AXG - Antipodes Gold [formerly GEL - Glass Earth]

[Cannibal]

GEL News Release

Wellington, New Zealand, July 12, 2010.

GLASS EARTH GOLD REPORTS 156 metres at 1.6 g/t Au and 2.6 g/t Ag at WKP gold-silver prospect, Hauraki, New Zealand

Glass Earth Gold Limited (TSXV-GEL; NZAX-GEL) (“Glass Earth”) today announced significant results from a diamond drilling campaign at its WKP gold–silver prospect, a joint venture with the operator, Newmont Mining Corporation.

„WKP‟ GOLD-SILVER PROSPECT – Newmont earning 65%

Newmont continues with its active drilling program on the highly prospective WKP gold-silver prospect and has completed three diamond drill holes (WKP 24, 25 & 26). More results of WKP 24 and 25 are further below, with assays awaited on WKP 26.

WKP 24 intersected mineralization of 156 m @1.6 g/t Au, including 1.6 m of 30.2 g/t Au and 13.8 m of 6.6 g/t Au.

WKP 25 intersected mineralization of 15 m @ 9.3 g/t Au, including 1.8 m of 61.4 g/t Au.

Simon Henderson, President and CEO that “These drilling results are significant intersections in both WKP 24 and 25 confirm that mineralization extends well beyond the known mineralization at WKP. Glass Earth and Newmont are very encouraged by these results and are confident that this exploration phase will provide substantial insight into the characteristics of the new zone, “WKP West” and the overall WKP prospect."

As reported on March 26 2010, the WKP prospect is a 2 km mineralized alteration zone, just 10 km from Newmont‟s Martha gold mine at Waihi (see map below) and 5 km north east of the Golden Cross deposit (634,000 oz gold production in the 1990‟s). The WKP epithermal system has magnetic/alteration characteristics similar to the Martha mine and has open- along-strike potential for several kilometres southward. Exploration in the late 1980‟s and early 1990‟s identified a very extensive altered and gold mineralized system identified as the „WKP Stockwork Zone‟ with multiple intersections, including several ore grade intersections.

The current drilling, together with previous exploration work by Newmont, targeting the new WKP West zone, outlines a new area approximately 180 m wide with a strike continuity of over 600 m.

WKP 24 and 25 intersected broad alteration and intense silicification over wide intervals. Quartz vein stockworks and gold-silver mineralization were encountered adjacent to major
fault structures with at least two high grade intersections apparent in broad mineralized intervals.

WKP 24 intersected:


WKP 24 125.9 282 156.1 @ 1.6 2.6
including 268.2 282 13.8 @ 6.6 3
207.7 209.3 1.6 @ 30.2 44 *within following interval
207 210 3 @ 15.6 23.2
262.5 263.5 1 @ 16 9.8
251 253 2 @ 6.2 2.9
252 253 1 @ 11.3 5.1


WKP 25 collared from the same drill pad intersected:

Hole No From To Interval m Gold g/t Silver g/t
WKP 25 221 236 15 @ 9.3 12.8
including 225 226.8 1.8 @ 61.4 80.3
235 236 1 @ 9.5 19.3

Assay results are pending on WKP 26.

The WKP West zone represents a compelling target in its initial stage of exploration, with surface mapping and additional geophysical data (CSAMT resistivity) planned to assist in the targeting of additional step-out drilling.

[elZorro]

Yankiwi, I haven't seen much on the web about Glass Earth, but I stopped looking hard a few months ago.

Heres a NZResources.com? article about WKP http://www.mineweb.com/mineweb/view/...0327&sn=Detail

In September, a half-pie report on emerging goldminers selected Glass Earth as one, see page 12. There are some factual errors in there, using old data.
http://byroncapitalreports.com/Gold%...9-07-2010).pdf

Perhaps more important is that two big tranches of shares were sold, some being available for trading in September, more in early October. These should have a dilution effect on GEL, but the opposite is happening. The GEL website has not been updated, neither has the CHFIR site since August. So if there is something going on that is important for the market, GEL is not fulfilling its duties to inform shareholders. (I'd have to say that's not impossible going on past form.) Could it be a bit of ramping to sell some shares at a profit? Why would the TSX shares go up and the NZ ones stay low until the last day or so?

By 28th October: the shares portion of the GEL website has been updated to the correct figures. Cheers.
Prices on the TSX have fallen back to the norm.

[elZorro]

Saw this on the Crown Minerals website today:

L&M plans to expand Earnscleugh

— filed under: News, Minerals

22 October 2010 - The L&M Group is refurbishing a floating gold recovery plant prior to stepping up production from its Earnscleugh alluvial gold mine near Alexandra early next year.

