MINING

Nelson Evening Mail, Volume LXVI, 20 April 1934, Page 8

MINING

MOLYNEUX DREDGING COMPANY TSSUE OF PROSPECTUS This week's English mail brought to hand a copy of the prospectus of the Molvneux (Told Dredging Company Ltd. The prospectus is a plain and unadorned production compared with the artistic, isues of most of the New Zealand promoting companies. The capital is £250,000, and subscriptions were invited for one day (15th March) for an issue at par of 1,250,000 2s shares. Of the rest of the shares 040.000 were to be issued to the vendors in satisfaction of the purchase price of £84,000, of which tlie vendors agreed that 420,000 shares would be retained by them for a period of 12 months from 15th March, 1934; 399,030 sharer, of the tin issued capital wore under option at 2s 6d a share under contract Sixpence was to be paid on application and Is 6d on allotment.

The directors of the Company are: Mr A. it. Collier, Vice-Chahman of Wiluna Gold Corporation Ltd., and Director of Lake View and Star Ltd., (Chairman): Mr R. Pawlc, A.R.S.M., M.lnst.M.M., Chairman Ipoh Tin Dredging Ltd. ; Mr R. E. Binns (M.lnst. M.M., Consulting Engineer; and Mr A. H. Williams, Assoc.lnst.M.M., M Inst R.T., Mining Engineer. In their prospectus the directors state that the land in the river and on the continuous edges of the “Flats’’ was worked for several years, about thirty years ago, by many dredges of a type now obsolete, and owing to their insufficiency of horse-power and digging reach it is reasonable to assume that rich wash was left behind in the river. Whenever the deeper wash was leached during periods of exceptionally low water, high values were recovered. Since the small dredges ceased to operate, owing to their inefficiency and lack of further capacity, improvements in the design and construction of mining dredges have developed apace, with the result that with a modern type of dredge it is now possible to deal effectively with the deeper ground left by the Old methods of dredging. The vendors have secured special dredging licenses for the whole of the river from Cromwell to Alexandra, covering more than 19 miles continuously. On the basis of the capacity of the first dredge which it is proposed tc operate it is anticipated that the life of the river claims should exceed 20 years. The directors, however, desire to emphasises that no precise valuation of the river ground can lie made, and that estimates of profits can only be based on the results of previous working by small inadequate dredges, winch, however, in effect "inspected and proved the existence of ricli.valu.es in the lower wash. It is by careful study of the official records and returns and actual practical knowledge of the operations of the old dredges that the reporting engineers have been enabled to gauge the comercial value of the proposition. The estimated cost of the dredge, including freight and erection ready for operation, together with cost of other necessary plant, equipment, and buildings, is £70,000.

MAHAKIPAWA For the week ended 14th April the resident director reports as follows;—No. 4 strip off S.E. drive has been advanced to a distance of 35 feet, having passed over twq potholes, one four feet below the floor of the drive, in good grade, wash. Bottom rock lias risen again to two feet above the floor of tho drive on the left side and level with the driev eon the right. No. 1 cross-cut off No. 3 strip was advanced to a distance of 14 feet through extra good grade wash, when siding was struck almost perpendicularly and above the height of the drive. Driving here lias ceased. A strip was commenced off this cross-cut, which will be known as No. 1 strip. No. 1 cross-cut was advanced 10 feet in good grade wash ; the bottom rock is inclined to rise. No. 3 blocking strip was to a distance of 101 feet in very good grade wash. Bottom rock is three feet on the left side of the drive and 18 inches on the right. The return for the week was 109 oz alluvial gold.

WAIHI MINING COMPANY The Stock Exchange has been informed that the register of the Waihi Mining Co. will be closed from 21st April to 3rd May. SKIPPERS, LIMITED The secretary of Skippers, Ltd., received the following telegram from the mine manager, Mr D. R. Cliiuie on Wednesday : “Smaller flood last night successfully weathered without disorganisation.” ADDISON’S FLAT WESTPORT, 18th April. Addison’s Flat Gold Mining Co., Ltd., reports a return of foF 33 shifts. TALISMAN DUBBO The return from Talisman* Dubbo mine last week was £2OO from 37 tons of ore crushed. BELL-KILGOUR COMPANY

The secretary of the Bell-Kilgour Gold Mining Company, Ltd., advises receipt of a report from the manager, dated 14th April, reading as follows: Main Face, Westa Crosscut.—-The men drove a further eight feet on a rising floor for fine gold, and then started another crosscut 22 feet north., where four feet of driving gave fair dish prospects.

North-east Block.—We took out a. panel tor lair gold. This area has linen partly worked before. South-east Block.—The men are driving two crosscuts to the east boundary, going partly through old workings. No. 1 for 18 feet showed fair gold. No. 2 secured some heavy gold for 20 feet of driving. No. 4B ’was extended for four feet for improved values. On No. 3 drove 12 feet (one shift) for a little fine gold.

GOLDEN GULLY SLUICING COY. The directors report that active operations have now commenced on the company's property. A survey of the high level race from the Para Para dam to the penstock has linen commenced, and two shafts arc lining sunk, one in Eyre’s gully and .one at the foot of Pannikan gully. The latter has been sunk a depth of 20ft through day and river drift. The wash is now showing in the bottom and dish prospects show nice colours of gold. The first shaft ha-, not yet encountered the wash. A start has been made with the completion of the low-level race, and this should be comnlcted in about seven weeks. During the week four tests were made from various faces aproximatcly 50 yards apart and the results of these are as follows : Sample No. 1, of two and a half cubic yards taken from an onen face known as Scott's property, yielded 2dwt 13gr, or at the rate of over ldwt a yard. Value 7s 6(1 a yard. Sample No. 2. of three quarters 'of a cubic vard. from Even's Margaret claim, yielded 2dwt 18gj. Value, 21s a yard. Sample No. 3, of a I

Quarter of a cubic yard, Eyre’s possie claim, yielded 18gr. Value, 22s 3d a yard. Sample No. 4, of four cubicfeet, 20 yards from No. 3, yielded 22gi. Value, 43s a yard. In no case was bottom reached, as water prevented the taking of wash from a greater depth than 20ft from the surface. The erection of tho necessary outbuildings for employees is now in band