GOLD DISCOVERY

Hawera Star, Volume XLV, 7 April 1926, Page 5

GOLD DISCOVERY

THE PANAMA FIELD. ANCIENT WORKINGS FOUND ' A NEW ZEALANDER AT WORK. BY CABLE—PRESS ASSOCIATION—COPYRIGHT. Received 10.10 a.m. to-day. NEW YORK, April 6. Mr C-alderwood, a New Zealander, aged between 50 and 60, who ias long been engaged in mining in South America, .spent two patient and difficult years in Panama, near the spot'where Columbus landed. He found old Indian workings which yielded 45 ounces of gold per ton, which ancient miners, not possessing the cyanide process, rejected as worthless. He discovered relics of the old wooden stamper batteries which were used to crush the rock. They consisted of huge suspended logs with iron feet worked on pulleys. Some surface silver ore yielded nin e ounces per ton, and there were evidences of rich tin and zinc. Rains had swollen ■the rivers and inaccessible country hod hampered Mr Calderwood’s party. Thorough exploration of the field w’as only possible after the construction of roads and bridges.—Sydney Sun Cable.

“AN ELDORADO.” SIR ALFRED MUNI) IMPRESSED. Received 10.10 a.m. to-day. LONDON, April 6. Questioned regarding the Panama goldfield, Sir Alfred Mond said: “The experts lead me to believe it is an Eldorado. It is not merely rich surface ore. Imagine the magnitude of the discovery of five thousand acres of gold-bearing land only four days distant from San . Francisco.” —Sydney Sun Cable.

WILL BENEFIT INDUSTRY

LONDON, April 6

The Daily 'Chronicle, commenting on the Panama gord discovery, says: “If the new reef realises the prompters’ hopes that it is as big as those on- the Hand, it will not only make individual fortunes, but will outstandingly affect existing monetary problems. The gofd discoveries of the last century were of great benefit to the world. They prevented the gold standard bringing about a fall of prices which might have paralysed industry and trade. As the world’s wealth increases, it is important that the monetary medium, shou'-d increase proportionally. If the world’s industrial production in the near future inorea-ses as fa-st as possible, we shall find good use for all the gold new discoveries produce.