Sources: L&M and Lindsay Clark

The company is currently trial mining the deposit with a smaller leased plant. The deposit is estimated to contain 110,000 oz of gold and to run for at least seven years.
The mine’s project manager, Shirley Herridge, said the company’s own floating plant, which has been sitting at a former mine site at Waikaka since the mine closed in 2002, is currently being stripped down before the move. The plant will be moved by truck to the Earnscleugh mine site and the pieces reassembled there for the planned February start.

Higher gold prices encouraged L&M to restart the mine as it already held fully approved and consented permits since 2004.

The mining began in July 2009 and the small plant has recently lifted production with the operation of more shifts. The capacity of the current plant is 50 bcm (bank cubic metres) per hour. The projected capacity of the larger plant is 150 bcm per hour.
Two mining permits MP 41005 covering 81 ha and the much larger MP 41462 covering 919 ha are both held in the name of Mintago Investments Ltd, a subsidiary of L&M Group. The permits lie between the Clutha River and the Fraser River tributary, which runs parallel to the Clutha before flowing into the big river upstream from Alexandra township.

So this is interesting: GEL owns a small part of this leased rig perhaps, but it has never been spelt out. Most of it is owned by Bob Kilgour's operation I think. Certainly it's not on the GEL books in the asset list. If it is, from memory it was valued at 80k. Would GEL have a use for this gear on its alluvial permits, or would it end up somewhere else if L&M handed it back early next year?

[elZorro]

GEL traded at 40c Canadian on the TSX overnight. That's a two year high.

GEL.TSX

That converts to just under 52c NZD, yet on the NZX it's still sitting on 32c.

Thanks Yankiwi, hadn't seen that. Looks like someone bought 300,000 shares for CAN 28c early on Friday. Since then smaller purchases have pushed the price up. There has been more volume over there for a month or so.

Could be related to this old press article: But short on details at this stage.

[elZorro]

Last quarterly out today/yesterday. Muirs to be test drilled soon. Ophir mining decision soon??

http://finance.yahoo.com/news/Glass-....html?x=0&.v=1

[elZorro]

GEL up nearly 10% on the TSX overnight. Plenty of fluctuation there in the last month or two. Interesting press release, for this junior explorer, cash is still king. I think the floating recovery unit must be going into action for Glass Earth when it returns from Earnscleugh. So far about 1,000 oz has been recovered, half goes to Dunstan Mining at least, so after recovery costs they will need to increase output to make much headway financially. Targeted drilling for early 2011, one good find would make a big difference to this share.

Glass Earth Closes First Tranche of $4 Million Placement; Adds Program to Improve Liquidity

WELLINGTON, NEW ZEALAND, Dec. 28, 2010 (Marketwire) -- Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today announces that it has closed the non-brokered portion of its previously announced Private Placement. A total of 10,016,299 units have been sold at a price of $0.30 per unit for gross proceeds of C$3,004,890.

Each Unit consists of one common share and one half of a common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.50 per share, exercisable for a period of 24 months from the date of issuance. The units are subject to a four month hold period expiring on April 24, 2011.

The Company anticipates closing the brokered portion of the private placement in early January.

The proceeds of this financing will be used for mineral exploration and general working capital purposes.

Market Liquidity Program

Glass Earth Gold Limited has initiated a Market Liquidity Program (more commonly known as market-making), as part of investor relations' services provided by CHF Investor Relations. First retained in June 2008, CHF Investor Relations has offered its clients market-making since 2002. Subject to TSX Venture approval, fees paid to CHF will increase, accordingly, to C$7,500 per month while all other terms of their IR agreement remain unchanged (see news release dated June 20, 2008). Simon Henderson, Glass Earth President and CEO, has provided 100,000 GEL shares, in certificate form from his personal holdings, for the purposes of this program.

The market-making activity is undertaken using a registered broker, Mackie Research Capital, in compliance with the guidelines established by the TSX Venture Exchange Policy 3.4 and other relevant policies so that trading orders in the Issuer's stock are made to manage volatility and improve liquidity.

About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 2,800 square kilometres in the North and South Islands.

In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).

Hauraki Region - Glass Earth occupies a significant ground position around the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (65/35) is currently being explored and managed by Newmont. The Newmont-Glass Earth Hauraki JV (65/35) has recently announced significant results on its WKP - West Project (August 25th press release).

