GOLD REVIVAL

Hokitika Guardian, 18 July 1931, Page 6

GOLD REVIVAL

BIG RIVER MINES. Another hopeful sign of the gold mining industry on the West Coast is the formation of a company to take over the well-known quartz mine in the Big River district, Inangahtia, a mine that has proven one of the richest in New Zealand, having produced more than half a million pounds worth of "gold, and paid in dividends £162,498p5’0r more than £6/15/- per share. The proceeds also provided nearly all the present valuable plant, for which mining, and geological - experts predict , a highly prosperous future when yet undeveloped resources of the mine come to be worked. The properties comprise over two hundred acres of special quartz claims, as well as water rights, special site and other necessary rights and privileges. The scheme of operation proposed has been recommended •by the Government geologist, as well as by Mr T. 0. Bishop, formerly Dominion Chief .Inspector of Metalliferous Mines. The undertaking also includes a colliery of 63 acres and a steam-driven sawmill plant, 'both near the mine, which is connected bv a good motor road with Reefton. The mine plant comprises* a modern Robey of three thousand feet, one of the best in New Zealand, also an engine and electrical dynamo, an aerial tramway, of 47 chains for transporting quartz to the battery, a battery of ten heads that is water-driven, a large steel cyanide jjlant, two' concentrators, a large .dam, and, water races providing power.. The main , shaft is down .1976 feet, and twelve working levels have been projected from it, the second one for 1700 feet, the mouth of this level being connected by a tram line with the coal mine, and-coal is thus available at/ low cost. It was when the last operations on Nos. 11 and 12 levels revealed a reef displacement that operations were suspended. In 1928 prospecting for the rich “Cosgrove’s Block” of stone led to a new reef being discovered worth £4 per ton, and at other points on the same (No. 2) level very promising results were received.- From the new reef 150 tons of quartz have been taken, and work could at once 'begin thereon now, with an early resumption of crushing. The company can obtain a subsidy of £ISOO which the Minister of Mines, after Departmental investigation, has approved. In the mine notably rich ore has been, found, worth from £4 to £6/10/- per ton. The. oije bodies in it are not regular, and the noted authority, Dr. J. Henderson, recomihended further prospecting as he believed there were two original ore shots in the mine, and that the ore bodies in Nos. 2 and 5 levels are more ,or less connected, and that the same hi)lds good double blocks in Nos, 7 and 10 levels.

The valuation of the property hv Mr J. B. Auld, M. "(Axis.) is- -£4l-,270r -' A former Mr N, Lawn, in a lengthy report, strongly urges working No. 10 level and other sections. After providing the purchase money, the company is estimated to have £5,600 for operating. The company proposes to raise a capital of-£25,000 in 500,000 shares of one shilling each, of which 320,000 .are being offered to the public. Tn consideration of transfer of option, the River Syndicate Ltd., obtain 57,000 shares. Some 122,900 shares are to be held in reserve. The provisional directors are :—Mrs A. De B. Brandon, barrister, Wellington; Mr G. W. Magnus, merchant, Wellington ; Mr J: G. Harcourt, A.R.A.. N.Z., Wellington ;Mr I. Patterson, Solicitor, Reefton; qnd Mr J. B. Auld, mining engineer, Reefton; while Mr T. H. Lee, F.P.A., N.Z., is the secretary. . This venture is most timely as well as promising, and West Coasters ought to give its merits every consideration. Gold is going to remain the most saleable of all commodities, and the revival of its production must mean prosperity for a great many people. Costs of production are cheapening, which gives the product an increased value for the shareholder, find it is quite evident that there are valuable deposits in the claims of the Inangabua region yet to be uncovered. With the easy means of investment this company should soon be on its feet