PROSPECTS AT THE THAMES.

Evening Post, Volume LXXVII, Issue 110, 11 May 1909, Page 4

PROSPECTS AT THE THAMES.

CONSIDERABLE ACTIVITY. AUCKLAND, This Day. During the past week there has been considerable attention paid to shares in mining companies at Thames. The Star, in referring to this activity, says :—"lf: — "If this is the outcome of the probability of united action being taken by five of the companies to put in a crosscut at a depth of 1000 feet, there can be no denying that the buying has begun too soon, as it will probably be a couple of years before that work is com- : pleted, and when it is done the various companies have still to face the cost of deepening their shafts and connecting will) the low level tunnel. Then, too, it must not be forgotten that the first step will be for the respective companies to each put up £2000 towards the cost of driving the tunnel, and after that there is still the question to be faced of paying to the Drainage Board the cost of lifting the water. At the same time, it must be admitted on all hands that it is a jreproach to owners of Thames mines that it is only now that action is being taken to ascertain what lies hidden below 650 feet." The Star continues: "Apart from this low-level .scheme, however, there are several matters in connection, with Thames mines that seem to warrant the payment of better prices for shares in some of the companies. For instance, the May Queen, considering the large area it holds, and the fact that it is on gold, 6hould be fully worth the price at present paid for the shares. Then, too, the Saxon Company is at present working on a reef in the upper levels, from which it i& expected that goldbearing stone will be obtained, and at the same time it is considered that once the low-level scheme is in operation this company is almost certain to get something good from the Cardigan Reef lower down than it has yet been possible to work on account of the water. Further along the flax, the old Kuranui Mine is jiow working upon what is called Blyth's Reef, which is practically a new find away from the old workings; and from this lodo a trial parcel has given payable results. The old Alburnia Mine is another mine that is just in a position, after having done a lot of dead work, to commence opening out with all the possibilities of making important discoveries in what is known to be promising country underneath where good gold was got in the upper workings in the early days. The Victoria -Mine Is another property that should have a future once the low-level crosti-cufc is an accomplished fact, as practically all the best reefs at the northern end of the field should strike through the. Victoria ground lower down. Fuither on towards Tararu there is the Waitangi Consolidated property that is -opening up well, and the same may be said of the old Sylvia ground.. The fact is that, for some ■considerable time past, a lot of dead wor-k'has been going cm. at the_Thames, and in several instances it would seem as if the. time was approaching when shareholders can fairly expect to .get some return for their' outlay. It will thus he seen that there is some warrant for the attention that is now being paid by speculators to shares in mines at the Thames. At the same time, buying wants to be done carefully, after making due enquiry as to what are really the prospects of the various properties. "The Coromandel district has had such a long period of stagnation that it is time .some new development was made. The 'Royal Oak 'Mine certainly gives promise of important development, ac the hard bar has been driven through, at which point hitherto work has been stopped. At the other side of this bar, good country was met with, and several hauls of picked stone were obtained ; but latterly there have not been any reported. It it, however, quite a feature of this mine for the gold to die out and then make again ; and it is hoped that further rich patches are yet to be met ! wiih. There is also reason to believe that driving at the other level thiough this bar will practically open up another mine. The old Hauraki Company is steadily working at the 400 ft level — <!. deeper point thai' hab hitherto been developed in that property — and strong hopes are entertained that this> will lead to gold-bearing reefs being -met with at a lower depth. If such proves to be the case, it will practically mean a, revival at Coromandol. The Four-in-■Hand property is also being again floated on the market, and as this produced good gold and paid dividends from the upper levels, it is intended to continue the low level and shift the battery to the o.ther side oi the- hill, where it can be driven by water-power, and thus enable the ore to be treated at a minimum cost." _^_^__________