AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

OK, that makes sense, thanks. What do you think of GEL's outlook geologically at the moment - with all their permits do they have a good chance of making it big - or is there a long way to go?

Edit: sorry this is a big question, thought you might have had a look at the permit list on their website.

http://www.glassearthgold.com/s/CurrentWork.asp

Total permitted area is about 1200 km2, plus under application brings the total to nearly 10,000 km2, or 1 million hectares.

Vicarage Capital report from 2nd April 2012. Interesting map of Muirs.

http://www.vicaragecapital.com/reports/2012/apr/GEL.pdf

[elZorro]

Highgrade has a short article talking up Garibaldi's prospects. I think they might have mistaken the normal press byline from Glass Earth into meaning that this is expected to be a huge find. It's spread over a wide area of interest, and there would need to be a lot of drilling first.

Glass Earth has always said that its primary objective is to find large hard-rock deposits of gold, using the latest techniques.


http://www.highgrade.net/article/201...nother_Macraes

More detail from another mining magazine, hmm.


http://www.azomining.com/news.aspx?newsID=6278

James Spedderi, an immigrant from Malta, mined at Garibaldi Diggings from 1864 as a member of a company there. Garibaldi was a popular Italian politician, hence the name given to the area. Within 20 years, Spedderi obtained the lease on nearby land for farming, land which was noted in records to be auriferous, and every effort was made to ensure that mining could be carried out on this area in perpetuity.

From local family records on the net:

Leo Charles Spedderi Dougherty who is the Grandson of James Spedderi and Bridget Sullivan tells us some history of 'Garrawaye'.
James Spedderi who was born in Malta in 1832 arrived in the Naseby gold diggings in 1863. He prospected on Rough Ridge in a deep Gorge which he names Garibaldi after the Italian revolutionary leader Guiseppe Garibaldi. James Spedderi married Irish Colleen Bridget Sullivan in 1865. A split of large farming estates in the Maniototo allowed James to aquire 100 acres in an 1878 ballot. His daughters Bridget Ellen, drew two blocks giving one to her recently married sister Rosina. James' son Lawrence (Larry) also drew a block in a later ballot. The blocks were joined together as one farm 'Garrawaye'. A small sod cottage was built on the farm and later superseded by a four bedroom dwelling in 1901. James Spedderi's wife Bridget died at 35. Daughter Bridget Ellen, called Ellen by the family, cared for her father and brother. Charles and Sarah Dougherty (buried in the Ranfurly cemetry) and their son Patrick arrived in New Zealand. They bought land in Gimmerburn and the Garabaldi gorge becoming neighbours to the Spedderi Family. Bridget Helen married Patrick Dougherty (Poppa to his Grandchildren) in 1909 after her Father James died. (Bridget and James are buried in the Naseby cemetry). Andrew and Neil Kearney, brothers of Charles' wife Sarah Dougherty also immigrated from Ireland taking up land in the Maniototo. Leo and Eileen (nee Elliot) had a family of seven children. Lawrence the second eldest's son Stephen and wife Nicky now run the 3,300 acre sheep and cattle farm.

Video of a trip through the farm by the family, and an old stone cottage at the top.

http://www.youtube.com/watch?v=MMXuyRxTANk

Hunting trip photos with background photos of the terrain

http://lisawiltse.photoshelter.com/g...000BtCxNQevKeA

[elZorro]

Newsflash - just found..

There is a new slideshare presentation that has been put online by CHFIR in the last day or two. It mentions Garibaldi, has a great graph on the expected gold outputs from the placer deposits, predicts US$6mill in annual gross profits from these alone, within a year or two. It's in line with some maths I was doing earlier up the thread.

http://www.slideshare.net/CHFIR/glas...-gelv-oct-2010

Looks like Gunclub is a relatively low-grade, only 750 oz per year there, and GRU#2 is not much smaller than GRU#1. There is a pilot plant already running at Drybread, unsure of the size of it, so maybe the step up to 2000oz was helped by better grades at Drybread. This would also explain the move to obtain the Dunstan Mining assets and IP. But look at the jump to 5000oz, this must be GRU#1 arriving at Drybread in June. If 3000 oz is obtained in 250 days, 10 hours each, then the grade would be about 0.75grams/tonne, entirely possible. If they go 24hours x 7 days, the grade is lower.

[Vtrader]

EZ,
I got around to it, but too late for a bid today.
Placed a sighter bid for tomorrow.


Not very interesting posts from an EWT student, all I know is 1,2,3,4,5,a,b,c, and a few variations.
Lets see how well I can count.
V.

[KiwiGeologist]

OK, that makes sense, thanks. What do you think of GEL's outlook geologically at the moment - with all their permits do they have a good chance of making it big - or is there a long way to go?

