MINING

Nelson Evening Mail, Volume LXVI, 4 September 1934, Page 7

MINING

34J OUNCES FROM TWO DISHES

The Mahakipawa return last week was 116 oz. As will be seen from the manager’s report following a rich crevice yielded 340 z 15dwt from two dishes of wash, including a nugget weighing 4oz, the heaviest secured since the mine commenced operations. The mine manager’s report for the week ending 29th August is as follows: The leading face has been advanced 13 feet for the'week through sandy wash. There is 4 feet of hard bottom on the right-hand side and only 85 feet in the centre. From the present indications it would appear that the gutter was still further to the left, and this face should therefore intercept it within a few feet. The prospecting drive on the left-hand side ot the above was advanced another 12 feet through good grade wash showing gold freely. This has apparently gone across the gutter, though there is, as yet, ho sign of a well-defined wall.

A blocking strip has • been started alongside the prospecting drive above, and between it and the leading faco, and within the first foot or so struck a very rich patch in a crevice in the bottom. From two dishes of wash 340 z 15dwt of alluvial gold were recovered, including a 4oz nugget. The faco at present is in good wash, with large boulders through it, and is evidently in the gutter. A prospecting drive (north-west) has been started and was driven 22 feet for the period. This is heading in the direction of No. 2 shaft, and will prospect this ground, as well as lessen the distance to be driven from No. 2 shaft to connect with our presont working. No. 2 Shaft—Repairs to the pump having been effected, sinking was resumed on Friday, and has proceeded continuously. The shaft is now making considerable water, and as the bulk of this is coming' through the wash above 40 feet it is being collected into a water ring going right round the shaft, and will be conducted from hero down tho shaft in pipes, enabling the men to work more comfortably The depth to which the ground has been taken out to the full size is 61 feet, and timbering has been completed to 51 feet.

WORKSOP EXTENDED The Worksop Extended Gold Dredging Company’s return last week was 220 z for 126 hours’ dredging. BELL HOOPER The return for the week ending 31st August, 1934,. was lloz 17dwt. BRIAN BORU COMPANY Meetings of shareholders in the Brian Boru Dredging Company have been held recently in Christchurch and Wellington to oiscuss matters in connection with the affairs of the abovo company, and which have not met with lheir approval. A requisition has been

presented to the directors, as a result of .which an extraordinary meeting of shareholders will be held on 10th September, at Grey mouth to consider the following proposals:— (1) To pass a resolution or resolutions pursuant to clause 79 of' the articles of association removing all or such one or more of the directors now in office as the meeting may deem expedient. (2) To select seven shareholders in the company to act as a protective committee and to pass a resolution appointing such persons to be a committee and vesting in them such powers ns may seem to the meeting expedient in the interests of the company. (3) To appoint such person or persons as the meeting ir ay think fit to be directors of the company. The meeting is being called at the request of sorqe 20 shareholders holding in the aggregate 65,000 shares out of a total of 321 shareholders holding 540,000 shares. As the requisitionists have given no indication of the reasons actuating them in proposing that directors be removed from office, the directors are naturally placed in a position of not being able to combat the proposal. At this stage tho directors desire merely to assure shareholders that they are doing their very best in the interests of the company, and althougn tlig returns from tho company’s operations are at- present little more than sufficient to cover working expenses, the financial position of the company is thoroughly sound and when the returns increase as they must do when the worked area at present being dredged has been gone through, dividends will again be available for distribution. The dredge is now working towards the site of No. 7 bore, which gave a value of 3s 10.81 d per yard with gold at- £4 an ounce, and present indications are that this portion of tho country's area will be reached by the end of the year, perhaps earlier, and thereafter the returiis should bo considerably improved. In the meantime the company’s financial position is quite sound. Accounts are paid each month, there are no charges on the property, and there is always a substantial sum in tho company’s current account at the bank. The dredge and plant are now thoroughly efficient and in first-class order, and when the virgin ground is reached thero is every veasou for believing that substantial profits will be earned, ensuring payment of regular dividends to shareholders. (By Telegraph—Press Association)

GREYMOUTH, 2nd September. Tlie Brian Boro dredge last week obtained a return of G2ox 7dwts for 123 hours’ working.