heading south indeed! another 124,000 offered at 16cps and 150,000 at 19cps so theres a lot up for sale at the moment!
I have inreased my stake though at this price it was too good to say no,
I tend to agree with elzorro in terms of the future potential of this company and im leaning towards the 6-12 months before i hopefully see some real gains, Once the placers get up to optimum production and the company starts running a small profit and then again when we see more results from WKP/Muirs drills (more so for WKP as Newmont is the majority holder of the permit and they have the cash to go ahead with a project sooner rather than later)
Bucko and others, yes it's a big change in the price today. This drop started on the TSX overnight, there was no company press release over there, and none here. It hasn't affected other goldie shares. So maybe it's a comment on Glass Earth in a subscription broadsheet or similar. Sabre rattling?
As I say, the transgressions are relatively minor as far as I can see. And it looks like GEL has been using global estimations for WKP made in 2008. The good thing about that, is there has surely been positive drills in more areas of WKP since then.
This sets a bit of a precedent, and perhaps implies the govt is keen on mining initiatives. There have been some big delays in the granting of permits, well over a year in some cases. Sefton Darby states he won't be making any decisions, or be involved for at least a year, in hearings like Correnso. Looks like the final result of that resource consent might take over a year.
This impacts a bit on GEL, as in the meantime will we see increased work on WKP? Is the longer-term plan to be ready for talks about WKP as a mining prospect?
Area of EP53182, Manuherikia, should be 7128.34 Ha, not 6605 Ha.
Area of EP53297 Kakanui, should be 2256.8 km2, not 2335 km2
Another application is 54765, to replace the Moeraki permits above Macraes Mine
GEL has a 35% share of EP40813, a permit above the WKP area.
All sorted by 30th January, thanks. Neavesville permits have been added to the JV section, as there is an option to purchase these.
The first of the three required NI 43-101 standard reports has been put out, this one for Muirs. The overall picture (below) is not impressive for this site, it's easy to access but a bit remote from the Newmont powerhouse in Waihi. The amount and grade of gold is not proved continuous yet, and it's still not a feasible hardrock mining site. The fact is GEL dropped the permit area around Muirs itself, a few months ago.
Glass Earth Gold Announces Filing of NI 43-101 Technical Report for its Resources at Muirs Project, Te Puke, Bay of Plenty, New Zealand Outlining an inferred resource of 5.24 Mt averaging 1.3 g/t gold, using a 0.5 g/t gold cut off for a total of 219,000 ounces of gold
WELLINGTON, NEW ZEALAND--(Marketwire - Jan. 30, 2013) - Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL)("Glass Earth Gold or GEGL") is pleased to announce that it has filed on SEDAR (www.sedar.com) its National Instrument 43-101 Technical Report on resources at Muir's Project, Te Puke, Bay of Plenty, New Zealand. Exploration at the Muir's Project in the Hauraki Goldfield in New Zealand's North Island has outlined an inferred resource of 5.24 Mt averaging 1.3 g/t gold using a 0.5 g/t gold cut off for a total of 219,000 ounces of gold. Gold as electrum occurs in mineralised low sulphidation style epithermal quartz veins. GEGL wholly owns the prospect and has focused on developing greater understanding of the economic potential of the mineralization at the site. The resource estimate is based on data from GEGL and historical data from BP Minerals and Mineral Resources (New Zealand) Ltd dating back to the 1980's. GEGL executed 24 trenches of 510m total length, 16 diamond drillholes of 3,141.25m combined length, 2 RC drillholes of 463m combined length. The historical drilling comprises 12 diamond drillholes with a combined length of 1,739m and 40 RC drillholes with a combined length of 3,966m. Historical channel sampling includes 7 channel samples taken from surface and underground workings for a total of 253m combined length. The reader is cautioned that the status of inferred resource reflects the relative confidence of the grade estimates and is based on several factors including sample spacing (both along strike and down dip), lack of quality assured data for historical drilling data, limited bulk density data, uncertainty over structural controls on mineralisation and sample quality. Furthermore, geological continuity has been assumed but not established. The resource has not yet been demonstrated as economically viable. There is also no certainty that it will be converted to a measured and indicated resource category through further drilling, or into a mineral reserve once economic considerations are applied. The independent technical report, entitled "NI 43-101 Technical Report on Resources at Muir's Project, Te Puke, Bay of Plenty, New Zealand" was prepared by Mr Peter Grieve, M.Sc., M.A.I.G. of GeoVentures Limited, who is a Qualified Person under NI 43-101 and has also reviewed and approved the technical content of this news release. The Company's Muirs Reef Gold Prospect