WKP West - Follow-up drilling campaigns planned for the last quarter 2010 will now commence in early 2011, following delays in site access and drill equipment scheduling.

Central Volcanic Region - Glass Earth has defined several significant epithermal gold targets in this region, drilling is currently underway on the Muirs Reef project (Mamaku district) where the strike and depth potential of the Muirs Massey Reefs are being tested, as well as the new East and West vein systems interpreted from 3D resistivity surveying. Two rigs have been drilling, with results anticipated in early 2011.

In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and alluvial gold.

Otago Region - Field programmes to commence the drilling of highly ranked Serpentine and Game Hen gold targets is planned for early 2011.

Two alluvial mining operations continue into the 2011 year, coupled with an acceleration of alluvial exploration and resource definition; Glass Earth / Dunstan Mining (placer mining 50/50 partner) plan to treble gold output in 2011.

To receive Company news via email, contact jennie@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. Glass Earth Gold Limited President and Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com www.glassearthgold.com CHF Investor Relations Director of Operations +1 416 868 1079 x225 jeanny@chfir.com

[elZorro]

Glass Earth begins drilling at Serpentine

By Simon Hartley on Wed, 30 Mar 2011

Gold explorer listed Glass Earth Gold has begun a $200,000 six-week five-hole drilling programme at its Serpentine prospect, 13km north of Lake Onslow, near Millers Flat.
Drilling was scheduled to begin yesterday at Serpentine, following an airborne geophysical survey in 2007-08 and more recent rock chip and pan sampling around the area.
Glass Earth chief executive Simon Henderson said yesterday he was excited to be "finally drilling one of Glass Earth's highest priority targets", as the drilling was originally planned for about two years ago, but was delayed for various financial and weather-related reasons.
"We will have to be through the [drilling] programme before the first week in June, when the Dunstan trail is closed," Mr Henderson said yesterday.
Glass Earth is in the process of moving from explorer to gold producer, to boost cashflows, with almost a thousand ounces coming out of its McAdies prospect in the Ida Valley between January and December 2010.
Expectations are 7500 ounces will be mined from McAdies during 2011.
Glass Earth has two alluvial (loose) gold-mining operations, including a fifty-fifty venture with Dunstan Mining Ltd.
Mr Henderson said that historically, the region, part of a schist belt which includes Oceana Gold's Macraes and Frasers underground mines, was a "prolific gold producer" area.
About eight million ounces of gold had been recovered so far.
A "targeting and ranking" exercise using the geophysical data from Glass Earth's $4 million airborne survey initially highlighted the Serpentine prospect, Mr Henderson said.

Maybe this will be the site to set GEL up..

[elZorro]

GEL will probably get its dredge back soon.

Earnscleugh alluvial gold to move to commercial stage in mid June

Ross Louthean — 25 May 2011

The Earnscleugh gold project, owned by private company L&M Group, is gearing up to move to a commercial scale operation after 18 months of trial mining operations on the South Island project.
The operation which currently employs 17 is having an old L&M alluvial dredge rebuilt in Alexandria near the Earnscleugh operation and company chairman Geoff Loudon told NZResources.com in Broken Hill yesterday that the complete overhaul should be completed early in June.
He said the trial operation was aimed at proving overburden removal and mining costs and to verify the grade estimates.
Earnscleugh has been owned by L&M Group for more than a decade – at a time it was undertaking alluvial gold mining elsewhere on the South Island, but its development was held up by the then gold price of around $NZ600/ounce and some vexatious issues with one local landholder wanting to sell.
Loudon said apart from producing the results required to go commercial the trial mining period had produced about 2,000 oz of gold which had allowed it to “wipe its nose.”
The company has struck a joint venture with the local Coleman family which has a 10% interest. Son Mark Coleman is helping operate the dredge which has been hired from Otago belt miner and explorer Glass Earth Gold.
The existing plant has a 50 cubic metre capacity and this has allowed the prospect to provide 200,000 bank cu m of alluvial gold ore, grading about 100 mg/cu m and also 600,000 bank cu m of low grade material.
The rebuilt L&M plant was gathering cobwebs at the mothballed Waikaka alluvial project that ended about 10 years ago and it has a capacity to produce 1 M bank cu m per annum and, with higher grades expected in the lower reaches of the mineralised system the annual production could be about 8,000 oz per annum.
The current gold price of about $NZ1,900/oz means it will operate in the price range to provide a significant profit.

