GOLD FIND IN PANAMA.

Taranaki Daily News, 12 June 1926, Page 7

GOLD FIND IN PANAMA.

CLOSE TO WHERE COLUMBUS LANDED. London, April 7. Interest in the discovery of a great and rich goldfield in Panama will be increased enormously by the official statement issued last night by Air. D. Elliott Alves, chairman of the Panama Corporation. ,He recalls how, early in 1925, the Government of Panama granted to hint a special concession covering Veraguas, in the north of Pananffi, Another concession was granted in the southern part of Panama, adjoining Columbia. The tqtai area of these concessions, is 'approximately 4,500 square miles. Among the members of the original synidcate where were responsible for the initiation of the enterprise are: Sir Henry Beil, Bart., Mr. Sidney Allen, Air. Minor C. Keith, New Yo'rk, Messrs. Jesup and Lamont, New York, Alessrs. Amory and Co., New York, Sir W. J. Al. Burton. Air. S. B. Joel, Sir Richard Barnett. AI.P,. Sir Joseph Sherwood, Sir John Priestman, Sir Alfred Alond, AI.P. Acting under the instructions of the syndicate, Air. J. J. Calderwood, Al. Inst, ALE., went to Panama in 1924, made his headquarters, organised a camp, and established an assay plant in the El Remance mines,. about 160 miles from Panama, the capital of the Republic. From thepe prospecting parties were sent to various sections of the conces-

On the Atlantic side of the divide valuable gravel beds have been discovered which, in the opinion of the engineers, contain an abundance of alluvial gold. Portions of this field, which were worked in the jast, yielded large quantities of gold to the Indian natives and the Spaniards.

An extensive area of some IS square miles has now been explored and shown to be gold-bearing. The total area of this type amounts to some 300 square miles which, it is expected, will show similar results..

On the same side of the divide a belt of igneous rock has been located which on examination has yielded important values in gold and copper. This formation has been traced for a length of approximately 30 miles, and is a half to one and a half miles wide.

On the northern slope, three large, well-defined veins, four, six and eight feet in width, have been discovered at an altitude of 2000 feet, containing very high values in base-metal ores —silver, zine and copper.

The El Remance area is a mineral zone. It consists of a compact goldbearing zone containing parallel quartz outcrops amounting to some eight miles in length.

Assaying has shown the potentilaities of a. large low-grade proposition, but development at a depth of 400 ft has shown increased values. In the Darien concession district prospecting parties have collected evidence of considerable auriferous areas. The beds and banks of all rivers and streams that have been examined have shown gold. Not the least interesting feature of the discovery is the fact that the goldbearing reefs have been found a few miles from the spot at which Christopher Columbus landed on the continent of America.