Page 18 Advertisements Column 1

Otago Witness, Issue 2400, 1 March 1900, Page 18

Que -mile of the 'Molyneux River, comprising about 77 acres, well prospected by a Spoon »©redge 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 QOLDEX CHANNEL GOLD DTUEDGING- COMPANY, (LIMITED). . (To be registered under "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 Allot.tnent; 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 Plan o_ the Claim may be obtained by applying to any •f 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 four shall be elected by the Shareholders at the first Statutory Meeting, which will be held as soon as nnasible after the registration of the Company. Bankers : THE MSffi O~F NEW SOUTH WALES, -,i 0( ; Solicitor: 'Mr W. C. MAOGREGOR. . - Consulting Engineer: Mr ED. ROBERTS. Brokers: Mr J. A. CHAPMAN, A.M.P. Buildings, Dunedin. Messrs ACLAND & DUDLET, Christchurch. Mr JEENRY SYMES, Alexandra South. * Mr ROBERT THOMPSON, Oamaru. 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 De -paid on all Shares alike, 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 3J miles below the Beaumont Bridge, being about one mile in length, and its average width is 165 yds (495 ft), and comprises about 76| acres, taking in beaches and portions of "the bank along the western side. As will be seen by reports that follow, the claim -has been proved to be highly auriferous by miners who "have worked the beaches and banks of it; by a Spoon dredge, and also by a very small Current Wheel da-edge. The numerous heaps of tailings from mining cradles to be iound along its beaches and banks also give -undoubted evidence cf its aurife'rousness, and when it is iconsidered that men with a cradle can only treat a Sew tons of wash a day, it must be quite apparent even to the uninitiated in 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 iinpossfble, on account of the per- • eolation of water from the river, to work below "the level of it, where, doubtless, the richest fwash exists. Upon reference to tlie Reports upon this property by WELL-KNOWN, ffRACTICAL DREDGEOWNERS AND "DREDGEMASTERS,, it will be seen that the claim has been prospected sufficiently well to reasonably expect irorn 40oz to 50oz of gold a week, "and most likely a great deal more." , The claim is known to be so good by dredgemasters s that one 'of them applied' for A BANK CLAIM (Carson's Flat) ALOiN'GSIDE , OF IT FOR A DUEDG-ING 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, ,and their shares are now SElling at a premium. . Some years ago some gold-bearing quartz was raised in '. *he 'buckets of -the dredge referred to, • which gives evidence of this part of the country .Joeing "an independent goldfield apart from the gold that has been sluiced down the river. 'As the claim is of large area, and there is such an immense amount of auriferous material, to be treated, it' will, be necessary to put a dredge on the claim capable to lift and deal with large quantities of the wash. Mr Eel. Roberts, the consulting engineer to the Company, estimates that a modern type of dredge, with telescopic ladder (to give greater length to ■\7ork any .extra deep ground .that may "be met with), to dredge from 35ft to 42ft, revolving fscreen, tailings elevator, 4i cubic feet buck ets, capable of lifting 120 cubic yards of anaterial an hour, and gold-saving appliances constructed to treat that quantity of stuff, -completely equipped «nd moored on the claim ready to be worked, would cost under d 66000. As there is a good level dray road all the way from trie township to the claim, "Saitangata coal (one ton oi which is about equal to two tons of the ordinary lignite used on some dredges) can "be delivered alongside o? the dredge lor about 20s per ton, and as cartage on supplies to the dredge will cost only 10s or 11s per ton from Lawrence, the •w«rking expenses will be less than those of other dredges further up country. The only, agreement entered into is dated the 27th clay of January, 1900, and is made Hugh Crossan, of Beaumont, of the first part, Edwin Albert Pvrke, 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 ha-ve bespoken at least 500 contributing' shares, and before the issue fcf this prospectus the Dunedin "broker has 'been asked, and has promised, to reserve 3100 «hares; 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 nas been allocated to various districts outside of Dunedin, -the list will be closed so soon as the requir-ed number of shares has been | applied for. REPORTS ON THE PROPERTY. Mr John- Mintyre, one of the most practical and successful dredgeowners on the Molyiieux River, reports "on the claim as follows : — Miller'.s Flat, January 18, 1900. Mr Crossan. ,-. ■ ' Sir, — In reply to your note about the claim your party own — viz., pne mile of the Molyneux River, about four miles below the Beaumont Bridge — I spoon-dredged it in 1868, and got as high as 2oz to 3oz of gold a day on iis beaches. I could not work where the water was deep, and I did not bottom, as a Spoon dredge is not suitable to do so; bo *I could' only lift the loose wash, and not much of that. lam sure if you put the class of dredge they are now building on the river that you "will get plenty of-gold., My Spoon -dredge could only, lift from .six to eight tons per 'day; so, -with a proper dredge, fou will, without a doubt in my mind, get very big returns of gold. — Tours faithfully,' JOHN M'INTYRE, Dredgeowner, Miller's Flat. , Crookston, January 23, 1900. Messrs Crossan and Party, Beaumont. Gentlemen, — I 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, arid did very well. There was a good run of gold up the channel that was proved, as the gold dipped into the river as ■vve worked irito 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 well, as in one week they won 60oz of gold to my own. knowledge. — Yours very truly, JOHN TYSON, Rongaheie. Miller's Flat, January 15, 1900. Messrs Crossan and Party. . - Gentlemen,—Y our claim on the Molyneux River you asked me to report on is situated about three or four miles below the Beaumont Bridge, starting about five chains above the moutn of 'Carson's Creek, and going down the rivdr 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 present time. The -Current Wheel dredge, called the Hope of, Dunkeld (I was master of it) tested this ground some 14 years ago, and I got upwards of 650z of gold in one week. Our ladder was very short, and when the river rose I could not dredge, so went higher up the river to shallow ground. lam convinced there is a great qxiantity of gold to be taken out of 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 you ought to get from 40oz to 50oz a week, and most likely a great deal more. — Yours faithfully, WILLIAM M'CLELLAND, * Dredgeowner. Tuapeka Month, January 18, 1900. Dear Sirs, — I know Crossan and party's claim on the river, about four miles below the •Beaumont Bridge, at Carson's Flat, and I know that it was proved in 1867 by a Spoon dredge to be a good claim. The Spoon used to get from 6oz to 12oz per week, and it was also 1 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. W,hen the river was high we could do nothing; -but when we were able to bring up any wash we always got good returns, although our bucket? were very small. We, on one occasion, got over 60oz in a week. A dredge with a proper ladder ought to get 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 jme -went up the river above the bridge to shallower ground. The claim is undoubtedly j. first-class pne. Wishing you success,—! am, yours respectfully, „/ ,- ' °""- JOSEPH ANDERSON, *'-••' . - ' Dredgcovnior.