KARAKA SYNDICATE.

Auckland Star, Volume XXVIII, Issue 247, 25 October 1897, Page 5

KARAKA SYNDICATE.

AN IMPORTANT FIND.

A few pounds of rich, gold-bearing stone from the Karaka syndicates property (Poneke No. 2 and Exchequer claims) was on view to-day at the office of Mr H. G Bell, Queen-street. The stone is of a brown colour and is peppered all over with fine gold, amongst which coarser specks of

a bright colour may be seen. This was taken from a reef two feet six inches in width recently intersected from which a parcel of 107lbs of very rich stone was lodged at the National Bank, Coromandel. About four tons of firstclass ■ crushing dirt have also been broken out from the reef. The big mother lode running* down the Peninsula is exposed very near this reef ; in fact, just here it presents the appearance of a mountain of quartz, some of the boulders of solid quartz close by being as big as a small house. The specimen reef now found is no doubt an ofi'shoot of the mother lode. It has been proved to carry gold on the surface for over 300 feet, The new find is on the Karaka block, Coromandel, about two utiles from the Post Office. The syndicate hold an area of 700 acres on the main range between the Success mine immediately overlooking Coromandel. Captain Argall holds an option over this property on behalf of an English syndicate. Our Coromandel correspondent telegraphed to-day concerning the new,find :— "Good traces for seven chains along tbe outcrop of the main Tokatea. The footwall portion is two feet wide carrying rich gold, and 1071b of picked stone worth hox to the pound were secured at one breaking down. The find is a most promising one, and likely to prove permanent. There is every facility for economical development giving enormous backs'on a huge body of ore."