PDA

View Full Version : AXG - Antipodes Gold [formerly GEL - Glass Earth]



Pages : [1] 2 3 4 5

Snow Leopard
05-09-2006, 07:06 PM
Glass Earth to seek NZAX listing after $10m IPO (http://www.nzherald.co.nz/section/story.cfm?c_id=3&objectid=10399807)

This gold prospector will launch their prospectus on 11th September.

Albert
13-09-2006, 04:39 PM
Has anybody managed to obtain a copy of the prospectus for the IPO?

An interesting philosophy for their data gathering information around the country. I would only be slightly concerned about New Zealand's bad for business Resource Management Act posing a hindrance for any progression when it came to any type of excavation of the land.

Further thoughts would be appreciated if anyone has had a closer look at the prospectus.

rmbbrave
20-09-2006, 09:09 PM
I got this email from ASB today.


You may also be aware there is a small issue of Glass Earth Ltd. The issue price is .25c per share and the company intends on listing on the NZAX market. We do have a small allocation in this issue. If you would like a copy of the prospectus please let me know as soon as possible. For additional information please visit the following website, www.glassearth.co.nz.

rmbbrave
20-09-2006, 11:04 PM
You can get the prospectus on their website.

rmbbrave
27-09-2006, 05:43 PM
Glass Earth prospects for gold and cash
27 September 2006

By BRUCE MCKAY
It's been a long time since a goldmining company listed on a New Zealand stock exchange. There is only one other gold prospecting/mining company listed here and that is Heritage Gold.


It listed 20 years ago and today commands a market capitalisation of about $4.6 million.

Oceana Gold has its primary listing in Australia, though its production is all in New Zealand.

Now, another prospector, Glass Earth, plans to list as an overseas issuer on the NZAX market. In an initial public offering, it is issuing 40 million 25-cent shares to raise $10 million. For every two shares bought, the company will issue an option exercisable at 35 cents before October 6, 2008.

Glass Earth is a New Zealand-based company with its primary listing on the Toronto Venture Exchange under the ticker GEL. Subscribers to the share issue will be buying securities in a foreign company that has all its activities here.

Odder things have happened, but it could have been simpler to have a New Zealand-structured company with a listing in Canada, rather than a Canadian company with a listing in New Zealand.

Glass Earth has secured prospecting rights over large chunks of the North and South islands.

In the North Island it has rights over 9701 square kilometres, centred around the Hauraki Gold Region and the Central Volcanic Plateau. In the South Island the company has 21,600sq km in Otago.

Being able to secure prospecting rights over 31,300sq km of the country probably reflects as much as anything a lack of competition in the bidding for prospecting rights.

Recent mining activity in New Zealand has been all about energy exploration; precious metals have taken a rather distant back seat.

Glass Earth reckons it can be more successful at finding commercially viable deposits of gold because of its technology. This comes in two parts.

The first is a massive database of information about previous mining activity in its prospecting areas. Glass Earth holds prospecting licences for most of the Otago Province and, given the history of goldmining in the area, there is bound to be a lot of useful historical information. This information would be gathered together and turned into a database for computer analysis.

AdvertisementAdvertisementThe second part is new technology that allows the company to "see" below the surface layer of materials covering the country. This is where the technology and lots of big mining-type words will start to confuse.

It is believed that in the central North Island, mining companies have failed to find gold because of the inability to get below the layers of ash, pumice and whatnot from volcanic eruptions. The volcanic process itself has thrown out a lot of gold and somewhere below the layers of ash are commercial deposits.

The technology would be put in an aeroplane, which is flown up and down over the prospecting site in a defined grid pattern. The data collected is then analysed to find out where the more interesting prospects lie.

The final part is to get into the field and drill into the prospects to see whether the data gathered matches up with the drill samples.

If the samples are encouraging then more holes are drilled till a site is deemed economic. At that point, the Energy Ministry would be applied to for a mining licence.

That, broadly, is the theory. This is mining by computer rather than teams of geologists marching up hill and down dale looking for a suspiciously interesting outcrop of rock.

Mining by computer won't replace geologists in the field but it should make their lives easier by pointing out accurately where to look.

Of course, flying aircraft, crunching huge amounts of data and drilling test holes isn't cheap. Of the $10 million being raised, $5.65 million will be spent in the central North Island. The company has about 21 "targets" ready for drilling in the area.

In Otago $2.5 million will be spent on "airborne geophysics" and data crunching. The Otago pros

Albert
13-10-2006, 08:48 AM
Going to keep an eye on this one to see how it PANS out over he coming weeks. Pie in the sky or not.?. See how it goes. Wonder how much effect it will have on HGD's price?

rmbbrave
14-10-2006, 05:39 PM
Quiet market debut for high-tech prospector

Saturday October 14, 2006
By Adam Bennett


Investors in high-tech gold prospector Glass Earth have yet to strike it rich after the company made a subdued debut on the NZAX alternative market yesterday.

Glass Earth's shares, issued at 25c, eased to 24c on light turnover worth just over $12,000. Options, which were issued one for every two shares, traded at 5c, pushing the total value of the stock to 26.5c.

The Wellington-based company said an initial public offer of 40 million shares had been fully subscribed, with Canadian miner St Andrew Goldfields taking 48.3 per cent to keep its stake at present levels.

Chief executive Glenn Laing said the listing would provide financial backing for the company's gold and silver exploration and development programmes.

The company, which has technology that can detect gold beneath layers of ash, holds exploration permits in Waihi, Otago, and the volcanic Central Plateau.

Steve
22-01-2007, 02:47 PM
Does this mean that there will be no interim test results for 4 months?

Glass Earth Announces Commencement of Major Airborne Geophysics Campaign (http://www.nzx.com/market/market_announcements/by_company?id=142553)
Otago Region Airborne Geophysical Survey

The airborne geophysical survey will cover an area of over 22,000 square kilometres and is the largest airborne survey of this nature ever flown in New Zealand. The airborne geophysical survey is contracted to Fugro BTW Limited. It has been planned to obtain a detailed geological understanding of the area allowing targeting of new areas with the potential for hardrock and/or alluvial gold. The survey will involve the helicopter-borne "RESOLVETM" EM system combined with a magnetic gradiometer. This system targets the top 100 metres of the earth's crust (the zone of interest for Glass Earth). Two helicopters each towing a 9 metre ResolveTM drone will carry out this geophysical survey which is expected to take about 4 months to complete.

troyvdh
25-05-2009, 06:14 PM
NBR reported today that GEL intend to commence active mining in the 3rd 1/4 this year.
i was initially drawn to this outfit a while in otago watching a helicopter towing this "torpedo thingy' over head......I hold 5000 shares and bought another 5000 today.

kenbeth
25-05-2009, 10:21 PM
i do not think they have got any Mining Permits in Otago yet?

will be interesting where they intend to mine this year as L&M took ages to get their consent for the Earnscleugh project
So looking on Crown Minerals site at current Mining Permits not many around i would be very careful at the moment..
especially at their cash burn rate....

croesus
26-05-2009, 08:32 AM
HGD should have a permit shortly......hmmm

BAPP
26-05-2009, 09:23 AM
Might be a good idea to keep an eye on the Crown Minerals site to ascertain when the actual mining permit is applied for.

Note there are several types of permit applications.

The following link will get those interested to the search page if you want to check it out further.

http://www.crownminerals.govt.nz/cms/minerals/permits/banner_template/CMINPSMINL

Cheers
BP

elZorro
28-06-2009, 03:34 PM
Glass Earth should be an interesting watch this year. They appear to be an earnest bunch of geologists, and although they have trimmed back on staff, are still working on using their own resources to get more cashflow (hence placer mining). The big picture is still to find another major resource(s) for farm-in operations, as I understand it. The exciting thing about this business is that nobody has ever made the effort to carry out a large-scale survey over NZ with the latest gear before. Which makes their gathered data worth working on. And the odds of them finding something big? fairly good I'd say.

miner
29-06-2009, 03:09 PM
These guys basically put a Exploration Permit on anything that wasn't nailed down and killed big areas for the little guy and his dredge,lots of there ground isn't commercially viable for a big operation but is for a few guys small scale,pissed off allot of people in the south island as they will never work the stuff the little guys wants to.

Same with some of there north island ground where the nature of the field is small patchy rich pockets,having a permit on half the bloody country doesn't automatically mean they will find something viable to mine.

Cheers
Miner

elZorro
29-06-2009, 07:29 PM
These guys basically put a Exploration Permit on anything that wasn't nailed down and killed big areas for the little guy and his dredge,lots of there ground isn't commercially viable for a big operation but is for a few guys small scale,pissed off allot of people in the south island as they will never work the stuff the little guys wants to.

Same with some of there north island ground where the nature of the field is small patchy rich pockets,having a permit on half the bloody country doesn't automatically mean they will find something viable to mine.

Cheers
Miner

Well Miner, I would hope that after taking several million $ in an IPO, that GEL would do exactly what they said they'd do with it. Without large exploration permits, there'd have been no point in bringing over the scanning equipment for a look around. They are looking for large scale mining opportunities, and already linking up with Newmont in Waihi, to provide some of the muscle.

But in a way, they are going to try some of the smaller scale prospecting you're keen on, down south. Looks like starting with a movable crusher/screen and the hiring of some locals, to get some cash for further operations (see website).

With all the data that they have available, their first bit of sluicing should be interesting.

- elZorro -

miner
29-06-2009, 08:57 PM
elZorro for you and other share holders I hope they find heaps of the yellow stuff,in the mean time though they have tied up countless creeks and rivers that the small guy could work,that they never will as only talking ounces.

As far as I know they wont let the little guy on,years ago when was detecting in oz SBM used to let us on there ground to detect as they were not after what we were and in time would open cut,this also helped keep the small towns out in WA going as people like me needed supply's etc.

Depends which side of the coin you look at it from.

Cheers
Miner

elZorro
01-07-2009, 10:43 AM
Thanks for that Miner. Sounds like you have a lot of field experience, I just fish the streams.. Here is some data clipped out from a press release in February this year.

"One of New Zealand's biggest gold exploration companies, Glass Earth, has started detailed testing of placer gold potential on its Otago mining leases. Placer gold is particles that have accumulated in sediment, and Otago has historically produced a total of about eight million ounces from such deposits.

"With the continuing financial turmoil, Glass Earth is moving to assess the viability of generating a sustainable source of cash flow to further fund its primary objective of hard rock gold exploration".

Test drilling had started on the first of several areas in the Otago permits covering 14,000 square kilometres, and preliminary negotiations were underway to secure equipment and experienced local staff.

Glass Earth said feasibility studies were currently underway, and if successful, it could be placer mining by September or October."

I'm not sure how the investigations are going, but there is probably plenty of mining gear available in the Otago region. I guess as soon as the snow melts we'll start hearing some more.

-elZorro-
(Can't think of a byline)

miner
01-07-2009, 03:15 PM
Finding gear down there should be the least of there problems,post a link if you have it of where they are looking to work as allot of places for big boys have already been gone over.

Remember having stuff in the ground and getting it out are two different things,more so for hard rock,I know of a place that runs at 2.5 ounces a ton(assayed) but will never get it out,should start a company drill it and sell you guys heaps of shares on the results :-).

Cheers
Miner

elZorro
02-07-2009, 11:00 AM
Finding gear down there should be the least of there problems,post a link if you have it of where they are looking to work as allot of places for big boys have already been gone over.

Remember having stuff in the ground and getting it out are two different things,more so for hard rock,I know of a place that runs at 2.5 ounces a ton(assayed) but will never get it out,should start a company drill it and sell you guys heaps of shares on the results :-).

Cheers
Miner

Hi Miner, I've found a TV3 item using info probably from Simon Henderson, the head geologist.

"Glass Earth Gold moving towards production
Fri, 22 May 2009 4:12p.m. TV3 news

Exploration company Glass Earth Gold is moving towards bulk testing of a Central Otago prospect as it contemplates placer production in the area.
Placer production involves the mining of alluvial deposits for minerals.

Glass Earth said today significant effort was being put into preparation work with a view to mining starting early in the third quarter.

The 175 shallow holes completed in the Ida Valley region led to the focus of initial attention on the McAdie Prospect at Poolburn.

Bulk testing of the prospect was due to start as soon as land use and water use consents were in place, Glass Earth said.

Securing equipment and experienced local personnel for placer mining operations was well advanced.

Glass Earth has more than 17,000sq km of gold and silver-focused prospecting and exploration permits in the Hauraki, Mamaku, North Island central volcanic and Otago areas.

In the Hauraki region, Martha Mine owner Newmont continued diamond drilling of Glass Earth's projects, starting the highly prospective Wentworth/Glamorgan evaluation last month, Glass Earth said.

Infill resistivity surveying on the Muirs/Massey reefs in the Mamaku area south of Tauranga was due to start in July to help delineate two potentially new high level vein systems adjacent to the known Massey and Muirs reefs.

As an exploration company so far, with no mining or other significant income, Glass Earth records losses each year.

But for the first quarter to the end of March it recorded a net profit of $C11,000 ($NZ16,180) due to a one-off foreign exchange gain on the transfer of 90 percent of remaining Canadian dollars into New Zealand dollars.

Glass Earth said its mineral exploration costs were further cut in the quarter with most effort being put into advancing plans for small scale mining.
NZPA

Or try this ODT article from earlier in the year:
www.odt.co.nz/news/business/.../crunch-time-now-glass-earth
which spells out the level of gold deposits needed for a return.

At the moment the GEL shares are selling here cheaper than they are on the Canadian market, the first time that's happened. It should be a good buying opportunity, compared to buying at the IPO price of 25c.

As for another IPO from you Miner, that would be interesting, but it does look like a lot of work to set up..

-elZorro-
Eternal Optimist

elZorro
02-07-2009, 09:08 PM
For those who are interested, here is part of the ODT article, as it is archived and I don't think the link worked.



Crunch time now for Glass Earth
By Simon Hartley on Sat, 21 Mar 2009 (ODT)

Glass Earth Gold, the country's largest gold explorer, has a "make or break" 18months ahead, as it moves from explorer to gold producer in the Ida Valley in Otago to generate much-needed cash flow. With resource consent applications pending, Glass Earth ideally wanted to begin tandem mining operations with 16-20 staff at two of four Ida Valley sites, targeting both alluvial gold and also operating a small "boutique" hard-rock extraction programme, chief executive Simon Henderson said in an interview with the Otago Daily Times in Dunedin yesterday.

Alluvial (placer) gold is accumulated particles eroded from hard-rock (trapped gold) formations and now found in river systems' sediment around Otago. Placer gold formed the backbone of the province's gold-rush era from the mid 1800s, accounting for about 8 million of a total 11 million ounces extracted to date.

Depending on the outcome during the year after a start between July and October, 3000oz of alluvial gold would be the break-even target, and could be boosted by a further 6000oz from small hard-rock production.

That cash flow may enable Glass Earth to finance and continue drill-testing at its five other "Macraes-type" hard-rock sites around Otago, identified from 20 prospects from a 14,000sq km aerial survey in mid 2008. Drill-testing at present employs a geology team of seven.

With the mining sector trying to raise cash in tough times, "greenfield" exploration companies have been hardest hit; 80%-90% are now out of business or deferring work. The sector was in for a "three- to five-year hiatus", Mr Henderson said.

"I'd say it [the next 18 months] is a make or break time for us. The bottom line is we won't run out of money; we could raise more or look at a merger."

An existing private alluvial gold production operation in the Ida Valley may smooth the way for resource consents. Glass Earth has recently drilled 122 test holes to an average depth of 4.5m at four sites around the Ida Valley with "encouraging" results, but grades have yet to be announced.

• What the stats say
Glass Earth capital raising ($NZD)

Oct 2006: $10 million in TSX/NZX float.
Aug 2007: $6.3 million further issue.
Jan 2008: $7.5 million, private Canadian placement.
Dec 2008: $2.4 million cash in hand.


I think there are several interesting points in this article.

GEL have raised a reasonable amount of funding already, and look to have used it wisely on surveys and unique data gathering. The books show they haven't spent a lot on frivolous capital equipment. While the GEL SP might be low at the moment, it's not a reflection on the value of their data if held/used by a major player with the funds to do more with it.

-elZorro-
Eternal Optimist

elZorro
06-07-2009, 09:40 AM
It's an interesting business, mining. While the big operators are extracting tonnes of gold and silver (Macraes OCG, approx 200,000oz gold p.a., Martha Hill Newmont previously at least 100,000oz gold p.a.) with the attendant big budgets, a smaller operator like GEL is hoping to use the latest technology to find another of these huge gold depositions.

When you think that Martha Hill produced 5 Billion dollars worth of gold (at current prices) between 1882 and 1954, it's a big operation if you get it right.

As Miner commented, show us the money. They've looked all over the country and chosen Ida Valley as the first test site for a placer operation. While this is a stopgap cashflow measure, it's also a test of their detection technology. I presume they can start giving the market some more news soon. Maybe a revamp of the website would help, GEL..have a look at NZO's.

-elZorro-

elZorro
07-07-2009, 08:58 AM
Remember having stuff in the ground and getting it out are two different things,more so for hard rock,I know of a place that runs at 2.5 ounces a ton(assayed) but will never get it out,should start a company drill it and sell you guys heaps of shares on the results :-).

Here's something for you Miner:

How about up to 13oz/tonne historically reported at the Rise and Shine Prospect? That's 370g/tonne for a small part of the diggings, and an RC drill showed 28g/tonne over a 1 metre interval. Newmont were happy to expand Martha Hill for 3g/tonne average.

http://www.glassearthlimited.com/pdfs/pressreleases/2009/GEL_PR_10Jun09.pdf

-elZorro

elZorro
09-07-2009, 07:14 PM
No response from Miner yet.. but someone has been buying a lot of GEL shares at a good price.. hmmm..

A little bit of extra information for us all about Glass Earth, in this new link:

http://www.minesite.com/nc/minews/singlenews/article/glass-earth-gold-plans-a-rapid-advance-to-modest-production-as-it-works-up-one-of-the-biggest-land-p/80.html?tx_ttnews%5Bswords%5D=glass%20earth%20gold&cHash=d2a2941e7d

The next few months are going to be really interesting, lots of irons in the fire.

-elZorro-

elZorro
10-07-2009, 10:32 AM
My apologies, I thought the new link would bypass the login requirement. This article is giving a good history of the last year or so for Glass Earth, and some new info on how they are going to carry out placer mining at no risk and minimal cost.


July 03, Minesite.com: The third of our trio is Glass Earth Gold from New Zealand which was hit even harder than most in the fall-out during the second half of the year because its major shareholder, Canadian-listed St Andrews Goldfields , sold out. It sold its first batch of shares in April 2008 which brought its holding down to 30.5 per cent and more followed. Another parcel of shares was given by St Andrews in payment for a debt and the recipient could not get on the telephone quick enough to his stockbroker to sell them. The result was that the shares fell in an almost straight linefrom C13`cents to C2 cents and though there has been a bit of recovery to C4 cents, chief executive Simon Henderson is certainly not happy to do a placing at this level.

Instead he is going to generate cash flow in short order from alluvial gold and hard rock gold targets in the Otago region of the South Island where his company has a massive land position. The seven million ounce Macraes gold mine operated by OceanaGold Corporation is on the eastern side of the Otago mesothermal gold district. It has produced two million ounces of gold in its lifetime and exploits gold mineralization without quartz veins in a ductile –brittle shear zone. Simon Henderson describes the terrain on the property controlled by Glass Earth, which adjoins Macraes, as ridgey – the ridges are where the hard rock mineralisation outcrops, while the valleys contain alluvials. The secret is that Glass Earth has a 50:50 deal with Bob Kilgour, a veteran of 30 years alluvial mining in the region. Bob has all the equipment and Glass Earth has a mass of geological data and technical know-how. Together they make a good team.

Glass Earth has a history of operating at the cutting edge of exploration technology, hence its name, and as far back as 2005 it conducted the largest airborne geophysics campaign ever undertaken in New Zealand. Its expertise is in understanding the 3D nature of ore-forming systems. The location of placer or alluvial gold is a rather different matter, but about eight million ounces are said to have been recovered in the Otago region over time, and geologists from Glass Earth have identified that the vectors to the main mineralising structures, recognised to host significant hard rock, lie directly under placer gold deposits. In other words the gold has not moved far from its primary position. Simon Henderson has picked the McAdie prospect as an initial target following the completion of 175 shallow RC holes in the Ida Valley region. Bulk testing will start as soon as water and land use permits are in place and production could commence in October.

Other work in the Otago region has highlighted that Macraes-style low angle shear related mineralisation is often overprinted by small multiple high grade quartz veins which host coarse gold. These shallow oxide ore systems are proving to be amenable to the mining and recovery methods used in placer mining. All that is needed is a mobile crushing and separation plant. If the vein quartz shows a recalcitrance in releasing the coarse gold Simon says “you just bring in a crushing contractor and take it down a size or two”. This is gold mining as it used to be in the old days and there is nothing wrong in that. Two initial targets – Ophir and Sparrowhawk – have been identified and tests on both show that they are amenable to gravity separation. There are plenty of others which need further testing, but this simple style of hard rock mining is expected to start before the end of the year.

In the meantime on the North Island the expertise of the company is being put to good use in a joint venture with Newmont Mining around the Martha gold mine which produces around 150,000 ounces of gold per year. The most advanced prospect is Goldwyn on the Hauraki project 16 kilometre north of Martha, and here a high level epithermal gold system is the target. Already a two kilometer long soil anomaly has been identified and drilling is in progress. Epithermal gold systems similar to Martha are the targets, and another has been identified at Wharekiriponga which lies between Goldwyn and Martha. Drill testing is planned once the programme at Goldwyn has been completed. The historic Muirs Reef gold deposit some 60 kilometres to the south of Martha is also being explored around the old workings. It also has similarities to Martha as a complex epithermal alteration system.

The ultimate object of Glass Earth is to discover a large hard rock gold deposit, but the company only has around C$1.4 million in the bank. If gold production from placer deposits and from the shallow oxide ore systems at Otago proves viable the cash flow will be used to accelerate exploration. At least Glass Earth avoids any signficant capital expenditure through its joint venture there, so it could be onto a modest winner.

Does anyone have some more detail they can share?

-elZorro-

elZorro
23-07-2009, 08:52 PM
Apparently not...

I did find this link about the latest Newmont Waihi work on Glass Earth's permit.

http://www.crownminerals.govt.nz/cms/news/2009/newmont-waihi-begins-drilling-goldwyn-prospect-in-coromandel?searchterm=glass

I also watch the Canadian listings for GEL, this is where the bigger action happens. You'll see the SP trend is steadily upwards, and some shareholders have obviously done very well already, as the share climbed back to something sensible from its artificial low. There is now a small number of shares on offer, and about 10x more volume on the buy side. The NZ market is back in synch with those prices (the shares are identical).
http://cxa.marketwatch.com/TSX/en/Market/quote.aspx?symb=GEL&sid=3034331

GEL seems to keep the market informed, and there should be a press release out soon, to mark July's progress.

-elZorro-

troyvdh
23-07-2009, 10:16 PM
EZ.....please do not be put off by the lack of response to your postings...i have been there...i raved about SMM...ABA...in the early days before they took off....I have been trying to get a response for GRD....on the Oz site....virtually nix.....just hang in there...cheers...

hold 10000 GEL

elZorro
24-07-2009, 08:48 AM
No worries Troyvdh, it's just a bit embarrassing having no reply posts. Maybe you and I should just ping messages back and forth for a few days and I'll cheer up..

But seriously, I think GEL is entering an interesting phase, and with fingers in lots of new areas it's a no-brainer that sooner or later a great big pile of money will be made (and shared by the shareholders). And wouldn't it be good for the NZ mining industry.


Drill results conducted by Newmont Mining on Glass Earth’s behalf as part of the joint venture agreement should be finalized (assays including) around the end of July, beginning of August -attributed to Lindsay Carpenter email around 22 July 2009-

Thanks for the reply Troy! (DISC prev. held SMM shares)

-elZorro-

elZorro
29-07-2009, 01:06 PM
OK, an update from Lindsay Carpenter overnight, who is the CHF Investor Relations agent for GEL in Canada. She states:


Press releases are normally issued on a monthly basis and there will be an operations update in the coming weeks. With the Canadian summer happening right now, news flow tends to be slower.

If you want the press releases first thing (they are posted in Canada first) then follow the Glass Earth link on their website to get on this distribution list.

CHF have a profile for Glass Earth which may include some extra data. For instance:


At SparrowHawk, in-situ rock chips assaying up to 131 g/t gold in intermittently outcropping 1m wide veins over a width of 125m, and striking out over 800m, were the focus of a two-hole drill program which delivered valuable stratigraphic information, pointing to a promising zone in SparrowHawk South.

