AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

The Correnso hearings for Newmont are ongoing. Waiting for more data at the moment. This will affect the timing for WKP perhaps.

Commissioners want more information on Golden Link

22 March 2013
The commissioners hearing Newmont Waihi Gold’s application for the Golden Link mine development in Waihi have adjourned the hearing to await new evidence from all parties.
Newmont Waihi Gold said the reconvened hearing operated for two days this month before commissioners decided they would need more time in dealing with evidence.
Before the hearing was adjourned the commissioners had put 26 questions to the mining company.
The Golden Link project takes in the planned Correnso mine development near the Martha open cut mine.
Newmont has explained to the Waihi community that once the hearing process is formally closed the commissioners will set a time for when they will provide a decision which usually can be three weeks but potentially six weeks.
This would be followed by a 15 working day appeal period and all parties can decide to appeal part or all of the decision to the Environment Court.
Newmont said the 26 questions from commissioners ranged from supplementary matieral on vibration, the property and community investment policy and ground movement on Gladstone Road.
Investigations were continuing to determine the cause of ground settlement on Gladstone Rd, and this includes re-drilling the original piezometer borehole and probing the area with ground penetration radar and geophones which use sound from defined sources to determine subsurface composition.
Investigations have shown that groundwater levels at Gladstone Rd were lowered due to seepage through an ungrouted section of a piezometer borehole drilled by the company. That borehole had been grouted but this was insufficient to fully seal the hole.
Newmont said this time of incident had not happened before with 30 years of drilling in and around Waihi. In future, all drill holes will be grouted to a depth below the top of the hard andesite rock where the orebodies are found.

[elZorro]

NZPAM announced today that there will likely be a competitive tender over the CVR area. GEL has dropped most of its permits here. The area was subject to an intensive aerial scan by GEL, and the IPO made much of the possible outcomes. Just a few drills were put down, and there is the risk, it's a big area. GEL chose to drill nearer to known goldmining areas after a year or two.

http://www.nzpam.govt.nz/cms/pdf-library/minerals/competitive-tender/Proposed-Epithermal-2013

GEL holders like me will be watching intently for the annual report, which has to be released soon, before the end of the month.

[bucko]

found this on stuff this morning

http://www.stuff.co.nz/business/indu...to-prospectors

again will be waiting for this report this week sometime to see if they have set anything aside for this

[bucko]

also just looking back at a story in the ODT from december about what Simon was aiming for by this time of the year.

"Mr Henderson said he hoped productivity of the gold recovery units could be raised by 20% to 85% by the end of March, which should boost weekly production to 100 to 120 ounces."

which from the current spot price would be around NZD$9.9m per year.... I WANT A PRESS RELEASE!

[bucko]

am i the only one who thinks this price is hugely under valued????

[elZorro]

am i the only one who thinks this price is hugely under valued????

Maybe some of us know it's undervalued Bucko, but having spare capital is an issue. I was just thinking this morning that once the annual report and some of its negative data is out of the way, some new press releases can only improve the shareprice from here.

For instance, we should be able to hear a bit about some drills at Garabaldi soon. From page 23 of the MD&A report (which last time I looked, hadn't made it to the public web or to GEL's website):

Garibaldi Prospect

(Glass Earth 100%)
Glass Earth announced the discovery of the gold mineralised Garibaldi Vein System on 23 April 2012, showing ore grade gold and related tungsten and arsenic mineralisation within vein sets striking over a 900m length and 300m width in outcrop and trenching.Geological mapping, detailed soil/gold sampling, and trenching have scraped the surface of a significant gold and related tungsten and arsenic mineralisation associated with multiple east-west and northeastsouthwesttrending epizonal-style quartz + sericite/illite + Fe-sulphide vein altered and sheared mafic schist in the Omnibus Stream catchment, North Rough Ridge, Central Otago.Channel/panel sampling from trenching (individual samples of 1mx1m) demonstrate consistent mineralised E-W orientated quartz veins with individual grades between 1 – 16.1 gm/t gold and importantly interfingered mafic schist with grades between 0.5 – 2.65 gm/t gold. This is an important development in early stage prospect delineation where the potential for significant widths of mineralised quartz and host mafic schist offer potential for a significant size mesothermal gold discovery. 168 line kms of ground magnetic surveying was completed in a 12 day period, to delineate the structureof the mafic schist, data has now been post processed and interpreted. After data consolidation and review, a shallow reconnaissance drill program of ten drillholes will be undertaken at Garibaldi in Q1 2013, to test the down-dip and along-strike widths and grade of potential gold mineralization.

On the Stuff website, a bit of a report about the annual results. I was wondering about the increase in stock-based compensation ($620,000) too. It is mentioned in the full annual report on page 33, it's a total of 2,730,000 shares as an option to purchase before Feb 9, 2017, a five year period, but at C35c a share. I wouldn't think these have been picked up yet. Over a million dollars worth of share purchase warrants expired in the 2012 year.

[elZorro]

An interesting aside: CGA Gold has been bought out by B2Gold in January 2013. I think both of these have been in comparison tables with OGC. B2Gold (BTO trading on the TSX) is worth nearly $2bill. They're producing about 365,000oz annually, will be up over 500,000oz in 2-3 years with their new mine acquisitions coming online.

One of these is Otjikoto in Namibia. It's going to be a big opencast mine, with leaching and carbon pulp being used after the crushing and milling processes. It can produce about 110,000 oz annually. To do this they'll need to process a lot of ore, and they're committed already to buying the crushing/milling gear. The grade? Only 1.4 to 1.6 grams/tonne. The mine only has a bit over 1Moz of resources noted at the moment.

http://b2gold.mwnewsroom.com/Files/f...6a46ce2570.pdf

[elZorro]

Bucko, I have carried out a small bit of research on the filing dates for TSX-V companies. I don't know what the NZ rules are, but for annual reports on TSX-V, they have 120 days from the EOY. 60 days for the Q1,Q2, Q3 reports. This is awkward, as it means we could wait until the end of April for the annual report. On the other hand, last year there was a notice of meeting record date of 26/03/2012, and the annual report was out very soon after. This year that same date is 9th April 2013.

[bucko]

after watching the first season of Gold Rush: Alaska Im essentially a pro miner now so if GEL would like to hire me to make repairs I guess i'd have to put my hand up!

yeh i think next quarters results are going to see a rally in the share price hopeuflly there would be minimal write offs as if they continue generating 1.4m quarter on quarter the company value is seriously undervalued

[elZorro]

Hi Bucko, I think they were talking about 7500oz p.a. target from 4 placer setups, and of course they only have two running at the moment. We haven't heard about any franchisees picking up the offer to run one of two sites (maybe Gunclub and Pigburn) so I'm more interested in how well they're going at Drybread. They could be getting closer to 100oz a week there by now. This would mean a positive bank balance in theory.

Other shares: I can't deny I'm looking for capital gains mostly at this stage - I've also invested in NTL, and so April could be a great month. If I'm feeling conservative I'll buy some OGC, but I'd like to see the PoG moving strongly upwards first. OGC is always keen on plundering shareholders for their new project, but then we don't have to look far to see that being done on a smaller scale here.