lies 65 km southeast of the Martha Gold Mine (Newmont Mining) at the southern end of the Hauraki Goldfield. Two quartz reefs were mined within this epithermal system until the 1930s, with over 43,000 oz of gold extracted from shallow surface and underground workings. Qualified Person Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed and approved the technical information given in this press release. About Glass Earth Gold Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to producing deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands. In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the operating Martha Hill mine, (Newmont Mining). In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold. The recent announcement that Glass Earth Gold has acquired option rights to the Neavesville gold/silver prospect (just north of WKP) will mean an increased exploration focus in the Hauraki region. In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production. For more information on Glass Earth Gold, please visit www.glassearthgold.com. To receive Company news via email, contact erica@chfir.com and mention "Glass Earth news" in the subject line. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
CHF Investor Relations
Jeanny So
Director of Operations
+1 416 868 1079 x 225 jeanny@chfir.com
The report was prepared by Peter Grieve, checked over by Simon Henderson too. I think there's a good reason for the Muirs report to be first: if there is to be a podium for the three reports, then Muirs was always going to be third in line of importance. It's still $430mill of inferred gold, but it could cost a lot of that cash just getting set up for it with drilling and planning, and mine establishment.
I've had a look at SEDAR, and its records only date from 29 January backwards at the moment, so the filed reports can't be seen, if they were filed yesterday (30th January).
The summary doesn't mention whether there is enough data on WKP to even give inferred figures (as for Muirs), there is just no quantified data in the summary at all, except for some drill results. One good thing I guess, the report won't contravene the NI 43-101 rules. It also offers nothing new for shareholders, at least in the summary. I'll be watching for the SEDAR report to show up in their database.
Peter Grieve has worked at Macraes as a senior geologist for 10 years, now has his own business, and was a consultant to Newmont for a short stint. He's based in Otago.
The East Graben area is where they're drilling, and the summary includes this promising-sounding paragraph about the 'district-scale' anomaly.
The broad low grade gold mineralisation within the Central Zone and veins
relating to the East Graben structure 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 district-scale
structure, identified on magnetic and resistivity (geophysical) data and may
represent the primary focus of significant coherent mineralisation in the WKP
The two big reports are now available on Sedar. As the exploration work is deemed to be at an early stage for WKP (after all these years??) there was no need to fill out any sections dealing with estimations of resources etc.
Still, there's a lot of information about how the various data was gathered, who handled it, and how accurate it was. The description of Martha Hill brings up a lot of similarities. But there is a timeline for a resource estimate for part of the area, mentioned towards the end of the report. Just a few months away.
WKP36 and WKP37 have already been drilled, but no assay results were reported. SGS in Waihi has only 1/3 the capability of SGS elsewhere in Aussie, so that is where the assays are being done. The CSAMT data has been invaluable at WKP, it's the data they've used to find the resistors and then they drill to intercept them.
NZResources has also mentioned the WKP report today.
The JV is going to extend the permit containing WKP, for another 5 year term, as a discovery appraisal. There is no limit on how many times you can do that, but the holding fees are higher to make it a bit difficult.
Technical report on WKP released to exchanges
1 February 2013
A technical report by the junior partner on a major epithermal gold prospect on the North Island of New Zealand has been released to the Canadian and New Zealand stock exchanges.
The report by Glass Earth Gold Ltd (TSX-V & NZAX: GEL).is on the Wharekirauponga prospect, thankfully shorted to WKP, in the Hauraki goldfield and is 10 kilometres north of Waihi at the base of the Coromandel Peninsula.
The operating partner Newmont Waihi Gold is a subsidiary of global gold giant Newmont Mining Corporation and it holds 65% stake with Glass Earth holding the balance.
Glass Earth’s technical report said WKP Project is developing as a significant new gold discovery within a large low sulphidation gold-silver epithermal system that is about 1.2 kilometres by 1 km that is capable of hosting a major gold deposit.
Following on from historical exploration on WKP’s Eastern Zone, the joint venture has identified two other significant zones of mineralisation (Central and Western zones), and recently intersected mineralisation on the Eastern Graben structure where drilling continues.