Placer Mineralization: Bulk testing of the McAdie placer (alluvial) prospect commenced on June 16, 2009; purchase of a 75 Cu M/hr GRU (gold recovery unit) will allow fast tracking to mining if resource testing and feasibility studies are positive.

Here is a link to that profile.

http://www.chfir.com/content/clientprofile.aspx?cid=68

I'm not sure if this means that Bob Kilgour's team is already camped at the McAdie site and running material through their own equipment, or not.

-elZorro-

delboy
29-07-2009, 03:24 PM
Thanks for the updates EZ, Im a novice(learning as I go) and appreciate the info found on this site as it gives me hints on where to look and what to look for. Do your own research is a great tip...but handy to know where to look.

elZorro
30-07-2009, 03:05 PM
Thanks Yankiwi and Delboy, no problem. I'm a novice too Delboy, so take everything I say with a grain of salt..

I stuck my neck out a bit far, but here's the emailed word from Peter Liddle (GEL CFO, Auckland) yesterday:


A press release is imminent.

-elZorro-

delboy
30-07-2009, 03:45 PM
Cheers EZ, dont worry I wont hold you responsible.......for my masses of future profit...one day. Bought in around same time as yankiwi, seemed like good timing. And now we wait.

dartMonkey
30-07-2009, 05:36 PM
I see their website says "a reconnaissance drillhole was completed on Glass Earth's SheepWash prospect, just 4 kms south of the Macraes gold mine ... Assay results are pending."
I've been trying to get hold of a mate working at Macraes.
Spoke to him a year or so ago and he said that if any mine was South of theirs they were on to a winner. Or was that North? I was pretty pst.
I was going to say it'd be nice for the chart to look like OGC's in the last year or two - ie .22 to 1.78 ... well here's a comparison
http://www.cybersurfer.co.nz/ogc-gel.JPG
I thought that was interesting.
Try it with HGD and you get a similar result.
Significant rise in volume at the end of June/beginning of July which is always a good indicator but I also note a 60% rise/range since then too. Hope we didn't miss the boat.
Disc. avg. holding sub .07

elZorro
30-07-2009, 07:47 PM
Bought in around same time as yankiwi, seemed like good timing. And now we wait.

Yep, good one, Doug's alter-ego.:)

Thanks DM, for the extra input on the Sheepwash prospect, it's all getting quite interesting. Does your graph show that (as the end points of the two shares are the same) GEL is performing like other similar explorers?

I read somewhere that Newmont are searching hard for more material to run through their plant at Waihi, so the JV there should continue to see action too.

Since there haven't been any press releases for awhile, the share volume changes we've seen might simply reflect GEL being well under the radar in the last year or so. It doesn't take much interest to have a big effect on that.

-elZorro-

dartMonkey
31-07-2009, 08:05 AM
I don't think we can read too much into the chart comparison except to say that OGC and HGD got beat up worse over the last year or two.
I thought this was interesting though, given that GEL is only over the valley so to speak
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10587725

elZorro
31-07-2009, 10:59 AM
I don't think we can read too much into the chart comparison except to say that OGC and HGD got beat up worse over the last year or two.
I thought this was interesting though, given that GEL is only over the valley so to speak
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10587725

DM - Thanks for the heads up about OGC :)

Amazing the difference a year makes.

-elZorro-

elZorro
01-08-2009, 02:02 PM
I see their website says "a reconnaissance drillhole was completed on Glass Earth's SheepWash prospect, just 4 kms south of the Macraes gold mine ... Assay results are pending."
I've been trying to get hold of a mate working at Macraes.
Spoke to him a year or so ago and he said that if any mine was South of theirs they were on to a winner. Or was that North? I was pretty pst..

It's a dull and miserable old day here, and I was hoping to be poring over a GEL press release this weekend. In the conspicuous absence of that data, dartMonkey has my earnest attention.

Please DM, wrack your brains and try and remember what was said. Maybe a couple of beers will help..

Cheers, elZorro

dartMonkey
01-08-2009, 04:44 PM
The beer's not helping my memory ... :p
Although the Mrs is starting to look quite enticing ... :rolleyes:
Wouldn't listen to anything a monkey throwing darts at the Sunday paper has to say anyway ...

This might be of interest: -
http://www.crownminerals.govt.nz/cms/news/2009/l-m-starts-up-earnscleugh-alluvial-goldmine-in-central-otago
Family around there tell me that they have started work on it in the last few weeks or so.

Don't get me wrong though.
I view this as an extremely high risk play.
It was down on the tsx last night.
They have zip assets really.
Note miners comments as regards economical viability of extraction even if there is gold there.
No money coming in.
Sweet fa left in funds ...
The list goes on. Set your stops.

elZorro
01-08-2009, 05:43 PM
Fair enough dartMonkey, I agree we need to be careful. Don't use up all your supplies on my account :)

One of the problems that St Andrews Gold (Canadian cornerstone shareholder for GEL) seemed to have a couple of years ago, was that a goldmine they owned was producing all right, but at a cost way above the returns. They mothballed it and started backing out of GEL to get some funds in. St Andrews was in turn part funded by a sizable investment vehicle in Canada. Some of those people are still big investors in GEL, as far as I am aware.

At the moment the TSX trading is very light (minuscule), so don't read too much into that. They're probably waiting for the press release too.

The testing at the McAdie prospect (among others) will hopefully demonstrate to interested shareholders like us, that the detection technology works, and that even with relatively inefficient extraction methods, a good return can be made by pre-selecting the areas to work.

If the 3 July article is correct, GEL has been fairly smart in looking to bring Bob Kilgour over. They don't need to buy or lease any gear for now, and if he's turned up (for just 50% of the gold recovered) then the prospects are quite good.

I did take the precaution of looking through the outside windows of their work facility in Rotorua a year or two ago, when I was over there on the weekend. It was well organised with drill samples on racks, nothing too flash on the equipment or vehicle side, and not too much being spent on the lease. It felt safe. Maybe they could organise an open day for shareholders, that would be a buzz.

-elZorro-

elZorro
04-08-2009, 10:16 AM
200K through @ .08 in the first 1/2 hour this morning.

It looks as though the tide may be turning for GEL. I'll be watching this one closely, but for now I'm quite happy to be on board this train.

Hi Yankiwi, what is the software that generates the analysis on that graph? Assume it helps you pick whether the share is being bought or sold.

BTW, I did some in-depth research myself this morning: for each of the last few press releases that GEL has made, all came out on a Wednesday or a Thursday, apart from one on a Friday ;)

dartMonkey
04-08-2009, 10:54 AM
Hola el Zorro
this is what Yankiwi is using
http://www.directbroking.co.nz/directtrade/dynamic/superchart.aspx

elZorro
04-08-2009, 11:40 AM
Hi elZorro,

The charts are web based and free for everyone (I believe) Here (https://www.directbroking.co.nz/DirectTrade/dynamic/superchart.aspx)

I'm looking forward to an announcement! With the recent increaded activity in the last couple of months, I suspect they have something to say which you and I just may want to hear.

Hi there Yankiwi and Hola to DM,

An ideal press release would include a JPG of some extracted gold being poured (or will it be flakes?) :).
At the end of the day it's not the absolute amount recovered, but more the fact that GEL will have an income stream, they're doing the business.

Thanks for the chart info :o. I had tried supercharts but not the special features down below. The MACD option seems to be the go. I copied this explanation from a bank site.


Simple Moving Average (5, 10, 30, 90, 120, 180 day moving average): This shows the average share price re-calculated at each day for the number of days indicated.

Bollinger Bands: Plots a line usually set to one standard deviation either side of the average (you can set this figure yourself if you prefer). Plotting share price movements against the bands will help you visually identify the degree of volatility for the share you are analysing. When you see a share trading outside the Bollinger Bands you know that volatility is high.

Stochastic Oscillators Fast: Measurements of how close a shares closing price over a given time period is to its high or low prices for the same period. Chartists view these as leading indicators of possible future changes in share price. Very broadly speaking, closing prices that are consistently near the top of the share’s price range indicate buying pressure, while closing prices that are consistently near the bottom of the share’s price range indicate selling pressure.

Relative Strength Indicator (RSI): Compares an average of the closing prices where the share was up on the previous day with the average of the closing prices where a share was down on the previous day to develop a relative strength index.

The volatility of the index will increase the shorter the period used for calculation. The default number of periods for the RSI used by the National Bank Share and Bond Trading system for the measurement is: 10.

Moving Average Convergence Divergence (MACD): A trend-following momentum indicator that shows the relationship between two moving averages of prices.

The default periods for the MACD used by the National Bank Share and Bond Trading system are: 26, 12 and 9.

elZorro
05-08-2009, 07:58 AM
These guys basically put an Exploration Permit on anything that wasn't nailed down and killed big areas for the little guy and his dredge,lots of their ground isn't commercially viable for a big operation but is for a few guys small scale,pissed off a lot of people in the south island as they will never work the stuff the little guys want to.

I just found a June ODT link to an article about this, and the picture is not so bad, Miner.

http://www.odt.co.nz/news/business/61888/prospectors-granted-large-areas

Still no press release from GEL, but perhaps overnight or tomorrow night we'll see one, on past form.

What do the Canadian investors think of GEL? I found a thread on Stockhouse (TSX) last week, haven't had a decent look at it yet. There are pros and cons about the share of course, but also some details there about the big investors.

http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=GEL&t=LIST&m=27293113&l=0&pd=2&r=0

kenbeth
05-08-2009, 08:38 AM
the problem is with crown minerals which has a flawed system which stifles the exploration of the nz resources, turning ground over is the go allowing different thinking, exploration methods etc ..
not tying it up with one operator in a prospecting permit which are to large to properly to explore (Real Estating) is not the go,

be very careful there is better opp. in the market than ge
unless you are just purely gambling ?

elZorro
05-08-2009, 09:04 AM
the problem is with crown minerals which has a flawed system which stifles the exploration of the nz resources, turning ground over is the go allowing different thinking, exploration methods etc ..
not tying it up with one operator in a prospecting permit which are to large to properly to explore (Real Estating) is not the go,

be very careful there is better opp. in the market than ge
unless you are just purely gambling ?

No Kenbeth, I have invested in GEL since the IPO, and I really like the technology they are using. I don't think anyone has ever run the geoinformatics system through NZ before GEL. I'm sure Crown Minerals and many research scientists here, are very pleased that they have. That's why some of their previously held research data was released to GEL, so that once GEL had added to it with their data, it could help the general resource.

The point is, what is that data worth, just a few million, or a lot more?

kenbeth
05-08-2009, 10:20 AM
yes i agree with you with the technology,but crown minerals should have done it themselves as for example the NSW Government’s New Frontiers $16.5 million exploration initiative. and similar programs in South Australia as well,

problem is the system not the companies
cannot blame them if they can tie the ground up..good commercial practice..

kenbeth
05-08-2009, 10:22 AM
http://www.dpi.nsw.gov.au/__data/assets/pdf_file/0003/292017/Earths-gravity-measured.pdf

elZorro
05-08-2009, 10:38 AM
yes i agree with you with the technology,but crown minerals should have done it themselves as for example the NSW Government’s New Frontiers $16.5 million exploration initiative. and similar programs in South Australia as well,

problem is the system not the companies
cannot blame them if they can tie the ground up..good commercial practice..

Hi Kenbeth, a lot of our CRI funding (research) comes from FRST. On their site there is this reference:


Box 2 Glass Earth Ltd/Geoinformatics Data Intervention Project
In 2003, Glass Earth Ltd (GEL) sought all of the geo-science data GNS held for the GEL permit area in the Coromandel and Taupo volcanic regions, to develop a comprehensive 3D geological and structural model for epithermal gold and geothermal exploration. This data intervention project comprised a programme of data identification, collection, validation and modelling, through a number of partnerships with data custodians and 20 primary data sources, including GNS. This assisted the targeting of the subsequent airborne geophysical surveys to improve the 3D model developed by Geoinformatics.
The negotiation with GNS over 12 months was difficult and long for a number of reasons. Access to the GNS databases had to be negotiated with a large number of individual scientists determine actual ownership (which for some datasets rested with current or former clients), and the format and level of detail of the data to be released. Some GNS scientists were concerned that the GEL project would pre-empt regional synthesis research planned for the future. Others were concerned that the data would be used incorrectly or inappropriately beyond its compiled scale, thus reflecting badly on the custodian and GNS. A few perceived that GEL would make money from “their” data, so wanted to maximise the price for what were predominantly publicly funded research results. There was also debate about the data collation and integration techniques GEL were going to use, and the potential value of aggregated geo-scientific data.
Finally a licence fee was agreed at a cost of $20,000, on the basis that the data and the derived database would be given back to GNS on completion for their own use, but not for sale(4).

GEL spent $1m to convert the GNS and other data sets into a geo-referenced 3D digital database, and to analyse and interpret the knowledge from the original FRST-funded and DSIR legacy data. This new work equated to the equivalent of 10 person-years work (26 staff employed over 5 months), including geoscientific teams in Australia, New Zealand and India. The subsequent airborne surveys and the follow-up development and interpretation of their fully integrated 3D database and visualisation system took the total GEL spend to $5m.

10.11 This example was a successful partnership between a CRI and a private sector company. FRST-funded data were provided at a modest cost and further investment by the private sector unlocked their commercial value. However, it is also an example of where private sector funding, in the absence of FRST funding for database development, lead to the derived products being locked up in industry IP and not accessible beyond CRI research use. Such derived products have value for a wide range of other users. It also demonstrates the sort of costs involved in developing the value of data, and the time and thus cost of negotiating agreements on individual data sets where their maintenance and development is not fully funded.

(4) The data licence covered 11 databases, including 2 nationally significant databases (“Regional Geological Map Archive and Database”, and “National Petrological Reference Collection and PET Database”), with the understanding that GEL would further investigate another 10 GNS data sets. These additional data sets were separated because they would require considerable work by GNS staff to supply and/or their supply required permission from third parties. GEL was charged conversion fees for data search and extraction required for some of the additional 10 data sets, mostly in the case of hard copy files and maps.

This shows that way back in 2003, GEL were setting the stage for the results that we should be seeing soon.

elZorro
06-08-2009, 03:01 PM
I also sent an email to GEL today, asking when a market announcement could be expected.

The rapid reply from Peter Liddle "Next week"

Thanks for that Yankiwi, I nearly asked again today but decided to be cool..note that there are stringent requirements on a press release because it has to fit TSX specs as well. Big day for GEL NZ on Tuesday, strong buying. I noted that the TSX showed some volume last night too.

Dartmonkey, do I have to learn Spanish now? Hola DM!

dartMonkey
06-08-2009, 03:48 PM
Dartmonkey, do I have to learn Spanish now? Hola DM!
Me and you both.
I had to ask one of the kids.
He learned Spanish at school and then honed his skills on World of Warcraft playing with South Americans!
So much for the evils of playing on-line games ...

elZorro
06-08-2009, 06:52 PM
Me and you both.
I had to ask one of the kids.
He learned Spanish at school and then honed his skills on World of Warcraft playing with South Americans!
So much for the evils of playing on-line games ...

Como estas dartMonkey,

I, too, am fortunate that my daughter has started on some French and Spanish at College. I did bookkeeping during that stage, now I'm stuck in the office..

It's a crying shame we have to wait until next week for the GEL press release, maybe they're having trouble totting up all the gold eh?

elZorro
07-08-2009, 10:01 AM
I sold off my small punt this morning for a 26% gain in 2 weeks. :o

If history for me repeats this sould be an excellent indicator for the rest of you. I always seem to sell to early. :rolleyes:

Good luck to holders. I hope next weeks news makes the s/p soar for you! :D

Yankiwi, I cannot fault your logic: the profit was there. How long would it have taken you to get 25% at the bank?

For myself, I'm in long term, and the reason for that is partly a fascination with the scanning technology, and partly my reasoning that the data and its findings are worth a lot more than the SP would suggest.

Timo
07-08-2009, 10:11 AM
My sentiments to El.If they survive this "grand correction"then we should be quids in.Fingers crossed!

elZorro
09-08-2009, 10:58 AM
My sentiments to El.If they survive this "grand correction"then we should be quids in.Fingers crossed!

Timo, GEL won't have any trouble surviving at their current spend and policy (however the rate of new drilling would have to be lower than it was). It won't take much gold recovery from McAdie to double or triple their staff capacity. And that's before they ask the market for anything. I note also that they are working either with, or near, the two big gold miners in NZ (Newmont and OGC). I think they're in a great position.

elZorro
09-08-2009, 05:58 PM
I was curious to see where GEL is going to be working:

There is a McAdie Road near Poolburn, which is about 40km north of Alexandra, Otago. Bob Kilgour operates Dunstan Mining Ltd, in Alexandra, so it's not far away.

http://maps.google.co.nz/maps?hl=en&q=poolburn+ida+valley&ie=UTF8&ll=-45.14167,169.694481&spn=0.028515,0.055017&t=p&z=14

I also found a site that describes a great-looking scenic tour around the area.

http://www.promotedunstan.org.nz/PDSelfDriveBrochure.html

Timo
10-08-2009, 03:06 AM
Timo, GEL won't have any trouble surviving at their current spend and policy (however the rate of new drilling would have to be lower than it was). It won't take much gold recovery from McAdie to double or triple their staff capacity. And that's before they ask the market for anything. I note also that they are working either with, or near, the two big gold miners in NZ (Newmont and OGC). I think they're in a great position.
Yes I agree el,they have great tech. and appear to be managing the current situation very well.Hence GEL is my biggest position in my precious metals portfolio.Alot of potential but there is risk of course.

elZorro
10-08-2009, 07:54 AM
Yes I agree el,they have great tech. and appear to be managing the current situation very well.Hence GEL is my biggest position in my precious metals portfolio.Alot of potential but there is risk of course.

Hi Timo, yes there would be some risk, but how else can ordinary people get a share of this exciting prospecting business? It can't be riskier than spending your capital on setting up a new cafe or a bar (say) and then hoping people will come in the door - ordinary people do that all the time.

Here's a press article about Bob Kilgour's family background re goldmining near Alexandra. Seems to me he'll know what he's doing..

http://www.stuff.co.nz/southland-times/news/26238#share

It looks like a smallish operation in the 1930s recovered up to 10lb of gold a day, that's US$150,000 a day!

Timo
11-08-2009, 07:55 AM
Sounds like the right guys to have at the goldface so to speak.
Cheers for the article el.

elZorro
11-08-2009, 10:14 AM
Sounds like the right guys to have at the goldface so to speak.
Cheers for the article el.

No problem: it's wonderful, this google engine. Wish I'd thought of it..

Keeping an eye out for anything to do with GEL in August, no luck. The CHF site in Canada hasn't been updated since late June. There is this bit of related news on NZ gold production, just out yesterday from Crown Minerals.
Enjoy!

http://www.crownminerals.govt.nz/cms/news/2009/nz-gold-production-highest-in-past-30-years/

elZorro
11-08-2009, 12:58 PM
Here's some more info for the GEL puzzle: alternative income perhaps..

http://www.contrafedpublishing.co.nz/QM/June-July+2009/All+that+glitters.html

-and it's also a useful status report on all the NZ gold prospectors.

Go back a couple of years and Lindsay Clark wrote this article:

http://www.contrafedpublishing.co.nz/Energy+NZ/Issue+2+Spring+2007/Exploration+investment+thwarted.html

The Geoinformatics data system could be used to find all sorts of minerals and resources, including geothermal power. You will note that there is a company called Glass Earth Geothermal, a wholly owned subsidiary of GEL.

Canstock
11-08-2009, 02:03 PM
I just wanted to say thanks for all the information you guys post. It really helps me stay in touch with what's going on with GEL. I have owned GEL for about a year now, and am eagerly awaiting news.

Greetings from Canada

elZorro
12-08-2009, 07:56 AM
I just wanted to say thanks for all the information you guys post. It really helps me stay in touch with what's going on with GEL. I have owned GEL for about a year now, and am eagerly awaiting news.

Greetings from Canada

Welcome to the forum Canstock :)
We're hoping you'll be able to give us some insights from your side of the world! There's probably a bit more traffic over there on Stockhouse generally: this site might get under 100 postings a day but quite a lot more are 'just looking thanks'..

I see still no press release overnight :( , but maybe it's just a few hours away now. Possibly the last few bargain GEL shares are sitting over there on the TSX, but the total volume for sale is about 300k (Normally over 1mill). So we're all just waiting at the moment.

Maybe some of the FA gurus on this forum could post us an idea of what valuation technique you can use on a company like GEL, some scenarios perhaps - or we could just fabricate a press release :D -

Regards,

elZorro
12-08-2009, 03:06 PM
As the last GEL press release was on a Wednesday, and timed just before the start of trading on the TSX (9.36 ET), I'm going to bet one can of beer (cold) that the email from Canada will reach NZ at about 1.30 am tonight, NZT :)

Timo
12-08-2009, 08:55 PM
el I'm not a betting man! HaHaHa!But I'll join you in a tipple.Can you believe they serve Guinness cold here now.So much for the Celtic tiger.
P.S.The IMF has said Ireland faces stresses greater than those of any other advanced economy.I'd have to toast the NZX and ASX to helping me put food on the table.And also all you guys for your invaluable forum.Slainte

Cannibal
13-08-2009, 07:47 AM
Well Zorro - it is 8:46am now, despite what the clock on this site says, and I did not get rich overnight - sigh! And it is now 4:46pm in Toronto.

Mine's a Heineken please.

elZorro
13-08-2009, 09:01 AM
Well Zorro - it is 8:46am now, despite what the clock on this site says, and I did not get rich overnight - sigh! And it is now 4:46pm in Toronto.

Mine's a Heineken please.

Morning Timo and Cannibal, sorry my powers of prediction are not so good at the moment! So for another day at least, we have to put in an appearance at work. I owe you both a beer! I think I should be able to get a package to Wellington cold no problem Cannibal. Timo - might be an issue :).

But, if Peter Liddle is true to his word, there will be a press release tonight most likely.

Timo
13-08-2009, 09:52 AM
No worries el.Found a couple of over 20 yr old bottles of whisky in the my deceased father inlaws shed the other day!

Cannibal
13-08-2009, 10:12 AM
Is that whisky or whiskey? Slainte!

Cannibal
14-08-2009, 08:16 AM
Yankiwi posted this last week

I also sent an email to GEL today, asking when a market announcement could be
expected.

The rapid reply from Peter Liddle "Next week"

If he wants to meet that deadline he is leaving it late - especially if he prefers to announce on the TSX first.

Up 10% on the TSX overnight with volume of 500k+

Ngao
14-08-2009, 09:48 AM
Hey there from a new GEL holder. What results are you expecting this week?
It is great to see so many comments on this company. Not much on the Toronto
boards.
N

elZorro
14-08-2009, 09:56 AM
Hey there from a new GEL holder. What results are you expecting this week?
It is great to see so many comments on this company. Not much on the Toronto boards.
N

Hi there everybody, I have just phoned Peter Liddle in Auckland, who was quite relaxed but had to admit that they've probably missed the deadline for a press release this week. He is waiting for some data from somebody, and has put pressure on them to deliver that, but it's not done yet.

I did not discuss the contents of the press release (that would not be on).
But he seemed calm and unworried..

Cheers,

elZorro
14-08-2009, 10:21 AM
Thanks for sharing elZorro.

Did he mention he would be purchasing more shares for himself today? ;)

No, but he did mention there were some in Toronto for CAN5.5c, and was pleased there was more interest in the company being shown. He thought it was a good result that the two sharetrading forums had made a connection.

I got the impression he would have liked to say more (but couldn't), and even that is good enough for me at this stage.

Cannibal
14-08-2009, 10:36 AM
Thanks Zorro - saves me checking every 10 minutes!
Interesting - CAN5.5 cents = NZ7.45 cents. Quite a bit cheaper than the current price here of 9 cents.
They were 6.8 on the TSX yesterday...

elZorro
14-08-2009, 12:20 PM
Thanks Zorro - saves me checking every 10 minutes!
Interesting - CAN5.5 cents = NZ7.45 cents. Quite a bit cheaper than the current price here of 9 cents.
They were 6.8 on the TSX yesterday...

Yes, but over there, 300k volume can be light trading. I can't see the depth on the ask offers, but some are looking for CAN9.5c. Direct Broking have organised purchases on the TSX in the past (have to be above a certain value though, not sure if they're still doing it), and you can do paperwork to bring those shares back to the NZ exchange later.

As usual, a time machine would be handy, so we could go back and buy some shares at the post-crash price :).

But as no-one has been keen to part with any of their NZ: GEL shares for less than NZ9 cents for the last 2-3 days, those that are left on the TSX look a good buy.

Canstock
14-08-2009, 12:46 PM
You rock el Zorro!

