THE MAREBURN REEFS.

Otago Witness, Issue 1916, 10 August 1888, Page 12

THE MAREBURN REEFS.

The Mount Highlay Consolidated Quartz-mining Company (Limited), which was formed to work the Mareburn reefs, has been fully eubscrlbed, several applications having been refused by the brokers since the date of closing the list. The bulk of the shares,: • as was anticipated, were placed in the district by Messrs E. Strong and Co., Naseby, who received applications for nearly 14,000 shares. Dunedin is the next best represented place, followed by Wellington and Christchurch in the order nnmed. The proprietary is a very powerful one, and several of the shareholders will represent holdings of over 1000 shares each. In his report on " Goldftelds, Koads, Water Kaces, and other works in connection with Mining," compiled by Mr H. A. Gordon, F.G.S., inspecting engineer of the Mines department, and recently presented to both Houses of Parliament by command of his Kxcellency, the author makes the following pithy reference to the properties to be worked by this company: — "A large quartz lode !was discovered last June 1887 at the Mareburn, and known as the Mareburn reef. The prospectors— MAuley, M'Nally, and party—* have obtained from trial crushines nearly 2oz of gold per ton. The reef is about sft wide, and it has been traced for a distance of nearly two miles from the prospectors' claim. In this distance it crops out on the surface for about 50f>3'ds. The reef has been cut through in several places, nnd auriferous stone found distributed through the whole north of the lode. This promises to be a valuable discovery, the extent and width of the lode showing that it is one well worthy of being prospectt-d, and iv which good shoots of go!d are likely to be found. It need not be expected that the lode will carry payably auiferous atono for the whole length, but it is likoly to have several runs or ltdges carrying pnyable stone." In his annual report on tho state of the mining industry in the district, also presented to the House, Mr J. Nugent Wood, warden for the Mount Ida goldfleld, saj s of the discover.* :—": — " Hyde subdivision: Thereis nothing new in the Immediate neighborhood of the village of that name, but the field would appear to offer excellent chances of remuneration to the plucky and intelligent prospector. 1 here werb some splendid patches found in the neighbourhood of Fillyburn A man named Holverson, bstter known in the locality as ' Wheelbarrow Jack, ' got about 2000oz of gold in two years, when the gold ran out ; doubtless, there are other patches equally good, if properly searched for. The principal discovery, and one I consider of great value, was made by MAuley nnd Co.. at the Mareburn, and known as the Mareburn reef. It consists of a lode of goldbearing quartz which has been traced fer nearly two miles on the surface, and in the prospectors' claim it outcrops for 1500 ft. The reef has been prospected at intervals with good results, and two trial crushings yielded nearly 2oz per ton ; and it is said to be sft and 6ft wide, and is auriferous from wall to wall. It is estimated that there is nearly three j'ears' crushing in night, the yield based on the low calculation of loz per ton. The trial crushings, however, show a much better result." From these reports it will be at once seen that the facts put forward in the prospectus of the company were fairly and honestly stated, and afforded investors an excellent idea of tho value Of the properties offered.' TJBJKER.S Negotiations for the offer of sale of the vnrious claims, and water rights, and races »t Tinkers are Rtill proceeding, but with not much prospect of any definitely satisfactory a-rangements being arrived at. In the first place, the cash price demanded, amounting, I understand to some £70,000 or £80,000, is abnormally high ; and then the second, bickerings and jealousies have arisen among some of ths parties as to the price each is to ask. The claims and rights are very valuable, but that is no reason why fictitious values should be placed on them. BLACKS DEKP IHAD. I learn on good authority that there is every pro bability of two of the claims on the deep lead at Blacks No. 3. Ida Galley, O9' n E' privately floated in Dunedin,— several investors in the city having taken the matter in hand, on the strength of reports supplied to them by reliable experts. HAMILTOX. I understand tenders will be invited this week by the Rescue Gold Mining Company, for cutting "a storm channel, and the fust mile of the tail race by which the claim is to be worked. The job ought to be cheaply done, in view of the paucity of contract work in the district and the plethora of cheap labour that exists. SERPUNTIi E. Work is proceeding satisfactorily in the Golden Gully Company's claim, and each week develops some discovery which enhances the value of tlm property. lam of tho opinion that this claim will prove one of the most valuable in the district, and should be on the dividend paying list before another < year pusses by. A manager has not yet been appointed, for the reason that no replies were received to the advertisement inviting applications for the position. I am afraid the terms offered wore not sufficiently liberal, and before they get a good man the directory will have to make up their minds to pay him a salary of £6 or £7 per week. SHARE MARKET. Tl'.e share market continues very active, and a bit of a rush has set in for Golden Gullies. Green's^ Reefs are in most active demand, parcels of these scrip changing hands daily. There is also a steady

inquiry for Progresses, but no very large sales are recorded. The following are the ruling rates :— Green's Reefs, 3s 2d to 3s 6d. Golden Gullies, Is 7d to 2s. Progresses, 6s to 7s. Great Easterns, £2 10s. Garibaldi Hydraulics, Is 3d. Mount Hlghlay Consolidateds, 6d (par Naseby). Rescues, 6d. Hydraulics, 10s.