AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Great short background on L&M Mining in this article from NZResources.

Earnscleugh gold project to move to two shifts

Ross Louthean — 3 February 2012
The privately owned alluvial gold project at Earnscleugh in Central Otago will move to a two shifts a day operation within the next few weeks as more kinks are being ironed out with the gold plant.
The operation, near Alexandra, has been established by the L&M Mining, part of the L&M Group, initially using an hired smaller gold plant before revamping one of its mothballed plants that had been gathering moss at Waikaka.
L&M’s chairman Geoff Loudon told NZResources.com that it has taken some time to get the gold plant operating effectively and this has included getting adequate service for a sophisticated generator unit and new additions to the plant.
He said moving to two shifts will allow the operation to run more smoothly, advancing from treating about 150 cubic metres of terrace material per hour to more than 200 cu m/hour.
Target production for the Earnscleugh operation is building annual production to between 7,000 to 9,000 ounces of gold.
The original L&M company had a long history of alluvial gold plant and dredge mining on the South Island. Two decades ago it was mining on the Shotover River and terraces on the West Coast, under the wing of a listed vehicle that had the misfortune of being controlled by another company that went belly up takings its funds with it.
Loudon’s team acquired the company from a bank and continued gold mining until resources cut out and a major drop in the gold price created problems.
Earnscleugh was held through that drought.
Meanwhile, L&M moved into coal and coal seam gas and moved its oil and gas permits into L&M Energy Ltd (ASX & NZX: LME) and vended some of its West Coast coal permits into Bathurst Resources Ltd (ASX & NZX: BTU).

The figures show that L&M's GRU can process about 6x more gravel than GEL's GRU#1, but if it runs near non-stop at that rate, the grade at Earnscleugh would be only 0.1g/tonne, so assuming it's about 50% duty, 0.2g/tonne Au sounds about right.

Gold's up, US$ heading down..and I liked this:

Reality is the leading cause of stress
among those in touch with it.

~ Lily Tomlin

L&M Group have previous/current interests in seafloor mining. They've made a surprise move over here, obtaining a permit.

L&M Group in new Chatham Rise phosphate quest

Ross Louthean — 3 February 2012
The L&M Group which figures strongly in petroleum exploration, coal seam gas, coal and gold mining is now joining the quest for seafloor phosphate deposits on Chatham Rise.
The company has formed Chatham Phosphate Ltd which it owns 90%, with the balance held by prospect vendor and veteran geoscientist Roger Gregg.
New Zealand Petroleum & Minerals has granted a permit on the rise, near the Chatham Islands and well east of Christchurch and it envelopes on three sides of the marine phosphate permit held by Chatham Rock Phosphate Ltd (NZAX: CRP).
Chairman of the L&M Group, Geoff Loudon, said there are no set plans and the future development of the company because everything is in its infancy. Later, consideration could be given to whether Chatham Phosphate remains private or looks at an IPO.
Over the years Roger Gregg was involved in studies on the Chatham phosphorites.

Comment by Chris Castle (CRP), 8th Feb:

Chatham Rock welcomes new Chatham Rise explorer

Ross Louthean — 8 February 2012
Chatham Rock Phosphate (NZAX: CRP) yesterday welcomed news that another company has been granted an exploration permit to explore seafloor rock phosphate reserves on the Chatham Rise.
As reported by NZResources.com, the L&M Group, which has a wide range of petroleum exploration and mining interests, has been granted a permit by New Zealand Petroleum & Minerals to explore seafloor phosphate deposits over a wide area to the west, south and east of the marine phosphate permit held by CRP.
L&M holds 90% of Chatham Phosphate Ltd, with the balance held by veteran geoscientist Roger Gregg.
CRP managing director Chris Castle said he was delighted another company recognised the potential of the area.
“It reinforces the enormous potential value we see in the area, which is being constantly confirmed as we gather new technical data,” Castle said.
Chatham (Phosphate) holds a large area which has more unknowns but which could have real prospectivity for both rock phosphate and glauconite. ”
Mr Castle noted Chatham chairman Geoff Loudon has had a distinguished career in the mining industry and is widely recognised as an astute investor.
“CRP has done a huge amount of work over the past couple of years that would be of benefit to Chatham. There are many potential synergies that can be achieved, particularly relating to environmental monitoring and scientific research.”
The Chatham Rise is about 450 kilometres east of Christchurch.

Keen to keep their 350 + 350 workers employed, Newmont is beavering away in Waihi, not moving too far from the Martha pit just yet.

http://www.stuff.co.nz/business/6358...e-mining-giant

Local opposition to disturbance might keep their sights on WKP, however, and good drill grades there will help. The future Correnso mine site grades are not easy to find, still looking. Sounds like there might be 500,000oz Au there.