GREENSTONE JUNCTION G D COMPANY.

Otago Witness, Issue 2511, 30 April 1902, Page 21

GREENSTONE JUNCTION G D COMPANY.

fFEOiI OfE O.WN COHEESPOXDEST.) ■GREYMOUTH, April 14. At the annual -meeting of the Greenstone Junction G.D. Company, held at Kumara last / night, the Chairman reported that the com- ' pany had started with -an accumulated liability of £2500, and that this had been cleared off. The profit for the half-year exceeded £2400. The loan of £1600 fell Jvc on the l't Jure, and there was money enough jii hand to meet it. Although the dredge wa= not getting good returns at present, there was no need for fhaieholdera to fear, as there was a laTgc area of iiigiiLte&iAWe^gifluad ia liuLciaun. Kiuab, m»_ 1

proved by boring. The dredge was working along the side to keep on the gold, and to keep out of the creek until such time when it would be possible to turn the creek down between the tailing heap left by the dredge and the foot of the- terrace. An opening was being left for that purpose, and wh*n it was finished it would leave the whole flat free from flood and silt. The immediate prospects were not very good, as the dredge was working at the mouth of Fuchsia Creek, where there had evidently been a scour by the creek at some time. This had been subsequently filled up with sludge and drift. Things were impio\i:igr, judging from the appearance of the wi»sh, and they ?iiigiit expect to get gold at a?iy time. The borea were not completed, consequently a hill repoit was not available. The iirs-t boic was near the Teremakau boundaiy, and bottomed »t 40ft. the last sft being barren. On this was 7lt of good rough wash, carrying good gold. Another belt of Sft contained 7iothing, while 19ft contained colours. The Lore averaged 9gr to the yard. The second bore was put down in the middle of the flat, cut in the creek, about 15 chains Above the»first. The gold fiom this was estimated to average 23Jgr. The depth was 43ft. The third bora was being put down close to the road. It was now down 33ft, and had not bottomed. Mr Appleton estimated the average would be fully logr. Ihe company had mtencWl to buy the Teremali.ni dredge, but, getting off the gold, thought better of it, preferring to work with one diedge, which was in a good state of repair and returning dividends 1/3 the share-holders, rather than sinking n-oney in s second dredge.