New diamond hole gives further proof of big system at WKP West prospect

Ross Louthean — 18 May 2011

Assays in from one of two new diamond drill holes into the WKP West gold prospect on the Coromandel Peninsula has provided further proof of a big epithermal system.
Project partner Glass Earth Gold Ltd (TSX-V & NZAX: GEL) said that drill hole WKP 27 had produced a 152.4 metre section grading 1.16 grams/tonne gold and 2.22 g/t silver, within which the best section of 1.4m went 30.7 g/t gold and 77.7 g/t silver.
Three other good intercepts from this hole were 1.1m @ 10.2 g/t Au and 7 g/t Ag, 1.1m @ 11 g/t Au and 5.7 g/t Ag and 1m @ 8.33 g/t Au and 6.7 g/t Ag.
Results are awaited on the second new hole WKP 28.
WKP 27 was a step-out of 200m south west of a previous significant drill hole. Glass Earth said this hole showed significant mineralisation greater than 150m with narrow high-grade zones on the 1-2 oz/tonne range.
“The success of the 2010 drilling results on holes 24,25 & 26 demanded further drilling examination,” Henderson said.
“Both Newmont and Glass Earth have been very keen to press forward with additional drilling, and we are confident that this exploration phase will provide further substantial insight into the characteristics of WKP West and the overall WKP prospect.”
The WKP prospect is a 2 km mineralised alteration zone, about 10 km from Newmont Waihi’s mining operations in Waihi, and 5 km north east of the Golden Cross deposit that produced 634,000 oz gold in the 1990s.
Henderson said the WKP epithermal system has characteristics similar to the Waihi area and has open-along-strike potential for several kilometres south-westward.
The WKP West zone now has a known system 180m wide and with a strike continuity of more than 600m.
The project is 65% owned by Newmont Waihi and 35% by Glass Earth Gold.

Article on the Serpentine drilling, it's a bit old but no other news yet?

It's perhaps worth noting that GEL still has an MCap of NZ$20mill or so. OGC has lost NZ$200mill of MCap in the last few months, while the US$gold price increased.

[elZorro]

Is it time to have another look at Glass Earth? With strong interest being shown by their JV partner, Newmont, in the WKP prospect near Martha Hill and the Golden Cross mine, this is starting to look like a goer.
Still with a low Mcap of $20mill that reflects well over $30mill spent on exploration, Glass Earth was at least savvy enough to grab some permit areas near Newmont's operations.

Because Newmont has spent most of the exploration money so far (GEL spent funds widely on other spots), they have 65% of the claim at present. If GEL ask them to prepare a feasibility study for mining WKP at their cost, Newmont will gain another 10%. For providing GEL's funding towards an operational mine, another 5% could be gained. This leaves GEL with at least 20% of the prospect, maybe 25%.

Here's what NZ Resources has to say about WKP:

New diamond hole gives further proof of big system at WKP West prospect

Ross Louthean — 18 May 2011

Assays in from one of two new diamond drill holes into the WKP West gold prospect on the Coromandel Peninsula has provided further proof of a big epithermal system.

Project partner Glass Earth Gold Ltd (TSX-V & NZAX: GEL) said that drill hole WKP 27 had produced a 152.4 metre section grading 1.16 grams/tonne gold and 2.22 g/t silver, within which the best section of 1.4m went 30.7 g/t gold and 77.7 g/t silver.
Three other good intercepts from this hole were 1.1m @ 10.2 g/t Au and 7 g/t Ag, 1.1m @ 11 g/t Au and 5.7 g/t Ag and 1m @ 8.33 g/t Au and 6.7 g/t Ag.
Results are awaited on the second new hole WKP 28.
WKP 27 was a step-out of 200m south west of a previous significant drill hole. Glass Earth said this hole showed significant mineralisation greater than 150m with narrow high-grade zones on the 1-2 oz/tonne range.
“The success of the 2010 drilling results on holes 24,25 & 26 demanded further drilling examination,” Henderson said.
“Both Newmont and Glass Earth have been very keen to press forward with additional drilling, and we are confident that this exploration phase will provide further substantial insight into the characteristics of WKP West and the overall WKP prospect.”
The WKP prospect is a 2 km mineralised alteration zone, about 10 km from Newmont Waihi’s mining operations in Waihi, and 5 km north east of the Golden Cross deposit that produced 634,000 oz gold in the 1990s.
Henderson said the WKP epithermal system has characteristics similar to the Waihi area and has open-along-strike potential for several kilometres south-westward. The WKP West zone now has a known system 180m wide and with a strike continuity of more than 600m.
The project is 65% owned by Newmont Waihi and 35% by Glass Earth Gold.

