OTAGO MINING VENTURE.

Auckland Star, Volume LX, Issue 136, 11 June 1929, Page 5

OTAGO MINING VENTURE.

AN OLD QUARTZ REEF.

ENCOURAGING- PROSPECTS,

(By Telegraph.—'Special to "Star.")

DUNEDIN, this day.

Most encouraging word has been received by those interested in the Golden Progress Quartz; Mining Company, Ltd,

This venture is situated on a hillside near Oturehua, on the (Jtago Central line, Some forty ye'ars ago a quartz reef was discovered, but not properly exploited. After lying dormant for so long the idea of prospecting along this line was taken up recently by some of those in the district. There was at first some difficulty iii getting a moderate amount of capital to test the proposition, but indications became so good 'that, dating front about six weeks ago, there has been no difficulty about the necessary funds, .

As the result of several months' work, the continuity of the reef has been proved. An inclined shaft of 80ft was sunk along its cap, and from , that a. vertical, shaft was sunk, and prospecting drives have been opened out. The existence of enough quantity of stone having been ascertained the all important question of its quality had to be answered. Four parcels were forwarded for assay, and results have just coma to hand. It may be said, without disclosing figures, that the assays have delighted those who have been responsible for the prospecting venture..

The next step will be a trial crushing. In the meantime a syndicate has offered to buy the proposition, but the original shareholders, who have contributed 5/6 a share so far, may decide to provide the working capital themselves.