Thanks for the update.

elZorro
15-08-2009, 02:39 PM
It's been nagging at me a bit: is NZ a significant gold producer considering the size of the country? I've got some figures here from google, so I hope they're accurate.

Humans worldwide have mined about 158,000 tonnes of gold (just 5080 Moz), and 65% of that was recovered since 1950. 1 troy oz gold =31.1 gram.

NZ had a late start adding to the pile - it was around the 1850s before many miners turned up - and we have contributed 35Moz in total.

Current world production is about 80Moz p.a., with NZ producing 0.5Moz of that (0.6%).

Based on land area, we have 270,530 sq km, so 0.18% of the land. We have historically produced 0.69% of the gold recovered worldwide, so we're punching about four times above our weight.

I'm not a geologist, but one summary I read talks about major gold deposits in South Africa being one type of source, and land masses near the volcanic ring being recycled versions of those deposits (that would be us).

http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6V61-4R8KN5J-1&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&_docanchor=&view=c&_searchStrId=980921696&_rerunOrigin=google&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=e3773961ddbe659877d4c2b5cabd8bb7

And I found the last comment very interesting, because scientists very rarely overstate anything.


The overall proportion of gold concentrated in known ore bodies is only 7 × 10− 7 of the estimated total amount of gold available in the continental crust. This is less than the solubility of Au in common crustal fluids. A high potential for the existence of voluminous, hitherto undiscovered, gold resources may thus be inferred.

H.E. Frimmel, Division for Geodynamics and Geomaterials Research, Institute of Geography, University of Würzburg, Am Hubland, D-97074 Würzburg, Germany

Ngao
16-08-2009, 12:29 AM
Good day El Zorro

Thanks for the interesting research! Enjoy your week-end.

N.

elZorro
16-08-2009, 06:53 PM
Good day El Zorro

Thanks for the interesting research! Enjoy your week-end.

N.

You're welcome Ngao. That handle looks Maori in origin, but you're in Canada?

I just had a look back on the thread, and none of us mentioned the Rise and Shine Prospect that GEL bought in to, in June this year. It's mentioned in a press release on their site, and some more detail here:

http://www.guide2.co.nz/money/news/business/gold-prospector-takes-option-on-70pc-stake-in-rise-and-shine/11/8629

I think GEL must have some very good data around this prospect, as they jumped in when things were fairly tight financially. Another good point, it strengthens their links with OGC and Macraes.

Ngao, can you help fill us in with CanAlaska and their uranium mining? It's apparently even more profitable..

Ngao
16-08-2009, 11:46 PM
El Zorro, Where did you come upon this one? It is new to me but their two page fact sheet on investor section of site is very interesting. There is also a 5 page analyst report dated August 13th at:
www.hotstocked.com

Ngao is/was a suburb of Wellington where I lived for 4 wonderful years.

Ngao
16-08-2009, 11:54 PM
Sorry for oversight El Zorro, just read your ref to Rise & Shine and see your connection to CVV.
N.

elZorro
17-08-2009, 07:16 AM
El Zorro, Where did you come upon this one? It is new to me but their two page fact sheet on investor section of site is very interesting. There is also a 5 page analyst report dated August 13th at:
www.hotstocked.com

Ngao is/was a suburb of Wellington where I lived for 4 wonderful years.

Ah, now I get it..you have a fair idea about the geography here then.

Yes, CanAlaska (CVV: TSX) sold down their position at Rise and Shine and Bendigo, to GEL. Their SP has dropped from 75c to as low as 4c over 3 yrs, but is now stable at 17c from the look of it. You Canadians are tough on the smaller companies..but on the rise there's plenty of money to be made.

I rediscovered (on the GEL website!) this brochure from Crown Minerals, dated 2004: Explore NZ Gold, and it's extolling the virtues of NZ for mining prospects, and going back over our mining history. It even mentions some of the ground that GEL snapped up not long after. It explains the types of gold depositions that we have here, with one big map that's quite interesting too.

http://www.glassearthlimited.com/background_information.html

Cannibal
17-08-2009, 07:35 AM
Er - The Wellington suburb is called Ngaio...

Ngao
17-08-2009, 08:25 AM
Sorry, Cannibal. It has been a while. To be more accurate, I could have said Crofton Downs :O)

elZorro
17-08-2009, 06:34 PM
ngaio = cool , crofton downs = freaky religious ppl who have built themselves a doomsday bunker and lost national an election

that about sums up the differences

edit: oh and ffs find some f***en gold already - thought this muirs reef was my ticket to riches - was not to be obviously

Hello Smokin Cubans, what an entrance! Maybe you need to get out more..
I'm not sure all of us are National voters :rolleyes:

I wasn't going to point out the spelling, it was close enough, we figured it out Ngao :)

Muirs Reef (is it the name you liked SC?) is still one of the spots GEL is test drilling, I guess we'll find out more soon. And no, I'm not placing another bet on what day/night for the NR. Peter L. didn't say.

More support for the NZ9c price today, all good.

miner
17-08-2009, 08:02 PM
Hello Smokin Cubans, what an entrance! Maybe you need to get out more..
I'm not sure all of us are National voters :rolleyes:

I wasn't going to point out the spelling, it was close enough, we figured it out Ngao :)

Muirs Reef (is it the name you liked SC?) is still one of the spots GEL is test drilling, I guess we'll find out more soon. And no, I'm not placing another bet on what day/night for the NR. Peter L. didn't say.

More support for the NZ9c price today, all good.

Could they be home grown cubans ???

elZorro
17-08-2009, 08:31 PM
Could they be home grown cubans ???

Yeah, well I was wondering..

Good to see you back here Miner, did you think any of the posted info was any help? Do you have anything to tell us about the areas GEL is working in? All donations gratefully accepted..

Ngao
18-08-2009, 12:15 AM
Wow - time sure changes things. It was 40 years ago - saw first moon walk while there. There wasn't any church - just a huge playground built over a tip in the bowl of the crator. I think the idea was to let it settle 10 years before building on it. At that time it was a community of young people starting out with first homes.

I'm sorry to be so off topic - but hope for a news release soon.

elZorro
18-08-2009, 07:23 PM
Wow - time sure changes things. It was 40 years ago - saw first moon walk while there. There wasn't any church - just a huge playground built over a tip in the bowl of the crator. I think the idea was to let it settle 10 years before building on it. At that time it was a community of young people starting out with first homes.

I'm sorry to be so off topic - but hope for a news release soon.

Yes, we're all keen and waiting - guess you'll be one of the first to read the press release though :)

Ever wondered why the releases can be tough reading?
The press release from GEL has to follow the NI 43-101 rules from the Canadian CSA (2001) and the JORC (Australasian) rules for disclosure. I found a copy of the 43-101 rules here:

http://www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part4/rule_20051007_43-101_sd-mineral-projects.pdf

and some notes from laywer-style people about things to watch out for:


NI 43-101 - Some tricks and traps Mineweb excerpts only..
National Instrument 43-101 is a rule developed by the Canadian Securities Administrators (CSA) and administered by the provincial securities commissions that governs how issuers disclose scientific and technical information about their mineral projects to the public. Brian Graves of Canadian law firm, McCarthy Tétrault details some of the areas in which mining and exploration companies need to be particularly careful in their disclosures.

Author: Brian Graves (McCarthy Tetrault*)
Posted: Saturday , 10 May 2008 TORONTO -

Since National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) came into effect in 2001, most market participants would agree that the quality of technical disclosure by mining companies has much improved. There are, however, still areas to which issuers and underwriters should continue to pay attention, both to avoid the need to correct or re-file technical reports and disclosure documents (with resulting expense and delay) and to ensure they are taking adequate steps to protect themselves from liability. The following selected points to watch are drawn from our recent experience and from recent commentary by securities regulators.

Use of Terminology. Issuers are still sometimes running into problems when using the terms "feasibility study" and "preliminary (or pre-) feasibility study." Because the popular use of these terms can be imprecise, they are specifically defined in NI 43-101 and their usage in technical reports and disclosure documents must be consistent with these definitions.1 Technical reports that use these terms in reference to less comprehensive studies will need to be re-named and re-filed, and any disclosure made in reliance upon them similarly re-cast.

Economic Analyses. To the extent a lesser study, such as a scoping study, results in IRRs, NPVs or other measures of economic viability, even if not a feasibility or pre-feasibility study for NI 43-101 purposes, such a study may be considered a "preliminary assessment" and its disclosure permitted, subject in certain cases to cautionary statements being included in the disclosure. However, an economic analysis of a pure exploration target, where not even inferred resources have been delineated, is not permitted.

Use of Proceeds. Where a technical report is prepared in connection with a prospectus financing, and some or all of the proceeds are to be used to fund further exploration or development of a property, the "use of proceeds" section of the prospectus should be generally consistent with any recommendations for further work that are made by the qualified person (QP) in the technical report.

Websites/Presentations. Remember that NI 43-101 applies to all disclosure of scientific or technical information made by or on behalf of an issuer, and not just to disclosure in paper or printed form.

Appropriate QP Sign-off. If a QP is purporting to sign off on all technical information disclosed in a technical report or company disclosure, the issuer should ensure that the QP is appropriately qualified for all the information on which he or she is opining.

Conflicts with Foreign Disclosure Rules. Sometimes inconsistencies between the disclosure rules in Canada and those in foreign jurisdictions can make compliance a challenge.
--------------------------------------------------------------------------

1 A "feasibility study" refers to a comprehensive study of a mineral deposit in which all geological, engineering, legal, operating, economic, social, environmental and other relevant factors are considered in such sufficient detail that the study could reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit for mineral production. In popular usage, this is sometimes referred to as a "bankable feasibility study." A "preliminary (or pre-) feasibility study" means a study of project viability in which the mining method or pit configuration, and an effective method of mineral processing, have both been determined and which includes a financial analysis based on reasonable assumptions about each of the foregoing factors that are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve.


*McCarthy Tétrault is a Canadian law firm that delivers integrated business law, litigation services, tax law, real property law, labour and employment law nationally and globally through offices in Vancouver, Calgary, Toronto, Ottawa, Montréal and Québec City, as well as London, UK. This article was first published in Mining Prospects, a periodical publication produced by McCarthy Tétrault's Global Mining Group. (http://mccarthy.ca)

So it's not going to be an easy road writing an exciting press release, until the prospect/resource in question has been thoroughly delineated. I guess we shareholders will have to read between the lines a bit ;)

elZorro
19-08-2009, 06:56 AM
Glass Earth Gold Signs Deal to Allow Hard Rock Gold Mining This Year


10:09 AM ET, August 18, 2009


WELLINGTON, NEW ZEALAND, Aug 18, 2009 (MARKETWIRE via COMTEX) -- Glass Earth Gold Limited (GEL)(NZAX: GEL) ("Glass Earth") announces that it has entered into an option agreement to acquire a 50% equity interest in Exploration Permit 40 427 known as the Ophir prospect in Otago, New Zealand, with Ophir Gold Ltd, a private company.

More Here (http://cxa.marketwatch.com/TSX/en/Market/article.aspx?guid=http%3a%2f%2fsystem.marketwatch. com%2fnewscloud%2fdocguid%2f%7bF6D50F7D-1C30-45D3-ADF9-97FB671065E5%7d&symb=GEL)

Thanks for the tidy post Yankiwi, at last some news :).

Bob Kilgour has a substantial interest in Ophir Gold Ltd, and the mine at Ophir is not far away from the McAdie Prospect, a short drive from Alexandra. So is this 50% equity interest, the subject of the press release earlier about Bob Kilgour's team doing the recovery work for 50% of the gold? Maybe it's a contra deal, and Dunstan Mining will work on GEL areas elsewhere under similar arrangements.

Of course, the GEL aerial work may have highlighted promising areas near the Ophir EP, and as GEL had all the surrounding area, it makes sense to do it this way. It would be a good job for the GRU they talked about, and those grains of gold sound quite big (4-10mm diameter) ;).

The press release came out at start of trade in Canada, and had no major effect on the share (see Stockhouse thread).

http://www.stockhouse.com/Bullboards/SymbolList.aspx?s=GEL&t=LIST&f=26&l=50&c=2&r=0

Islander 16 (Canada) commented:

New JV with Ophir Gold Ltd. News just released 1 hour ago. Hasn't made it to their website yet. Looking very positive going forward in generating their own cash flow with POG well over $900 US$. No possibility of any SH dilution as drilling programs will be fully funded internally. Current SP still looks very cheap for this company imo.

I think there must be a lot more news to come, there's not much in this press release that couldn't have been put together quite quickly.

Aotea
19-08-2009, 05:52 PM
Hi all,

Defintely some real potential in the sites, but obtaining sufficient water is going to be the big ask. All surrounding watercourses are overallocated from a regional council perspective.

something to think about for the punters...

elZorro
19-08-2009, 07:27 PM
Hi all,

Defintely some real potential in the sites, but obtaining sufficient water is going to be the big ask. All surrounding watercourses are overallocated from a regional council perspective.

something to think about for the punters...

Welcome to Sharetrader, Aotea (the posting side anyway) :)

You make a good point: shareholders don't have any detail about what sort of a process is involved in getting future consent for even small-scale mining.

I'm sure the population of 50 at Ophir (currently) isn't wanting GEL to be flogging all their water and making a mess of the river that runs through there. But it is variable: flow 0.3(min) to 600 cusecs (m3/sec) mentioned somewhere on google. Guess at a push they could store some in a dam and recyle it. I've seen quarries doing that, and the crushing operation uses very little water, but lots of power.

Aotea, I like your comment:
Defintely some real potential in the sites.. assume this applies to the ones mentioned around Ophir. It looks like a nice place to visit, with lots of history. I found this:


So laugh with me now or cry with me now
As you tramp those memoried tracks
For they all lead down to Ophir Town
And the old time town of Blacks.
(Todd Symonds)

Aotea
20-08-2009, 04:08 PM
Thanks elZorro,
Have watched on for a fair while, and always have plenty to say.

Have quite a lot of experience working for the regional council in Otago, know the river very well.It is what is considered to be overallocated several times over and the only way you could get water is to do flood harvesting or buy a mining right, a historic mining permit for the water take, and then get it fully reassessed by the Council for all the tosh they consider now. Also, the landowners value thier mining rights more than they do their wives as it is the only thing that keeps most farming operations viable there. The entire Manuherikea catchment all all in the calculations by Council, so minor tributaries are in the same position. Could drill very deep bores potentially though....

Holding: hgd, lmp, syft, clv, esi, hfa, kas, tex.

elZorro
21-08-2009, 10:30 AM
Thanks elZorro,
Have watched on for a fair while, and always have plenty to say.

Have quite a lot of experience working for the regional council in Otago, know the river very well.It is what is considered to be overallocated several times over and the only way you could get water is to do flood harvesting or buy a mining right, a historic mining permit for the water take, and then get it fully reassessed by the Council for all the tosh they consider now. Also, the landowners value thier mining rights more than they do their wives as it is the only thing that keeps most farming operations viable there. The entire Manuherikea catchment all all in the calculations by Council, so minor tributaries are in the same position. Could drill very deep bores potentially though....

Holding: hgd, lmp, syft, clv, esi, hfa, kas, tex.

This is very handy info Aotea, will help us consider the issues a bit better. I just found some new news!!

http://www.odt.co.nz/print/70735

GEL expect to be totting up bulk testing gold from McAdie and maybe Gun Club by the end of August (this month) :)

GEL: TSX traded well last night, should be CAN6c by overnight or better.

Any comments?

elZorro
23-08-2009, 08:41 PM
Here is a research paper I found on the Crown Minerals site (Simon Henderson lead author) that describes the use of the GeoInformatics system to reduce the time to discovery and increase the probability of success.

http://www.crownminerals.govt.nz/cms/pdf-library/minerals/conferences-1/134_papers_41.pdf

The very end of the short paper has this passage:


Conclusions
Glass Earth has carried out a structured risk managed process guided by the Geoinformatics Data Intervention to examine the Coromandel Central Volcanic Region as a virtually unexplored epithermal gold province under cover of Recent volcanic ash. Intelligent, intensive, interrogation of digital data had provided a new geological and structural model of the geology of the CCVR.

Compiled with new ultra-detailed geophysical data this has led to the defining of new calderas, structures and temporal relationships between gold and rift developments and enabled direct targeting of signatures representative of potential gold deposits.
This multi-layered strategic approach to exploration has taken green-fields areas of 14,000 sq.km to drill targeting within two years.
21 targets prioritised have alteration, structure and geological characteristics similar to that of the world-class epithermal gold deposit Martha, Waihi. Up to 70 other potential targets have been identified.

I need to do some more research to find out how many of these were drilled or dropped from the list, but that's quite a bit of prospecting to be done, from just one part of the area GEL holds. Remember Martha Hill has yielded over 10Moz so far, an internationally significant resource.

GeoInformatics (Canadian based) are perhaps too good at their job - they have discovered and mapped out a resource called Whistler in Alaska (4.4Moz inferred), and amalgamated with Rimfire to form a new company called Kiska (KSK:TSK) just this month. I'm not sure if that means they will still be offering their services to GEL if needed.

elZorro
24-08-2009, 09:12 PM
With GEL now handling real ore, (as pointed out by other posters), just how hard is that going to be? There is no doubt that GEL will find gold in their prospects, but it needs to be enough to be viable, either small-scale or large-scale more hopefully. I googled around a bit and cannot find any numbers as to the probability of a given drill(s) being a positive result. Maybe there are others here who could give an idea. It would depend also on the science being used.

But, if you look at Martha Hill, that can provide some figures. Assuming the average gold grade was 3g/tonne, and it has yielded 10Moz, I assumed the ore moved was twice as heavy as water, so 47 million cubic meters of it was processed (plus overburden moved). But the ore would have fitted into a space about 360mtrs x 360m x 360m. That lines up with a satellite map of Waihi quite well. It's not a big area, quite compact.

I can see now why GEL wanted fairly tight spacings on their electromagnetic and gravity surveys.

elZorro
25-08-2009, 08:45 AM
Glass Earth takes 50% stake in Ophir
By Simon Hartley
Created 20/08/2009 - 05:00

Toronto-listed Glass Earth Gold has taken a 50% stake in private gold explorer Ophir Gold Ltd and will spend at least $250,000 on evaluating Ophir's prospect near Omakau in Central Otago.

If a decision to mine is made, the 50:50 joint venture's objective is to undertake open-pit mining at Ophir and process the ore, with Glass Earth's share providing some cash flow for the exploration company.

The joint venture is another step by Glass Earth to move from being a gold explorer to producer and underpin its future with some cash flow.

Glass Earth has raised $24 million in several placements since 2005 and to the end of June this year had about $1.85 million cash on hand, enough to finance it through to July next year, Glass Earth chief executive Simon Henderson has said.

Ophir had numerous highly prospective mineralised reefs, as well as near-surface gold-bearing gravels, contributing to the excellent potential of the overall joint-venture area, Mr Henderson said.

The Ophir tenement covers about 640ha near Omakau, northeast of Alexandra, and had delivered 1200 ounces of gold by 1939.

Test drilling by Ophir Gold in 2006 estimated up to 109,000 ounces averaging 3.99g of gold per tonne of ore mined.

Mr Henderson said should a decision be made to go ahead, Glass Earth would be responsible for funding the design, permitting and installation of a processing plant, but Ophir would reimburse Glass Earth for its share of the plant acquisition from its after-tax profits.

Glass Earth has also undertaken to contribute "additional ground" around Ophir Gold's existing permit.

Mr Henderson said the predominance of coarse gold raised difficulties in adequately testing such mineralisation by drilling, and he preferred to tackle the appraisal for mining by bulk testing of ore around several of the vein systems.

"Irrespective of the smallish scale of the initial mining approach, it may provide positive cash flow for Glass Earth, especially as gold prices remain high," Mr Henderson said.

Privately owned Ophir Gold raised $700,000 in a private placement in mid-2006 and undertook a 17-hole drilling programme, increasing its estimated gold resource more than eight-fold.

Ophir Gold had earlier in the same year completed a similar programme costing $400,000.

The company had in 2007-08 considered raising $2 million in a private placement and also listing on the New Zealand stock Exchanges's alternative NZAX board, but that never went ahead.

In mid-2007, there was a board reshuffle, with founding directors Dr John Scott and Central Otago miner Bob Kilgour standing down from the board, but retaining their shareholdings, and being replaced by Ray Polson, of Dunedin accountancy firm Polson Higgs, and Alistair Ward, of investment bank Campbell McPherson in Auckland.

Since then, Ophir Gold's more than 7 million shares have been held by nine separate companies and 32 individual shareholders - about a third of whom are from Otago.

Ophir Gold Ltd is the 100% shareholder of Ophir Gold Exploration Ltd, whose directors are Mr Polson and Mr Ward.

In a similar cash-generating development, Glass Earth is continuing with a separate project in the Ida Valley, where it is concentrating on two of four gold prospects.

The company has a break-even target of 3000 ounces of alluvial gold and potential for a further 6000 ounces from hard-rock mining in the Ida Valley, but to date there have been no test results released giving a resource estimate.

Among Glass Earth's extensive activities around Otago was a $4 million, 18,000sq km airborne geophysical survey in 2007, under the largest permit ever issued in New Zealand, which was assisted by a $1 million contribution from the Otago Regional Council for collation of water-related data.

Source URL (retrieved on 25/08/2009 - 09:24): http://www.odt.co.nz/news/business/70550/glass-earth-takes-50-stake-ophir Links:[1] http://www.odt.co.nz/

I missed this article earlier, and it's quite useful in spelling out how the operation near Ophir will be done. An inferred resource of 109,000oz is looking interesting. The breakeven point of 3000oz refers to the alluvial output (nearby Ida valley) needed from one year of operation of some unspecified mining gear, perhaps the GRU.

elZorro
25-08-2009, 06:16 PM
Newsletter #12 was posted to the GEL website today, it's already been sent to Otago locals near the prospects, in July/Aug.

Before you have a look at this, remember I have briefly checked a GEL workplace, and they don't spend money unnecessarily..:)

http://www.glassearthlimited.com/pdfs/newsletters/GEL_newsletter12.pdf

The bulk testing gear might be small, but I wouldn't mind being there during the washup :D. I guess the big GRU is looking a bit more respectable by now, and ready for use.

JBmurc
26-08-2009, 07:46 AM
be trail-riding again round the cromwell ranges soon might take me pan next time find me some nuggets

elZorro
26-08-2009, 12:38 PM
be trail-riding again round the cromwell ranges soon might take me pan next time find me some nuggets

You might have gold fever JB, better take an aspirin for that :)

But it does sound like you can find gold all over the place in Otago..don't go stepping on GEL's permits now:cool:

elZorro
28-08-2009, 09:12 AM
http://www.marketwire.com/press-release/Glass-Earth-Gold-Limited-TSX-VENTURE-GEL-1036532.html

Needs some analysis, but some big positives:

Muirs Reef signalled as encouraging signs of major epithermal gold deposit, more work being done there.

More work at Bendigo/Rise&Shine re farm-in.

The GRU is in fact a 40 tonne alluvial gold dredge that works in its own pond, a bit like this one only smaller perhaps?

http://www.mineralswestcoast.co.nz/dredge.html

It has been purchased with help from someone like Dunstan Mining, and has already been refurbished. It can handle 70-80 cubic metres of ore per hour (about 150-225 tonne/hr).

Some prospects have been dropped and their exploration costs depreciated, but GEL still has 6.3% of the total area of NZ to work with. Big holdings in Otago (esp), CVR and Waihi area still, with Marlborough?

JV with Newmont in progress at Goldwyn (aptly named I hope).

The limited books data shows a frugal outfit (esp. compared to Telecom).

Now all we need are some yield figures for various areas..

Aotea
29-08-2009, 12:11 PM
We will get a better idea of what GEL is getting into in the coming months. They will start to surrender 1/3 of thier EP and then another 1/3 (i think) after that. They have certainly overlooked one nice spot, and have gifted me a surrender to seek my own mining permit...

elZorro
29-08-2009, 02:29 PM
We will get a better idea of what GEL is getting into in the coming months. They will start to surrender 1/3 of thier EP and then another 1/3 (i think) after that. They have certainly overlooked one nice spot, and have gifted me a surrender to seek my own mining permit...

Welcome back Aotea, thanks again for your mining industry input. That would have to be a tough decision for GEL - which EPs to give up on. Maybe they're hoping enough funds will come in to hold onto more of it. Can you give us any info on the likely setup for McAdie and Ophir, and how the alluvial dredge might go with ODC? What size operation are you intending?

