PANAMA GOLDFIELD

Manawatu Standard, Volume XLVI, Issue 108, 7 April 1926, Page 7

PANAMA GOLDFIELD

MAGNITUDE OF DISCOVERY. OPINION OF EXPERTS. MORE THAN RICH SURFACE ORE. (By Electric Telegraph.—Copyright.) Received April 7, 9.5 a.m. LONDON, April 6. Questioned regarding the Panama goldfield, Sir Alfred Mond said: “Experts lead me to believe that it is an Eldorado. It is not merely rich surface ore. Imagine the magnitude of the discovery of 5000 acres only four days’ distant from San Francisco.”—Sydney Sun cable. OLD INDIAN WORKINGS. FORTY-FIVE OUNCES OF GOLD TO TON. Received April 7, 9.5 a.m. NEW YORK, April 6. Mr Calderwood, a New Zealander, aged between 50 and 60 years, and who was for a long time engaged in mining in South America, spent two patient and difficult years at Panama, near the spot where Columbus landed. He found old Indian workings thatyielded 45 ounces of gold per ton, which the ancient miners, not possessing the cyanide process, rejected as worthless. He discovered the relics of the old wooden stamper batteries used to crush the rock. They consisted of huge suspended logs with iron fefet worked on pulleys. Some surface silver ore yielded nine ounces to the ton and there were evidences of rich tin and zinc.

The rains, swollen rivers and the inaccessible country, hampered Mr Caldenvood’s party. He said that thorough exploitation of the field was only possible after the construction of roads and bridges.—A. and N.Z. cable.

IMPORTANCE OF DISCOVERY. LONDON, April 6. Tlie Daily Chronicle, commenting on the discovery of gold in Panama, says: “If the new reef realises the promoters’ hopes it will not only make individual fortunes, but will outstandingly affect monetary problems. The gold 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 should increase proportionately. If the world’s industrial production in the near future increases as fast as possible, we shall find good use for all the gold the new discoveries pdoduce.”—A. and N.Z. cable. The London Daily News reports that an expedition backed by Mr Scl Joel ami Mr Mond, discovered gold reefs in Panama, which are alleged to be bigger than the Rand reefs, and secured concessions for an Anglo-Do-minions syndicate. Mr Mond, in an interview, stated that the expedition included Mr Calderwood. an engineer of great experience in Central America, whose report indicated a great gold field