AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

I was just reminded after looking at permits (nothing for GEL has changed lately) that Renison Consolidated Mines (ASX:RSN) has a big permit application below GEL's WKP permit, being 54215. As I figured from a look at their chart a few months ago, they are suffering from a lack of credibility, and cash.

http://www.asx.com.au/asxpdf/2012101...3ftgyh47k4.pdf

[elZorro]

Here's a very new slideshow produced by Evolution Mining for a Symposium.

Jake Klein runs this company, only formed in 2011, and he's also well up the tree in OGC. Both of these companies are worth over 1 billion dollars. The funny thing is that Evolution only has about 3Moz of gold reserves, but of course has strong cashflow from mines it purchased in the setup. Hard-rock mining is fundamental to the valuation of many goldie shares.

Putting everything in perspective, Martha Hill contained 10Moz. Golden Cross was in the order of 0.74Moz overall. WKP was also formed in the same time band of 6-7 million years ago, the time band that has fitted 90% of the gold recovered in the Hauraki-Coromandel area. We've been told that Newmont's target for JORC resources at WKP before they'd make a move would be over 3Moz, preferably 5Moz. They're diamond drilling it almost continuously, with two rigs I think.

GEL has 35% of this prime, company-changing opportunity. Take a look at the TSX, the GEL price there is drifting back towards C20c, and the reason is probably that some are taking a very small profit on the private placement shares that they purchased for C20c. These shares have only just this week been freed up for trading. Assuming good news this side of Christmas, the next price halt will be at C35c, or about NZ44c, as the PP investors have 1 for 1 options at C35c.

However, I think those investors have been very lucky to obtain the shares at such a bargain price, and if they were a bit less risk-averse, they should hold onto them for the medium term. At least until the latest drill assays from WKP have been released.

[elZorro]

Platinum quest underway in Southland

Ross Louthean — 31 October 2012
The unrealised potential for platinum group metals (PGM) in Southland has seen a new company putting up its hand.
A Dunedin-based company has been given exploration rights to explore land on Tiwai Peninsula for gold and PGM.
Placer Investments Ltd was given a five-year exploration permit by New Zealand Petroleum and Minerals (NZP&M) last month.
The permit covers the entire Tiwai Peninsula east of the smelter, part of which is Department of Conservation (DOC) land leased by the smelter and run as a reserve.
Placer Investments director of operations Darcy Schack told the Southland Times that while gold and PGM were the primary goal the quest would also take in other metals.
The company hoped to start work in the New Year and the company said about 200 holes would be drilled after preliminary field work.
In the past three decades there have been several quests for PGM and gold in Southland, with a major focus on the Longwood Ranges – an area NZP&M has earmarked for exploration overtures after the area being frozen out of exploration last year.
One of the fundamental problems with PGM quests in the Longwood Range has been a lack of sustained exploration focus, with several companies talking louder than their actions. One, a short-lived Canadian company, was looking at the scope for nickel as well as PGM.
Source: stuff.co.nz/southland-times

Glass Earth is looking to extend Prospecting Permit 39336, also down in Southland. The green exploration permit inside it is already held by GEL, near Round Hill. Both permits extend to PGM.

PIL will use similar equipment to Glass Earth's - magnetic/gravity sensing equipment used on foot, and perhaps an RC shallow drill rig.

[elZorro]

Some of the assay results from WKP35 were released to the market last night, in time for trading on the TSX.

Here's the link to the GEL website.

The TSX responded positively. Note the images attached to the release - the drill cores are very recognisable to geologists involved in Martha Hill deposits apparently. I guess when they were undergrounding and open casting Martha Hill they simply looked for ore areas that looked like those shown, and left or removed the rest. The next drill hole testing this area will be WKP37, 200 metres to the south and with a similar inclination.

This press release might be a snapshot of the first core samples to be assayed, as WKP34 has been left waiting, and maybe we're only seeing part of WKP35. Perhaps there is a massive holdup in the assay labs.

Glass Earth Gold Limited ("Glass Earth Gold" or "the Company"; TSX-V:GEL) is pleased to announce its 5,500 metre diamond drill program at the WKP gold-silver prospect, Hauraki, New Zealand (Glass Earth Gold 35%; Newmont Mining 65%) continues to demonstrate that it is a large permissive gold system with potential to host significant epithermal gold deposit(s).

