gold, combined with the falling New Zealand dollar, was giving it an excellent return "and that helps balance the books".
    It also improved the climate for raising funds. Glass Earth was aiming to increase output "and so the gold price encourages us to accelerate that as fast as we can".
    In contrast with Glass Earth, shares in New Zealand's biggest gold producer, Australia-based OceanaGold, have been up and down for months. They have fallen from a peak of $5.25 in September last year to $2.65.
    Head of business development Darren Klinck said gold mining company shares "have been underperformers against the gold price, and it's an anomaly that we've seen since January but nonetheless ... if this is maintained you'll see these gold prices positively affect earnings and cashflows into companies.
    "And gold companies today are pretty well financed, pretty well cashed up, because they have been enjoying stronger prices for their commodity."
    He noted gold's value had increased even more sharply in New Zealand, with the price hitting NZ$2224, $350 to $400 higher than two weeks ago.
    OceanaGold, which is listed in New Zealand, Australia and Toronto, continues to take increasing volumes of gold from mines in Reefton and Central Otago and expects to open a new mine in the Philippines at the end of next year.
    "It's a very transformational project for the company. It's the first mine outside of New Zealand and it's one that will demonstrate our first exposure to copper in addition to gold," Klinck said.
    The country's other big gold miner, US-owned Newmont, said the gold price had made no impact yet on its revenues, which were calculated on a rolling three-year average.
    Its Martha mine is due to close in 2014, and Favona at the end of this year but an extension called Trio is due to open soon.
    Gold's value has risen 20 per cent since June as investors eye up the European and United States debt mountains and retreat instead to gold as a hedge against inflation.
    So traders do not expect gold's long-term march upward to end any time soon.
    "All of the positive factors that have been supporting gold for the last several months are not dissipating," David Meger, of Chicago commodity broker Vision Financial Markets, told Reuters.
    - BusinessDay.co.nz
    Last edited by elZorro; 18-08-2011 at 06:45 AM.

  7. #407
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    Glass Earth (GEL) is getting more popular on the TSX, gold on the climb back up, and overnight nearly half a million GEL shares have been purchased at C62c-64c (now at NZ 78c equiv). We are all expecting a great news release towards the end of the month.

  8. #408
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    More Canadian interest for a gold explorer in the South Island sees greenfields funds rolling in.

    Canadian company takes up big Kent Exploration stake

    Ross Louthean — 17 August 2011
    A Saskatchewan-domiciled company has taken up a significant stake in Kent Exploration Inc (TSX-V: KEX) which has a gold project in Western Australia and is exploring for gold on New Zealand’s South Island.
    49 North Resources Inc (TSX-V: FNR) has taken up two private placements in Kent to give it a 7.56% stake in the company and, by exercising warrants, a 17.03% interest in Kent’s outstanding warrants.
    FNR’s chief executive Tom MacNeill said his company acquired the securities for investment purposes.
    Kent’s properties in New Zealand include the Alexander River gold prospect in the southern Reefton goldfield and a prospect in the historic Lyell goldfield where trench sampling was carried out recently.
    49 North in July took up a shareholding in another Canadian company Lakota Resources Inc and has maintained a strong investment interest in coal and gas interests in Saskatchewan.
    Its commodity asset interests until now have shown little focus on gold.
    Here's the page of delayed market depth for GEL (TSX).

    Right now it shows 322,000 shares bid (99 orders) in the range 56-60c CAD. That bid size has been rapidly rising in the last few days. On the other side, cheapest share offer is 64c, only 78,500 shares offered (9 orders). Some must have taken a profit and the share ended up at 60c this morning. (NZ equiv 73c).

    If this keeps going, there will be a lot of interest in the news release coming from AUSIMM in late August. Already the article from Catherine Harris that I posted earlier (Google "Breathes Fire Into Glass Earth") has been posted on several sites worldwide, including the UK.

    This was a stated strategy earlier this year from Glass Earth, using CHFIR to help with market building. It seems to have worked. Safety in numbers.
    Last edited by elZorro; 17-08-2011 at 08:57 AM.

  9. #409
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    What a day of turmoil: the flight to gold and precious metals continues, see charts below.

    While GEL has dropped a small amount on the TSX before close, look at the increasing numbers on the buy side, now about 500,000 shares wanted, compared to 78,000 on offer. Some profit has been taken, but most will be wanting to hold or buy in while we wait for the news release this month.

    We are talking about further delineation (WKP) of what promises to be the biggest gold find in New Zealand for many years, a game-changer for Glass Earth Gold. And behind that, Muirs, Serpentine and others hold great promise. A lot of field and exploratory work, linking of databases, and collaboration with government agencies and contractors with the right gear has brought through these results. It was always a good story, and soon I hope we'll see a road map showing a startling future for this company.

    Glass Earth has also put in a new Mining Permit application according to NZPAM, early in August. No. 53814, PigBurn, 5yrs, within 53183, 45.57 Ha. I'd guess this is for placer mining, it's 30km or so northwest of Macraes Flat, an area below Ranfurly. Pigburn was an exploration site mentioned way back in 2008, not much mention since.
    Last edited by elZorro; 19-08-2011 at 06:50 AM.

  10. #410
    Legend
    Join Date
    Jun 2009
    Location
    CNI area NZ
    Posts
    5,958

    Default

    At the end of next week, the AUSIMM conference in Queenstown will be starting. It is expected that GEL's WKP news release will be issued at some stage, perhaps just before the conference starts? But who knows, it will be interesting regardless.

    I have had a bit of a look back over the prices for GEL since it listed (I bought shares in the IPO) and wrote up a chart of the MCaps as it progressed. It is revealing and reassuring to see that GEL has only recently passed the valuation that it set itself at the IPO. Of course, management knows the exact location of a lot more NZ gold than it did in 2006, and the permit holdings are progressing well.

    GEL does not intend to set up large mines on its own account, those were always intended to be farmed out, or via JVs. GEL's M.O. is to be an explorer. Now that stronger links with larger miners are being formed (e.g. Straterra board membership), I would think exploration funding issues will be a relic of the past. How long will it be before a larger company makes an offer for all of part of GEL's permit holdings and IP? And what would that be worth?

    I have taken the top potential Moz figures given by GEL for some sites, and chose 1Moz for Game Hen and Serpentine, which is a bit hopeful. As gold has just gone up $200 in two weeks, and oil has dropped, a valuation multiple of $200 per ounce in-ground seems very fair, and that is a figure many miners already sit at. All this makes GEL look like a future multi-bagger.

    Disc:
    While I did buy some bargain shares in October 2008, I sold them back to the market at a small profit. These would have qualified as 6-baggers today. I won't make the same mistake twice..
    Attached Images Attached Images
    Last edited by elZorro; 22-08-2011 at 07:04 AM.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •