MINING

Press, Volume LXX, Issue 21320, 13 November 1934, Page 13

MINING

TAIPO REEF DISCOVERY ENCOURAGING PROSPECTS (SPECIAL TO TUE TEIiSS.) GREYMOUTH, November 12. A meeting of the syndicate, P. G. Willis and party, whose two prospectors located a gold reef some miles up V.ie Taipo creek, between Kumara and Otira. was held at the week-end. The quartz miner, a member of the syndicate, who, with a surveyor, made an inspection of the area, gave a report of his findings, which was extremely encouraging. A large area of 1000 acres has been pegged out by the syndicate, also water rights and battery site. The reef is about three-quarters of a mile in length, and the outcrops of it show gold freely. The syndicate proposes to carry out further prospecting, making an extentive test. The reef syndicate has a personnel of 14, inclusive of the two prospectors. WEST COAST DREDGING ACTIVITY During the last few months a portion of the New River, near Greymouth, has been prospected for gold by means of boring and very encouraging results have been obtained, the values from 24 bore holes and two shafts having averaged lOd a yard, with gold at £4 an ounce. A further series of check bores were put down by Mr Wylie, boring superintendent of Hokitika, and the check bores returned values averaging 12.26 d over seven holes. A diesel driven sluice-box dredge of the modern close connected bucket type is to be erected with a weekly capacity of approximately 12,000 cubic yards. Experience of modern dredges operating on this class of country indicates that the working costs should not exceed 2d a yard. The life of the claim is estimated at from seven to 10 years.

MATAKI CrRESS ASSOCIATION TELEGRAM.) AUCKLAND, November 12. The Mataki return for the week ending November 11 was 29 ounces for 123 hours' work. BUNDI DREDGING CAPITAL At an extraordinary meeting of Bundi Tin Dredging Company, no liability, in Sydney, shareholders approved a resolution increasing the capilal by £21,250, by increasing by 5s the amount payable in respect of each of the 85,000 shares of 25s each issued. The capital is increased from £106,250 to £127,500. The actingchairman, Mr R. S. Norris, said the directors did not expect to call up more than 2s 6d a share of the new capital without first submitting the proposal to shareholders. The company recently commenced the transfer of one of its tin dredges from Malay to a gold dredging area near Greymouth.

MOONLIGHT GOLDFIELDS An extraordinary general meeting of shareholders in the Moonlight Goldfields Company, Ltd., is to be held in the Chamber of Commerce Buildings, Christchurch, on Thursday, to consider an option agreement entered into on behalf of the company with Investments, Ltd., for the sale of a portion of the company's mining area. In a circular to shareholders Mr J. E. Forbes, who has been manager for the company, states his opposition to the sale of any portion of the mining rights. "If the option referred to be confirmed," says his circular, "and the property taken over from your company, then you will have parted with one of the principal assets of the company, and one which I regard, and still regard, as essential for the successful and complete operation of the company's valuable water rights. This company has all the capital necessary to fully develop and thoroughly work the whole of the land and mining rights held by the company, and there is no necessity or advantage in disposing of awy portion of these rights."

The letter continues that a disagreement between the directors of the company and Mr Forbes arose over the installation of a pipe line.

OKAUITO RETURN (PKB33 ASBOCIATIOK *GLeOIUH.) DUNEDIN, November 12. The Okarito dredging return for the week was 540z 12dwt for 127 hours. GILLESPIE'S BEACH Gillespie's Eeach dredging return was 440z sdwt for 124 hours. (iOLDEN DAWN RETURN For 11 working days ending October 29, 238 tons of ore were crushed for a return of £954, gold at £7 an ounce.