• WKP35 Intersection of 7.9m @ 5.1 g/t Au and 12.1g/t Ag

Including 3.4m @ 8.3 g/t Au and 16.6g/t Ag

• Major new structure hosts Martha--Favona-Golden Cross style epithermal gold mineralization

New Zone - East Graben (EG) gold bearing quartz vein

As previously reported on 24 September 2012, drill core from hole WKP 35 on visual inspection exhibited quartz veins with potential gold mineralisation over a core length of 8 metres. Assay results have now confirmed the intersection is 7.9m grading 5.1 g/t Au and 12.1g/t Ag including 3.4m grading 8.3 g/t Au and 16.6 g/t Ag.A full compilation of assay results for WKP 34 and 35 is awaited. Drilling continues with WKP 36 (targeting extensions to the Eastern and Central zone southward), followed by WKP 37 testing the Eastern Graben structure 200m to the southeast of WKP 35.What is most significant is the style of veins and the host lithology's, being episodic high level crustiform banded veins, hydrothermal and tectonic brecciation corresponding with multiple phases of mineralisation, hosted on the juxtaposition of rhyolite and andesite lithology's (see Figure 1). This is new for this project and important because the styles of mineralisation here mirror those associated with major gold mines in the vicinity, namely Martha, Favona, and Golden Cross.*
The veins lie on a major north-north--east trending structure marking the intersection of rhyolite (west) and more intermediate andesite pyroclastics (to the east). This is a major structure, identified on magnetic and resistivity (geophysical) data, and may represent the primary focus of significant coherent mineralisation in the WKP area. The structure can be mapped for several kilometres and is open both up and down dip, and along strike (See Figure 2).
Simon Henderson, President and CEO of Glass Earth Gold, commented "Every drill hole completed by the JV has intersected significant mineralisation and demonstrated potential for both narrow (3-9m) high grade gold veins, and or broad low grade mineralisation (in excess of 100m of +1 g/t gold). The discovery of this new Eastern Graben structure is a major step forward for the WKP project because the style of mineralization intersected in WKP-35 shows strong similarities to other productive gold-silver veins in the district. We are very encouraged by the result from this hole. Step-out drill testing is already underway".*Martha goldmine is the Newmont operated mine 10km south of WKP, and is widely regarded as the type-system for epithermal gold deposits. The mine, currently in production has approximately 10Moz gold equivalent in historic production and current resources.*Favonagoldmine is a satellite deposit associated with the Martha system.*Golden Cross goldmine lies 4-5km southwest of WKP and produced 634,000 ounces gold (1991-1997).

[elZorro]

Well, a week has passed and there is no public data to add to the previous post, I've been looking. No updates to the GEL website since the press release, the permit map and the current project pages are out of date.

Since we have a small set of data for drill WKP35, there must be a big holdup in getting assays done. WKP34 and the rest of WKP35 is in the assay pipeline, and I suspect WKP36 (in a southwest direction) has also been drilled. It's possible the 200 metre step drill WKP37 is in progress, and again this is looking for the East Graben (EG) intercept with the andesite, hoping to find a high-grade area.

The WKP permit is far from flat, it's bush covered, and maybe the costs to underground mine an ore deposit are a lot lower from Newmont's perspective, considering the main milling operation would be done in Waihi with existing gear. Environmental concerns are relevant here too, of course.

So I'm keeping my fingers crossed for WKP37, let's hope for another intercept with an auriferous vein.

[elZorro]

Puhipuhi is arguably the hottest permit area for gold in the North. There are parallels for WKP in the description of the mineralisation perhaps. If Newmont are now slashing their global exploration budget (the complete opposite tack from what they were saying at an Australian conference recently) then the fact that WKP is still 'on the go' is heartening for GEL shareholders.

Perth explorer to acquire Puhipuhi

Ross Louthean — 9 November 2012
The long-known but lightly explored Puhipuhi epithermal gold-silver prospect in Northland has been taken up by Western Australian junior explorer De Grey Mining Ltd (ASX: DEG).
De Grey has signed a definitive agreement with Waihi Gold Company Ltd, subsidiary of global gold giant Newmont Mining Corporation to fully acquire Puhipuhi after it the American company decided to sell because it was slashing its global exploration budget.
The prospect near Whangerei is an exploration permit granted to Waihi Gold in 2009 and has a term of five years with the right to a further five year extension.
De Grey will acquire the permit subject to the acceptance of the transfer of ownership of the permit by the Ministry of Economic Development, New Zealand.
De Grey’s executive chairman Peter Batten said though exploration at Puhipuhi dates back to the early 1980s, and involved companies such as Homestake Mining, BHP and Macraes, the area remains relatively under-explored.
A more recent holder of Puhipuhi was Canadian company CanAlaska which subsequently withdrew from New Zealand gold exploration to focus on uranium exploration in North America.
Of the 50 drillholes completed within the project area, 18 are less than 100 metres in length, 28 between 100 and 200m length and only four greater than 200m in length.
The drilling has been into what has been interpreted from petrology, geochemistry, mapping and geophysics to be the top of an epithermal system.
Batten said Puhipuhi “is endowed with a number of walk up drill targets.”
Previous significant drilling results include 18 metres grading 3.38 grams/tonne gold and 10.3 g/t silver, including 2m @ 17 g/t Au and 15 g/t Ag) and, in another hole 2m @ 7.6 g/t Au and 70 g/t Ag.
Recently completed geophysical work by Waihi combined with anomalies generated from historic geochemistry surveys has resulted in 11 target areas, nine of which are considered high priority including the two historic mercury mines -- the Rising Sun and Puhipuhi mines.
He said the abandoned silver mine, known as the Northern Silver workings, has not yet been the subject of systematic exploration despite Macraes reporting that sampling of the mine area returned results as high as 1.35 ppm gold and 304 ppm silver and high antimony from the surface as early as 1994.
Puhipuhi is interpreted to represent a well preserved hot spring sinter-breccia system that formed as an outflow from a venting geothermal system.
Mineralisation in these systems is commonly restricted to fluid upflow settings and very low gold contents are deposited near surface.
De Grey thinks Puhipuhi has potential for fissure vein epithermal gold-silver mineralisation that have been developed at Hishikari in Japan, Cracow in Queensland, Sleeper in Nevada and at Waihi.
“The potential for Puhipuhi to host such a fissure vein system has been recognised by several explorers during the last 30 years, however drilling to date has only been relatively shallow, and hasn’t tested the deeper parts of the system where the gold-silver mineralisation is expected to occur,” the company said.
Other drill targets generated from multi-element surface geochemistry and ground based geophysical surveys (IP and CSAMT) also remain untested within the Project area.
Peter Batten, said Puhipuhi was an excellent advanced greenfields epithermal system with defined and untested drill targets, a supportive Government, excellent infrastructure and a very low country risk.
Earlier this year anti-miners in Northland at a public meeting made some amazing and alarmist statements about mining and accused Newmont of undertaking secretive night-time drilling, which the company denied emphatically, saying it was too early to even consider drilling.

