Carpentaria joins Consol. Silver

Press, Volume CXIII, Issue 33413, 20 December 1973, Page 19

Carpentaria joins Consol. Silver

C arpentaria Exloration. Ltd. a subsidiary of M.I.M. Holdings, Ltd. Australia, has been named by Consolidated Sih er Mining Company, of New Zealand. Ltd. as its partner in a joint-venture exploration programme at Mount George, Fiordland.

On July 24 Consolidated; Silver reported the agreement but its partner was not named. In a report to shareholders directors state that the Mt George (Fiordland) magnetite-ilmenite-vanadium deposit has the potential to develop (into a large-scale mineral industry. The deposit covers more than 100,000 acres and exi tends more than 13 miles (within the company's holdI ings in the Doubtful Sound i region. Carpenteria Exploration is, participating in an evaluationI of the deposit on a 50 per 'cent basis. To earn its half-interest, Carpenteria will spend $300,000 and thereafter conitinue to work at no extra (cost to Consolidated Silver. : Consolidated Silver's share ;would be paid out of future I profits. i The agreement with Car-; penteria has been with; (various Government depart(ments for some months 'awaiting ratification and this delay could prejudice the' 1973-74 exploration programme which needs to be (undertaken from November (to April because of the weather in the area. On the West Coast beach sands prospects, the report states that the early assessment of the importance of ’these discoveries w’as con-

.firmed b\ geologists trom Western Titanium. Ltd. with whom Consolidated Silver is currently completing an agreement jointly to explore the prospect. The agreement envisages that Western Titanium will be mined by Consolidated Goldfields of Australia, ltd. and together may earn a 51 per cent interest in complet ing exploration of the areas to a preliminary feasibility ; study stage costing up to $150,000 but not less than , $lOO,OOO. Western Titanium is a major Australian beach sand miner and processor ( Both of the applications for mineral licences and the agreement with Goldfields j have been with the Govern--ment for over a year Negotiations are still in progress for joint ventures in /the Great Barner Island , perlite deposits. Production from the Mara--itoto gold-silver deposit has i fallen short of expectations ■ land while known ore reserves t are encouraging it is clear /that larger scale mining is ? necessary to attain profitable production, the directors say I nit trusts i I Bu' Sell . First XZ. I nit 9? 107 j( Investor ■ X'.Z. Income -Ix'.Z. Accum 130 13 11