Aotea
29-08-2009, 02:39 PM
Thanks,
The requirement to reduce the EP area was due to Crown Minerals, and allowing them to claim such a vast area in the first place. This info can be found on the CM website. Small miners were getting twitchy about the claim over virtually all of Otago stopping hobby projects. The 1/3 and 1/3 reduction was about mitigating that. Re the new project, I dont really know. Kilgour knows his stuff and has been working with GEL as 'their alluvial specialist'. Will be interesting, but my personal opinion is not taking into account water availibilty issues, GEL has real promise. I dont hold any, but have. Maybe wll buy in again. Info re water availability can be found on the Otago Regional Council website.

elZorro
29-08-2009, 05:04 PM
Thanks,
The requirement to reduce the EP area was due to Crown Minerals, and allowing them to claim such a vast area in the first place. This info can be found on the CM website. Small miners were getting twitchy about the claim over virtually all of Otago stopping hobby projects. The 1/3 and 1/3 reduction was about mitigating that. Re the new project, I dont really know. Kilgour knows his stuff and has been working with GEL as 'their alluvial specialist'. Will be interesting, but my personal opinion is not taking into account water availibilty issues, GEL has real promise. I dont hold any, but have. Maybe wll buy in again. Info re water availability can be found on the Otago Regional Council website.

Hi Aotea, I didn't find much on the CM site, but there is a list of permits and recent partial and full surrenders. I'll look later when I get time. At least L&M got theirs off the ground recently, in the same area.


Published on Otago Daily Times Online (http://www.odt.co.nz)
Gold mining project starts at Earnscleugh
By Lynda Van Kempen
Created 23/06/2009 - 05:00

Click photo to enlarge
[1]
The multimillion-dollar gold-mining operation on the Earnscleugh Flats near Alexandra began yesterday. Mine manager Mark Coleman is pictured on site next to what will become drains to the settling ponds. In the background are historic gold dredge tailings. Photo by Lynda Van Kempen. Stage one of a seven-year, multimillion-dollar gold-mining project began at Earnscleugh yesterday, just a short distance from dredge tailings left by gold-mining operations a century ago.
L&M Mining Ltd recently reactivated plans to mine 255ha at Earnscleugh, near Alexandra.

The company was granted consent for the operation in 2001 and its plans were amended following an Environment Court appeal in 2004.

The company had shelved its plans until gold prices improved but announced last month it was proceeding and expected to retrieve 110,000 ounces of gold.

Exploration manager David Manhire said the first stage of work included the construction of settling ponds and drains, earth bunds to screen the site, and the stripping of top soil.

"It will be a few months before there is any gold extraction. We need to get everything set up on site first."

There had been a considerable amount of work behind the scenes before any earthworks began.

"There has been a lot of background work done already before any earthmoving began.

"We had to set up models to establish monitoring for groundwater and dust, before we got to the point of starting work on site.

"Those things are covered in the conditions for our consents [to mine] for the public's protection, and they are pretty comprehensive conditions, done carefully and well by the Otago Regional Council and Central Otago District Council."

Opponents of the project had been concerned about the impact of dust from the mine on orchards and vineyards in the area.

Gold Mine Action Group spokeswoman Sue Edwards could not be contacted for comment yesterday and Elisabeth Hinton, who appealed the original consents to the Environment Court, declined to comment.

Six people will be employed on site in the initial stages but at its peak, the gold-mining operation will be staffed by about 40 people.

The first stage involved mining land on the eastern side of Earnscleugh Rd, and the work will be carried out in daytime hours, Monday to Friday and half of Saturday.

The mining operation, using water rather than chemicals to extract gold from gravel, was similar to the one at Island Block, near Ettrick a few years ago, Mr Manhire said.

Source URL (retrieved on 29/08/2009 - 17:56): http://www.odt.co.nz/your-town/alexandra/62233/gold-mining-project-starts-earnscleugh
Links:
[1] http://www.odt.co.nz/


© Allied Press Limited 2007. All the material on this page has the protection of international copyright. All rights reserved.

elZorro
30-08-2009, 03:23 PM
Otago Regional Council, newsletter October 2008: look to be on GEL's side..


LOOKING THROUGH GLASS INTO EARTH
How do you know what’s in the ground under your feet? Otago
Regional Council has invested in an airborne geophysical survey
being conducted over Otago that’s providing valuable answers.
The $4 million 13,000sq km survey of Otago by Glass Earth last
year involved a helicopter towing a 9m-long drone, mapping
the top 100m of the Earth’s crust, from a height of 30m above
ground.
Glass Earth’s main focus was gold, however, the council is
interested in assisting the region’s economic development.
The geophysical survey will provide quantum advances in its
understanding of minerals, construction stone, aggregates and
untapped groundwater resources.
An improved understanding of the region’s landforms and
geology allows for better planning for the future, better hazard
recognition, and appropriate land use planning for the wellbeing
and economic benefi t of Otago communities. The council
contributed $1 million of the total $4 million project cost.
Council Chief Executive Graeme Martin said data from the survey
is being collated with historic and recent site investigation data
and other geological data to form a new 3D database of Otago’s
shallow ground geology.
“Traditionally, geologists looked at landforms and material from
streams and rivers, made deductions and tested those deductions
by drilling and digging. But this technology is a huge advance – it
looks under big areas of the country and gives us a new map of
what’s under our feet.”
“We felt this survey was extremely important for Otago. Its data
will be used for decades to find valuable minerals, building rocks
and aggregate and help us manage supply, access and protection
for mineral deposits. In water-short Central Otago, we can learn
more about where underground water is most abundant, how
usable it may be and where it’s most accessible.”
“As a result of this survey, the geology map of Otago will need to be
completely redrawn. This survey gives a huge body of information
that will answer many questions about the composition and
structure of the top 100m of the earth. It’s an investment for all
of Otago, as well as providing a database for major council issues
such as long-term groundwater management,” Mr Martin said.
“What it means for Otago is that there will be detailed information
for anyone involved in extracting anything underground, or in
any major earthwork, or for anyone concerned about slips or
hazards, or wanting to find groundwater. The data will be useful
for activities with a footprint area of as little as an acre.”
Glass Earth used a helicopter towing a Resolve™ drone to carry out the Otago geophysical survey.

Rest of document here: some photos.

http://www.orc.govt.nz/Documents/ContentDocuments/News_and_Events/OtagoWide/Otago%20Wide%20Magazine%20-%20issue%201%20-%20web.pdf

I noted that some of GEL's permits are not restricted to gold discovery, they include a lot of other minerals.

elZorro
31-08-2009, 08:01 PM
One of the reasons I invested in GEL, is that I'm interested in renewable energy (something for nothing). The same scanning equipment used for gold deposit discovery can be used to spot geothermal resources, and the GEL team is way ahead of us here, as I mentioned somewhere back a few pages. Here's a bit of a timeline that I googled up, even though the geothermal work is on the backburner at the moment.


Gold rush on mud pools NZ Herald
5:01AM Monday Dec 20, 2004
By Simon Collins
The Bay of Plenty’s hot springs and mud pools may be hiding real gold.

Wellington mining company Glass Earth plans to spend $3 million to look for "epithermal gold", formed when hot fluids rise to the surface, in the volcanic triangle from Coromandel and Whakatane to Taupo.

Its exploration methods may also help it to find underground geothermal energy resources that do not have telltale surface signs such as hot springs and steam.

High world gold prices and rising power prices have sparked new "gold rushes" for both gold and geothermal energy, with state-owned Mighty River Power planning to drill new wells for geothermal power next year near Mangakino and near the Orakei-Korako thermal area.

Glass Earth was formed in 2002 by consultant geologist Ian Brown, former Otter Gold Mines exploration manager Simon Henderson and Otter company secretary Peter Liddle. It has raised British funds through London-based RAB Capital and a British Virgin Islands company, Kroy Holdings, which now hold 45 per cent of the shares between them.

It is raising a further C$3 million ($3.4 million) from British and Canadian investors and plans to list on the Toronto Ventures Exchange in mid-January.

Mr Liddle said the company had already spent $1 million on assessing Bay of Plenty geological data and had identified 29 untapped target sites for gold and about 25 for geothermal energy.

The company is working with Perth-based Geoinformatics, which can "see through" surface ash layers to analyse underlying geological formations from the air. Aircraft will be hired to fly over the target sites in February.

Mr Henderson said epithermal (above heat) gold was formed when hot water rose through cracks in the rock and cooled where it came into contact with colder surface water.

As it rises through the cracks, the hot, chloride-rich water dissolves minerals out of the rocks, and then deposits them again closer to the surface where it cools.

Even tiny amounts of gold in those deposits can be worth mining at present gold prices, swollen by the falling US dollar. Waihi’s Martha Mine profitably extracts just 3.3 grams from every tonne of rock.

Mr Henderson said signs of gold could be seen in the Emerald Pool at Waiotapu, south of Rotorua, in orange clumps that looked like fungus around the edges of the pool.

"The orange colour is arsenic and antimony sulphides containing gold. Theoretically you could mine it, but the quantity is tiny."

Mr Liddle said Glass Earth would look to mine any economic quantities of gold it finds, and was seeking a partner to develop geothermal energy resources found in the process.

Meanwhile, Mighty River Power will start in March drilling the first of up to five test wells for geothermal energy in Carter Holt Harvey forests near the Waikato River northeast of Mangakino. Each well will cost between $3 million and $5 million.

Chief executive Doug Heffernan said drilling would also start next year on three test wells at Ngatamariki.


Crown Minerals Site
Glass Earth conducts large detailed gold-geothermal aerial survey
15 June 2005 - Wellington-based explorer Glass Earth Ltd is harnessing together a large variety of data sources with the latest technologies to pinpoint the location of new gold and geothermal energy resources in the centre of the North Island.
Glass Earth is well advanced in completing the largest and most detailed aeromagnetic and airborne gravity surveys to be carried out in New Zealand, over the volcanic plateau between Taupo and the Coromandel peninsula in Prospecting Permit 39241.

The company aims to build up enough geological and geophysical information to "see through" the surface volcanic ash layers, which are up to 150 m thick, to the rocks below by creating a detailed 3D picture of the geology and the mineral and energy resources underneath.

Simon Henderson, chief operating officer of Glass Earth, and a former exploration manager of Otter Gold Mines (a former partner at the Martha mine) said the flying for the detailed geophysical surveys was now well advanced.

He said the ultra-detailed airborne magnetic survey involved flying 40,000 line km's at 150 m spacing at an elevation of only 60 m. The survey was being carried out by Perth-based UTS Geophysics Ltd using a New Zealand built Cresco plane, a turbo powered version of the Fletcher topdressing plane. The plane is suitable for the required low flying over often steep terrain.

Another aircraft has been contracted from Bell Geospace to acquire 6000 line km's of gravity data at a 450 m line spacings and an elevation of 90 m.

Mr Henderson said that once the surveys are completed the new data can be quickly integrated into the extensive information base collected during the first stage of Glass Earth's project.

Because the area north of Taupo has been drilled for geothermal power projects and for a number of hydro-electric dams on the Waikato River there exists a larger than normal range of historical data.

All this information, collected in only five months last year, was fed to geoscience contractor and partner Geoinformatics Explorations Ltd in Perth for processing into a highly organised 40 gigabyte 3D database and viewing platform.

Mr Henderson said that none of the information in the first stage of this work was aimed at finding a gold deposit but rather at establishing the geological and structural parameters which might control gold mineralisation.

“We wanted to tease out the reasons why a Waihi might be”, he said.

The first stage enabled Glass Earth to identify a ranked list of 29 new gold targets and 22 new geothermal targets. The magnetic and gravity surveys will add extra detail to the earlier work to further refine the targets.

Glass Earth was originally founded in 2002 as a private company in New Zealand by three well-known mineral industry figures Ian Brown managing director of Wellington geological consultants Ian R Brown Associates Ltd, Peter Liddle an Auckland accountant with considerable mineral and petroleum experience and Mr Henderson.

Following a successful reverse takeover of a Canadian company BC Report Magazine Ltd, Glass Earth began trading in April 2005 on the Toronto Venture Exchange Tier 2. With the addition of former BC Report shareholders, Canadian directors have joined the board of Glass Earth. The new president is Glenn Laing, CEO and president of St Andrews Goldfields Ltd and president 6% shareholder in Glass Earth, Silverbridge Capital.

St Andrews Goldfields became a partner in 2002 with the Australian geoscience company Fractal Graphics Pty Ltd to form Geoinformatics Exploration which now works for a number of exploration companies around the world. Geoinformatics will retain a 2% royalty interest over Glass Earth's mineral targets.

A British company RAB Capital provided finance for the first stage of the project, collecting and integrating data.
Last updated 30 May 2007


Geoinformatics – Glass Earth Alliance June 16 2005 (Geoinformatics)
Geoinformatics formed an Alliance with Glass Earth to undertake a major program of data collection, integration, interpretation, 3D/4D modeling through to exploration targeting ( “Intervention”) focused on targeting for gold and geothermal energy in the over 12,000 sq km of largely unexplored terrane lying under cover in the CCVR. The Intervention ranked and scored gold and geothermal targets. Subsequently Glass Earth announced that it had assigned the geothermal rights to a private New Zealand company called GEX Limited, which assignment is still subject to approval by Geoinformatics. Several highly ranked gold targets exhibit Waihi-type (Martha Hill) signatures that are capable of hosting a world-class epithermal gold deposit. The Intervention results emphasized the importance of magnetics combined with ultra-detailed gravity to aid locating targets; hence the commissioning of the airborne gravity and magnetic surveys.

Under the terms of the Alliance Agreement, Glass Earth has the sole and exclusive right to apply for exploration permits or acquire rights with respect to all targets for the duration of its prospecting permits over the CCVR area. Geoinformatics has a 2% net smelter return royalty on any production from the targets by Glass Earth or its successors.


Inside a Feb 2006 report from Glass Earth:

The contingent royalty obligations on geothermal energy production have been assumed by Glass Earth Geothermal Limited (formerly named GEX Limited) as a result of the sale of geothermal targets and potential to GEX Limited by GENZL, in return for an identical 0.5% geothermal production royalty. This transfer is subject to ratification by Geoinformatics Exploration Ireland Ltd. Glass Earth Geothermal Limited is a wholly owned subsidiary of the Company.

Just a side note: Wairakei Geothermal Station is over 50 yrs old and Contact intends to keep it going for a while longer. It generates perhaps $110mill worth of wholesale power (at say 10c/kwHr) every year.

I didn't know this until quite recently, but apparently it's Geology 101: the heat from within the Earth that is the driving force of volcanoes and the tectonic plate movement, is partly retained heat from the original formation, and largely generated by radioactive decay deep underground (it doesn't mean geothermal areas are any more radioactive than normal areas). Maybe this explains the name of the Govt research group: GNS = Institute of GeoNuclear Science.

elZorro
01-09-2009, 03:42 PM
The latest permit Glass Earth has obtained is EP51677. This is to the left of German Hill Road, nearly 60Ha and not far from McAdie Road. Here's a very old archive of the activity in the area over 120 years ago.

http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=OW18650203.2.13&l=mi&e=-------10--1----0-all

elZorro
02-09-2009, 03:01 PM
Here's some encouraging news from the ODT (NZ's only independent newspaper, well done them).


Volatile resource sector calming
Home » News » Business
By Simon Hartley on Tue, 1 Sep 2009
News: Business
A second surge is forecast in the global resource sector - bringing some stability - following wild swings in the share values of listed New Zealand gold explorers and producers during the past year.

Broker Peter McIntyre, of Craigs Investment Partners, formerly ABN Amro Craigs, said trading during the past year was "exceptionally volatile" for the listed resource companies on the NZX, following two years of record metal prices around the world.

"The volatility in shares were all wild swings as the market came to grips with the crescendo of the market lows reached in March," Mr McIntyre said.

During the year, East Otago-based Oceana Gold's share price ranged from 22c to $1.78, Heritage Gold from 1.3c to 3.8c, Glass Earth Gold from 5c to 20c and specialist West Coast producer Pike River Coal 67c to $1.93.

Oceana and Pike River had raised respectively $30 million and $41 million in capital, helping underpin cash flows, while Glass Earth has indicated it may seek up to $1.4 million later this year as its capital runs down with exploration costs and it plans to move into relatively small-scale gold production in Central Otago.

Mr McIntyre said mining companies had been plagued by production delays during the year.

Control of costs and managing working capital were common themes as they grappled with shareholder expectations and inevitable work flow disruptions "which are part and parcel of the mining industry", he said.

When real demand for metals recovered, with an expected upswing in the business cycle in 2010, restocking of the depleted manufacturing supply chain would likely accelerate demand and "supply and demand" fundamentals, which would once again drive the metals market.

"We remain positive on gold equities given their often noted safe-haven status and forecast that gold prices will remain buoyant," he said.

Underpinning buoyant gold prices would be the heavy government fiscal stimulus from around the world, investment increasing in both the retail and professional level, and a recent pick-up in purchasing by the Indian gold market.

Craigs was taking a long-term view and bullish stance on base metals, with copper and zinc its preferred exposures, but noted the outlook for metallurgical coal markets was also strong.

Mr McIntyre cited a rebound from a combination of a stronger than expected return of traditional (non-Chinese) customers to the market, ongoing Chinese buying causing supply concerns, while more rail issues in Queensland were keeping the supply side of the market tight.

Overall, the global commodities sector was likely to benefit from a weakening US dollar, global demand recovering and also a greater use of exchange traded funds, which meant easier access for investors and creation of demand, Mr McIntyre said.

elZorro
03-09-2009, 07:56 PM
Tis true elZorro.

I bought myself a sneaky few with the profits from another sale on the 24th, just so all of my gold future isn't tied up in HGD. :o

This new purchase wont make me rich, but then again I wont have to learn any new 4 letter words if/when it does indeed start to fly. ;)

Hi Yankiwi, I don't think you'll regret your move. There are still some budget version GEL shares on the TSX, might be worth a look.

Glass Earth continues to drop some smaller areas with Crown Minerals, but just today was granted an EP on 263 Ha, being the operation called Star Trek. This is near Moa Creek and Poolburn, German Hill and Wallace, again smack in the area of interest for placer mining of alluvials. EP51706. Star Trek was already mentioned as one of the forward areas (drilling in progress/on-going drilling) in the 2009/10 exploration overview.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=51706

elZorro
06-09-2009, 08:14 PM
Garry Sheeran has an article in the Sunday Star Times today (pg D6), which gives some background into resources sector stocks in NZ.

http://www.stuff.co.nz/business/2837987/Make-mine-a-large-one

Among the new facts for me: (1) only 15% of GEL shares are held by NZers, and (2) Simon Henderson was working for Amax Mining in Australia 20 years ago when they "jointly pioneered the technique of aerial mapping to identify possible locations of underground mineral deposits".

Chairman John Dow also comments about making the GEL money last by adjusting the exploration programmes. "As a result, he expects that by late 2010 it (GEL) will have prospective drilling projects for JV partners in Central Otago and around Waihi. Even so, they would probably be precursors to what the company hopes will be a big find".

All very positive, and puts GEL in quite a good light against other resource stocks here.

elZorro
07-09-2009, 09:02 AM
Just spotted another ODT press article referring to Glass Earth, some inside detail to help flesh out what is going on.


Glass Earth data value for ORC
Home » News » Business
By Simon Hartley on Sat, 29 Aug 2009
News: Business
The Otago Regional Council has fleetingly considered building a dam near Ida Burn after analysing a $4 million aerial geophysical survey to which it contributed $1 million in 2007.

Few details have emerged from the aerial survey by listed Glass Earth Gold, as collated data is historically not released publicly for several years by government mine-permitting agency Crown Minerals.

However, the Otago aerial data will all be revealed by the end of 2010.

ORC chief executive Graeme Martin was a speaker at the New Zealand branch of the Australian Institute of Mining and Metallurgy (AusIMM) conference in Queenstown on Thursday and gave an outline of why the data was sought.

Glass Earth, which is looking to become a gold producer with holdings in the Ida Valley and near Ophir in Central Otago, undertook the $4 million, 1.3 million ha aerial survey in 2007.

Mr Martin said geophysical data was difficult for small to medium-sized businesses or individuals to access, and while Crown Minerals and the Ministry of Economic Development declined to assist financially, it was an opportunity for the ORC to participate.

In the mining sector, the involvement of the ORC was applauded, showing companies and local authorities could co-exist, with potential benefits for communities and businesses.

Mr Martin said results for the ORC would include improved groundwater knowledge, the ability to scope out potential places for dam building and infrastructure-related projects, such as roading and land stability issues.

When asked if Otago had more or less groundwater than was known about before the survey, Mr Martin said only that water was found to be sparse around the Manuherikia River and that some data had prompted consideration of a dam near Ida Burn, fleetingly.

He highlighted the ORC was bound by the Crown Minerals convention on releasing data, which was the intellectual property of Glass Earth, but he expected it to be released by the end of next year.

Glass Earth had, since the survey, narrowed down 20 prospective gold targets to about six.

Reporter Simon Hartley is a guest of AusIMM at the conference.


OK, so 20 narrowed down to 6 prospects, not sure if these are placer alluvial or the oversize deposits we're after long-term.

elZorro
08-09-2009, 10:56 AM
Pasted from the Crown Minerals site, research from Jackie Hobbins, Newmont's Project Geologist on 4th Sept:


Indications of gold deeper on margins of Waihi gold system
— filed under: News, Minerals
In a paper presented to the Queenstown conference of the New Zealand branch of AusIMM she says that consistencies in the geometry of known veins and controlling faults allow predictive inferences to be made about the likely location of new vein positions in untested areas.

Geochemical and paleotemperature zonation within the Waihi vein-hosted deposits appears to be subparallel to the stratigraphy. This suggests that both stratigraphy and ore horizons are draped over a central high.

“The influence of pre-existing fault geometry and volcanic stratigraphy on the location of known veins suggest that there is untested potential in the Waihi district for vein occurrences,” she says.
“This is both at the margins of east-north-east trending extensional basins, analogous to Martha and for north to north-east trending veins such as Favona located in fractures that are concentric or tangential to the host volcanic edifice.”

She also says that some surprising results have also been produced from low-detection geochemical analysis of soils indicating strong anomalous gold and mercury signatures directly over known veins located beneath more than 40 m of postmineral ignimbrite. More work is required to assess potential for this method.

The current Favona undereground mine was discovered in 2001 under more than 50 m of postmineral cover.

She says the total gold endowment of the Waihi epithermal vein system is estimated to be in excess of 12 million ounces, including 7.5 million ounces mined to December 2008.

Sources: Newmont Waihi Gold and Lindsay Clark

This work seems to line up with Glass Earth's findings that placer and auriferous soil geochemistry is often resting just above, or near to, major deposits.

GEL still has (JV) prospects substantially around the Martha Mine, EP40598, 3414 Ha for minerals, until 2013.

http://www.crownminerals.govt.nz/cms/minerals/permits/banner_template/CMINPSMINL

-and I'm thinking we really should be hearing how the drilling is going soon. I wonder how the McAdie prospect placer work is going?

elZorro
08-09-2009, 07:19 PM
Ophir is such a great name for a town..here's a local travel site giving some more details and images of the areas in Central Otago that we'll be hearing a lot more about in the near future (I hope). Has anyone been down there for a look lately? I'm thinking seriously about a trip to have a look, fitting it around some other things.

http://www.centralotagonz.com/Central-Otago/Ophir_IDL=24_IDT=294_ID=1597_.html

Sideshow Bob
08-09-2009, 08:40 PM
Yeah went through there at Christmas. Luckily only blinked once - if blinked twice would have missed it!!

Bike the rail trail - goes through Omakau which is just the other side of the river.

elZorro
11-09-2009, 09:29 AM
Yeah went through there at Christmas. Luckily only blinked once - if blinked twice would have missed it!!

Bike the rail trail - goes through Omakau which is just the other side of the river.

Thanks for that SSB, I hope to do some fishing around there, the latest Fish and Game mag mentioned the oversize brown trout in Poolburn reservoir!

http://www.fishandgame.org.nz/Site/Regions/Otago/fishingAccess.aspx

Anyway, I've put in a polite request to the GEL NZ shareholder enquiries person (probably Peter Liddle in Auckland) for an update on some drilling results, assays, and bulk sampling data if there is any. No reply yet..maybe other shareholders might like to try politely through the Glass Earth website..

Aotea
11-09-2009, 06:38 PM
ElZorro, i know the area well. Wait till cicada season and the
poolburn will offer you twenty fat trout a day no worries...its a frenzy.

Any questions re: Central Otago, regional council rules or good gold mining spots in otago, just ask...

JBmurc
11-09-2009, 08:50 PM
ElZorro, i know the area well. Wait till cicada season and the
poolburn will offer you twenty fat trout a day no worries...its a frenzy.

Any questions re: Central Otago, regional council rules or good gold mining spots in otago, just ask...

