AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

GRU#1 looks to have two circular jigs on the underneath of it, see jig video. The same arm drives both jigs, in reciprocal motion.

Here is a modern jig set with electronic control.

http://www.rmsross.com/overview/circular-jigs.html

The stroke height and stroke speed of the jig is critical for the capture of fine gold, and needs to be tuned for every prospect, along with the water flow, mesh sizes and table angles. This would be hard to do if they're all mechanical adjustments. I don't have a clue as to what the two GRUs are using for specific equipment, so we'll have to wait and see what is reported.

1995 basic data on jigs.

[elZorro]

Glass Earth did quite a bit of moving today, but I can see no news kicking around. In a sign that the head office has been busy, the permits table was updated yesterday. According to my spreadsheet, GEL now pays only about $175,000 in fees for the permits, down from what could have been over half a million. About 2,800 km2 in permits, looking to add another 1,100 km2 more.

Dropped are 50841, 53378, 53174, 53380, 53911, 53185 and 53182 which is the large space around Drybread has been halved. So GEL are not going to mine the West Coast Beaches (a good decision I reckon) and have pulled back from all West Coast positions. Argyle is gone, also Whataroa River, West Dunstan. So at the moment there are about 23 permits to work on, still a large undertaking, but more manageable.

Why the sudden changes now? It could be a sign that there is enough potential in just these permits, to keep GEL staff working hard. In the same way that GEL have looked over some areas after earlier teams have done some prospecting, other firms can now look at those areas that have been dropped.

[ynot]

hi ez. was only $11k volume but yea, somthing could be up. wink wink.

[elZorro]

hi ez. was only $11k volume but yea, somthing could be up. wink wink.

Hi ynot, 11k of volume only indicated a building interest in the share, so it was interesting to see quite good volume on the TSX overnight, the price moved to C26c (NZ32c), and there are not many sellers left.

It's a long wait for the news, for keen holders of GEL like me. On the law of averages, and if they are not wanting to be seen as tardy again, management will need to produce at least one press release this week. We're already well past early September. The news could cover WKP drills or placer recovery results, or both.

[elZorro]

OK, still no news by this morning, a small chance it'll pop up on the TSX after Friday trading, but I don't think so.

The message from GEL management might now be: "We hope to bring you an update on progress, sometime in September".

I would guess that Simon Henderson (CEO) has no interest in the subtle games of the sharemarket, and for a listed company, risk-based funding for an eventual positive return for all parties is the aim. However there are certain written and unwritten rules for guidance in the treatment of shareholders - big and small. GEL management made every implication in the Q2 release that there would be news on several fronts, early in September.

The market has clearly anticipated something appearing last week and this week, and two weeks is a long time in the sharemarket. So many other shares to look at. Other listed companies that do have a bit more feedback, and are a bit more honest in their timelines.

The GEL permit table is still changing. PP50950 has expired, but GEL has lodged a very similar (EP)54765 application to replace it. 54765 and EP53184 are two permit areas just over the top of the Macraes mine area near Dunedin - they're still very keen on this area.

As implied on the 17th Sept, permits 53174,53911,53185 and 53378 are gone-burgers. Some applications to reduce the area of about 4 permits are still in process.

[elZorro]

At last, here's a release about WKP. The rest of drillhole WKP31, which wasn't terrific but OK, and each of the next three holes has hit gold, as per usual. Better grades here, some of them are short bonanza grades, and the next drill WKP36 under way.

http://tmx.quotemedia.com/article.ph...&qm_symbol=GEL

WKP 35 drilled into the Eastern Graben structure(EG zone) intersecting significant quartz veins and strong mineralisation features - assay results are awaited;

The map of the drills:

http://glassearthgold.com/i/newsrele...12_WKPMap1.jpg

[elZorro]

The new map of the WKP drilling area shows the three main zones, which have been adjusted from earlier communications. In addition there is a new zone, the EG or Eastern Graben Zone. There is only one drill into that space, WKP35, yet to be reported on. It's a big long drill, and another one 200mtrs south is proposed, which could be WKP37. WKP36 is also a long drill. With 200mtrs between drills, I don't think that would be called infill drilling, it's still exploration. The drilling spots are heading south, these are in rugged terrain, and have not been drilled before. Scientific papers written on the WKP area have always pointed out the potential in the undrilled southern area of WKP.

The brief note about WKP35 implies that there were very good visual characteristics in that drill core, so the report on that will be interesting later on.

Simon Henderson, President and CEO of Glass Earth Gold, commented "Exploration within the WKP area continues to demonstrate that it is a large permissive gold system with potential to host significant epithermal gold deposit(s). The current 5,500m program is testing both northern and southern extensions of known targets, and probing the Eastern Graben margin which has shown promising resistivity features indicative of a major fault structure."

The grades of the other two drills are consistent, some real hot spots, and 111 metres of a mineable grade is not to be sneezed at. Gold is very rare, it's priced that way.

Missing in action from the press release: progress upate on the cashflow from the placer mining. I get the feeling the news will be staggered over the next few weeks. Good start here, anyway.

[elZorro]

With the lack of any exceptional news out today and the 18% SP drop on increased volume on the TSX overnight, I sold off my parcel with a 10% profit after fees.

It's quite interesting that the SP on the TSX closed down 18.5% to .22CAD but the NZX was up 5.7% to .37NZD.

If $.22CAD = $.265NZD, is the NZX 40% overpriced or the TSX 40% underpriced?

With most of the GEL shares traded on the TSX I felt it was wise to follow their lead and lock in a bit of profit.

Good luck to holders and I'm sure I'll be back in if the NZ SP get back to the .25 to .30 range and in the two markets are back closer to a balance.

Yankiwi, not a bad short-term position - that we've seen you take before. I have started to realise that if you can't afford to hold onto goldie shares for a reasonable length of time, best to try something else. Reading between the lines on the latest press release today, there could be a bit of insider excitement brewing about drill WKP35. Every drill that goes into the rock at WKP finds gold. It's a rare element, so this is a good thing, right? I'm not sure what the term 'permissive' means when it comes to gold prospects, but the four words "large permissive gold system" have been carefully chosen. That press release is bound by TSX rules.

The TSX market last night might well have been driven by similar issues to those Yankiwi has - should I take a small profit now, or wait for a bit? I agree, these are not brilliant intercepts, but they are consistent. Mining of WKP (if planned) is a while off, and I'd suggest, will follow success at Newmont's Correnso.

Meanwhile we wait for reports on the placer mining. Three GRUs are working on the Drybread permit, and if they are able to recover reasonable grades, GEL should be awash with cash before long. Enough to explore all of the top quality permits that GEL still has in its portfolio.

Yankiwi, have you done the maths on the value of a few million dollars from possible placer returns in Glass Earth's bank account?

[gonzo56]

Nice Yankiwi,

I just noticed that the next ask price is 39c(29 now), so depending on the TSX overnight there could be a massive jump tomorrow.

Update: Today's not the day - TSX down 2.86% - Not bad though.

[bucko]

NZX market announcement made this morning, will be interesting to see how the market reacts, increase income but the PP may dampen any potential gains