THE NUMBER 2 MATAU GOLD DREDGING COMPANY.

Otago Witness, 5 December 1900, Page 23

THE NUMBER 2 MATAU GOLD DREDGING COMPANY.

The directors, in .submitting their annual report, state,: — " Immediately after the statutory meeting, the directors, at the suggestion of the company's engineer, approached the ■ Dunstan Lead and New Alexandra Gold Dredging Companies, with a view to the three claims being worked conjointly, it beiny the opinion that great economy would be effected by adopting this method, but nothing came of tire proposal, owing to the fact that these two companies had dredges in course of construction. This proposal having failed, and the operations of the Matau dredge having proved the existence of a reef in their and the adjoining claims, the directors decided to thoroughly test the ground to ascertain its depth and goldbearing qualities. This work was done under the supervision of the engineer, and the reports are attached for the information of shareholders. The results were highly satisfactory. The property of the company is a valuable one, but as the banks are high, the directors approve of the suggestion of the engineer and do nothing further in the meantime, pending the result of the operations of the Fraser Flat and Dunstan Lead Companies. The expenditure incurred to date entitles the' company to hold the claim for a considerable time, much longer than will enable these companies to prove their holdings. Messrs Kelnian and Loasby retire from' the directorate, but are eligible for re-election. Mr D. Leslie also retires from the auditorship, but is eligible for re-election." The report of Mr E. Roberts, covering that of Mr Campbell, who put down "bores and a shaft on the claim, mentions that the depth of the ground below winter'water level is 20ft. The suggestion that Mutton Town Gully be secured as an entrance to the claim he considers a good one. His suggestion to work the Dunstan Lead and New Alexandra claims with the No. 2 Matau being now out of the question, and as there is no other way of working the ground than by a powerful dredge, which would cost not less tha-rf £18,000, he suggests as a prudent course waiting the result of the working of the two large dredges which will be at work in the Alexandra district in the near future, and ascertaining the expenditure required to keep them at work. Mr Campbell's report states that No. 1 bore was sunk by shaft 13ft to water level. The bore then put down struck heavy wash at 14ft below water level, which continued for 6ft. Sand and drift were then met with, the stuff below not being gold-bearing, being evidently a scour hole tilled with rubbish. No. 2 bore was put down by shaft 25ft "to water level. The heavy wash was struck at the same distance as 'in No. 1 (14ft), which continued to the pipeclay bottom 20ft below water. In No 3 bore the heavy wash was struck in No. 4 at 15ft below water level, while the wash w.as struck in No. 4 at 13ft below water. This -goes to show that there is a very compact seam of wash running through the claim. of a very consistent depth throughout, with the very best indications in the shape of Maoris and black sand, with a good sample of gold. The 16 yards of top stuff from No. 4 was put through boxes, and washed ljgr to the yard. In No. 5 the shaft was sunk a depth of 45ft. The first 35ft contained nothing. For the last 10ft two seams were met with carrying a little gold. The 20 yards of stuff taken out yielded 14gr of gold. From No. 6 12i yards of dirt yielded llgr of gold. The surface of the ground at No. 5 was 74ft above water level, and at No. 0 54ft. The whole of the ground, from the upper boundary down to No. 4, could be stripped ■with seven or eight heads of water, and Mr Campbell thinks the top stuff would pay from soz up to 12oz per week, 'with, say, a working expense of £12 per week.