Know of many good trails I can ride me dirt bike on round central have done penalty round the carrick range Old man Old women etc be great if their some good gold mining as well

elZorro
12-09-2009, 10:28 AM
ElZorro, i know the area well. Wait till cicada season and the
poolburn will offer you twenty fat trout a day no worries...its a frenzy.

Any questions re: Central Otago, regional council rules or good gold mining spots in otago, just ask...

Hi Aotea, I see I have to wait until 1st October, at least, for fishing Poolburn. 20 trout a day? That would be awesome, I'll buy in some cicada flies! Pity you only get to keep three fish (being hopeful).

Re gold mining spots, are you talking about fossicking or permit areas? I understand most of the free fossicking areas are in the West Coast and Nelson areas, regions GEL has left alone.

What do you think about Glass Earth's chances of getting a limited mining permit(s) for placer expansion using the dredge in an enclosed space? Water issues are important I guess.

Aotea
12-09-2009, 12:04 PM
Yeah, the trout up there simply frenzy on a cicada hatch. You have to see it to believe it.

Re: mining, i have done hobby mining on the coast and otago. GEL has left them alone by virtue that the hobby sites were there first. Have manged to obtain a good surrender of GEL for a site that has been drilled prior, and contains 4,000+ oz in a riverbed with no more than 1m of overburden..just waiting to get things in motion before seeking my own permit i.e need to find someone to mine it under tribute first, and for me to hobby mine it too.

GEL should have a bit of trouble, but nothing they couldnt make work with a good sized dredge in a pond. That said, water will be the issue, rather than regional council consents even though without good help, council will roast them there too..definately workable tho...

elZorro
12-09-2009, 03:04 PM
Yeah, the trout up there simply frenzy on a cicada hatch. You have to see it to believe it.

Re: mining, i have done hobby mining on the coast and otago. GEL has left them alone by virtue that the hobby sites were there first. Have manged to obtain a good surrender of GEL for a site that has been drilled prior, and contains 4,000+ oz in a riverbed with no more than 1m of overburden..just waiting to get things in motion before seeking my own permit i.e need to find someone to mine it under tribute first, and for me to hobby mine it too.

GEL should have a bit of trouble, but nothing they couldnt make work with a good sized dredge in a pond. That said, water will be the issue, rather than regional council consents even though without good help, council will roast them there too..definately workable tho...

(i) Think I need to see these trout sometime over summer :)
(ii) I was going to suggest I'd bring a shovel and we could go 50/50, but on crunching the numbers I see it's a reasonably big-time area, good on you Aotea! I remember GEL's breakeven in a year of operations for placer is 3,000oz, so I guess it all depends on how concentrated the ore is, and if it can be pulled out quickly.
(iii) OK, good to hear that things should be possible on the permit front for GEL.

When are you listing? ;)

Aotea
13-09-2009, 06:34 PM
Cheers Elzorro!
A mate goes fishing up there frequently and has snagged a few deer while pulling them in. Highly recommended place, but all the upland lakes along there are brilliant at that time. The place GEL gave me, after a fair bit of negotiating is in a riverbed, so the overburden of up to a max of 1m is easy work really...just waiting to get the ball rolling....

elZorro
14-09-2009, 09:01 AM
Cheers Elzorro!
A mate goes fishing up there frequently and has snagged a few deer while pulling them in. Highly recommended place, but all the upland lakes along there are brilliant at that time. The place GEL gave me, after a fair bit of negotiating is in a riverbed, so the overburden of up to a max of 1m is easy work really...just waiting to get the ball rolling....

Hi Aotea, I'm not into deerhunting but would be happy just to see one in the wild..I'm doing my homework on the trout though..
All the best for your gold operation, let us know how it goes. Sounds like a once-in-a-lifetime opportunity:D. If all the old-timers were able to get so much gold out of Otago with sheer hard work, surely new equipment that we have now will make it easier and more profitable. And the timing, with gold going over US$1,000 is very good.

Glass Earth shareholders should be getting some feedback on the assays, drilling and placer progress soon, and there are so many possibilities for success from all the prospects, that the expected return (if my stats are up to scratch) should be high. Just how high, will determine what the share price gets to.

kenbeth
14-09-2009, 10:49 AM
see they have finally put a mining permit in
that fishing sounds good coming over this jan might go for a drive up there
cheers

App No. Date Received Duration Area Permit Type Location Map Link
52018 03-Sep-2009 5 Yrs 59.56 Hectares Mining Permit Otago

Client Operator Shares Minerals
Glass Earth (New Zealand) Limited Yes 90.0% Gold
New Zealand Minerals Limited 10.0%

http://www.crownminerals.govt.nz/cms/minerals/permits/banner_template/CMINPSMINL

elZorro
14-09-2009, 11:06 AM
see they have finally put a mining permit in
that fishing sounds good coming over this jan might go for a drive up there
cheers

App No. Date Received Duration Area Permit Type Location Map Link
52018 03-Sep-2009 5 Yrs 59.56 Hectares Mining Permit Otago

Client Operator Shares Minerals
Glass Earth (New Zealand) Limited Yes 90.0% Gold
New Zealand Minerals Limited 10.0%

http://www.crownminerals.govt.nz/cms/minerals/permits/banner_template/CMINPSMINL


Great!! well spotted Kenbeth, I need to look harder at the CM site. This is terrific news, the mining application is for gold only, looks like it straddles a river just North of German Hill diggings.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?application=52018

I guess there will be some hurdles around granting, but this might only take a month or two if we're lucky. GEL has also gone for some other prospects in the near area, all known alluvial sites.

Cheers!

elZorro
14-09-2009, 12:23 PM
The first quarter financials only covered up to the end of March 2009, and seem to be a late release. But this was included in the MD&A:


Otago Region Placer (Alluvial) Targets

Significant effort is being put in to delineating placer resources to allow feasibility studies to be completed with a view to mining commencing in early Q3.

An infill RC-drill programme of 13 drill-holes has been carried out to further delineate an indicated alluvial-gold resource. Hole-spacing varied between 25-50m with an average holedepth of 5m. A total of 66m were drilled during this infill programme. The five highest recently drilled 1m intervals range from 16.7 to 33.5 grains/m3 Au (gold). A ground magnetic test survey was carried out successfully across this alluvial prospect as well as a gradient array resistivity survey with different electrode spacing. It appears that the detailed measurements (2m electrode-spacing) can distinguish layers dominated by sand and gravel from those dominated by clay and silt in the upper ~10m depths.

Such measurements have the potential for filling in gaps of data between shallow exploration holes. The preparation of the mining permit application and associated resource consent application was commenced.

Separately, a drill-programme of 39 drill-holes across three lines was carried out subsequent to encouraging results from previous drill-holes (legacy data). Hole-spacing varied between 10-15m average hole-depth of 3m. The total amount of drilled meters was 128m. The five highest recently drilled 1m intervals range from 3.13 to 11.46 grains/m3 Au (gold)

If the top section of scoping work relates to the mining permit, it implies they're looking no deeper than 10 metres, and the gold levels found so far are around the 1-2 grams per cubic metre (0.07oz/m3), or up to NZ$7500 worth per hour through a dredge. And I think clay and silt is good for holding onto gold, but Aotea would be far better placed to answer on this one.

miner
15-09-2009, 04:22 PM
Hi Aotea what size dredge are you running ?,mate and I are going for a suck with his 4inch up my way when things warm up and get the time,be lucky to pay for our gas though as bloody useless up here for lumpy bits,not like you lucky buggers.

Cheers
Miner

elZorro
15-09-2009, 08:53 PM
Hi Aotea what size dredge are you running ?,mate and I are going for a suck with his 4inch up my way when things warm up and get the time,be lucky to pay for our gas though as bloody useless up here for lumpy bits,not like you lucky buggers.

Cheers
Miner

Hi Miner, welcome back, did you get yourself some GEL shares? ;)
Re above, I had to read this twice.. not quite up to MacDunk's humour..:)

Crown Minerals has just accepted a 4 yr time extension for Ophir Gold Ltd, this is EP 40427, 641Ha just below Ophir. It's an area covering several streams, they've had it for 10 years and it was about to expire I think. It includes the Wa-iti prospect mentioned in the GEL press release, so this is part of the joint venture/farm-in proposal.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=40427


http://www.glassearthlimited.com/pdfs/pressreleases/2009/GEL_PR_13Aug09.pdf

Looks like the GEL office has been doing plenty of paperwork, good progress. Peter Liddle has replied that there is no significant news for a press release just now (and in any case will not pre-warn if any is turning up).

miner
15-09-2009, 09:12 PM
"Re above, I had to read this twice.. not quite up to MacDunk's humour.."???

Dredge talk elzorro,Aotea will know what I'm saying,we only get colour up here,BIG bit is the size of a coloured pin head.

Dont hold GEL and been to busy to look at them,but do see what you guys are posting,if they dredge up some nice bits and have a photo post it,best of luck.

Cheers
miner

elZorro
16-09-2009, 03:24 PM
Hi Miner, yep, I figured there were some new (for me) fossicking terms in there!

Just spotted another mining application from Glass Earth: 10th September, Gun Club project, appl no. 52021, 146 Ha. In between Moa Creek and Manorside areas, across some roads, so good access.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?application=52021

The earlier one is called the Ida Valley Project, not far away.
Miner, maybe you should pick up some GEL shares now on the cheap, even to help fill up your car for the next expedition..

elZorro
16-09-2009, 08:31 PM
I've had time to have a look at the map. The new "Gun Club" mining permit application covers about half of existing EP51477, alongside the township of Moa Creek. It's just north and adjacent to the Star Trek prospect, (which is twice as big). Adjacent and to the southeast of the Gun Club area (which probably sports a gun club) are two small existing mining permits. One is owned by K&S Falconer, who also run this tourist spot below, where you can stay in one of the original mining cottages.

http://www.centralotagorailtrail.co.nz/accommodation_advertising/moa_creek/index.html

The area is already impacted by mining. Looks like there is some water available in places.

The Poolburn reservoir is about 20km south from here. Poolburn itself is in the opposite direction, and the Ida Valley MPA is about 15-20 km Northeast of the Gun Club MPA.

kenbeth
17-09-2009, 07:54 AM
http://www.odt.co.nz/the-regions/otago/54308/prospects-looking-small-miners

elZorro
17-09-2009, 08:46 AM
http://www.odt.co.nz/the-regions/otago/54308/prospects-looking-small-miners

Kenbeth, you're a legend! If this doesn't get Aotea and Miner excited, I don't know what will..they'll be loading up their vehicles for the weekend..:D

I think the Gun Club area is downhill from the spot Ben Falconer's team is working, correct me if I'm wrong (left the maps at home). I should buy a topo map of the area. Since this article was written, the POG has moved up, about US$1017 today.

I have an idea for Glass Earth, what about an open day in a couple of months, where shareholders get to see the business first hand, and a local fishing guide completes the picture. Awesome..:)

kenbeth
17-09-2009, 09:00 AM
is an interesting area go into reports on Crown Minerals and search german hill etc give you an idea whats up , yes the price of gold today makes these prospect very interesting

cheers

elZorro
17-09-2009, 01:36 PM
is an interesting area go into reports on Crown Minerals and search german hill etc give you an idea whats up , yes the price of gold today makes these prospect very interesting

cheers

Hi Kenbeth, had no luck tracking down info on German Hill within the Crown Mineral site, maybe you could direct further? Thanks in advance.

GEL on the TSX traded up to CDN 6c overnight but very low volume shown. I guess the volume would need to pick up before the GEL converts get swamped by bigger investors. Some of the original investors paid considerably more than 6c of course, so from that point of view they are still a bargain. As 85% of the GEL shares are on the TSX at the moment, the SP here has to broadly follow what's happening in Canada, but over the 2-3 years I've watched it, a lull is often followed by a storm of trades.

Aotea is dead right: GEL will have to hand back big percentages of its huge Otago permit 39322 in the next year or two. But each time it's only a percentage of what's left that goes back to the Crown, so at the end point they can hold about 11%, still a big area. And as we've seen, EPs can be changed to MPs (hopefully), during that process.

Crown Minerals have a big document to provide policy on permits, and the section on Mining Permits says:

2.10 Mining Permits The (overall) policies are as follows:

(a) ordinarily to grant a mining pemit if the Minister is satisfied that-
(i) the permit applicant has identifed and delineated a mineable mineral resource or exploitable mineral deposit:
(ii) the area of the permit is appropriate:
(iii) the objective of the mining permit is to economically deplete the mineable mineral resource or mineral deposit to the maximum extent practicable in accordance with good mining practice:

Other clauses relate to extensions etc, but it looks like GEL's first MPAs into known alluvial areas are a good bet.

miner
17-09-2009, 02:12 PM
"Kenbeth, you're a legend! If this doesn't get Aotea and Miner excited, I don't know what will..they'll be loading up their vehicles for the weekend.."

Was just having a laugh with a mate today thinking about all the people running around with gold fever,and that most will find zip.

Cheers
Miner

kenbeth
17-09-2009, 09:27 PM
yep more money trading the paper than trying to find it

miner
17-09-2009, 09:42 PM
Like in the old days the guys selling the picks and shovels etc will be making the money(and the pub),talked to a detector seller in WA a few months back,everyone and his dog are buying them with dreams of the yellow stuff,most will just fry in the desert,summer coming makes me think of the old saying for WA "only mad dogs and poms" are out there in the summer,out there you CAN fry an egg on your bonnet.

Cheers
miner

kenbeth
17-09-2009, 09:49 PM
cant knock them trying been their myself, still dabble bit prospecting etc,

miner
17-09-2009, 09:52 PM
Yep go for it,takes a cirtain breed to get any though,where in ausy are you ?,I prospected murchison mainly(cue meeka nanine sandstone etc) when was over there years ago.

Cheers
miner

kenbeth
18-09-2009, 08:59 AM
nw nsw doing bit opal mining after working in mines as grade control techy , mill oper,trucky etc moving back otago with wife in next two years after 23yrs over here
to do bit fishing hunting dredging and take it easy etc

cheers

elZorro
18-09-2009, 11:30 AM
nw nsw doing bit opal mining after working in mines as grade control techy , mill oper,trucky etc moving back otago with wife in next two years after 23yrs over here
to do bit fishing hunting dredging and take it easy etc

cheers

Hi Kenbeth, (thanks again) maybe you'll be putting in for a permit down the track too, like Aotea. I see what you guys are saying, it's not hard to find traces of gold, but commercial amounts are a bit tougher. Easier in the current climate of course. When you see 2 grams per tonne being average ore worth mining, it makes you think a bit. Hopefully Glass Earth will use some of the same ground-based medium-tech equipment that they use for greenfields work to map out their MPs, to help concentrate on the best ore for selection (when they get the chance). I think that's what is getting Simon Henderson keen, as it could be a big improvement on current alluvial methods.

It's quite possible that most of us with GEL shares are at least interested in the idea of gold prospecting (we have various amounts of gold fever!). Armed with my topo map, I can now see that MPA 52021 (Gun Club) is in between Webster Lane, Moa Creek Road and Nevill Lane. It follows the true left bank of Pool Burn. There appear to be small ponds and canals within the area of the MPA. The adjacent Star Trek prospect follows Kirk Creek up into the hills.

The Ida Valley MPA (10km northeast) is opposite the end of McAdie Road, the only access is from a vehicle track. It reaches up towards the sites of German Hill Diggings, it's on fairly flat ground about 30 metres lower than the historic diggings, which are on a contour at 500 metres. The Diggings are not off German Hill Road, that road is perversely shown 5km south.. The MPA includes a pond, and a stream is shown. The other thing that I like, is on the whole of my topo map, just about all of the mining crosses drawn in are at German Hill Diggings (6 sites).

The TSX traded higher again on better levels, now CAN6.5c.

elZorro
19-09-2009, 04:01 PM
Miner/Kenbeth/Aotea, is this the sort of gear you're using? Looks to be quite useful, and can return 1oz/day in some cases, a single operator floating dredge.

http://www.nasebygold.co.nz/index.html

elZorro
21-09-2009, 03:28 PM
And I see Naseby is just around the corner from Ida Valley (near Wedderburn), a maze of creeks and rivers all over this area. A few mining permits on the Crown site are simply confined to the area near watercourses, I guess to people who use these dredges.

Glass Earth holds 5 Prospecting Permits, 23 Exploration Permits, and has applied for 2 Mining Permits. I like our odds.

Aotea
21-09-2009, 04:05 PM
Hi,
Looks like twin 4inch inductors to me..could easily rake in an oz a day no worries...

elZorro
21-09-2009, 06:57 PM
Hi,
Looks like twin 4inch inductors to me..could easily rake in an oz a day no worries...

Without stating the obvious Aotea, why don't we all grab one of these dredges and head for Otago? (With the requisite permit of course) :D
This seems like easy money, compared to possum trapping and a lot of other outdoor jobs. Does the gear cost much?

Aotea
21-09-2009, 07:13 PM
ElZorro, I have a claim lined up..will have the permit in a few months, have had preapplication meetings with the regional council (where I once happened to be the Otago mining officer for resource management matters) which will take a few months. In my spot, it is easy work and 4+ million dollars worth proven by l&m bulk sampling in the river alone....Im lookinf for some to work it in a serious capacity under a formal tribute arrangement. There is loads of gold out there, and in my opinion GEL are onto both small and big rewards. Dont hold any now, but intend to in the coming weeks!

elZorro
21-09-2009, 07:40 PM
ElZorro, I have a claim lined up..will have the permit in a few months, have had preapplication meetings with the regional council (where I once happened to be the Otago mining officer for resource management matters) which will take a few months. In my spot, it is easy work and 4+ million dollars worth proven by l&m bulk sampling in the river alone....Im lookinf for some to work it in a serious capacity under a formal tribute arrangement. There is loads of gold out there, and in my opinion GEL are onto both small and big rewards. Dont hold any now, but intend to in the coming weeks!

Good on you, always great to see private enterprise getting stuck in, Aotea. I can't rip into anything in Otago, being stuck here in Hamilton with my business, but it's nice to hear that the dollars invested in GEL should be a very safe bet. Regarding getting significant Glass Earth shares, keep an eye on the TSX, as they have been slightly lower priced than here. It's not hard to get them converted onto our market. I still think that the GEL SP rise has a long way to go, making it a sweet investment in these times.

BTW, how much is a dredge?

Aotea
21-09-2009, 07:45 PM
Gidday,
Im pretty confident has a lot of gold to surrender, and GEL has the technology to find the next big pit..water may be a problem, but lets worry about that then. I agree, GEL is a good bet. Have had a few dealings with the management and while a bit surly, they were good and honourable. Im certainly happy to throw some money into them, but then again, Ive thrown some cash into a few dodgey ones so far! A decent dredge is about 6k.

Am holding: hgd, syft, lmp, esi, kas, tex, ura

miner
21-09-2009, 08:02 PM
Hi Aotea,seems strange that GEL let you have the ground if there is all that gold there ?,or L&M didn't work it,anyway my mates grandson is working a claim down your way with i think some big gear,they may be interested in doing something and me and my mate could be into coming down for a suck in your river,split the goodies ???,best of luck anyway.

Cheers
miner

elZorro
22-09-2009, 11:13 AM
Glass Earth:GEL shares seem to be on the move again..:)

I've been looking at compiling a table of the GEL prospects for us all to look at, and it won't be easy. But I'm starting to see patterns of activity:

For example: the airborne survey highlighted something (big?) near Rise&Shine and Bendigo, near Cromwell. GEL then surrounded most of Golden Fern Resources EP40481 with two EPs, EP40748 and EP40771. Then they purchased 70% of GFR, which gave them about 49% of the EP40481, which had already been set up as a JV with Oceana Gold Corp (30%). GEL have to complete a lot of drilling etc by 2011, but if it all works out, GEL holds the largest share of the action.

This all shows savvy business skills, and the next year or two just have to be very interesting for GEL holders.

Cannibal
22-09-2009, 02:27 PM
You spoke too soon - back down to 8 cents!

elZorro
23-09-2009, 08:42 AM
Yes I saw that. :mad:

Only a couple of small sellers wanting out IMO.

Now is the time to be calm: P.O.G. staying up and Peter Liddle did email last week that they will try to put something out soon..which means it'll be interesting/good news.

Aotea
23-09-2009, 04:28 PM
Always an optimist ElZorro, I wouldnt hold my breath...

elZorro
23-09-2009, 07:39 PM
Always an optimist ElZorro, I wouldnt hold my breath...

Hi there Aotea, no worries my friend (or is that fellow shareholder?). I'm working on the spreadsheet, and considering GEL has spent perhaps most of $25mill, but in return has dibs on heaps of ground that should easily give that back in short order, and also has all of the airborne and field data as its IP, with EPs in place..that's a business I'd like to own. I must admit though, we don't have enough info at the moment to put a more likely valuation on the company, and will have to wait for the market to help decide that.

Can someone please explain how to put a spreadsheet into the google space, I've enrolled to read some of the other ones already there (from this forum), are there any special tricks? Cheers.

elZorro
24-09-2009, 06:18 AM
Just one share transaction showing for GEL overnight on the TSX - but it's the biggest one for a year or so: 3,400,000 @CAN5.5c. This hasn't changed their BUY/SELL columns much, sellers at 6-8c. One possibility is that an external purchaser (maybe from NZ?) has taken the opportunity :)

dartMonkey
24-09-2009, 06:39 AM
I saw that too but as you scroll down you see 34 mill.
I checked on google finance and it said 34 mill.
5.5 looks like it might be support?

elZorro
24-09-2009, 06:51 AM
I saw that too but as you scroll down you see 34 mill.
I checked on google finance and it said 34 mill.
5.5 looks like it might be support?

Yep, one of the figures must be wrong, and since no other trades for the day I'd say someone typed in an extra batch of zeroes over there. Never mind, it certainly helped me wake up..

dartMonkey
24-09-2009, 07:34 AM
Sorry, I meant 3.4 mill
no doubt we'll find out which it was ...
maybe an ex Westpac worker has migrated to Canada and is now working for tmx?

elZorro
25-09-2009, 07:26 AM
I have attempted to show the GEL permit spreadsheet as a PDF at this point.
What's immediately interesting is that three EPs are due for expiry or rolling over soon: EP40710, 40667, 40712. So we may see some more action at the Crown Minerals site.

2012

This is a work in progress, all public knowledge permit data and website info.
Prospecting permits are quite large areas often, but with short timescales. The Exploration permits are smaller but last for 5 years (note GEL has one for just a 1 year period). By the time you get to a Mining Permit, these can be quite small in area. Crown Minerals seem to be tightening up on the time periods given, some of the older mining permits are for 10-15-20 years.

In general, GEL has EPs near known gold discoveries, around existing mining permits quite often. The areas covered by each permit reduce during their terms, and what is shown on the front page of the permit is the reduced or current area. The original may have been far bigger, and means GEL is generally holding its strongest positions.

So currently GEL has 15,649.111 sq km of prospecting area, and 805.570 sq km (80,557 Ha) of exploration permits, plus the JVs with Ophir and Oceana Gold. I should perhaps split out the JV areas with Newmont too.

Aotea
25-09-2009, 08:35 AM
I read that GEl has to surrender 30% of their EP by Nov 29 2009 and a further 30% by May 2010...

elZorro
25-09-2009, 09:18 AM
I read that GEl has to surrender 30% of their EP by Nov 29 2009 and a further 30% by May 2010...

Yep, meant to ask you about that Aotea..some other PPs/EPs have been extended in duration, and in area during the term. And each time a reduction of 30% occurs, assume that is on the area that is left? So not a linear reduction?

It seems likely Glass Earth will seek to either extend or put in MPAs on parts of the EPs expiring soon, if in comparision with their other sites, it looks worthwhile.

Aotea, this exercise took me a while to compile so far, are there other explorers with similar profiles in NZ? Does GEL have the lion's share?

Aotea
25-09-2009, 05:18 PM
EZ,
Reductions not linear, but fractions of the balance from what I understand.
As for the lions share- definately, and thats exactly why GEL has burnt many good relationships with other miners in Otago. They claimed and excluded essentialy anything worth looking at, for now, but word is they have missed the boat on some fine spots, so the technology while flash is not infallable.
For the record EZ, I didnt buy into GEL, so am watching from the sidelines with interest. One of Otago's wisest miners suggested I didnt, so I threw my cash into URA with a 20% increase already thanks to DrillFix's wise words...

elZorro
26-09-2009, 09:30 AM
EZ,
Reductions not linear, but fractions of the balance from what I understand.
As for the lions share- definately, and thats exactly why GEL has burnt many good relationships with other miners in Otago. They claimed and excluded essentialy anything worth looking at, for now, but word is they have missed the boat on some fine spots, so the technology while flash is not infallable.
For the record EZ, I didnt buy into GEL, so am watching from the sidelines with interest. One of Otago's wisest miners suggested I didnt, so I threw my cash into URA with a 20% increase already thanks to DrillFix's wise words...

