WELLINGTON, NEW ZEALAND--(Marketwired - March 27, 2015) - ANTIPODES GOLD LIMITED (TSX VENTURE:AXG)(NZAX:AXG) (the "Company") announced today the preliminary results from drilling being undertaken in joint venture with Newmont Mining Corporation ("Newmont") on the Waihi West exploration permit, EP 40767.
Newmont's drill hole "908SP50703" intercepted a quartz vein from 299.2 to 308.8 m - assays from this vein returned 10.2 m @ 5.6g/t Au, 6.9g/t Ag from 299.2 m, including 1.0 m @ 9.0g/t Au, 10.5g/t Ag from 300.1 m and 3.0 m @ 14.3g/t Au, 12.9g/t Ag from 304.7m. A plan showing the permit location is attached.
The Waihi West permit area is immediately adjacent to Newmont's Martha gold mine in Waihi, North Island, New Zealand. (See map here) Drill hole 908SP50703 was collared from underground workings outside of exploration permit EP 40767. The proximity of this strong intercept of robust grade gold mineralization so close to Newmont's existing underground mine is an important development for Antipodes Gold.
To date Newmont have undertaken ground gravity and resistivity exploratory work on EP 40767 and several drill programs south and east of the Martha mine pit. This recent drill intersection eclipses previous drill results and is testament to the prospectivity of EP 40767. It demonstrates that the high quality exploration work being carried out by the Joint Venture continues to reveal new gold mineralization and the potential at the Martha gold mine for additional resources and continuing mining operations.
Under the terms of this joint venture, Newmont currently hold a 50% interest and are expected to soon grow this to 60% upon reaching their project expenditure milestone of $NZ1.5M. Antipodes and Newmont also co-operate under the Hauraki Joint Venture (35%:65% respectively), where the primary target is the WKP gold-silver project, approximately 10 km to the north of Martha mine. Previous news releases have provided details of drill results from WKP. A NI 43-101 report on WKP is available on SEDAR.
The Company's discussions with an eligible third party to achieve an effective restructuring continue. As advised earlier, the terms of any prospective deal remain to be determined and shareholder approval will likely be required for any such agreement to be finalised. There is no certainty that any transaction will be completed. The Company will continue to actively pursue this encouraging opportunity, plus other financing options and will inform the market of any substantive developments.
About AXG
Antipodes Gold is an experienced exploration and development company focused on establishing gold resources in New Zealand's Hauraki region - host to low-sulphidation epithermal gold-silver deposits including the Newmont-owned Martha gold mine. For more information on the Company's properties, and to subscribe to further news updates, please visit antipodesgold.co.nz.
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology, is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, and has reviewed and approved the technical information given in this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.