In 2010 a non-JORC resource of 1.4Moz was mentioned by GEl for WKP's potential. Perhaps this figure was understated.

Delegate numbers flow in for Queenstown mining conference

Ross Louthean — 30 May 2011

There has been a positive early response for bookings to attend the annual New Zealand Minerals Conference to be held in Queenstown from August 27 to 30.
The organising committee of the NZ Branch of the AusIMM has had a positive response for the annual programme which was also held in Queenstown two years ago.
Theme for this year is “Mining for New Zealand – Creating a Powerful Future.”
This year’s programme will take in new presenters including Bathurst Resources Ltd which is developing the new Escarpment coal project in the Buller coalfield and is now owner of the Cascade and Takitimu coal mines.
One of the more interesting presentations should be from either Glass Earth Gold Ltd or Newmont Waihi Gold on the emerging WKP West gold discovery north of Waihi which is shaping up as the best new gold find in at least the past decade.
One delegate of interest will be the yet-to-be-named head of New Zealand Petroleum & Minerals, the re-shaped division of the Ministry of Economic Development that has long been known as Crown Minerals.
Bathurst Resources will be hoping to get its chief executive Hamish Bohannan to attend, provided his management team can nail his feet to the floor in Queenstown as a break from his strenuous globetrotting on fund raising, offtake agreements and project development matters.
Expected speakers of note will be Dr Don Elder of Solid Energy, Glen Grindlay from Newmont Wahi Gold, OceanaGold Corporation’s chief executive Mick Wilkes, well known Kiwi geologist Julian Hanna who has forged one of Australia’s most successful nickel mining companies, and the principal of the L&M Group Geoff Loudon.
There will be field trips including the Otago goldfield taking in OceanaGold’s Macraes mine, a tour of Southland coal projects linked to a Milford Sound cruise and a tour of East Otago wineries, led by veteran geologist and wine buff Peter Atkinson.
Short courses will include orogenic gold deposits in Otago, mine drainage and geochemistry, and one on NZ Petroleum & Minerals data.

Now companies listed on the TSX have to be careful with their statements. There has been limited interest in the share lately, but each new drill at WKP seems to reinforce the idea that the ore region is about 150 metres in depth, 180 metres wide, somewhere between 600metres and 6000metres of length (open along strike). The average grade for the whole 150 metres at WKPWest (part of the prospect) is around 1g/tonne, but some holes showed small bands of up to 60 g/tonne, or an extremely profitable 2oz per tonne. As it's not down too deep, this is a very promising opencast prospect. Having Newmont's Martha and related mines nearby (and they are keen to keep all their equipment operating), is a big advantage for GEL's chances of getting this area into operation.

Late May Financial report from GEL:

Operational Activities
Field operations concentrated on the testing of Glass Earth's two most advanced prospects WKP West (65% Newmont Mining / 35% GEG; Newmont managed) and Muirs Reefs (100% GEG) in the North Island, and drilling of the Serpentine prospect in the South Island. Encouraging assay results for drill hole WKP 27 were released May 12, 2011 with assay results awaited in respect of WKP 28 and two further drill holes into Serpentine.
In addition, metallurgical testing and test plant design on the Ophir Project (50% GEG/50% Ophir Gold) is nearing completion.
Expansion of alluvial/placer gold mining in the Central Otago region is a strong focus as current mining operations bed down.

I'd think there's not much chance of bad news on the horizon, quite the opposite for this minnow.

[elZorro]

Crunching some numbers: for each easily reached region of ore that might be available at WKP, you'd expect to find 1Moz of gold. This is based on 150mtr x180mtr x600mtr volume found/estimated so far, just over 1g/tonne average, ore being about 2tonne/cubic metre. Martha Hill has produced 10Moz, WKP is open along strike so needs to be delineated. But if I suggested it could get to 5Moz (just to do some figures) and GEL had 20% of the resource, then its Mcap once production was underway could reach 200x that, or CAD$200million. Much depends on the drilling campaign.

WKP28 drill assay awaited: the cores should be in the SGS lab at Waihi. This from the Newmont website on assays:

How are ore and waste defined?
Samples of rock from within the pit are sent to the SGS laboratory in Waihi to determine gold content.
The data generated from assaying is used to map out which areas of the mine are suitable to process as ore and which areas are waste material to be used to build the waste rock embankment.
A portion of the sample has a cyanide solution added to it. This is mixed in a ringmill, then the slurry formed is removed, placed into a vial and centrifuged. The supernatant liquid is then aspirated into an AA Spectrophotometer to determine gold content.