Hi Aotea, thanks for the info above. But I think you might have the blinkers on a bit..I've just trawled through all of the linked maps for the GEL permits, and they're littered with other EPs, PPs and MPs, especially in areas outside Otago. Even in your region, those with existing permits to dredge streams, do placer work etc were not impacted on. If ORC release the Intervention data as mentioned in a year or two, surely everyone will be a lot better off?

GEL and others like L&M have been dropping areas as required under their permit provisions, leaving openings for entrepeneurs like you. Just one spot you're looking at may hold several million dollars of alluvial gold.

You've done reasonably well with URA, Aotea, but I see you also have HGD and KAS listed. Those shares are a bit up and down, lightly trading, so similar to GEL at times. One difference: on the TSX last night 1,451,000 GEL shares traded, mostly at CAN5c. This was the Royal Canadian Bank (RBC) selling to "Raymond James". RJ has been buying and selling GEL shares over there for quite a while, making about 20% per swap at the moment. RBC may have picked up these shares anytime during Dec08-Mar09 for 1c or 2c CAN, but even at 2c that's a 250% return in 6 months. Not that unusual in these times, and better than I'm doing on average, by a long way.

You are the best placed on this thread to place some kind of evaluation on GEL's position here in NZ: do you seriously think that (based on the TSX last night) its value is a mere CAN$7.745mill?

Aotea
26-09-2009, 10:28 AM
EZ,
what i meant about GEL gutting small miners by their approach is not that it compromises existing permits, but rather sterilises the balance to any future projects. It is contrary to the Crown Minerals requirements where a permit hold musy be actively working it. GEL has been afforded a lot of flexibility in that regard. I dont really want to speculate with my opinion on how the GEL success will be. They have good spots for sure, but really simply by mining alluvial prospects i dont think they are going to make a fortune. Also the fatcats in canada funding the initial get-go will be tired of handing over capital. I didnt buy into GEL based on another miners personal opinion, but it is simply one mans opinion and its not my place to be stirring the pot with my (potentially blinkered) views... I still think obtaining permits for water will be GEL's biggest hurdle.
RE my holdings, so far the only one i hold that is down is ESI, the balance are healthy. Still expect KAS and URA to boost before xmas..
Always happy to add a bit of local flvour and RMA process imput into the fray though!

elZorro
26-09-2009, 04:32 PM
Hi Aotea :)
Hope you didn't take offence, I meant my comments in a polite way..
could have hammed it up a bit like MacDunk but that's not in me ;)

Regarding capital, GEL management were concerned a few months back that with the SP on the floor, there was no option for more capital raising. That's probably not the case now, but anyway they're not needing more than a million or two (so they said) to help get going with the placer mining.

The placer mining is only a means to get some capital together for more big-time exploration in NZ. As another benefit, they're hoping to be able to run some shallow hard rock through some gear on the same mining permits. You'll see that they mention several times that the name of their game is to make a major discovery or two. In the original prospectus you'll find a big dangling carrot for the CEO if one is made. Just enough to retire on. In the meantime all GEL staff and management seem to be on a fairly tight budget.

Aotea, what is the sequence for mining permits? Does GEL have to obtain all the regional council permissions for water/noise/dust/traffic before Crown Minerals approve a permit? What timeline is usually involved?

Aotea
26-09-2009, 05:33 PM
Gidday,
not at all, it takes a lot more to wind me up than that! Dont mind doing a bit of stirring myself!
I cant see why GEL cant find enough alluvial to fund a big project, so its not unreasonable to assume they are working towards the right outcome. Re permits, crown minerals doesnt even consider regional council issues. dust and noise is a district council issue. The crown minerals permits are mutually exclusive to the rest, and almost always are done and dusted before consents from councils are considered...

elZorro
27-09-2009, 07:48 PM
Gidday,
not at all, it takes a lot more to wind me up than that! Dont mind doing a bit of stirring myself!
I cant see why GEL cant find enough alluvial to fund a big project, so its not unreasonable to assume they are working towards the right outcome. Re permits, crown minerals doesnt even consider regional council issues. dust and noise is a district council issue. The crown minerals permits are mutually exclusive to the rest, and almost always are done and dusted before consents from councils are considered...

OK Aotea, thanks, I see the similarities with the situation HGD is in, and your comments there. Except, GEL has all the resources to fulfill a permit, with plenty of help from contractors, and it's a far simpler operation in both cases. By the sound of it, GEL will comfortably get both current mining permit applications approved, but will need to work on the resource consents.

Shall we look at the SPs for URA, HGD and GEL in a month's time, and see which worked out the best? I've swotted up all I can on GEL, and it still looks like a no-brainer in the medium term. Volume before price, and we saw the volume on Friday.

Of course, even this volume is not that unusual: in April 2008, 18.3mill shares traded for CDN15c as St Andrews Gold consolidated its portfolio. And a short time later, more shares traded for a bit less (11c) as more was divested:

http://www.infomine.com/index/pr/Pa626314.PDF

At this stage Herbert Abramson (Chairman of St Andrews) held 13.8% of GEL (over 20 million shares), with other new parties holding 9.1%, 9.6% and 4.3%.

Assuming these big shareholders are still there, I'd expect selling resistance at least until the SP reaches CDN11c.

elZorro
28-09-2009, 08:39 PM
On 4 October 2009, two of GEL's EPs will reach the end of their standard terms. One of these is the original permit covering Muir's Reef (EP40667). It has since been protected in all directions by the larger EP40768, the surrounds stable now until late 2010. Here is a brief overview of the data I could find on Muirs:


From the GEL Website:
In the Mamaku Region, Glass Earth has identified through its geophysical surveys the extension of the Coromandel Volcanic Arc, host to the 10MOz Martha Gold mine operated by Newmont at Waihi.

Gibraltar-Muirs-Otawa Prospects:
Surrounding the historic Muirs Reef gold deposit (production 43,642 Oz gold circa. 1930's), Glass Earth's Gibraltar and Otawa prospects have demonstrated that this exciting epithermal gold prospect represents one large continuous alteration and quartz veined system over 5,000m in length. Historical drilling and channel sampling in the 1990's on the Muirs section returned interesting individual gold intercepts (including channel sampling of 22m @ 1.76 g/t Au; Hole RC33 from 61m to 62m: 1m @ 358 g/t Au; channel sampling of 20m @ 4.9 g/t Au).

In September / October 2007, Glass Earth completed E-SCAN® 3D resistivity surveys* over the Gibraltar and Otawa targets, respectively south and north of the historic Muirs Reef gold deposit which, combined to surface mapping, has traced the vein / breccia system for over 5,000m. Rock chip sampling of outcrop by Glass Earth personnel has returned individual rock chips in the 0.5-2g/t Au range.

Drilling commenced in August 2008 over the Muirs Reef prospect.
Drilling and assaying of the first diamond drill hole on the Massey section of Muirs Reef provides strong encouragement, showing initial indications of a broad section of mineralized quartz veins (30m @ 1.2 g/t Au and 6 g/t Ag, true width ~20m). Drilling beneath the 20m @4.9 g/t gold included a wide mineralized zone steeply dipping beneath the Massey channel and two other peripheral mineralized quartz veins, providing indications of a broader epithermal system than previously described.

The breadth of the mineralized quartz veins, and the intersection of several peripheral veins (up to 4.5 g/t Au over individual one metre intervals) indicates the potential for a large epithermal system. The Massey and Muirs veins lie some 350m apart, with the known Muirs veins mapped over 1500 metres (demonstrated from historical RAB/RC drilling). Recently completed EM (gradient array) ground surveying between the two reefs has detected new resistors indicating additional veining lies between the two vein systems.

Quartz, chalcedonic colloform banded quartz, silicic altered bladed calcite and adularia assemblages all indicate an epithermal system at a very high-level, with unconstrained potential at depth.

Exploratory drilling is anticipated to be near-continuous throughout NZ spring 2008 on this area concentrating on the delineation of resources in the vicinity of the Massey / Muirs vein systems.


From Crown Minerals Site:
Glass Earth says Muirs Reef drill results indicates potential for wide gold system — filed under: News, Minerals
14 October 2008, Source: Glass Earth Gold and Lindsay Clark -

Exploration company Glass Earth Gold Ltd’s first stage drilling at its Muirs Reef prospect near Te Puke in the North Island’s Bay of Plenty region, has indicated a high-level epithermal system, the company reports.

The first diamond drill hole in the Massey section of the Muirs Reef prospect intersected 30 m (true width 20 m) @ 1.2 g/t Au and 6 g/t Ag, confirming a mineralised system to 75 m depth, Glass Earth Gold said.

The hole was drilled beneath a surface channel with a recorded grade up to 4.9 g/t Au across the section and included a wide and steeply dipping mineralised zone.

The hole is the first of 10 planned along the 5 km-long Muirs prospect in the Mamaku area.

Additional gold mineralised quartz veins intersected either side of the intercept indicate the potential for a broad stockwork of veins between the parallel Massey and Muirs quartz vein systems which are 350 m apart.

The breadth of the mineralised quartz veins and the intersection of several peripheral veins (up to 4.5 g/t Au over individual one metre intervals) indicate the potential for a large epithermal system, Glass Earth Gold said.

The known Muirs veins are mapped over 1,500 m through historical RAB/RC drilling. This epithermal gold prospect conjoins the Otawa and Gibraltar prospects into one large continuous alteration and quartz veined system over 5,000 m in length.

Recent EM electrical ground surveying confirms additional resistors indicative of new veins in the vicinity of Massey and Muirs reef. Quartz vein petrology indicates a high-level epithermal system with unconstrained depth potential.

The second hole drilled 80 m along section on the Massey reef, was last reported at 105.6 m and still in the target zone.

Exploratory drilling is anticipated to be near-continuous over the next few months on this area, concentrating on the delineation of resources in the vicinity of the Massey/Muirs vein systems.
Last updated 15 October 2008

May 21 2009, GEL press release:

Infill resistivity surveying on the Muirs/Massey Reefs is planned to commence
in July 2009 assisting in delineating two potentially new high level vein systems adjacent to the known Massey and Muirs reefs. Rock chips assaying up to 4.58g/t gold, and soil geochemical anomalies up to 458ppb gold confirm surface evidence of the two new West Muirs and East Muirs vein systems. Drilling is planned to follow as funding becomes available.

The Muirs EP didn't have any surrender clauses, and a GEL field site was established there at one stage, so quite a bit of work has been done. I think it's unlikely GEL will want to leave this prospect.

Conclusion: another MPA could be on the way :)

Aotea
29-09-2009, 11:16 AM
OK Aotea, thanks, I see the similarities with the situation HGD is in, and your comments there. Except, GEL has all the resources to fulfill a permit, with plenty of help from contractors, and it's a far simpler operation in both cases. By the sound of it, GEL will comfortably get both current mining permit applications approved, but will need to work on the resource consents.

Shall we look at the SPs for URA, HGD and GEL in a month's time, and see which worked out the best? I've swotted up all I can on GEL, and it still looks like a no-brainer in the medium term. Volume before price, and we saw the volume on Friday.

Of course, even this volume is not that unusual: in April 2008, 18.3mill shares traded for CDN15c as St Andrews Gold consolidated its portfolio. And a short time later, more shares traded for a bit less (11c) as more was divested:

http://www.infomine.com/index/pr/Pa626314.PDF

At this stage Herbert Abramson (Chairman of St Andrews) held 13.8% of GEL (over 20 million shares), with other new parties holding 9.1%, 9.6% and 4.3%.

Assuming these big shareholders are still there, I'd expect selling resistance at least until the SP reaches CDN11c.

Gidday EZ,
Thanks for the info about Muirs. Certainly sounds like there may be some substance to get excited about. Although a hypothetical exercise, Im always happy to ut URA against GEL for a month and see what happens come 1 Nov. URA is 5.9 and GEL is 8.9.
You may convince me to buy into GEL yet if the good news keeps coming...

elZorro
29-09-2009, 12:48 PM
Hi Aotea,

Thought you might find Muirs interesting..don't delay though, there's only a few shares left :) (Everything's for sale at a price ;))

But hypothetically, if one of the GEL prospects turns into a Martha Hill, any shares bought at current prices will look to be a fairly good bargain. And as you say, GEL has probably the best chance in NZ of making that happen at the moment.

From the CHFIR site (posted sometime this year): a bit more detail I'd missed:


Three diamond drill holes in Q4 2008 intersected mineralisation, confirming a mineralized system to 75m depth; initial results provide indications of a broader epithermal system than previously reported. Quartz vein petrology indicates a high-level epithermal system with unconstrained depth potential.

Recent EM electrical ground surveying confirmed additional resistors indicative of new veins in the vicinity. Results from Glass Earth’s drilling are intended to ‘link’ legacy drill intercepts and mineralisation into an initial resource calculation.

Regards.

elZorro
30-09-2009, 12:13 PM
Sinosteel yesterday applied to CM for an extension of its prospecting permit (minerals, including gold) over a big chunk of the Waikato. The Maplink from CM provides a good picture of the current EPs and other permits in the CVR/Waikato, including GEL's now orphaned EPs in the CVR, Muirs, and areas around Martha Hill, Waihi. Interesting.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=39344

elZorro
01-10-2009, 09:34 AM
GEL's Exploration Overview for 2009/2010 came out in June 2009. It is worth careful reading, especially now some permits are maturing. Some excerpts are below:


Glass Earth’s North Island exploration has focused on the discovery of a major new epithermal gold deposit in the style of Newmont’s Martha Hill Gold mine, Waihi...

Muirs Reef
The Historic Muirs Reef Gold deposit has been the focus of preliminary
drilling, ground mapping and resistivity surveying over the past twelve months. Encouraging drill results in and around the old workings, and studies that indicate that we are in the high levels (ie there has been no erosion) of an intact complex epithermal alteration system.

Significant legacy/GEG core intercepts include:
30m @ 1.2g/t Au, from MSDDH01
16m @ 1.1g/t Au, from MSDDH02
20m @ 4.9 g/t Au
20m @ 3.6 g/t Au
8m @ 3.4 g/t Au
22 @ 2.8 g/t Au
9m @ 2.7 g/t Au
1m @ 358 g/t Au
Encouraging rock chips (1-6 g/t gold) and soil geochemistry (up to 454 ppb gold) indicate that two new potential vein systems enveloping the Muirs/Massey veins are gold mineralised; and this project remains a key gold prospect for Glass Earth.

Advanced Exploration targets
Hauraki (Newmont Jv) North island
Goldwyn (most promising?, results are due)
Wharekiriponga
Glamorgan

Mamaku North island
Muirs/Gibraltar/Otawa (lots of work done, large signature, expect MPA)

Central Volcanic Region North Island(All have been drilled)
Pukemoremore
Horohoro
Tahunaatara
Ohakuri

Otago South Island These have large signatures?
Serpentine (most promising?)
Game Hen
Sheep Wash
Fruidburn (highly ranked new target)

Potential Small high grade veins/resource evaluation (medium signatures?)
Ophir (with JV, Ophir Gold)
Sparrowhawk
Hindon/Game Hen
Lots Wife/Nenthorn (older prospects)
Waipori
Old Man Range
Nokomai

Placer South Island (Small signatures, for cashflow)
McAdie (see MPA, current interest high)
Star Trek (New EP)
Wallace, Ida Valley
St Bathans

Advanced projects such as Serpentine, and new high priority greenfields prospects like Fruidburn form two of 15 highly ranked prospects that are scheduled for detailed exploration activities.

These shallow high grade oxide ore systems are being examined to determine their potential to contribute to hard rock gold production via a mobile crushing and gravity separation plant. At Ophir, multiple low angle mineralised shears are overprinted by small multiple high grade oxidised quartz veins host to coarse gold. Historical drilling, trenching and rock chip sampling and limited underground workings show potential for the recovery of this high grade mineralisation by gravity separation.
Ophir and Sparrowhawk present opportunities to go directly to mining of these shallow high grade oxide ores, and in combination with other prospects held by Glass Earth (Game Hen, Serpentine, [B]Nenthorn, Lots Wife, et al) could provide sufficient gold resources to support production from a mobile plant.

Nenthorn (Lot's Wife nearby, Otago) is the other prospect maturing early this month, and again I'd expect to see an MPA being filed, in view of these comments.

elZorro
01-10-2009, 01:10 PM
Crown Minerals site just updated: Glass Earth has applied for a 4 year extension of its Muirs EP. Application 52100, for EP40667. Not as exciting as an MPA, but it's a big prospect, and these things take time and capital. Maybe Nenthorn will be another alluvial style MPA.

elZorro
02-10-2009, 02:01 PM
Crown Minerals site just updated: Glass Earth has applied for a 4 year extension of its Muirs EP. Application 52100, for EP40667. Not as exciting as an MPA, but it's a big prospect, and these things take time and capital. Maybe Nenthorn will be another alluvial style MPA.

Oops I got it wrong (again). GEL has filed for an extension to the EP as a DISCOVERY APPRAISAL (see the new CM form (8) for this.)

http://www.crownminerals.govt.nz/cms/pdf-library/minerals/forms/application-to-extend-duration-of-exploration-permit-for-discovery-appraisal

Included in the fine print is:


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.

I'm out of time today to look into the Act's meaning of 'discovery' but this is good news, is it not? :)

delboy
02-10-2009, 03:12 PM
I think it is. But then Im an eternal optimist...pretty sure thats a bad combo....share markets being a tad fickle and all.

elZorro
03-10-2009, 09:53 AM
I think it is. But then Im an eternal optimist...pretty sure thats a bad combo....share markets being a tad fickle and all.

Hi Delboy, fear not..I think that the general pressure on CM from smaller miners to get hold of small surrendered areas of GEL's permits is a good sign. With the POG where it is, cashflow to keep GEL prospecting at full bore is just a matter of time, a few months at worst.

Generally strong turnover showing for GEL on the TSX, looks to me like one or two bigger holders (who possibly were lumbered with shares a few months back) are taking the opportunity to sell into a more positive market. This has dropped the price in that volume, making them most likely a good bargain for anyone like ourselves.:cool:

Just reading the "Your Weekend" magazine from Fairfax today, it's inside every Waikato Times, The Press and Dominion Post. There's a very interesting article about ongoing fossil finds near St Bathans (one of GEL's tagged placer spots). It's an ancient Miocene lake bed, dating to a previously empty fossil record space in our history. Trevor Worthy (formerly from Waikato University) is helping with this work (from about 2001), which has revealed several waterfowl, moa, flamingo, a crocodile, and even a NZ mammal, a waddling mouse-type creature now extinct. There's so much evidence here that it now looks like NZ did not sink beneath the ocean for millions of years, but actually had some land mass above water ever since it broke away from Gondwana. All this huge lakebed (9x bigger than Taupo) is much older than the Southern Alps, which are only 5 mill years old. Some other data here:
http://www.tepapa.govt.nz/AboutUs/Media/Pages/OldestTuataraFossil.aspx

The work was kicked off by interest in Vinegar Hill fossils nearby, these being exposed as a result of 19th century gold diggings. ;)

Aotea
03-10-2009, 10:52 AM
Agreed ElZorro, St Bathans is riddled with amazing fossils. You can go on farms and find/ see literally hundreds of seperate spots of fossilised material, with lots of marine shells...it doesnt necessarily relate to a strong gold showing though, and it tends more towards better ground for lignite deposits which are also quite prevalent in the area. That said, there are several good gold mining spots in St Bathans, not to forget to old blue lake hole!

elZorro
04-10-2009, 10:11 AM
Agreed ElZorro, St Bathans is riddled with amazing fossils. You can go on farms and find/ see literally hundreds of seperate spots of fossilised material, with lots of marine shells...it doesnt necessarily relate to a strong gold showing though, and it tends more towards better ground for lignite deposits which are also quite prevalent in the area. That said, there are several good gold mining spots in St Bathans, not to forget to old blue lake hole!

Hi Aotea, thanks for the local info. I found this article at Otago University's site, very well detailed explanations of the gold-bearing alluvials there which might be of interest to some.

http://www.otago.ac.nz/Geology/research/gold/StBathans/index.html

I'm fishing at Taupo for some of next week, hoping the lake is as blue as your Blue Lake..

elZorro
12-10-2009, 06:31 PM
What? no posts? Back from Taupo with some smoked trout to find a distinct lack of posting enthusiasm for this fine share....

Nenthorn has been dropped, but tomorrow we'd need to see the EP for Manorburn being covered (adjacent to the Ophir Gold JV). Maybe after that lot of paperwork is done, we'll see a press release. Among other questions:

How's the bulk sampling going on in Otago?
Any photos?
What has happened to the upgraded alluvial dredge?
Has GEL contracted Dunstan Mining? At what level?
$$ returns so far?
Drill results from various locations?

manxman
12-10-2009, 06:39 PM
Back from Taupo with some smoked trout to find a distinct lack of posting enthusiasm for this fine share....



Making do on fresh Northland scallops and can't get down to Otago until March. Really appreciate the info posted on this site. Anybody likely to be in the area then?

elZorro
12-10-2009, 07:39 PM
Making do on fresh Northland scallops and can't get down to Otago until March. Really appreciate the info posted on this site. Anybody likely to be in the area then?

I have a brother down that way and will be making an effort to get there at some stage over the next 4-5 months, while the weather is good. When do the cicadas fly?

manxman
12-10-2009, 08:09 PM
When do the cicadas fly?

Quinquireme of Northland will be in distant Ophir to pick up Sandalwood, Ivory and sweet white wine in late March.

dartMonkey
13-10-2009, 06:43 AM
I'll be down there over late Dec early Jan.
While I was there last year in Feb someone (apparently) caught a 20lb salmon in one of the rivers not too distant from Alex ...

elZorro
13-10-2009, 08:46 AM
Quinquireme of Northland will be in distant Ophir to pick up Sandalwood, Ivory and sweet white wine in late March.

quinquereme (plural quinqueremes)
(history, nautical) An ancient Carthaginian or Greek galley having five banks of oars.
1902, John Masefield, “Cargoes” (poem):
Quinquereme of Nineveh from distant Ophir / Rowing home to haven in sunny Palestine / With a cargo of ivory, / And apes and peacocks, / Sandalwood, cedarwood, and sweet white wine.
[edit] Synonyms
(galley): pentere
pentereme

They didn't mention fish (trout/salmon) - guess they'd have enough of those on the voyage. :)

Manxman, do you have anything to do with the medieval jousters who turn up at Taupo for a tournament once a year? your post just reminded me of that.

elZorro
13-10-2009, 01:42 PM
No coverage by GEL for today's expiring permit EP40702 has been posted on the CM site yet. It is a large area (84km2), and so no doubt only some parts are interesting. When GEL profiled the farmin on Ophir's area, they in fact mentioned their EP40870 (Ophir), which wraps around the sides of Ophir's position (40427). This includes many of the headwaters of the streams in the region. This one is OK until 2013.

Manorburn's map image shows the Ophir region above, and if you look across to the right you'll see the Star Trek and other Placer/alluvial sites GEL is also holding onto.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=40702

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=40702

elZorro
14-10-2009, 10:23 AM
I'll be down there over late Dec early Jan.
While I was there last year in Feb someone (apparently) caught a 20lb salmon in one of the rivers not too distant from Alex ...

That's a big fish, I've heard salmon are hard to find in most rivers of the SI. I can't be in Otago during Christmas hols, maybe later.

Re: GEL: Manorburn result not posted on CM site, but suspect tomorrow it will show expired. This does draw our attention to the sites that GEL does keep going, for example, Muirs Reef. It seems likely that the Manorburn EP had no such large signature, no hope for another Macraes there.

Aotea and Miner might be able to tell us what happens to the geological and drill data that GEL has collated for Manorburn: does all this get handed across to CM, and who owns the IP? Can anyone now access that data?

If so, that would be a bit one-sided, and definitely a risk factor for explorers.

Aotea
14-10-2009, 02:20 PM
Gidday EZ,

Will get onto when the cicadas hatch and will try and lure you down for some fun...

As for the data, I understand, but not 100% sure that the data becomes the property of CM. A third party cannot take advantage of it while the EP/PP or MP's are still current though so its not a concern.

Once again, I would stress that the biggest hurdle for these guys in Central Otago is the availability of water. There is none, with the exception of the Clutha, Shotover, lakes Dunstan, wakatipu, wanaka and hawea...

elZorro
14-10-2009, 02:51 PM
Gidday EZ,

Will get onto when the cicadas hatch and will try and lure you down for some fun...

As for the data, I understand, but not 100% sure that the data becomes the property of CM. A third party cannot take advantage of it while the EP/PP or MP's are still current though so its not a concern.

