AXG - Antipodes Gold [formerly GEL - Glass Earth]

[bucko]

did you get your own permit?

[bucko]

thats awesome, me and a friend have been looking at doing the same. how did you go about doing that? you wouldnt be able to message me the costs/process would you?

[bucko]

blonde....haha im so disapointed!

yeh Elz hopefully GEL pull their finger out soon and start giving us some regular updates...this price is killing my portfolio

[elZorro]

blonde....haha im so disapointed!

yeh Elz hopefully GEL pull their finger out soon and start giving us some regular updates...this price is killing my portfolio

Well, we could average down, although that doesn't often work for me. 9 days to the end of the month and the Q1 report has to be out, look back over this share and the price has never been so low. I did average down last time GEL was like this, that did work.

I still have a lot of faith in the company, they need someone like Rod Drury running the PR, as Moosie noted recently. Show us the mining, the hardware, tactile proof we're going places. And do this in small bites, regularly. Otherwise we're all wondering what's going on.

Bucko and Moosie, there are some mining gurus on ST: try talking to JBMurc, Aotea and Miner, for a start.

[elZorro]

Ah I've had my fair share of miners the past year or so (made some, lost some). The tech scene is all me right now, but may return one day when gold bottoms out. Everything works in cycles and all, happy sitting on the sidelines right now

I thought gold had bottomed out? Well I hope so, or a lot of mining companies will be dropping staff.

I looked up the fine details on NZPAM's Form 8 for a discovery appraisal (WKP extension).

3. Appraisal Extensions will only be granted where the permit holder has made a discovery (refer to the Act and relevant minerals programme for more information on the meaning of “discovery”), the remaining duration of the permit is insufficient to carry out the appraisal work for the discovery, the permit holder is not entitled to extend the duration of the permit under section 37(1) of the Act for a period sufficient to carry out the appraisal work for the discovery or for all land to which the discovery relates, the Minister is satisfied that reasonable efforts are being made to carry out the appraisal and that the proposed work programme is sufficient to carry out the appraisal work (refer section 37(2) of the Act).
4. Applications for Appraisal Extensions must be made while the permit is still in force (prior to expiry). A permit that is the subject of an application for an Appraisal Extension continues in force until the Minister determines the application.
5. The Minister’s general approach will be to not grant an Appraisal Extension beyond four years.
6. Appraisal Extensions are restricted to that land comprised in the permit to which the Minister determines it is likely that the discovery relates and is necessary to reasonably appraise the discovery and enable subsequent mining operations.
UNDER SECTION 37(2),
CROWN MINERALS ACT 1991

So the JV has asked for the maximum time allowed, and until this is granted, which could be at least 6 months, the permit continues on as before. They'll need to show the Minister that a reasonable attempt has been made to explore the permit up until now, and a resource estimate is due, according to those terms.

[elZorro]

I wish I knew for certain when it had bottomed. I would be sure to let you know first elzorro! the fact is shorts have maxed out and american finances are coming to the fore again. might see some sideways action for awhile as new support/resistance levels are set. overall though, we are still well into a bear market

OK, cheers for that Moosie.

NZResources has some more detail on Waihi explorations, Glass Earth is right in the thick of it.

Newmont Waihi evaluates South and West Waihi permits

22 May 2013
The community conscious miner Newmont Waihi Gold has detailed activity it has been undertaking on areas in Waihi with Glass Earth Gold Ltd (TSX-V and NZAS: GEL).
Newmont Waihi said Glass Earth Gold holds exploration permit 40767 which covers a predominantly residential area south and west of the Martha mine.
Newmont Waihi was conducting surveys on part of the permit where it can earn an interest by conducting work to an “agreed specified value.”
Once this value is reached Newmont Waihi can formalise a joint venture agreement.
There have been varying levels of interest in this area over the last 50 years with some drilling undertaken in the 1960s and other exploration since. Nothing of any interest has ever been identified.
Newmont Waihi Gold was currently undertaking gravity surveys in Waihi West that involves a technician with a roving monitor spending about 10 minutes beside the road at each location.
A gravity survey detects variations in the earth’s gravity field that indicate variable density of the rocks beneath the ground.
For example, Newmont Waihi said, the Waihi Basin - the flat land to the south of Waihi - is characterised by a large circular gravity low that indicates that that area was once a large caldera, similar to Lake Taupo. The gravity low indicates that the Waihi Basin is filled to considerable depth with volcanic deposits that have a much lower density than the surrounding hills.
There have been several gravity surveys carried out in the area previously, but they have not been evenly spaced. In some areas the survey points are close together and in other areas there is very little coverage.
Where the stations are closer together more detail is apparent in the resulting processed data. This new survey will ‘fill in the gaps’.
The current survey is attempting to improve the district-wide resolution to make it easier to interpret data. The copany said it was not expected the data will reveal details such as the presence of veins. It is aiming to assess whether some of the larger geological features interpreted from previous drilling can be detected through their gravity response.
“Our work in Waihi West is one part of the exploration programme Newmont Waihi Gold is engaged in as we continue to determine what, if any, areas should be considered for further investigation,” the company said.
“This is all part of the exploration process. It is lengthy and detailed, taking place over years rather than weeks or days. We are very used to acquiring what some may consider ‘discouraging’ results, but that is the nature of the activity.”
Newmont Waihi said that in the Waihi West area of the permit the exploration there was not related to the company’s Correnso discovery closer to the Martha mine.
“It is coincidental that the work in Waihi West was scheduled for this time. There is no connection between the Correnso announcement and the start of work in Waihi West.
“We have not identified an ore body under Waihi West despite conducting exploration activities including drilling since 2006.
“If the current exploration activities suggest there is merit in a closer look at the area we will employ other more precise techniques. At this stage, however, we have nothing to report other than routine investigations over a wide area.”

Newmont is hoping to use a non-invasive gravity technique to pick up the same anomalies that they've already drilled, and with enough data to fill in the gaps they have, they might be able to spot other areas that should be drilled next. Correnso is a deposit that was missed for many years, I just hope there is something similar to that, under an area GEL has a portion of .

[Minerbarejet]

I believe NTL backs onto this permit further to the east - as well as having the Talisman to the west at Karangahake. We have them surrounded!!

[elZorro]

I believe NTL backs onto this permit further to the east - as well as having the Talisman to the west at Karangahake. We have them surrounded!!

Yep, although the nearby permits seem to have been held onto the longest. A caldera beside Waihi, interesting. It's this epithermal activity that resulted in some major gold in veins nearby. Waihi's thermal activity is mostly gone, Taupo/Rotorua is much more recent. Effectively the North Island has slowly drifted north on its plate, over the top of a rift down through the Earth's core. So now that spot shows up between Taupo and Rotorua. Driving all this activity - the heat from deep-seated fission or radioactive decay.

Glass Earth had a hold on this area (Waihi West) in early 2006. They set the JV deal up before the IPO. Newmont has dragged the chain a bit, but now they might feel the timing is getting better.

http://www.nzpam.govt.nz/cms/news_me...e-waihi-permit

[Minerbarejet]

Really interesting area of the country round here geologically - and otherwise -never know what might turn up. Up towards the golden cross road all of a sudden what looked like a university campus sprang up out of nowhere. buildings all over the show. Maybe Moosie might like to further his education there and dig for gold in the weekends - he will need a permit though.

[elZorro]

Really interesting area of the country round here geologically - and otherwise -never know what might turn up. Up towards the golden cross road all of a sudden what looked like a university campus sprang up out of nowhere. buildings all over the show. Maybe Moosie might like to further his education there and dig for gold in the weekends - he will need a permit though.

What do you mean Major?