MINING NEWS

New Zealand Herald, Volume LXXIV, Issue 22767, 29 June 1937, Page 5

MINING NEWS

AREA NEAR QUEENSTQWN AUSTRALIAN INTERESTS A joint option over a large alluvial gold area near Queeustown has been secured by two Melbourne mining concerns, Morohe Alluvials No Liability and New Morobe Gold No Liability, both of which were interested in New Guinea ventures. In the event of the option being exercised a company with a nominal capital of £120,000 in 200,000 shares of 10s each is likely to be formed to work the property. The area, which is estimated to contain upward of 30,000,000 cubic yards, is confined to a valley through which the Moonlight River flows. The water supply is said to be abundant. Owing to the deposit being a terrace situated high above the present river channel it is claimed that it will be possible j to sluice away the whole of the over- ! burden by gravitation, which should result in low costs. To complete the water plan, together with the installation of at least three working units, not less than £45,000 should be necessary.

YIELDS OF COMPANIES Mataki (Murchison). —Last -week, 17oz. from 7000 yards in 131 hours. Mataki Junction (Murchison). — Week ended June 24, a total of 28oz. from 21,000 yards in 129 hours. Nomona (West Coast).—Week ended June 25, a total of 350z. from 14,600 yards in 119 hours. ' New River (West Coast).—Week ended June 24, a total of 30oz. from 11,000 yards in 123 hours. Okarito (South Westland). —30oz. 17dwt. for 123 hours. Mossy Creek (West Coast). —19oz. for 129 shifts. REPORTS OF MANAGERS Big River (Reefton).—For (he period ended June 21—No. 5 centre reef intermediate stopo: Have gone 10ft. ahead of fault in south face without so far striking stone of any importance, also rising: for another stope in block of stone near fault. In the north face, rising for another stope where the stono appears to be becoming more consolidated. No. 5 south block intermediate: Cleaned out oil the stone in hanginewall branch of tho north drive; putting in timber for stoping; also driving ahead in north face, where reef track carries some small seams of stone. No. level in the south block leading stope, 18in. of pond grade stone came in half-way up the face, and driving ahead this stone opened out to 'Jft. j Gin. going ruuth. A total of G'J'/j tons of j stone was delivered to the bins at the j surface.