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  1. #731
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    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
    Last edited by elZorro; 10-11-2012 at 07:53 AM.

  2. #732
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    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.
    Last edited by elZorro; 10-11-2012 at 12:44 PM.

  3. #733
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    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.

  4. #734
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    What happened to the third GRU? (Nevills)

  5. #735
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    That got moved to the Drybread area, but not started up yet by the look of it. Maybe it's going to Pigburn. Note that the presentation has 7 pages on WKP, 2 on Muirs, 2 on Placer. WKP is where the money is going to be, the placer will help them get there.
    Last edited by elZorro; 13-11-2012 at 08:25 AM.

  6. #736
    Membro gonzo56's Avatar
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    oh ok, thanks. I wonder how much of an effect that will have on their earnings report, should be out any day now...

  7. #737
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    After seeing the increase in gold output from the placers im quitely optomistic of that earnings report! Am i safe to assume we could see GEL maintain the 88oz production throughout the summer due to improving conditions?

    My first post on GEL, El Zorro you seem to be the king of this forum, some great posts here!

  8. #738
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    Thanks for your post Bucko. Please send more in. I'd actually forgotten that a quarterly report might be due soon, so thanks Gonzo.

    That placer page on recovery ounces will be fascinating to have a look at when I've got time. Maybe the ground is variable in grade, maybe some days the tuning on the GRUs goes astray. The clay could be clogging up all the screens etc. But here for the first times are the grades on the permits, and these are up to 3x above the cutoff grade at Drybread. Not a bad business as a standalone, C3.6mill profit, or NZ$4.5mill a year. It'll be even better once Bob Kilgour is paid out fully.

  9. #739
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    Here are two screens from the presentation, both of them with important new data.

    First, the grades and weekly recoveries from the GRUs. The biggest GRU is at Morans, but the best current grade is at Hecklers. Groundwater is a site that has yet to be started, and they're all within the Drybread permit. Output can be 50% down in a given week, but the overall picture is good. Much better than was achieved at Nevills, where the grade must have been poorer. We have not been given an explanation as to why the third GRU is not in action again, yet. If the trend for the month of August had continued, we'd have seen the company knee deep in cash by now. The target for production by the end of the first year was set at about 144oz/week, assuming three GRUs in use (7,500oz in a year). Total potential resource for the areas in the table is about 24,000oz.

    But then there's another cryptic line, Southland 100,000oz? GEL has a permit down there.

    The resources page for WKP gives approximate figures for the gold contained in the better known sections. The Central area potentially holds 2.3Moz, the original East area 1.4Moz, the Western area and EG areas are too new to delineate by the look of it. But even the earlier areas have a total possible resource of 3.7Moz. It's not a big jump to 5Moz, the supposed trigger point for Newmont. There's confirmation that WKP37 is being drilled, and this is looking for another high-grade intercept. Looks like there is just one drill in use.
    Last edited by elZorro; 13-11-2012 at 08:05 PM.

  10. #740
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    Here's a section out of the general writeup on Glass Earth, done in 2011. The Gunclub permit has been wrapped up for over a year now. It gives an indication of the staffing needed at Drybread.
    Glass Earth is currently producing gold from its Gunclub Project, a placer/alluvial deposit in the Ida Valley between the Raggedy and Rough Ridge Range. It’s a shallow deposit holding from 1,000 to 2,000 oz. Though it is a relatively small deposit, the gold is recovered quickly and economically. The operation is worked by four men using three diggers, a truck and a trommel-based gold recovery unit (GRU). The project is worked systematically and reclamation is accomplished almost simultaneously with gold recovery. Top soil is removed and stored nearby, one metre of overburden ground is then stripped and moved aside, the alluvial gravel is removed and placed into the trommel where it is washed, and the heavier, gold containing concentrate is collected in a trap under the trommel. The concentrate is removed and taken to be processed on a shaking table, a mechanical process similar to panning. Using this method, Gunclub is producing approximately 100 oz of gold per month.
    Included in the latest presentation, is an update on the size and grade of the Correnso deposit that Newmont is keen on recovering at Waihi. 850,000 oz at 11 grams/tonne, these days that's a great deposit. It's 1.6 billion dollars worth.

    Glass Earth is looking at the feasibility of trucking ore from the prospective Garibaldi deposit to Macraes. This must be part of a decision-making tree.
    Last edited by elZorro; 14-11-2012 at 04:47 PM.

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