I have some general thoughts.

WKP looks good. High grade intersects that "join up". This points towards a larger system. It is open at depth and towards the south so there is potential upside there. The J.V with Newmont gives GEL access to Newmont's expertise and long history working in the Coromandel. It is also close to the old Golden Cross mine that closed because of geotech issues not from lack of resource. There seem to be parallels with the orientation of potential ore shoots between Golden Cross and WKP. IMO WKP is the best GEL prospect to date.

Muirs also has OK intersects. Nothing to set the house on fire as the intersects seem to be discrete i.e don't "join up". However there is very little post mineral cover (potential overburden). This would keep mining costs down.

IMO the company has too many permits and applications. The potential "rental fees" are a liability. Let's not forget that Glass Earth are a junior explorer with a small staff. I believe the company needs to prioritise and rationalise its permit holdings.

With that said, alluvial production is a novel way for a junior explorer to manage its cash flow. A good move to buffer investor sentiment in Canada.

I sincerely hope I don't have to eat my hat but I think that GEL will be around for a while yet.

[elZorro]

I have some general thoughts.

WKP looks good. High grade intersects that "join up". This points towards a larger system. It is open at depth and towards the south so there is potential upside there. The J.V with Newmont gives GEL access to Newmont's expertise and long history working in the Coromandel. It is also close to the old Golden Cross mine that closed because of geotech issues not from lack of resource. There seem to be parallels with the orientation of potential ore shoots between Golden Cross and WKP. IMO WKP is the best GEL prospect to date.

Muirs also has OK intersects. Nothing to set the house on fire as the intersects seem to be discrete i.e don't "join up". However there is very little post mineral cover (potential overburden). This would keep mining costs down.

IMO the company has too many permits and applications. The potential "rental fees" are a liability. Let's not forget that Glass Earth are a junior explorer with a small staff. I believe the company needs to prioritise and rationalise its permit holdings.

With that said, alluvial production is a novel way for a junior explorer to manage its cash flow. A good move to buffer investor sentiment in Canada.

I sincerely hope I don't have to eat my hat but I think that GEL will be around for a while yet.

Sounds good KG. WKP looks like the permit to keep an eye on then, long-term. In the short term the placer income looks to be substantial, like I'd hoped, even with the high cost of recovery. Let's say GEL gets to profit by C$6mill or NZ$7.5 mill, that's all they need to operate for each year, and do about the same exploration as they can fit in now.

I've compiled a spreadsheet of their permits, which I keep current. At the moment the permit fees are about NZ$420,000 a year. It's high, but not crippling when you have placer income. I think they have rationalised these permits, I see land being dropped quite often, and of course more put in for applications. The really big areas (prospecting permit applications, cheaper) are a substantial portion of the total applied for, and together they'll have close to 10,000 km2 if all get approved. This seems to be a magic figure that GEL don't want to lower. They have used it in all of their marketing.

They're in a unique position of having the IP from the big electronic scans, so they can pick out the most promising parts from the Central and Otago areas. Looks like this is working for them, results coming thick and fast at the moment.

Overnight, one bidder popped the GEL price back to C35c before sellers appeared. Still a bit of an overhang by the look of it.

[elZorro]

Someone at head office (probably Andrew) has added a photo of GRU#3 to the website placer page recently. Thanks for that.

http://www.glassearthgold.com/i/photos/GRU3.jpg

I'm not sure, but it does look to be a decent sized unit, and maybe it floats also. If all three are working through at least 50 m3 each, per hour, that's quite a lot of ore (225 tonne/hr). Good to have three units - in case one needs a repair, there will still be some income.

Also new to the website: references to the disappointing Serpentine prospect have been removed, but now there is a page on the Garibaldi region. Photos on the trenching work using the excavator. It must be great not having to schedule the equipment, it's GEL's. Some of the shallow soil sampling returned grades of 10grams/tonne.

http://www.glassearthgold.com/s/Proj...eportID=520364

Which reminds me: we haven't heard about Hindon/Game Hen yet, where contract diamond drilling has started a month or so ago. There might be some WKP drill data out soon also.

Vtrader, good to see you getting involved too, there's still buying opportunities out there lower than my average cost.

[Vtrader]

Z,
you know so much. and find out so much more.
me I am just a technical trader.
V

[elZorro]

VTrader, I hope no-one notices that I'm only good for one share.. not exactly spreading out my equity investments like I should .


Very light trading on the TSX overnight, no news either. Sellers have all but disappeared. The price is up to C33c.

[Vtrader]

VTrader, I hope no-one notices that I'm only good for one share..

Z,
Back yourself, you are GREAT at one share.
Sellers disappeared, of course, just when I need some!
A 1 share thread over on ST ASX
V.