In the Central Zone broad low-grade intercepts are a feature (WKP26 151 metres @ 1.2 ppm Au and WKP27 102.2m @ 1.1 ppm Au) with the margins of a voluminous rhyolite rock-type providing a focus of hydrothermal fluid flow and high-grade mineralisation.
The interior of the competent and homogeneous rhyolite rock has permitted regular fracturing and broad hydrothermal fluid flow with resulting consistent low-grade gold mineralisation.
This, Glass Earth said, contrasts with the East Graben structure, within the Eastern Zone, which is typically dominated by discrete veins. Drill core from 580m down-hole in WKP35 shows episodic high level crustiform banded veins, hydrothermal and tectonic brecciation corresponding with multiple phases of mineralisation, hosted on the juxtaposition of rhyolite and andesite lithologies.
Assays for this interval returned 7.9m @ 5.1 ppm Au, including 3.4m @ 8.3 ppm Au.
This style of mineralization on the Eastern Graben structure was new for this project and important because, there are strong similarities with major gold mines in the vicinity, namely Martha, Favona, and Golden Cross.
The broad low grade gold mineralisation within Central Zone and veins relating to the East Graben structure 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 district-scale structure, identified on magnetic and resistivity data and may represent the primary focus of significant coherent mineralisation in the WKP area.
The joint venture plans a significant search programme for 2013; further evaluating the Eastern Graben Structure and including an initial project resource estimate, metallurgical test work, rock engineering study, geophysics and a 2,500m diamond drill programme.
The estimated cost for this programme is NZ$2.7 million (C$2.2 M) and Glass Earth gold’s share would be $C800,000. ($NZ953,370).
Here's one new diagram amongst many in the WKP report. This explains the physical features being mentioned through press releases. But it's also a great sign that the geologists are homing in on the monied parts of WKP.
Andrew Hamilton from Glass Earth has compiled quite a few good figures and diagrams for the WKP NI 43-101 report. Here's another one attached.
This map from above shows the location and orientation of all the drills undertaken at WKP. Note that some of the drills were started in the early 1980s, many were quite short, there aren't many drills in total (37) and the spacings are well above what would be called infill drills (50 -100 metres apart). So there was a good excuse for Peter Grieve to simply not make any mention of the estimated resources. Not even a guess..
But the last page or so of the report mentions what's ahead. Some more planning, careful inspection of previous results, some more CSAMT work (on the ground with wires and EM fields) to locate more of the resistors that have been near the mineralisation. The area that they're looking at is Central and the Eastern Graben Fault. As the drill patterns into the EG area all seem to have been collared from the Central area, maybe the access is just terrible down there.
Each new drilling area has to be checked for any presence of Archey's frogs, and other flora and fauna, first. Remember the rare and special Archey's Frog is not known to be present on WKP, or anywhere nearer than 20km away, but they still should be looking. I haven't seen any mention of the JV sponsoring any frog research, which I think at this juncture would be a smart move.
The JV will also be preparing an estimate on the resources from the Central and the EG area, while the new lot of 2500mtrs of drilling will also be probing the same space later, once drill directions have been sorted.
Thanks to the helpful charts provided in the report, I added up all the drilling that was done since the 5,500mtrs programme was announced in April 2012. It came to 3,601.5 metres, including an aborted WKP32 drill that seems to have gone haywire, with no data being presented on it.
So actually, the next round of 2,500 metres is only another 601.5 metres of drilling over what was promised last year, about one drill length. Maybe they've just paused while assays come back in. I must admit I was surprised how small-scale the assay labs seem to be. Here's an opportunity for some entrepreneurs in NZ.
Glass Earth Gold (TSXV – GEL; NZAX – GEL) advises that it has closed the third and final tranche of its previously announced non-brokered Private Placement. A further 1,884,500 Units have been sold at a price of $0.16 per Unit for gross proceeds of C$301,520.
Each Unit consists of one common share and one common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.25 per share, exercisable for a period of 24 months from the date of issuance.
For more information please see the attached release.
Should you have any questions, feel free to e-mail jeanny@chfir.com at anytime."
I guess we should expect the price to drop somewhat over next week given the amount of extra shares that are out there?
Originally Posted by bucko
Reply With Quote
Bookmarks