Page 18 Advertisements Column 1

Otago Witness, Issue 2399, 22 February 1900, Page 18

.One mile of the Molyneux River, comprising about 77 acres, well prospected by a Spoon Dredge in 1866, and later by a small Current Wheel Dredge on its way up to shallower ground above the Beaumont Bridge. — Vide subjoined Reports. PROSPECTUS Of the QOLDEN" CHANNEL GOLD DKEDGJNG COMPANY, (LIMITED). (To be registered xinder " The Companies Act, 1882.") CAPITAL , .. .. £8500 In 8500 Shares of £1 each. Of which 1600 fully-paid-up Shares are to be allotted to the Vendors in payment in full for their property ; the remaining 6900 Shares are now offered to the public for the purpose of providing capital to build and place on the property a powerful and modern type of dredge capable of working the claim.. TERMS OF SUBSCRIPTION: Is per Share on Application and Is per Share on Allotment; the balance to be called up as required, in calls of not more than Is 6d per Share, at intervals of not less than one month. Copies of this Prospectus and Plfn of the Claim may be obtained by applying to any of the Brokers. Directors : The number of the Directors shall be five, of whom only one of the Vendors is nominated to act as a Director, and only in terms expressed in Articles of Association ; the other [our shall be elected by the Shareholders at the fir&t Statutory Meeting, which will be held as soon as possible after the registration of the Company. Bankers : THE BANK OF NEW SOUTH WALES. Solicitor: Mr W. C. MACGREGOR, Consulting Engineer : Mr ED. ROBERTS. Brokers: Mr J. A. CHAPMAN, A.M.P. Buildings, Dunedin. Messrs ACLAND <fe DUDLEY, Christchurch. Mr HENRY SYMES, Alexandra South. Mr ROBERT THOMPSON, Oamaiu. Mr W. G. DUNSFORD, Timaru. Mr W. B. SCANDRETT, Invercargill. Messrs FAITT & CO., Gore. Mr C. S. BOOTH, 5 Panama street, Wellington. Secretary: Mr THOMAS CALLENDER. Dividends will be paid on all Shares alik.e, irrespective of the amount called up. This Company is being formed to take Over from the Vendors the Special Gold Dredging Claim, No. 60d, on the Molyneux River, which is situated about 3^ miles below the Beaumont Bridge, being about one mile in length, and its average width is 165 yds (49oft), *nd comprises about 76| acres, taking in beaches and portions of the bank along the western side. As will be seen by reports th a t follow, the claim has been proved to be highly auriferous by miners who have worked the benches and banks of it; by a bpoon flredge and also by a very small Current Wheel dredge. The numerous heaps of tailings from mining cradles to be found along its beaches and banks also give undoubted evidence of its auriferousness, and when it is considered that men with a cradle can only treat a few tons of wash a day, it must be quite apparent even to the uninitiated m mining matters that a suitable dredge would obtain HIGHLY PAYABLE RETURNS OF GOLD, and it must be borne in mind that the Europeans and Chinamen who worked the beaches and bank could only treat the top material, as it is impossible, on account of the percolation of water from the river, to work below the level of it, where, doubtless the richest ■wash exists. Upon reference to the Reports upon this property by WEIL-KNO A IN, PRACTICAL DREDGEOWNERS AND DREDGEMASTERS, it will be seen that the claim has been prospected sufficiently well to reasonably expect from 40oz to 50oz ot gold a week, "and most likely a great deal more." The claim is known to be so good by dreclgeinasters that one of them applied for A BANK CLAIM (Carson's Flat) ALOinGSID^ OF IT FOR A DREDGING CLAIM; AND, INDEED, SINCE, ALL THE AVAILABLE GROUND ABOVE, BELOW, AND AT THE SIDE OF IT IS TAKEN UP FOR DREDGING PURPOSES, and companies have been formed to work some of them, iheir shares are now selling at a premium. Some years ago some gold-bearing quartz was raised m the buckets of the dredge refened to, which gives evidence of this part of the coiratiy Ibeing an independent goldfield apart from the gold that has been sluiced clown the i!-er. As the claim is of large, area, and there is such an immense amount of auriferous material to be treated, if will be necessary to put a dredge on the claim capable to lift and deal •with large quantities of the wash. Mr Ea..E o beits, the consulting engineer, to the Company, estimates that a modern type of &ici%Q, with telescopic ladder (to give greater length to -work any extra deep ground that may be met with), to dredge from 35ft to 42ft, revolving screen, tailings elevator, H cubic feet buckets, capable of lifting 320 cubic yards of material an hour, and gold-saving appliances constructed to treat that quantity of stutt, completely equipped and moored on the claim ready to be worked, would cost under £6000. As there is a good level dray road all the way from the township to the claim, Kaitangata coal (one ton of which is about equal to two tons of the ordinary lignite used on some dredges) can be delivered alongside of the dredge for about 20s per ton, and as cartage on supplies to the dredge will cost only 10s or 11s per ton from Lawrence, the ■working expenses will