GOLD IN PANAMA

Nelson Evening Mail, Volume LXI, 7 April 1926, Page 5

GOLD IN PANAMA

EXTENSIVE REEFS REPORTED

*l7 r-D I'• i —Con vr^fipu« (Australian Sc N.Z. Cable Association)

LONDON. April 5. 'I lie Daily News reports that an e\ pi ditii n hacked hv Mr Sol Joel and Mr Henry Mend. discovered gold reefs in Panama, which arc alleged to he biggei than the' Rand 'cits, and secured concessions for an Angle-Dominions syinli cate. Mr Mnnd. in an inters iew, slated that the expedition included Mr Citld-.w wood, an engineer of great exrserietu-c in Central America, whose report indicated a great gold field. Mr ('aide,wood slufeied great privations. Under the guidance of natives In- passed old Indian workings and .saw* go-id* hearing reels stretching awav to the horizon. —Sydney Sun Cable. * Interest has icviv;-.! in the recently formed Panama. CL-ipn-ral ion, wi'tli a capital of £2.000.000. in which Mr 11. Mood is interested, in view of the reported discovery nl' a go-id-hearing area. —A-tts.-N.Z. Cable Assn. LONDON. April 6. The-Daily Chronicle, commenting on the Panama gold discovery, says: "H the new reef i\ .discs • (!.-:• pro-moters hopes that it is as big as the Ram! it- will not only make individual tortunes. but will outstandingly allect monetarv problems. r l he gold discoveries of the last century were a great benefit to the v-orld. 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 tv." shall find good use tor ail the gold the new discoveries pro dll ce."

AN ELDORADO (Sun Cable ) LONDON". March 6. Questioned regarding the Panama gold fields Sir Allred Moml said: Experts lead me to* believe it is an Eldorado. It is not merely rich sttriaee ore. Imagine the magnitude o! the discovery c*f 5009 acres only lour days distant from Sail Francisco.

LONDON, April 6. In connection with the I’anama gold discoveries the Daily Mail states that Duncan E. Alves, a native of Dunedin, who founded an Imperial scheme for securing and building up oii resources for British naval and national purposes, is chairman of tile I’anama Corporation. Limited, which was recently formed with a capital of £2.000,000 to exploit Laldervvood’s concessions. Thirty representatives of banking and shipping interests arc associated with the <urnornturn. Mr Alves O'lficiallv announces Ihn! (lie Gov eminent f Panama in 1025 granted him a special concession covering Veraquas, in Northern Panama, ami lab r a concession covering southern districts adjoining Colombia, totalling 4500 square miles. Air Avcs reveals that Caldervvond discovery on the Atlantic side ol the divide contains an abundance ot alluvial gold. Ejxplora tSon showed 18 square miles of gold bearing country and the total area of this type amounts to 300 square miles, which is expected to show simitar, results. Exploration of the northern slope revealed three, large well defined veins four, six and eight feet wide at an altitude of 2000 feet, and containing high values in the base metal ores, silver, zinc a.nd copper.

CA LDER WOO T )’B DTSCO V F:RIES NEW YORK. April 6. C:ilderwoud. a New Zealander, is aged between fifty and sixty, and lias long been enraged in mining in .'-until America,. Tie spent two patient difficult vrars in Panama mar the spoi where Columbus landed. He t’-.md <sl Indian workings which yielded lorty-livc ounces of gold per ton, which ancient miners, not possessing the cyanide process. rejected as worthless. He discovered relics ( ,f old vvo.den stamper batteries used to crush the reek. I hey consisted r-f huge suspended logs with iron feet worked on pulleys. Come surface silver ore yielded nine mm in a ton ami there were evidences ol rich tin ami zinc. Rains had swollen the livers and inaccessible country Hampered Caldcrwood's parly. 1 borough c.\ ploitation of the (hid was only possible after the construction of roads and bridges.