KENNEDY BAY.

Auckland Star, Volume XXVII, Issue 305, 23 December 1896, Page 7

KENNEDY BAY.

AKARANA COMPANY",

A special meeting of shareholders waa held on December 16th, when the action of bhe directors in connection with the eala of the property was confirmed. EVENING STAR. The sum of £1,000 has been deposited by Mr Arthur Heather at the office of Mr J. H. Harrison in conneotion with the option for floating the Evening Star mine ab Kennedy's Bay, For some time past development works have been conducted on behalf of the holders of the option, and this £1,000 has been placed to tbe credit of Mr Heather and one of the directors of the Company, to be expended in working tho mine. The terms upon which tha property ia offered are that a new company be formed with a capital of nob less than £120,000. of which £20,000 is to bo provided for working the mine, vendors to receive 40,000 fully paid up sharea for their interest. Since the option was secured over this property on behalf of an English syndicate, additional men have been put on to assist in the development of the mine, which it is soundly believed will yet prove one of the besb properties in Kennedy Bay. Up to the present, JNo. 1 level has been driven a distance of over 100 ft on No. 1 reef, averaging throughout aboub 4fb in width, and earring a little gold all the way. In order to open up a block on this lode and co aecure a better idea as to its quality, a winze was started some time ago from the surface, and on the footwall branch for the purpose of connecting with tho level below. This was recently accomplished, and ib ia satisfactory to know bhat gold was carried all the way down—over 50 feet—while this branch of the lode maintained a width of two feeb of splendid looking stone. In order to show how the reef haa split, I should mention that ib was necessary to drive a crosacub from the level aboub 15 feet in order to connect with the winze. From this latter point a drive is now being advanced on the footwall brauch, which still continues to carry gold and supply a good class of general crushing dirt. No. 2 reef ab No. 2 level was intersected by a crosscub 70 feeb in length. This reef averagea two feet six inches, carries a little gold, and was opened up aboub 20ft. Another level aba greater depth ia now contemplated, and with this in view a crosscut is being driven and is already in over 75ft to cut this No. 2 lode. From actual measurement it should be at hand any foot now, and water ia making freely in bhe face, which evidences the proximity of a quartz body. In addition to the above works a new crosacub has recently been commenced to intersect the Bft lode which outcrops on the surface and there gave fair prospects by pounding. This ia one ot the moat important worka on bhe ground, and as from the present level 300 feet of backs will be available, and if it is proved that bhe reef ia of a payable nature throughout, it will undoubtedly havo the eflect of stamping tbe property as a particularly valuable one, and one warranting the immediate expenditure of capital, the undertaking of extensive mining operations, and bhe erection of a plant to treat the ore. RANGAITRA. The first annual meeting of tho shareholders of the above company was held on N°vember 30. The balance-sheet showed receipts total 1,009 19a lid, and The expenditure lefb cash in hand, £9 16s od: total, £1,009 19a lid. Mr E. J. Smith was re-elected director and Mr Thomas Foley in place of Mr John Feafcon, who retired.