Phosphor interest by Spectrum

Press, 5 December 1985, Page 62

Phosphor interest by Spectrum

Spectrum Resources is hoping to expand its interests to include prospecting for phosphorite nodules, used in ferti-

The directors said that the company had applied for prospecting rights over an area of the continental shelf off the west coast of the North Island around Hokianga. This follows the discovery of phosphorite nodules in a dredge sample from outer margins of the continental shelf. The chairman, Mr P. H. Masfen, explained that should the phosphorite nodules be found in commercial quantities they could be used to replace imported components in fertiliser.

To date Spectrum has" been

involved mainly in gold exploration and the directors say that several exploration companies have expressed interest In joint ventures on the company’s Coromandel gold properties. Discussions with two groups are under way. However, the Monowai mine, which Mr Masfen says is a proven gold resource, will not be included in any joint venture negotiations. The statement to the stock gexchange also refers to moves by Newmans Group to consolidate its gold mining interests in L and M Mining, Ltd. Subject to shareholder approval L and M will acquire Newmans’ 50 per cent interest in Thames Minerals, Ltd,

which is also 50 per cent owned by Spectrum. This move should enable further introduction of L and M’s alluvial mining skills into Thames Minerals. Spectrum has released production statistics for Thames for the quarter to September 30 which show that some 8491 grams of gold bullion was recovered from the 32,717 cubic metres of gravels treated. Gold sales totalled 12,552 grams and the average selling price was $20.14 a gram. The company says a switch to a new mine site and difficult mining conditions hampered throughput in the period, resulting in lower production.