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NEW DREDGING COMPANY

On another page is published the prospectus of the Grey River Dredging Company, which has been formed to acquire from the Rimu Gold Dredging Co., Ltd., certain options and agreements over areas in the Blackwater Valley in the Nelson Land District, and to construct and operate a gold dredge on those lands. From a total area of 3000 acres over which options are held' a ' selected channel of commercial gold-dredging land has been chosen comprising at present about 1700 acres. The prospectus states that these lands are the best of the many properties the ■ Rimu Company has inspected during the past sixteen years.

The property follows the bed of the Blackwater River to where it joins the Mawhera-iti (or "Little Grey") River, and then follows the latter stream .to its confluence with the Grey River, making a total of eight miles of river-bottom land. The property is linked with Greymouth and Reefton by road and rail. The land is flat and practically all cleared, so that the cost of clearing will be slight. The deposit averages from half to three-quarters of a mile in width. The Blackwater Valley (states the prospectus) has long been known as a gold-bearing artfa, and is fed by many side creeks and streams which have helped to enrich the deposit with gold. The property has been drilled by the Rimu Company during the past three years under the direction of its engineer and general manager (Mr. W. J. Radford), and this work has been checked by' Mr. Sydney W. Ford, consulting engineer, of San Francisco, and former manager of the Rimu. Company over a period of eight years. Their reports are as follows: —By Mr. Radford: Yardage, 62,276,041; grains of gold per cubic yard, 1.97; value in New Zealand pence per square yard, with gold at £8 15s per oz., 8.63 d; gross content, in New Zealand currency, £2,239,343. By Mr. Ford: Yardage, 63.941,000; grains of gold, 2.15; value per yard, 9.4 d; content, £2,504,356. The company estimates an annual yield (weighted average) of about Is lid per 10s share on an issued capital of £285,000.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/EP19370203.2.43

Bibliographic details

Evening Post, Volume CXXIII, Issue 28, 3 February 1937, Page 7

Word Count
354

NEW DREDGING COMPANY Evening Post, Volume CXXIII, Issue 28, 3 February 1937, Page 7

NEW DREDGING COMPANY Evening Post, Volume CXXIII, Issue 28, 3 February 1937, Page 7

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