be less than those of other dredges furthei up country. The only agreement entered into is dated the 27th day of January, 1900, and is made between Hugh Crossan, of Beaumont, of the first part, Edwin Albert Pyrke, of Dunedin, of the< second part, and John Alwent Chapman, of Dunedin, on behalf of the proposed Company, of the third part, which may be seen, together with the Memorandum and Articles of Association, at the office of Mr W. C. Macgregor, solicitor to the Company. All costs and expenses of flotation and registration shall be borne by the Company. The Vendors have bespoken at least 500 contributing shares, and before the issue of this prospectus the Dunedin broker has been asked, and has promised, to reserve 3100 shares; therefore, those investors who want shares in the Company will act wisely by applying for them without delay. The following reports have been given voluntarily—none of the gentlemen will receive any paid-up shares in the Company for supplying them. As a' certain number of the shares has been allocated to various districts outside of Dunedin, the list will be closed so soon as the required number of shares has been applied for. REPORTS ON THE PROPERTY. Mr John M'lntyre, one of the most practical and successful dredgeowners on the Molyneux River, reports on the claim as follows: — Miller's Fiat, January 18, 1900. Mr Crossan. Sir, — In reply to your note about the claim your party own — viz., one mile of the Molyneux River, about four miles below the Beaumont Biidge— l spoon-dredged it in 186S, and got as high as 2oz to 3oz of gold a day on its beaches. 1 could not work where the water was deep, and I did not bottom, as a Spoon dredge is not suitable to do so; so I could only lift the loose wash," and not much of- that. I am sure if you put the class of dredge they are now building on the river that you will got! plenty of gold. My Spoon dredge could only lift from six to eight tons per day; so, with a proper dredge you will, without a doubt in my mind, get very big returns of gold.— Yours laithfully, JOHN M'INTYRE, Dredgeowner, Miller's Flat. Crookston, January 23, 1900. Messrs Crossan and Pprty, Beaumont. Gentlemen,— l know your dredging claim, the Golden Channel — situated on the Molyneux River, starting from about a mile below the Golden Reward claim— having worked the beaches of it (known as Carson's Beach) in 1866, and did very well. There was a good run of gold up the channel that was proved, as the gold dipped into tlie river as •we worked into it. Years after I left it the small Current Wheel dredge, Hope of Dunkeld, when able, did some work on it on its way up the river, doing very veil, as in one week they won 60oz of gold to my own knowledge. — Yours very truly, JOHN TYSON, Rongahere. Miller's Flat, January 15, 1000. Messrs Crossan and Party. Gentlemen, — Your claim ,on the Molyneux River you asked mo to report on is situated about three or four miles 'below the Beaumont Bridge, starting about five chains above the mouth of Carson's Creek, and going down the rivir for one mile. This claim was •worked on both sides of its beaches and banks by old miners, both Europeans and Chinamen, many years ago, and it has been worked on and off ever since. The large heaps of stones from the cradles are to be seen all along the claim at the piesent time. The Current Wheel dredge, called the Hope of Dunkeld (I was master of it) tested this ground Eome 14 years ago, and I got upwards of 650z of gold in one week. Our ladder wps very shoit, and when the river rose I could not dredge, so went higher up the river to shallow ground. lam convinced there is a great quantity of gold to be taken out s>f this claim if a suitable dredge is procured to work it. The very fact of me getting the gold I did induced me to take up "Carson's Flat" as a dredging claim. From the prospects I got from your claim I think if you put on a good dredge yon ought to get Irom 40oz to 50oz a week, and most likely a great deal more.' — Yours faithfully, WILLIAM M'CLELLAND, Dredgeowner. Tuapeka Mouth, January 18, 1900. Dear Sirs,— l know Crossan and party's claim on the river, about foiir miles below the IJeaumont Bridge, at Carson's Flat, and I know that it was proved in 1567 by a Spoon dredge to be a good claim. The Spoon used to get from 6oz to 12oz per week, and it was aho proved to be a good claim by the small. Hope of Dunkeld dredge, of which I was part owner, and helped to work it. The ladder of our dredge was far too short to work the ground. When the river was hign we could do nothing; but when we were able to bring up any wash we always got good leturns, although our buckets were very small. We, on one occasion, got over 60oz in a week. A dredge with a proper ladder ought to got this every week. The claim is a big one, and I don't think one dredge would last long enough to work it out. We had to leave the ground because we could not work it, and we went up the river above the bridge to shallower ground. The claim is undoubtedly a first-class one. Wishing you success, — I am, yours lespectfully, JOSEPH ANDERSON, Pi-edgeowner.