Mineral Boom May Return To Waihi

Press, Volume CIX, Issue 31981, 7 May 1969, Page 21

Mineral Boom May Return To Waihi

(New Zealand Press Association)

HAMILTON, May 6. A new mining company hopes to make Waihi a ‘’boom lown” with a renewed search for gold and silver deposits.

i The company, Waihi Exploration and ; Mining, Ltd, of Auckland, plans to attempt to * find the continuation of rich silver and gold , lodes found in the old Martha mine last • century.

« 'The chairman of the com•pany (Mr I. W. McKinnon) (said today that geomagnetic •surveys in the area, west of Waihi, had revealed favourcable geological strata only a ■short distance from the mine (where the deposits were first found. ; The mine was closed when •a “block” fault was encountered but the geomagnetic purvey had revealed a continuation of the mine strata beyond the blockage, Mr McKinnon said. Mr McKinnon’s company acquired the prospecting warrants of Zeacan Mining, Ltd, ■a private company which 'spent $34,000 on preliminary •exploration work. Area Narrowed ■ “It is not a search for the 'lodes. We have narrowed (the area down and we will •just continue the investiga(tions based on the geomagnetic work already done. - “If we find the lodes of (gold and silver in economic quantities we could make

Waihi a boom town once again.” . Mr McKinnon said a processing plant would be established at Waihi if investigations revealed the gold and silver bearing ore in economic quantities.

Pyrites Deposits His company will investigate also large deposits of pyrites from which it is

hoped to obtain high quality sulphur and iron. Prospecting for this will be in two areas north-east of Waihi and if feasibility and economic studies prove successful his company could produce enough sulphuric acid for all New Zealand’s needs,” he said. It was possible that a “reduction plant” to extract the suplur and iron ore from the pyrites would also be established at Waihi, Mr McKinnon said. He said a prospectus would be issued in the next few days for the new company offering the public 600,000 50c shares at par.