MINING NEWS.

Auckland Star, Volume LIX, Issue 30, 6 February 1928, Page 4

MINING NEWS.

LUCKY SHOT. A special meeting of shareholders Jn the Lucky Shot Gold Mining Company has been called for February 15 to consider proposals by the directors to reconstruct. A resolution will be submitted "That it J s desirable that the company be reconstructed with a view to obtaining further capital. That the directors be and they are hereby authorised to enter into an agreement for the sale of the company's undertaking for the sum of £10,000, and to accept payment of such sum by the allotment to the members of this company of 50,000 shares of 4/ each credited as fully paid-up in a new company to be formed for the purpose, having a capital of £30,000 divided into 150,000 shares of 4/ each. Such agreement in other respects to be upon and subject to such terms and conditions as the directors may seem fit. That such 50,000 shares shall be allotted so that each member of this company .shall receive one of such shares for every two shares held by him in this company.

Mount Welcome—The manager reports that during the last fortnight the rise from the low level has been opened up. At this point the reef is small, but good colours of gold can be seen in the footwall portion. Some 30 feet back the reef is also being tested to decide the possibility of dealing with this portion of the reef, which carries gold above in No. 2 level.

Kuranui. —The manager reports that the crosscut from the surface has been extended 14 feet for the week, making a total of 117 feet from the starting point. It is still penetrating the same class of country, with no quartz showing. The drive on the leader in the footwall of the main reef lias been extended a further 7 feet, which makes a total of 1117 feet from the crosscut. The leader has turned and seems to be going along with the cross ree? mentioned in last report. The quartz broken from this reef looks very promising, and shows a lot of blend and silica and should make gold at any breaking down.

Hauraki Mines.—The manager reports that the seaward face at the 400 ft level has been advanced <7ft for the week. The face is now 33ft beyond the vertical point of the Green Harp reef at the 180 ft level of the Union Beach shaft, and within sft of the estimated position of the junction. The reef averages 20 inches in width. Strong dabs of fine close gold have been seen_ freely distributed through the main portion of the reef. Small pieces of rich specimen atone continue to be got from the pug formation on the hangingwall side. The Hauraki shaft is nearing the 500 ft level, and it is expected to start getting the chamber sets in position in a i few days. The crosscut towards the Haurakl North section has been advanced 12ft for the week, uk&kinjr the total distance from the New reef 36Sft. Bands of white country rock have been passed through during the week.

Occidental Una.—The mine manager -telegraphed this morning: "Secured 251b of •pacimeni from No, 1 r««£ g<jing south."