MINING NEWS.

Auckland Star, Volume LXVI, Issue 234, 3 October 1935, Page 4

MINING NEWS.

FIJI MINING. CARDIGAN LODE DISPUTE. The directors of Aloha Central Gold Mining, N.L., Melbourne, report tlii'.t a satisfactory agreement lias been readied between the company and Koroere Gold Mining, N.L.. for tiie working of tiie Cardigan lode oil tiie Tavua field, Fiji, should it be found to underlie the Aloha Company's area. Accordingly, it lias been decided to proceed with tiie issue to shareholders of 1250 of Hie 2500 new shares of £5 each created at a recent meeting of shareholders. These new shares will be offered to shareholders at par in the proportion of one share for every two held. The new capital is to he used for further prospecting. The company reports that Mr. P. Costello, who granted tiie option to Aloha Central in April last, lias granted, free of cost to the company, an extension of the option until December 31. Mr. Costello has also expressed his willingness to extend t lie option to nil even later date conditionally on his own license being extended by the Fiji Government. The announcement recently that nil agreement entered into between Mr. Costello and Mr. E. G. Theodore in December, 1033, for an option over the Koroere block gave Mr. Theodore the right to follow the Cardigan lode into the Aloha Central block, caused considerable interest in Fiji mining circles. The directors of Aloha Central learned of the position for tiie first time on August 30. It is stated that the agreement now entered into between the directors of the Koroere and tiie Aloha Central companies will limit the working on the Aloha Central block by the Koroere company strictly to the Cardil gan lode proper. The present make of stone disclosed on the property, even should it extend to die Cardigan lode, will be exempted from operation by tlie Koroere company, an dtlie Koroere company will not work any spurs that may come from the Cardigan lode into tiie Aloha Central area. Koroere Operations.

The latest progress report at tlie mine ol Iviiroere (iold, N.L., at Tiivua, Fiji, is- a> follows:—Tunnels.—No. ], south drive lias been extended to Slff; values fj-om 30ft tc HOft being I'dxvt, and iiOft to 80ft, iijdwt, No. - lias lieen extended to 31!) ft, values 313 ft to 340 ft being jjdwt. No. 3 has heel! extended to 329 ft in .hard nndesite. No. 4 north drive is in 46ft, with value of sd\vt and the south drive is In 22ft, with value ol .Idwt. The Cardigan west shaft 35ft to 30fl shows 2d wt. and at 42ft 4d\vt. The Cardigan nortli 22ft to 27ft gives ldwt, and at 31ft 2Adwt. Work on the Brewster lode has been temporarily stopped owing to a shortage ol labour. Prospecting is being carried out on the south-west face of the Koroere, and a cut lift away from the lode shows values ol 2dwt and now driving on this part.