MINING NEWS.

Auckland Star, Volume LVIII, Issue 114, 17 May 1927, Page 5

MINING NEWS.

IMPERIAL GOLD MINING COMPANY.

SATISFACTORY DEVELOPMENT. Mr F. E. Flatt presided at the third annual meeting of shareholders in the Imperial Gold Mining Company. The directors report stated that during the past Tear the crosscut had been extended 315 feet, making a total of 565 feet. Drives have been put 48, 30 and 20 feet respectively on three of the reefs cut. but the assays had been disappointing. Prospecting was undertaken in the area known as Ballroom Gully, which Is a portion of the unexplored part of the Karangahape goldflelds. The mine manager (Mr. J. Bunting), while prospecting in that locality, discovered several reefs, one of which he has explored. Saifiples taken from different parts of the reef assayed as follows: £7 1/7, £S 19/11. £10 0/6 and £15 10/7. The directors decided to put in a prospecting tunnel about 60ft below the reef, which it is estimated will require to be driven approximately 70ft to cut the reef. It is also thought that by continuing the crosscut to a total length of 200 ft the four other reefs on the surface will be intersected. This work was put in hand early In April, and 33ft has already been driven. Mr. Pierce Grace, who is one of the early prospectors, has spent several days on the claim with the mine manager, and in a report Mr. Grace 6trongly recommends the continuation of the work commenced. Referring to the financial side of the company's activities, the balance-shc-ct showed that up to January 31 last the sum of £1394 bad been collected, of which sum £1360 had been expended. To enable the company to raise additional finance the directors placed on the market 200 £5 shares, and had dieposed of 75 of that number. The chairman said he felt sure the reef system now being exploited warranted full investigation. The retiring directors, Messrs. F. E. Flatt and G. P. Lamb, were re-elected, and Mr. A. F. Steedman was elected to fill the vacancy caused by the death of Mr. Edward Shaw. Mr. Flatt was re-elected chairman.

MUTE MANAGERS' REPORTS.

Maoriland Consolidated. — The n»ine manager reports that the drive on the Maoriland lode was advanced' 10ft, making the total to date 20ft. The appearance of this face has improved somewhat daring the week, although it is not yet all that could be desired. On Friday a start was made to put in a crosscut eastward from the North Pass in the No. 4 level, with the view of intercepting the above lode.