Auckland, Nov 7

Australian explorer De Grey Mining will target 9 high priority drill target areas once it completes the acquisition of the Puhipuhi epithermal gold/silver project about 30km from Whangarei on the North Island of New Zealand.

De Grey will pay Newmont Mining subsidiary Waihi Gold Company $A100,000 plus a 2% net smelter royalty for 100% of the project.

Despite exploration commencing in the early 1980s by companies such as Homestake, BHP
and Macraes, the project remains relatively underexplored.
Executive chairman Peter Batten says Puhipuhi is an advanced greenfields epithermal system with defined and untested drill targets, excellent infrastructure and very low country risk.

De Grey Mining Limited

Exchange Code:
ASX: DEG

Website:
http://www.degreymining.com.au

Based In Perth, the company explores for gold, silver, base metals and uranium in Australia and Argentina.

The company has released a lot of field data about the prospect. Their Mcap is very small: A$7mill at the moment, and they have a lot of permits in Argentina.

http://www.degreymining.com.au/_cont...uments/771.pdf

[elZorro]

More on Puhipuhi: this permit has just passed the 3 year stage. In each of the next two years, 1500 mtrs of drilling is required to be done, under the NZPAM terms.

http://www.nzpam.govt.nz/services-dr...4C86AC64FF1A2C

While the terrain is partly farmland, so easier to access than WKP, 3000 metres of drilling will cost perhaps $2-3 million. There has also been a bit of local opposition to drilling because of the natually occuring mercury levels held underground. One site was a mercury mine at one stage. Of course there will be no mill nearby, or other trained workforce, so mining it would also require a lot of capital.

I'm wondering if the dropping of Puhipuhi by Newmont will be good news for the WKP prospect, in that their exploration geologists will be more focussed. Since the drilling reports from WKP are few and far between, and there is a holdup on assays that had masked drilling progress, it's possible there is just one helicoptered drilling rig at WKP at the moment.

Other companies I've looked at on the web are using four rigs at once, drilling 4x the distance, but this is usually for infill drilling, to get a JORC figure.

If Newmont sticks to just one rig, and there's a big wait for assays, progress is going to be slow.

[elZorro]

OK, today is shaping up as being interesting. Glass Earth have a new presentation available on the website, posted yesterday.

http://www.glassearthgold.com/i/pres...ur_Nov2012.pdf

Shareholders need to have a really good look at this one, because there's a lot of data there that we have been waiting for. The placer mining gold recovery is split out for each of the GRUs, showing some variance, but a high point of 88oz in a week back in August. There are just two GRUs running at the moment. Groundwater has a lower grade but is a bigger resource.

The title of this document includes the word 'tour'. Simon might be overseas again. There's also a table spelling out capital requirements for the next year, and taking off about 3.6M for placer profits, it's a shade short of $3mill needed. One interesting line is the "New Project" which is clearly not WKP or Muirs, or Garibaldi, and it'll need $1.7mill for exploration/resource mapping. This project is pending.


There are some new very detailed resource maps for WKP and Muirs, but Muirs is shown to have a resource of about 226,000oz. Hmm.

[bucko]

Thank you for your email.
I have been advised that we are expecting to file our Q3 financials by the end of the month.
Regards,
Andrew Hamilton

Not long to go!

[gonzo56]

They'll probably leave it to the 30th I reckon bucko.

There have been two large spikes in volume this month at 100,000 shares. Nov 7th and today - so people are clearly waiting in anticipation.

Update: An interesting day. Today saw the highest ever volume of GEL shares traded. (131,451)