Once again, I would stress that the biggest hurdle for these guys in Central Otago is the availability of water. There is none, with the exception of the Clutha, Shotover, lakes Dunstan, wakatipu, wanaka and hawea...

Yes, Aotea, a guide to the fishing in Otago would be much appreciated :) We'll have to sort something out.

For once, my optimism has been well-founded (OK I was beginning to waver), as GEL has asked to extend its Manorburn EP for another 5 years :D and this was received 12th Oct, and posted in the last hour or so.

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=40702

It seems to have the same area as before. So it's a big one.

I spent a bit of time learning on the CM site, old data is posted up for all to see, reports and everything. And it costs per Ha, per year to hold a permit. A year or two ago GEL was spending about $400k p.a. for all their areas.

Aotea
14-10-2009, 04:08 PM
yep, $11 per hectare per annum if i recall..

anytime, you want the hot fishing spots, Im happy to help out. Cant say Ive done much cicada fishing in the tussock lakes, but a mate is a legend and will be forthcoming with all the tips!

dartMonkey
14-10-2009, 05:01 PM
anytime, you want the hot fishing spots, Im happy to help out.


Hey Aotea,
Can you extend that invitation?
I could reciprocate if you ever travel to the Far North - Kahawai, Snapper, Gurnard, Kingies ...

elZorro
15-10-2009, 09:01 AM
Hey Aotea,
Can you extend that invitation?
I could reciprocate if you ever travel to the Far North - Kahawai, Snapper, Gurnard, Kingies ...

I still think GEL should set us up too, we deserve a field trip around the diggings, and an embroidered Glass Earth cap. I reckon mine would be a real expensive one..

It's about time we had another look at the GEL valuation. I've researched this extensively ;) by looking at the market caps for various other NZ-based companies in the gold sector..

HGD $7.2M
GEL $12.4M
OGC $288M (5.3Moz of M&I gold worth about $7,950M)

Now I'd like to hear from anyone who thinks HGD is in a better position than GEL, so that comparison is OK. But could GEL be further up the scale towards OGC? I'll work on my spreadsheet in the next day or two, and see what pops out. All very tricky when we don't have regular press releases...

But at least we do know that despite it costing them a fair bit to hold onto permits, GEL are not letting good ones go until they absolutely have to.

elZorro
15-10-2009, 08:34 PM
To make any valuation on Glass Earth, I think we need to consider their IP, and likely prospects. This is important for all of us: what max price should we pay for their shares and stay comfortable? Is the investment safe?

2091

The attachment here shows GEL's permits and areas, gives a brief description as far as I could make out in a short look, and there may be lots of errors in those. The areas, permit numbers and costs for permits etc should be accurate. Does anyone have an idea on how the valuation could be reached?

If you stumped up with some dosh tomorrow and wanted to buy Glass Earth outright, what do you think would be a sensible opening bid?

elZorro
17-10-2009, 08:40 AM
The corporate information for the AGM is another way of looking at the valuation for Glass Earth.

One major, and the corporate shareholders, shown there as at that date:

Herbert Abramson (St Andrews Gold, pvt holding, Canada) 21,323,000 shares (13.77%), my guess paid average of CAN11c or more for these.

Simon Henderson, NZ CEO, has 5,688,000 shares (3.67%)
Peter Liddle, NZ CFO, has 2,500,000 shares (1.61%)
John Dow, Director and Chairman, has 500,000 shares (0.32%)

http://www.glassearthlimited.com/pdfs/financial/2009/AGM_info_circular_20May09.pdf

There's a lot more data in this document that will help too. As a good indicator, Glass Earth pays a sensible salary to two top executives, and has always had a discovery bonus for the CEO.

Aotea
19-10-2009, 04:24 PM
Offer of some trout fishing on the cicada hatch is there for you both..will hunt up the periods when they go off and report back...

elZorro
20-10-2009, 10:48 AM
Offer of some trout fishing on the cicada hatch is there for you both..will hunt up the periods when they go off and report back...

Many thanks for that Aotea, looking forward to it. It's raining here today, water everywhere.. hoping to catch some more trout at Taupo over the long weekend.

Not much happening with GEL that I can see out there, but apparently they're looking to produce a press release in the near future, and we might get some new photos on the website, as they have heaps to choose from (how's it going Andrew and Peter?) :)

The GEL valuation is a hard nut to crack (any comments appreciated) and without being right in the operation, we have to look at all provided info. Some of the portable test equipment they use (CSAMT) looks very useful, as it superimposes a signal on the natural EM waves that are tiny within the earth, but always changing (e.g with solar wind). Different nearby minerals and material (like water) affect this signal. It allows them to look several hundred metres down, whereas the Hoist EM data was quite shallow I think.

Maybe GEL will know a lot more about where to find water near their prospects than most, so I'm not as worried about water supply as you are, Aotea.

Aotea
20-10-2009, 06:27 PM
EZ,
Sorry to be eternally a pessimist with water...but, not only are the surface water catchment overallocated many times over, the groundwater aquifers are also either poorly understood and Council not giving further takes, or like many of these permits, the aquifers themselves are significantly overallocated, ie in the wider Ophir area, the Manuherikea claybound aquifer. My advice to get more info on this for free is to contact the ORC, 03 474 0827 and ask to speak to Matt Dale (surface water allocation) or Claire Houlibrooke for aquifer info...

elZorro
22-10-2009, 07:47 AM
Hi Aotea, thanks for that, but I don't want get too involved in the company business with ORC..we'll all have to wait until the MPAs are approved anyway.

Overnight someone invested in 1,000,000 GEL shares on the TSX, all at the top of their current price range (CAN5.5c). With the current exchange rate, these could have been a good buy for a NZ connection. Listed for sale over there are just 606,000 shares, in 16 small? parcels, range 5.5c-8c.

elZorro
27-10-2009, 12:53 PM
Still no press release, or mods to the main GEL website. But again, the CHFIR profile for Glass Earth has been modified, in a small way. I think the highlighted part is what has changed, and it's promising..


The Company is conducting feasibility studies to mine placer gold under its giant Otago permits (historical placer production 8 M ounces gold) with the objective of providing funding of its continuing hard rock gold exploration. Glass Earth announced in June 2009 that it has optioned into Golden Fern Resources Ltd.’s Rise & Shine Gold prospect. In August 2009, Glass Earth entered into an option agreement to acquire a 50% equity interest in the Ophir project with Ophir Gold Ltd, a private Company based in New Zealand, which will allow Glass Earth to be hard rock mining by the end of 2009.

In the Otago region, initial vectors to the major controlling structures, recognized to host significant hard rock gold; have proven to lie directly under placer gold deposits. To determine the significance of this relative to a major new discovery and, as a secondary bonus, to secure exploration funds, Glass Earth plans to move rapidly to small scale mining of these placer resources. Feasibility studies are currently underway to demonstrate that GEL could be placer mining by the Canadian fall; such plans will be thoroughly scrutinized by the GEL Board, to ensure that the primary objective of a major hard rock gold discovery is not compromised.

............skipped some known data..

Glass Earth is now at the target specific drilling stage in three regions: Hauraki; Mamaku and Otago.
Key targets in those areas are:

• WKP in Hauraki (Newmont funded)
• Muirs in Mamaku
• Serpentine in Otago.
• Rise & Shine gold prospect in Otago.

The same day the CHFIR profile was changed, 1mill GEL shares were purchased in one parcel for CDN5.5c.

I don't know about the rest of us, but I think there has been plenty of background news posted here which is material to the market, and a press release is overdue. Thanks in advance..

elZorro
29-10-2009, 07:06 AM
There was a news release on the TSX market overnight, as below:

http://www.metalsnews.com/news.aspx?NewsID=68292


WELLINGTON, NEW ZEALAND--(Marketwire - Oct. 28, 2009) - Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") wishes to announce that it is undertaking a private placement financing for gross proceeds of up to C$500,000.

Private Placement

The Private Placement will consist of up to 10,000,000 units at a price of C$0.05 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of C$0.10 per share, exercisable for a period of 3 years from the closing date.

The proceeds from the financing will be used for general corporate purposes.

All the securities issued pursuant to the foregoing will be subject to a four-month hold period. The private placement is subject to the approval of the TSX Venture Exchange.

Issuance of Shares Pursuant to Farm-In Terms

Glass Earth has previously announced the:

Option into the Rise & Shine prospect (June 9, 2009); and
Farm-In to the Ophir Gold Ltd Exploration Permit 40 427 (August 18th, 2009).
Both of these agreements require the issuance of fully paid common shares as a component part of the deals. The Rise & Shine Option requires the issuance of 100,000 Glass Earth shares and the Ophir Gold Farm-In requires the issuance of one million Glass Earth shares. The issuance of these shares is subject to the approval of the TSX Venture Exchange.

Glass Earth is finalising regulatory consents and completing preparations for bulk testing at each of its initial placer and hard rock targets.

Qualified Persons...etc

My guess is that Mr Abramson has been offered 10 million shares at a fair price for this volume, which will bring his average cost down a bit, and provide the cashflow needed to get the placer and hardrock mining going. After doing those CM fee figures the other day, I didn't expect there to be much cash left lying around in the Glass Earth office safe. ;)

I don't think anyone could grumble about this: we've all had the option of ringing up the GEL office and looking for a similar deal no doubt. And I thought they were looking for $1mill, maybe there's still time for someone...

Of other interest, the farm-in options don't look to be too expensive in terms of shares, by comparison with what returns might be made. These look like a good deal too.

But apart from stating the obvious about doing paperwork for the regulatory consents, we still don't know how any of the placer testing and drilling went over the last few months. At least it looks like the MPAs should be approved no problem, if they are working on the regional council requirements perhaps.

The CHFIR site profile change the other day was better than I'd hoped:


Glass Earth’s strategy for 2009 onwards is therefore simple:

To continue work on high priority targets,building towards NI 43 101 compliant resources; and

Place mining to provide sustainable cash flow; with the first plant expected to be running by year-end 2009.
Any comments?

Aotea
30-10-2009, 11:20 AM
Have got to say to those previously dicussing the merits of GEL v HGD...that GEL looks to be running out of cash and HGD is looking at boosting..

elZorro
03-11-2009, 08:57 AM
Have got to say to those previously dicussing the merits of GEL v HGD...that GEL looks to be running out of cash and HGD is looking at boosting..

Maybe you were right Aotea, HGD had more room to improve I guess, its market cap is now approaching that of GEL's..does that make sense? And to think I sold quite a few HGD at just above 2c...

One thing positive about all this on GEL's behalf - look at the interest and money flowing into the market, once it looks like something is on the go.

Glass Earth must be preparing a decent press release, they now have the funds to get their own cashflow firing.

Aotea
03-11-2009, 09:34 AM
Story on GEL in the Otago Daily Times today, can be accessed online...nothing too exciting, but notes its crunch time. GEL has the goods, but do they have the skillset to get there??

elZorro
03-11-2009, 01:40 PM
Story on GEL in the Otago Daily Times today, can be accessed online...nothing too exciting, but notes its crunch time. GEL has the goods, but do they have the skillset to get there??

Thanks for that Aotea, I'd missed it of course.


Published on Otago Daily Times Online (http://www.odt.co.nz)
Deadlines loom for Glass Earth Gold
By Simon Hartley
Created 03/11/2009 - 05:00

Dual-listed Glass Earth Gold is running a fine line between its diminishing cash flows and getting two of its Central Otago exploration prospects into gold production.

Business reporter Simon Hartley and Craigs Investment Partners broker Peter McIntyre consider its latest effort to raise capital and where that could take the company.

Exploration company Glass Earth Gold, whose immediate future is crucially tied to development of its Otago tenements, is seeking to raise $C500,000 ($NZ640,000) in a private placement.

The latest placement is for "general corporate business purposes", but the clock is ticking on Glass Earth's race to get some southern gold from the ground and create a semblance of cash flow, three years to the month it first floated.

Glass Earth has burned through most of $24 million raised during the past four years in a series of placements, while undertaking wide-ranging aerial and ground exploration prospects in both the South and North Islands to zero in on the most promising targets.

Glass Earth delivered its financial report for the quarter to June, booking an almost $1.8 million loss, primarily in exploration costs.

For its previous full year to last December, Glass Earth spent $4.1 million on exploration and booked a $1.33 million loss, having the year before booked a $2.68 million loss.

Glass Earth has $1.2 million cash in hand, plus the proposed $C500,000 issue, to see it through its exploration programme until "early 2010", its chief executive Simon Henderson said in a market update.

He has been candid in the past about running out of cash and the need to underpin the company's immediate cash flows by moving into gold production at its boutique prospects in the Ida Valley and Ophir.

"Glass Earth is finalising regulatory consents and completing preparations for bulk testing at each of its initial placer and hard rock targets" at Ophir and the Ida Valley, Mr Henderson said in a statement to both the New Zealand and Toronto stock exchanges last week.

"Cash generated from placer [loose or alluvial gold] mining at Ida Valley or boutique hard rock mining at Ophir would be additional to this [$1.2 million]," he said.

The company's targets now are separate ventures; Ophir being a 50:50 joint venture with privately owned Ophir Gold Ltd near Ophir, where it is looking at gold trapped in hard rock; and the other a go-it-alone proposition in the Ida Valley in Central Otago, where it hopes to mine placer or alluvial gold (loose particles).

However, with almost 155 million shares already on issue at present, trading around 8c, Glass Earth proposes to release another 10 million at 5c, issue one million by agreement for a Central Otago buy-in, and issue another 100,000 for another Otago project - a total 11.1 million shares.

The latest private placement also carries a 1:1 warrant, exercisable for three years, to purchase a further share for 10c - another 10 million shares.


Craigs Investment Partners broker Peter McIntyre estimates the release of a further 11.1 million shares will dilute share value by about 7%, but it may be the lesser of two evils faced by Glass Earth.

"Don't get me wrong; a [diluting] impact is never good for existing shareholders, but what would have been of more concern was if Glass Earth did not get the funding," Mr McIntyre said.

Two positive points for Glass Earth has been the resilience of gold in recent months, striking and maintaining several records of more than $US1000 ($NZ1388) per ounce throughout September, which has underpinned global investor confidence in gold and gold producer stocks.

"Gold is no longer seen as a boutique asset but has become a mainstream investment to hold; a defined asset class," Mr McIntyre said, highlighting the recent weaknesses exposed in the Euro, British pound sterling and US dollar.

"Being listed on the Toronto exchange is Glass Earth's other bonus.

"Those investors are less risk averse to backing explorers and there's more potential cash available," he said.

While Glass Earth has said the new Canadian funding is for general purposes, Mr McIntyre estimated that based on previous capital expenditure the $C500,000 could underpin Glass Earth a further six months through to the end of the third quarter next year - September.

"However, they can't carry on exploring and spending forever and eating up their cash position.

"Time is running out," Mr McIntyre said.

Glass Earth Gold capital raisings so far

October 2006: $10 million in TSX/NZX float
August 2007: $6.3 million further issue
January 2008: $7.5 million private Canadian placement
October 2009: $640,000 private Canadian placement.
Cash in hand - December 2008, $2.4 million; October 2009, $1.2 million.

Nothing scary in here: but I think the reporters made a mistake about the share pricing in the article. GEL trades here at NZ8c and the lowest listed selling price on the TSX has been CDN5.5c. So the 10mill shares at CDN5c is not too bad. And I'm also impressed GEL had $1.2mill in the kitty already.

Doesn't sound like GEL gave the reporters too much to work with. A bit of creative accounting on my part:

If 3 GEL contractors recovered 10oz gold/working day and it was sold at full retail, in one year they'd have provided gross income of $3.75mill. If the ore being screened was 2g/tonne gold, they'd only need to process 155 tonne per day. The GRU (dredge) alone can handle a lot more than that.

elZorro
05-11-2009, 10:18 AM
Just a passing note that the POG is nearing US$1100/oz at the moment. This has helped HGD prices to soar, that and the prospect of a mining permit being approved. GEL has possibly identified multiple sites the size of Talisman's remaining resources, and they might also be easier to extract. I'm quite happy waiting here.

elZorro
06-11-2009, 01:04 PM
A good day for GEL on the TSX overnight: half a million shares purchased for CDN 5.5c, now the sell price range there is CDN 6c-8.5c. A hopeful buy at 5c is not being filled.

Not sure if this has been posted, Crown Minerals often look towards GEL for news articles on their Minerals page..

http://www.crownminerals.govt.nz/cms/news/2009/new-joint-ventures-at-rise-shine-and-ophir-gold-prospects-1

Cannibal
10-11-2009, 07:28 AM
Another good day for GEL on the TSX - up 9% to 6 CDN cents on volume of 285,000...

elZorro
10-11-2009, 09:07 AM
Another good day for GEL on the TSX - up 9% to 6 CDN cents on volume of 285,000...

Hi there Cannibal :)

Yes, should be interesting today. POG over US$1100, many predicting it will reach $1500/oz. The increased dairy payout will help general sentiment here too. Many of us have a foot in both camps so to speak.

I've just spoken to Andrew (Glass Earth Wellington), and he's fairly sure that there is going to be a press release soon, in fact it should have been out by now. Unfortunately he's so busy doing multiple jobs that the website updates are waiting on a list of things to get done, and he doesn't know what will be in the press release.

Based on past conversations with Peter Liddle, it should be good news :D

Regards to all GEL holders.

elZorro
12-11-2009, 12:11 PM
The Glass Earth website has been updated today, and there is a brief factsheet just posted, for October. I can't see any new information in here, in fact some of the text relates to June-August 2009. Someone else may be able to spot some extra info.

We're still hoping for a brand new press release I think.

http://www.glassearthlimited.com/pdfs/leaflets/GEL_InBrief_Oct2009.pdf

Just clicked: this is the CHFIR profile (21/10/09) from Canada.

elZorro
13-11-2009, 08:17 AM
A welcome but initially underwhelming press release filling us in on progress at Ophir:


Glass Earth Gold's Ophir Gold Prospect: Evaluation Study and Exploration Update
10:53 AM ET, November 12, 2009
WELLINGTON, NEW ZEALAND, Nov 12, 2009 (MARKETWIRE via COMTEX) -- Glass Earth Gold Limited (GEL)(NZAX: GEL) ("Glass Earth") -

- Pilot processing plant construction completed, bulk testing commenced on
the Wai-iti gold vein.

- Gold soil geochemistry highlights potential for new gold bearing vein/shears

- Ultra-detailed ground magnetics demonstrates gold geochemistry hosted on green schist margins pointing to several new vein/shears.

Glass Earth Gold Limited is pleased to provide an update on its work on the Ophir gold prospect (last reported on August 18).

The Ophir Prospect (in a 50:50 JV with Ophir Gold Ltd) is located on Exploration Permits 40 427, 40 870, part 40 702 and part PP 39 322 ("Ophir JV area") in the heart of Central Otago, reef-gold country, in the South Island of New Zealand (see map below). Numerous highly prospective mineralized reefs, as well as near-surface gold bearing gravels, contribute to the excellent potential of the overall Joint Venture Area.

Glass Earth has recently constructed a purpose-built pilot plant (5-7 tonnes/hour throughput) designed to recover coarse/fine free gold by means of conventional crushing/grinding followed by a gravity separation process. An initial bulk sample of approximately 150 m3 is currently being processed in order to confirm the crushing parameters and recoveries. Following this test, the pilot plant will be relocated on site at the Wai-iti vein system for additional bulk testing.

Following a successful Evaluation Phase (November 2009), an affirmative decision to mine would allow for the construction of a larger plant (circa 40 tonnes/hour throughput), completion of regulatory consents and mining. The potential to replicate the mining on other pods of near-surface ore will be progressively evaluated thereafter.

In terms of the farm-in to the JV, Glass Earth is required to solely fund the Evaluation Phase study as well as the design, resource permitting and installation of suitable processing plant on the chosen mining site.

Glass Earth has also expended 60% of the requisite NZ$250,000 (approximately C$185,000) on other exploration initiatives in the JV Area; the preliminary focus having been on EP 40 427 and the Wai-iti vein system therein.

Glass Earth undertook geological mapping across the Ophir JV area, collecting and assaying 30 rock-chip samples and 672 soil samples. Legacy and Glass Earth derived soil samples both display new NW trending gold anomalies. High grade rock samples up to 56 ppm gold have been taken from trenches and adit sampling across the Wai-iti shear.

Glass Earth has also completed a detailed ground magnetic survey to complement the airborne geophysical data acquired in a previous survey, providing accurate delineation of the greenschist lithologies which host important shear/vein systems on its margins.

Combined, the greenschist margins and new soil gold geochemistry highlight potential for several new gold bearing shear/vein systems.

Further updates on other aspects of Glass Earth's exploration efforts will be provided shortly.
Qualified Persons

Glass Earth's exploration programmes are carried out under the supervision of Glass Earth's President and CEO, Simon Henderson, M.Sc, M.AUSIMM, F.SEG. Mr. Henderson meets the qualified person requirements (as defined by National Instrument 43-101) with more than 30 years of experience in the gold mining and exploration industry.

About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 17,000 km2 in the North and South Islands. With its main office in Wellington, New Zealand, Glass Earth Gold Limited is listed on the TSX Venture Exchange (TSX VENTURE: GEL) and the New Zealand Alternative Stock Exchange (NZAX: GEL).

To receive Company news via email, contact lindsay@chfir.com and mention "Glass Earth news" in the subject line.

To view the map associated with this release, please visit the following link:

http://media3.marketwire.com/docs/glassmap.jpg

Neither 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.

Contacts:Glass Earth Gold LimitedSimon HendersonPresident and Chief Executive Officer+64 4 903 4980info@glassearthlimited.comwww.glassearthgold.c omCHF Investor RelationsLindsay CarpenterAccount Manager+1 416 868 1079 x239lindsay@chfir.com
SOURCE: Glass Earth Gold Limited

mailto:info@glassearthlimited.comhttp://www.glassearthgold.com

What can be taken from this? At first it would seem that GEL is very keen on helping Ophir Gold and Dunstan Mining recover gold from their (now JV shared)Wai-iti gold vein, for a 50% return. The pilot plant seems tiny: about 3m3 of material per hour can be processed. But if the material has just 5g/t gold average, it could be expected to recover about an ounce an hour, or 10x better than a small stream dredge (see previous posts).

In fact, if these figures are about right, the 150m3 bulk sampling test (50 hrs) should recover 60oz, worth about NZ$90,000 on the spot market.

Note that some parts of the vein have 10x that density of gold.

The reaction on the TSX last night: ho hum.

The best line is the last one: more updates are to be expected soon ;)

elZorro
24-11-2009, 12:35 PM
Glass Earth has been quiet for a while: but bursts of interest here at acquiring more at NZ8c, and the TSX is matching that with CDN6c overnight.
Nothing happening at Crown Minerals to do with GEL (except one site at Marlborough dropped), and no new reports out, or articles. However, the website is up to date with announcements, and in the top right is a label showing when it was last updated. Thanks to GEL's IT dept..

I might be having a chat with Peter Liddle soon, does anyone have any questions you'd like asked on your behalf?

Regards.

Aotea
25-11-2009, 09:23 AM
Hi All,
Can anyone clarify when GEL is surrendering 1/3 of their EP 39322?
I was told it is next week, and am keen to know where as I intend on seeking further mining permits off Crown Minerals.
Cheers

elZorro
25-11-2009, 01:16 PM
Hi All,
Can anyone clarify when GEL is surrendering 1/3 of their EP 39322?
I was told it is next week, and am keen to know where as I intend on seeking further mining permits off Crown Minerals.
Cheers

Hi Aotea, quite right by the looks of it: at 36mths (29 Nov 09) 30% of the current area remaining has to be relinquished. A further 30% of what's left after that, needs to go on 29 May 2010. 29th Nov 2010 is when the final report is due. Note it's a Prospecting Permit (PP)

Are you mining yet?

Aotea
25-11-2009, 04:14 PM
Gidday EZ,
Thanks for that, I knew it wasnt far away..30% is a solid chunk to give up. Word on the street is it will trigger a couple of solid sites that GEL has overlooked and not permitted. Not mining yet, permits in and currently in discussions with stakeholders getting written approvals. Wont be until Feb March I suspect...then I need to find an honest operator to work under tribute!

kenbeth
25-11-2009, 06:58 PM
land base or dredge aotea
ken

Aotea
25-11-2009, 07:03 PM
land base or dredge aotea
ken

Gidday Ken,
Dredging in a shallow watercourse, in Otago with 0.5m to 1m gravels to schist bedrock. In the upper 5km of the tenement there is inferred to be in excess on 1,000 oz.
Wont be untill feb-mar untill the red-tape is sorted Im guessing.
You know a man keen to work it in a serious capacity?

