AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

The TSX and news services were blessed with news overnight, and the ODT has helpfully beaten the Glass Earth website to a story about a hard-rock find in Otago. This is adjacent to the Garibaldi Diggings. GEL's Maniototo permit EP53183 curls around the base of the mountain ranges here, looking for more eluvial/alluvial deposits. They've found some quartz reefs.

http://www.odt.co.nz/news/dunedin/20...gold-discovery

There are some photos related to the news release, from GEL's website. It doesn't seem to be listed as a news release on the NZAX yet.

http://www.glassearthgold.com/s/News...eportID=520319

The Maniatoto find is about 30km southeast of Drybread, on the edge of the range mentioned.

The other news is that the option date for the May shares at C35c has been extended to match the June deadline.

From NZResources:

Potential hard rock target for Glass Earth in Central Otago

Simon Hartley — 25 April 2012
A fourth potential gold discovery is being explored by Glass Earth Gold Ltd (TSX-V & NZAX: GEL) in Central Otago with plans afoot to continue trenching, then to move towards a drill programme.
Glass Earth at present has two of three alluvial gold production units operating in the Maniototo area with the third scheduled to get under way shortly, the trio targeting a quadrupling of weekly gold production to 100-110 ounces; the company's sole cashflow.
Late last week Glass Earth announced the partnership with Newmont Waihi Gold would spend another $4 million on drilling the WKP gold and silver project near Waihi in the Hauraki goldfield.
At the new fourth site in Otago, on the Little Rough Ridge in the Gimmerburn area of Maniototo, Glass Earth has indications of gold deposits in bands of both quartz and schist rocks, following about 600 metres of digger-trenching to depths of 2-3m.
Glass Earth chief executive Simon Henderson said Little Rough Ridge is adjacent to the historic Garibaldi diggings.
“This new discovery is a turning point in Glass Earth's hard rock gold exploration in Central Otago,” he said.
The discovery attested to the science-driven exploration programme focused on discovery of gold deposits similar to Oceana Gold's 7.2 million ounce Macraes gold deposit in the metamorphic terrain of Central Otago.
Earlier rock chip and soil sampling around Little Rough Ridge was followed up by the about 600m of digger trenching.
Glass Earth has spent more than $35 M in mainly South Island exploration in the past five years and in March posted a $NZ2.13 M loss for calendar 2011. However, it retained $C3.6 M cash for ramping up its Central Otago gold-extraction programme.
Henderson said income from alluvial mining this year -- which in calendar 2011 was $C316,000 from a former joint venture near Alexandra -- would enable the company to continue trenching and initiate a drilling programme; using its own drill rig.
“The plan is to continue trenching then begin drilling once the width and length of the system is known,'' he said.
In February Glass Earth bought out its southern joint-venture partner for $4 M cash and scrip, covering one tenement in the Ida Valley and two in the Manuherikia Valley near Alexandra; taking over all alluvial gold production.
Unlike Glass Earth's other three alluvial production areas, Little Rough Ridge is potentially a hard rock discovery.
Henderson said until the estimated gold resource was proven, no decision would be made on whether it would remain a 100% Glass Earth-owned venture or to seek a joint venture partner, to share in the higher production costs of hard rock mining.
*Simon Hartley is chief reporter for the Otago Daily Times.