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  1. #721
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    Quote Originally Posted by gonzo56 View Post
    Hey elZorro,

    I’m starting to take an interest in GEL, so I had a look at the earnings report ended JUNE 2012. Glancing over it, I see that it mentions that Gold recovery was “thwarted by the snow of the southern winter" and that there were high establishment costs that quarter (which are now resolved).

    The report also mentions the fact that the second Gold Recovery Unit (GRU) became operational in late May and therefore is only partially reflected in the result. Furthermore, the third GRU became operational only in the last few days of June.

    Considering the last report barely took into account two of the GRUs, what is your opinion on the result GEL will release in November? (How big are these two GRUs..?)
    Hi Gonzo56, good point, as the next quarterly report will be the first one to show a substantial gold income on the books since the IPO. The GRUs are above the hobby level unit, but still a lot smaller than many other systems. L&M are running one 4x bigger than any of GEL's at Earnscleugh.

    GELs' units can handle 50-70 cubic metres an hour, which is 50-70 scoops from a big 25 tonne digger in an hour, each. 0.2grams per cubic metre of gold is the breakeven grade, and I think they're doing twice that, so on current performance (a snapshot), they could have a net profit of $4mill a year. If they run any of the gear 24x7, this would greatly help further. But I think they are keener on tuning up the GRUs at the moment, and getting the third GRU operational. For that they'll need daylight.

    Regarding the merits or otherwise of a stake in GEL: Brace yourself in the best possible way for quite a bit of news from GEL's head office dept. This has all been intimated to the market, while the weeks stretch on, but certainly quite a lot should have happened by Christmas.

    WKP 35 drill assay, and other drills from WKP, could be a big impact on the company
    Garibaldi - some exploration may be occuring, new hardrock find
    Ophir - a JV and the other party now has cash
    Muirs, report due sometime
    Placer results (Drybread), 3rd GRU, JV with John Youngson, other sites
    Latest PP part ear-marked for an acquisition?

    Bear in mind that this is not a billion dollar company like OGC. Any results that imply some hard-rock mining is part of the future for GEL should have a proportionately big effect on GEL's shareprice. Current Mcap ranges from only $18mill to $25mill. They've spent a lot more than that on exploration, and I contend it has not been wasted.

    Current price on the TSX is cheaper than over here.

  2. #722
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    Ok, thanks for your thoughts. It seems like they do have a lot on.

    Yeah, I would prefer to keep it simple and stay in the NZ market though. On a side note, the TSX listing has had a bit of a volume increase late Sept early Oct so the chart doesn't look too bad. I look forward to hearing more about GEL, Cheers.

  3. #723
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    Well Gonz your certianly in the right place for that thanks to our man EZ.

  4. #724
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    Talk about pressure.. I hope this share does the business sometime then

    There's been a lot of volume on the TSX all of a sudden (at C25c), a general reflection on the lower liquidity of the share when there's little news. If you need to sell a lot of these shares at the moment, your timing has to be good, or they'll go for a song. I think head office already knows that too.

    The flip side is that there have always been opportunities to buy GEL shares at a low price, most years. It's also true that if GEL makes the jump to being a hard-rock miner (or is connected to a mining permit of the right size), then these changes in the company valuation will be nothing but noise. Junior explorers moving to the next stage, do so spectacularly.

    I have not bought GEL shares to play it safe. I'm definitely hoping for a life-changing experience at some point.

  5. #725
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    The odds of Newmont's Correnso project getting the go-ahead look good. This would assist GEL, in that a positive cashflow from Newmont's operations in the Waihi area increase the chances of a long-term interest in the WKP JV. The CHFIR page mentions that the aim is to prove the WKP permit holds more than 3Moz of gold.

    Golden Link hearings for Waihi begin in December

    Ross Louthean — 24 October 2012
    Submissions are in for the Golden Link gold development in Waihi and mine operator Newmont Waihi Gold has noted that most submissions are in favour of the project.
    There are almost 500 for the consents hearings to be heard for Golden Link by the Hauraki District Council, scheduled to begin on December 3.
    Newmont Waihi Gold said it is aware of the sentiments expressed in the submissions as a copy each must also be given to the company as the applicant.
    The Golden Link project takes in the area around the Martha open cut mine and the proposed Correnso underground mine that would provide ore to carry operations through until 2020.
    The company said the submissions are about three to one in favour of the project, with a small number not expressing a view either way.
    “The main issues raised in the submissions that opposed the project are effects on property values, and vibration and noise,” the company said.
    Newmont said that while it has consents to blast at night at the developing Trios underground mine at Waihi, the company has no plans to undertake blasting at night at the Correnso operation.

  6. #726
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    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

  7. #727
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    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.
    Last edited by elZorro; 01-11-2012 at 03:40 PM.

  8. #728
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    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.
    Last edited by elZorro; 31-10-2012 at 09:43 PM.

  9. #729
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    Default WKP35 initial results

    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).
    Last edited by elZorro; 01-11-2012 at 06:41 AM.

  10. #730
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    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.

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