JBmurc
25-11-2009, 07:12 PM
Gidday Ken,
Dredging in a shallow watercourse, in Otago with 0.5m to 1m gravels to schist bedrock. In the upper 5km of the tenement there is inferred to be in excess on 1,000 oz.
Wont be untill feb-mar untill the red-tape is sorted Im guessing.
You know a man keen to work it in a serious capacity?

had my first go at gold prospecting up the skippers canyon yesterday man think I'll stick to the sharetrading to make me money

kenbeth
25-11-2009, 07:16 PM
trommel or dredge aotea
ken

kenbeth
25-11-2009, 07:30 PM
i already have a permit in otago and will be over in jan
bit busy setting up for our own area but might be a few likely lads on this forum,
always keen to have a look though
ken

http://golddredgingforum.proboards.com/index.cgi?board=general&action=display&thread=3

Aotea
25-11-2009, 08:15 PM
trommel or dredge aotea
ken

Applications for up to an 8inch dredge. Wheres your claim? Do you get there very often? Cheers for the link, I will take a look. Its probably a better forum than on GEL's page...

elZorro
27-11-2009, 06:43 AM
Glass Earth will be mining gold before Christmas :) according to this news.


All necessary consents for the McAdies alluvial gold mining project in the Ida Valley are expected to be in place by the first week of December. All necessary equipment is in place and ready to be mobilised to site with commencement of mining expected shortly afterwards.

Consent applications for the Gun Club/Nevills alluvial gold project, also in the Ida Valley, have been lodged with the appropriate authorities and are currently being processed.

The 40 tonne floating Gold Recovery Unit (purchased in conjunction with a
mining partner) is currently leased out.

There's quite a bit of other detail both positive and negative, but none of that matters too much once the gold starts being sold. It certainly looks like all sources of income are gratefully received at the moment. Yep, I know what that feels like.

The news followed an early purchase of 250,000 GEL shares for CDN5.5c overnight, followed by a small sale bringing the price lower. Cheapest shares for sale there are now CDN6c. But it doesn't look like the news was posted to the TSX, might have passed largely under the radar.

elZorro
27-11-2009, 09:35 AM
Here's a web version of the latest news release and financial report.

http://finance.alphatrade.com/story/2009-11-26/CCN/200911261020CCNMATHWCANADAPR_0570537001.html

Note the exploration costs being amortised as the permits are dropped, this will be a large book cost over the next year or two. But GEL will still have the data to work on, and will be holding onto the best discoveries.

Questions: What firm has leased the GRU? How long is it unavailable for?

Aotea
02-12-2009, 08:39 AM
Word on the street is that GEL is seeking an extension on the surrender of the 1/3 of tenement 39322 due 30/11 which will be for only a short period for them to go through some data, and make a determination which areas to kick...

elZorro
02-12-2009, 11:41 AM
Word on the street is that GEL is seeking an extension on the surrender of the 1/3 of tenement 39322 due 30/11 which will be for only a short period for them to go through some data, and make a determination which areas to kick...

Ok Aotea, sounds sensible. I know they had a board meeting last week, so I missed an opportunity to meet Peter Liddle (anyway I got lost in Auckland).

The website is getting more frequent updates, perhaps we'll be shown some placer results soon (hint hint).

Regards.

Aotea
02-12-2009, 07:31 PM
Jury is still out on GEL for me..IMHO they are either going to do spectucularly well (probably beside HGD's mighty open pit) or the fat-cats in Canada are going to get tired of proping them up and GEL is going to go down the gurgler equally spectacularly....for all of you holding, I hope it is the first!

For the record, I have held GEL twice, and bailed after taking 30 and 40%...

elZorro
02-12-2009, 08:41 PM
Aotea, do you mean you've made 30% and 40% already out of GEL? Must be one of your best shares then :). But I'm finding that the occasional time I buy into a share for a small period, I always sell just when it dips a bit, and of course it spectacularly takes off a week or so later! Gotta have faith (but not blind faith).

Anyone who's been watching the GEL shares and thread for a decent length of time will be fairly keen to be holding over the next few months. Some easy gold is going to be recovered, no doubt about that. It's just the scale of the cashflow that will be the unknown.

Regards..

elZorro
09-12-2009, 09:24 AM
On 7th December, Glass Earth surrendered 3839.75km2 (or 383,975 Ha) of their big prospecting permit 39322 in Otago, as required. I'm not sure which parts were dropped, we may be able to spot them from the bitmap image on the CM site.

Aotea
09-12-2009, 11:14 AM
Aotea, do you mean you've made 30% and 40% already out of GEL? Must be one of your best shares then :). But I'm finding that the occasional time I buy into a share for a small period, I always sell just when it dips a bit, and of course it spectacularly takes off a week or so later! Gotta have faith (but not blind faith).

Anyone who's been watching the GEL shares and thread for a decent length of time will be fairly keen to be holding over the next few months. Some easy gold is going to be recovered, no doubt about that. It's just the scale of the cashflow that will be the unknown.

Regards..

Hey EZ,
Yep, a quick dive into GEL and out again, twice...an Otago miner talked me out of holding these ones, and reckons its only a matter of time before they go broke. That said, he wasnt very interested in HGD either!
cheers

elZorro
09-12-2009, 02:34 PM
Hi Aotea et al,

I'll bet some cold ones that GEL's market cap will be bigger than HGD's by mid February 2010, about the time we should both be catching trout in Otago..if the offer still stands! :) Cripes it's hot here in Hamilton today.

Cheers..

Aotea
09-12-2009, 06:11 PM
Gidday EZ,

Im happy to put a couple of cold ones on that..by the end of Feb.

Re: Fishing yep, have a mate who fleeces the area for trout and deer yearly up that way. He reports you cant pick when it goes mad, depends on temp. If its warmer, it happens earlier...either way, I know enough good fishing holes to keep you waist deep in it!

Aotea
09-12-2009, 06:18 PM
On 7th December, Glass Earth surrendered 3839.75km2 (or 383,975 Ha) of their big prospecting permit 39322 in Otago, as required. I'm not sure which parts were dropped, we may be able to spot them from the bitmap image on the CM site.

Hi EZ,
Am well keen to know what area has been surrendered...does anyone have an idea??
cheers

Cannibal
10-12-2009, 09:56 AM
Hi Aotea et al,

I'll bet some cold ones that GEL's market cap will be bigger than HGD's by mid February 2010.

Cheers..

Interesting statement! Based on what please? The price has been static for ages...

Balance
10-12-2009, 10:01 AM
Interesting statement! Based on what please? The price has been static for ages...

On hope and hype.

Pump and dump.

Aotea
10-12-2009, 11:15 AM
In theory GEL should be kicking some a*se to be fair...they have the bet technology around and soon they have to start showing something for it. If you cant buy these dogs on hype and hope, what goldie can you buy?

Does anyone actually know where the area that GEL surrendered today is?

Disc: holding HGD..

elZorro
10-12-2009, 01:06 PM
Hi there Aotea, Cannibal and Balance (welcome to the thread BTW).

Been involved in a meeting so far today, it's not that I couldn't think of anything to say..;)

I made a bit of a faux pas anyway about the market cap, GEL's was already higher when I made the bet. I'm saying that even if HGD stays where it is (and it might well trend lower), GEL will be on the improve over the next few months as their alluvial mining cashflow kicks in. This in turn will kickstart more exploration, with plenty of geology graduates wanting some work in NZ.

Balance: this isn't hype, it's pure expected return. If you have x number of prospects with y probability of a big find, multiplied by the mining income from each large find, then you have a high expected return. And as Aotea stated, no-one else in NZ has the huge database and expertise to use it, that Glass Earth has.

Aotea
10-12-2009, 01:28 PM
Hi there Aotea, Cannibal and Balance (welcome to the thread BTW).

Been involved in a meeting so far today, it's not that I couldn't think of anything to say..;)

I made a bit of a faux pas anyway about the market cap, GEL's was already higher when I made the bet. I'm saying that even if HGD stays where it is (and it might well trend lower), GEL will be on the improve over the next few months as their alluvial mining cashflow kicks in. This in turn will kickstart more exploration, with plenty of geology graduates wanting some work in NZ.

Balance: this isn't hype, it's pure expected return. If you have x number of prospects with y probability of a big find, multiplied by the mining income from each large find, then you have a high expected return. And as Aotea stated, no-one else in NZ has the huge database and expertise to use it, that Glass Earth has.

Well said, but I do hate to reiterate that when they seek water they will be screwed. There is simply none, and no-one will sell it. That said most those who hold it, have it for a specific purpose and should that change they lose that right and it is reviewed for efficiency, all the low flow analysis for rivers etc. The only place they will get water is the key lakes, the shotover and clutha river...

However, just to be a duplicitous sod, if these monkeys cant find gold with their database, no-one will.

Canstock
12-12-2009, 03:43 PM
Glass Earth, CanAlaska Uranium property agreement


2009-12-10 17:19 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation of an option agreement dated June 3, 2009, between Glass Earth (New Zealand) Ltd. (a wholly owned subsidiary of the company), and CanAlaska Uranium Ltd. and Golden Fern Resources Ltd. (a wholly owned New Zealand subsidiary of CanAlaska Uranium), whereby the company may acquire a 70-per-cent interest in mineral exploration permit No. 40-481 located in the Otago region of New Zealand.




Glass Earth, Ophir Gold property agreement


2009-12-10 18:59 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation of a joint venture agreement dated Aug. 17, 2009, between Glass Earth (New Zealand) Ltd. (a wholly owned subsidiary of the company) and Ophir Gold Ltd. (a private New Zealand company), whereby the company may acquire a 50-per-cent interest in mineral exploration permit No. 427 located in the Otago region of New Zealand.

elZorro
16-12-2009, 01:45 PM
Not sure how long it's been posted, but Glass Earth has been GRANTED the Mining Permit 52018 on 10th December 2009, for 5 years:D . It's the 59.56Ha just below German Hill Diggings, off McAdie Road, Otago area.

They are required to mine gravel at the MINIMUM of 50,000 bank cubic metres per year, which by my reckoning if an average of 5g/tonne, 2 tonne per cubic metre as a very rough guess, would yield 16,000 oz gold minimum, worth about NZ$18mill retail :).

OK, Aotea will now be looking to get the contract to pump water to their prospect from several K's away (it might still be worth it.;)), or maybe they could build themselves a sealed dam, or dig a well, but either way, I'm sure they've got it covered at GEL HQ (why wasn't this new data on the website??) I did notice a reasonable parcel of shares sold on the TSX two nights ago. Onwards and upwards, this is a great Christmas present for holders.

From the CHFIR website, old news..


Placer mineralization: Bulk testing of the McAdie placer (alluvial) prospect commenced on June 16, 2009; purchase of a 75 Cu M/hr GRU (gold recovery unit) will allow fast tracking to mining if resource testing and feasibility studies are positive.

And now we wait for the ORC consents no doubt..

Aotea
16-12-2009, 03:36 PM
Not sure how long it's been posted, but Glass Earth has been GRANTED the Mining Permit 52018 on 10th December 2009, for 5 years:D . It's the 59.56Ha just below German Hill Diggings, off McAdie Road, Otago area.

They are required to mine gravel at the MINIMUM of 50,000 bank cubic metres per year, which by my reckoning if an average of 5g/tonne, 2 tonne per cubic metre as a very rough guess, would yield 16,000 oz gold minimum, worth about NZ$18mill retail :).

OK, Aotea will now be looking to get the contract to pump water to their prospect from several K's away (it might still be worth it.;)), or maybe they could build themselves a sealed dam, or dig a well, but either way, I'm sure they've got it covered at GEL HQ (why wasn't this new data on the website??) I did notice a reasonable parcel of shares sold on the TSX two nights ago. Onwards and upwards, this is a great Christmas present for holders.

From the CHFIR website, old news..



And now we wait for the ORC consents no doubt..


Good news all round...sorry to be the fly in the ointment, but there is no water. None in any creek or river as they have all be calculated and allocated. That area is several times overallocated for the entire watercourse, thanks mostly to historical mining rights. That means that should at any time, if consent holders took all the water for irrigation (predominantly) that they are entitled to, the river would run dry several times over. The Council also has a minimum flow which is meant to be maintained at all times to preserve the aquatic values of the watercourse. In this area, this is all hypothetical as the water is legally overallocated. as for groundwater, the Manuherikea Claybound aquifer is also fully allocated, and Council is not giving up any more until a major report is finalised, which likely will say there is no more. So, there is only what is authorised now, and no farmer will give up their irrigation water without paying enough money to let them walk off the farm....

Sorry to be negitive, but I have held this position for the last year on this thread...GEL are pee'ing into the wind on this, and they will be working hard to get what they want.

elZorro
17-12-2009, 08:08 AM
A message from Canstock (Ontario)


I have tried three times to post these on the public forum but for some reason I cannot. I have asked the site administrators what the problem is but they have not responded to me. Here are two releases as per http://www.stockwatch.com.


Glass Earth, Ophir Gold property agreement
2009-12-10 18:59 ET - Property Agreement
The TSX Venture Exchange has accepted for expedited filing documentation of a joint venture agreement dated Aug. 17, 2009, between Glass Earth (New Zealand) Ltd. (a wholly owned subsidiary of the company) and Ophir Gold Ltd. (a private New Zealand company), whereby the company may acquire a 50-per-cent interest in mineral exploration permit No. 427 located in the Otago region of New Zealand.

Glass Earth, CanAlaska Uranium property agreement
2009-12-10 17:19 ET - Property Agreement
The TSX Venture Exchange has accepted for expedited filing documentation of an option agreement dated June 3, 2009, between Glass Earth (New Zealand) Ltd. (a wholly owned subsidiary of the company), and CanAlaska Uranium Ltd. and Golden Fern Resources Ltd. (a wholly owned New Zealand subsidiary of CanAlaska Uranium), whereby the company may acquire a 70-per-cent interest in mineral exploration permit No. 40-481 located in the Otago region of New Zealand.

Are these old news? Have a great day!
Canstock.

Thanks for that Canstock, there might be a number truncation error in the top permit number, but the timing being 10th December for all this filing and permit work must mean something. I think these refer to the Ophir and the Rise&Shine sites.

Aotea, thanks for the water info (once more) and I guess at first it looks daunting for the GEL site operators. But it does rain down there in Otago on occasion, and we're being told everywhere (even in the Waikato) to build dams and hold onto more of it. There would be enough cashflow to pump, recollect and filter water to reuse it for sluicing. This is not irrigation, where the water is all ultimately lost. Only a portion would evaporate or be lost within the system, if all the material was carried to a sealed area. And that's just a transport belt and a pond membrane or clay layer away from reality.

elZorro
17-12-2009, 11:31 AM
Here's something for you Aotea, Miner and other keen dredgers..

The latest file at CM for the huge Otago PP 39322 was updated yesterday and published. What do you see Aotea, we'll wait to hear your comments..

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=39322

Regards.

Aotea
17-12-2009, 01:45 PM
Here's something for you Aotea, Miner and other keen dredgers..

The latest file at CM for the huge Otago PP 39322 was updated yesterday and published. What do you see Aotea, we'll wait to hear your comments..

http://data.crownminerals.govt.nz/PermitWebMaps/StaticReport.aspx?permit=39322

Regards.

Gidday,
Ive held a copy of 39322 and the areas that are to be surrendered. I just dont know how to drop it onto the forum...it is chunks from around the entire tenement, and my impression is that they have been highly selective and picked the bones dry....

elZorro
18-12-2009, 09:33 AM
Gidday,
Ive held a copy of 39322 and the areas that are to be surrendered. I just dont know how to drop it onto the forum...it is chunks from around the entire tenement, and my impression is that they have been highly selective and picked the bones dry....

Interesting. The CM page now shows 39322 as 8944 sq km (894,400Ha), but the map appears unchanged. I think it's just a matter of time before the updated map is posted.

The GunClub mining application might be sorted before Christmas too...both were put in close together.

Aotea
18-12-2009, 10:24 AM
Interesting. The CM page now shows 39322 as 8944 sq km (894,400Ha), but the map appears unchanged. I think it's just a matter of time before the updated map is posted.

The GunClub mining application might be sorted before Christmas too...both were put in close together.

Yes EZ I saw that too...but they have surrendered chunks all over the place, including a spot we are putting a claim in on...

elZorro
18-12-2009, 05:16 PM
Yes EZ I saw that too...but they have surrendered chunks all over the place, including a spot we are putting a claim in on...

Aotea, that's good, you're on your way then. Note also that GEL's Roaring Meg, PP50892 near the Cardrona area has been dropped a year early, on 17/12/09. There's been a lot of paperwork going on in the last month or two, by the look of it. It would be a huge job keeping a track of all these areas.

Not a lot of interest in picking up GEL shares at the asking price for the moment: but I do note that there are very few available on the TSX, and lots wanting to buy cheaply as per usual.

elZorro
21-12-2009, 10:11 AM
On 18th December Glass Earth's CM file was modified for PP39322, and the new map was locked in. You have to look inside the big file to get the map, the smaller maplink doesn't seem to be updated at the moment.

Like you say Aotea, there are big gaps everywhere. They've kept everything near Macraes mine, and around the outside of their mining permits, with a big hole inland from Dunedin. New area is 8944 sq km.

The CHFIR profile was updated again on 17th Dec. I can't see any major change (again), there are still some gaps in the info, a few typos. Is any of this new?


Glass Earth’s strategy is to apply sophisticated use of new technology, over whole geological provinces permissive for large gold deposits. Glass Earth is now at the target specific drilling stage in three egions: Hauraki; Mamaku and Otago.
Key targets in those areas are:

• WKP in Hauraki (Newmont funded)
• Muirs in Mamaku
• Serpentine in Otago.
• Rise & Shine gold prospect in Otago.

Glass Earth’s strategy for 2009 onwards is therefore simple:

To continue work on high priority targets,building towards NI 43 101 compliant resources; and

Place mining to provide sustainable cash flow; with the first plant expected to be running by year-end 2009.

Glass Earth is well placed to achieve this in terms of:

Its extensive ground position; Experienced management; Its funding and contributory joint ventures.

MANAGEMENT AND DIRECTORS

MR. SIMON HENDERSON, MSc BSc (Hons), member, AusIMM - President and CEO:
Mr. Henderson is a founding shareholder of Glass Earth and is a geologist with over 30 years experience in the gold mining and exploration industry.

MR. JOHN DOW, Chairman (non-executive):
Mr. Dow is a geologist, joining Newmont Australia in 1978, culminating in him being appointed Chairman and Managing Director of Newmont Australia (previously Normandy Mining Limited) in April 2002.

MR. PETER LIDDLE, CFO and Company Secretary

MESSRS RICHARD BILLINGSLEY, PAUL C. JONES and STEVEN BURNS (Canadian/North American based non-executive Directors) provide valuable guidance in their respective areas of exploration, mining and finance.

FUNDING/CONTRIBUTORY JOINT VENTURES

Glass Earth has C$1.2M in cash as at Q2 2009 and has three contributory joint ventures, including two with Newmont over the Hauraki Region and an area immediately adjacent to the Martha Gold Mine.

Management considers that, with a prudent approach, this combination of funds and contributory joint ventures should allow Glass Earth to build towards NI 43-101 resources into mid-2010 without recourse to further funding.

elZorro
21-12-2009, 11:21 AM
I did a google trawl and picked up this article by Simon Hartley in the ODT.


Glass Earth goes for cashflowHome » News » Business
By Simon Hartley on Tue, 1 Dec 2009
News: Business
Glass Earth Gold's working capital has shrunk below $1 million for the first time since its October 2006 dual listing on the Toronto and New Zealand stock exchanges, after the company spent more than $24 million in that period on exploration around the country, mainly in Otago.

The explorer is looking to become a boutique gold producer to create cashflow, having late last week posted a third-quarter loss of $218,000, leaving it with working capital of $934,000.

In October, Glass Earth announced it intended to undertake a private placement in Canada for financing of $667,000 and as at November 26, $381,000 had been received.

Glass Earth's chief executive Simon Henderson said working capital of $934,000 at September 30, together with "cash from or work undertaken by contributing joint venturers", was budgeted to carry the company through into "early 2010".

"Cash generated from placer [alluvial] mining, in the Ida Valley, or boutique hard rock mining, near Ophir, would be additional to this," he said in a market update.

All consents for the McAdies alluvial gold mining project in the Ida Valley were expected to be in place by this week.

"All necessary equipment is in place and ready to be mobilised to site with commencement of mining expected shortly afterwards," he said.

Also in the Ida Valley, consent applications for the Gun Club/Nevills alluvial (loose) gold project, had been lodged and were being processed, he said.

Last month, Glass Earth recovered some gold during bulk testing using a seven-tonne crushing plant near Ophir.

Mr Henderson said a 40-tonne floating gold recovery unit, bought in conjunction with a mining partner, was being leased out.

The company was continuing exploration elsewhere, including the test drilling in the Mamaku volcanic region, plus stream and pan-concentrate sampling in Marlborough, outside known historical workings.

This lines up: the Gun Club MP is close to being granted by Crown Minerals most likely. GEL has also started to recover gold at Ophir. It's possible that the webmaster for GEL will post us some photos of these operations and the new-look GRU on the website (a promise is a promise...)

Part of the November 12 press release about Ophir:


Glass Earth has recently constructed a purpose-built pilot plant (5-7 tonnes/hour throughput) designed to recover coarse/fine free gold by means of conventional crushing/grinding followed by a gravity separation process. An initial bulk sample of approximately 150 m3 is currently being processed in order to confirm the crushing parameters and recoveries. Following this test, the pilot plant will be relocated on site at the Wai-iti vein system for additional bulk testing.

Following a successful Evaluation Phase (November 2009), an affirmative decision to mine would allow for the construction of a larger plant (circa 40 tonnes/hour throughput), completion of regulatory consents and mining. The potential to replicate the mining on other pods of near-surface ore will be progressively evaluated thereafter.

Aotea
21-12-2009, 11:50 AM
Partial surrender of GEL by 0.38km2 on the books today also...

EZ, by now GEL should definately be making money from Ophir Gold I would expect.

elZorro
21-12-2009, 01:34 PM
Well done Glass Earth Gold (Andrew?): the website has been updated today with some beaut photos of the GRU on its lease site (helping at Earnscleugh?) and also some photos of the new smaller GRU at McAdies. Have a look, they're impressive. Aotea, there seems to be some water at McAdies...

http://www.glassearthlimited.com/gallery.html

Aotea
21-12-2009, 01:58 PM
Well done Glass Earth Gold (Andrew?): the website has been updated today with some beaut photos of the GRU on its lease site (helping at Earnscleugh?) and also some photos of the new smaller GRU at McAdies. Have a look, they're impressive. Aotea, there seems to be some water at McAdies...

http://www.glassearthlimited.com/gallery.html

mmm, Earnscluegh..I dodnt even know they were working there. That water is actaully a surface water intersect from the Clutha/ Frasers which isnt a worry, they are allowed as permitted 1M litres per day at a rate of 100l/sec without a consent!. Where is the McAdies prospect EZ?

elZorro
21-12-2009, 02:34 PM
mmm, Earnscluegh..I dodnt even know they were working there. That water is actaully a surface water intersect from the Clutha/ Frasers which isnt a worry, they are allowed as permitted 1M litres per day at a rate of 100l/sec without a consent!. Where is the McAdies prospect EZ?

Hi Aotea, I think an operator working at Earnscleugh has leased the big GRU from GEL. Might be a good idea, they can sort out any bugs..as long as GEL gets it back when they're ready. Would this be the same operator with the really huge bucket dredge? I think it was moved a while back, I posted about it.

McAdies is on a slight incline just below German Hill Diggings, Ida Valley, just off the end of McAdies Road.

Not too far away is the Gun Club project, MPA52021, which is bigger at 146.5 Ha. It's adjacent to the Falconer prospect, Poolburn (MP41762), and those guys have been doing really well by the look of it, with three employees, just with alluvial/placer gear and diggers.

Aotea
21-12-2009, 02:40 PM
Hi Aotea, I think an operator working at Earnsleugh has leased the big GRU from GEL. Might be a good idea, they can sort out any bugs..as long as GEL gets it back when they're ready. Would this be the same operator with the really huge bucket dredge? I think it was moved a while back, I posted about it.

McAdies is on a slight incline just below German Hill Diggings, Ida Valley, just off the end of McAdies Road.

Not too far away is the Gun Club project, MPA52021, which is bigger at 146.5 Ha. It's adjacent to the Falconer prospect, Poolburn (41762), and those guys have been doing really well by the look of it, with three employees, just with alluvial/placer gear and diggers.

Gidday,
Yep, I do know the Earnscleugh project you talk of now...as for Adies yes it has real promise, but it doesnt have water available with the exception of flood harvesting into dams. Should be an interesting year for GEL.

Merry Xmas to you all who have contributed to the GEL forum...Mid-Late feb is fishing time..