MINING

Nelson Evening Mail, Volume LXVI, 19 August 1933, Page 12

MINING

THE REEFTON FIELD Samples of stone froni the new lode recently discovered by the Alexander Mines Company to the eastward of the reef, which lias been worked for the last two years in No. 3 level, are on view at the company’s office, Bridge street, Reefton. The samples are carrying, splendid gold, and serve to indicate very definitely the wealth which can be unearthed in the Reefton field. The new lode is looking very promising, being five to six feet wide, and is of clean, hard stone.

NOKOMAI RETURN

The Nokomai return of 4220 z for the paddock completed last week, confirms the prospecting results of the company’s claim. The paddock very slightly exceeded a quarter of an acre, and the return wci ked out, at £•’ 10s an oz, approximately £IO,OOO an acre. The paddock is not completely cleaned up, but it was deemed advisable to commence on the 'next paddock. The prospecting indicated from the average values of the claim, a return per acre of approximately £7OOO at £4 an oz., or £11,375 at £0 10s, but the particular area worked showed prospecting results under the average oi the whole claim.

OTAGO GOLD ACTIVITY

“It is pleasing to note the renewed activity in the goldfields of this province,” said Mr L Dykes, president, at the annual meeting of the Otago Chamber of Commerce, Dunedin. He continued: .“The income from gold produced in this -province has increased from £23,893 in the year 1929 to £112,111 for last year. The present indication is that this' will continue i to increase, for there appear to be large areas adjacent to our own city where the increased price obtainable makes it a more payable proposition. There seems to be no lack of capital to embark on these ventures, which is possibly due in part ,to the restrictions placed on the recovery of capital placed in other forms of investment. 1 here is little that would stimulate industry quicker than an increased output of gold. '

“We have seen what the export of gold has meant to India, where at one time there was much criticism and eton a throat to impose a heavy duty on ii.s export. The export of some ££3,025,000 worth of gold has been found to be most helpful. At a critical time, when India’s trade and merchandise balance had fallen to a Agnus not nearly sufficient tp cover her external obligations', these gold shipments have maintained the strength of her exchange, and enabled the country to meet not only her current external obligations, but* to pay oif large amounts of external debt and enhance to a very great extent her credit overseas. Let us hope, therefore, that the revival in this industry so close to our door may thrive very speedily.”