Thinking of going for gold on NZX

Gold explorer Glass Earth is considering listing on the local exchange as it prepares to release an aerial mapping survey showing gold prospects potentially worth billions of dollars.

The Wellington-based firm, which listed on the Toronto Stock Exchange's Ventures market in April after a reverse-takeover of a shell company, is planning a secondary listing in the next six months, as early explorations come a step closer to delivering the goods.

"Having established that we are bona fide via the Toronto exchange, we are getting to a stage where a lot of the risk is taken away and we could look to the New Zealand market for further funding," Glass Earth chief operating officer Simon Henderson said.

The firm has met NZX head Mark Weldon and the listing could be as close as a month away, timed to ride on the coat-tails of the survey's release.

Glass Earth was founded in 2002 to look for "epithermal gold" - formed when hot fluids rise to the surface - in the central volcanic region from Taupo to Tauranga.
It uses sophisticated computer mapping - largely GPS and 3D technology - to pinpoint areas for potential gold exploration.

Last month, it completed a three-month aerial survey of the region using detailed magnetic and gravity-based technology.

The technology is able to "see through" surface ash layers to measure the magnetic properties and weight of rocks buried up to 2km below the earth's surface for signs of gold. Henderson, the driving force behind the project, is a Kiwi geologist with 30 years' experience in the gold industry, including 18 years with Australian miner Otter Gold.

He says the project has the potential to unearth another Martha Hill - the open pit mine in Waihi in the Bay of Plenty that was discovered in 1878 and became one of the country's richest.

Glass Earth has identified 29 priority gold target areas from existing legacy data. The latest survey will help define drill targets for the firm to begin exploratory work. It would then seek a major company to take on the mining operations.

The survey is also likely to show sites for new thermal power stations.

- NZPA