A NEW VENTURE.

Thames Star, Volume LIX, Issue 16787, 14 May 1926, Page 5

A NEW VENTURE.

PROGRESSIVE MINING. GENUINE development. LUCKY SHOT GOLD MINES, LTD. On Saturday last a Press Association message stated that “a mining complaint made by those interested in Thames goldfields is based on the holding of large areas by companies doing little or nothing to work them, yet hanging on to titles against people ready to subscribe capital for exploration. Two existing companies have recognised the reasonableness of this grievance, and are now taking steps for subsiduary companies to make prospecting operations in areas now idle.” It is now announced that the Lucky Shot Gold Mines Co. has taken the initiative, and has formed a subsiduary company, called the Golden Age, to operate on the north-eastern portion of the Lucky Shot area. Formation. The Lucky Shot Company was formed about a yeaih ago, with a capital of £IO,OOO, to develop an area of forty acres, lying between the Moanataiari and Waiotahi Creeks. The latter comprises a portion of the ground originally owned by the old Moanataiari Company and which was affected by the famous creep of the mid-’nineties, so well remembered by all old-time Thames miners. As a result of this distui'bance a subsidence on a large scale occurred, the workings came together, and it became necessary to suspend operations at this point for the time being.

At the time -the company was on rich ore, and had in its employ 60 or 70 men in this locality.

A reference on page 100 of the geological report on the Thames goldfields, compiled by Dr Bell, former Government Geologist, shows that upwards of £103,000 of gold was won by the Moanataiari Company between the years 1888-1896. This return was obtained out of the section affected by the creep, from workings on the Reuben- Parr, Dawn of Hope and .Golden Age reefs, and the Moanataiari cross lode. Favoured Country. In this particular locality the largest deposits of rich ore were secured at and near the intersection by such cross lodes of the Reuben -"Parr and the other reefs -above referred to. Certain of the veins, “vide such report,” carried payable ore for about 200 feet on each side of the cross lode, and so numerous were the small quartz veins and stringers in places between the parallel reefs that -the country afforded what could almost be regarded as a “stockwork,” i.e., country closely interlaced with quartz stringers. Dr Bell further stated that in hi? opinion the evident junction of such reefs and cross lode" had never been exploited above the main Moanataiari tunnel level.

It is quite evident from a perusal of the report that Dr Bell and his assistant Mr Colin Fraser —no mean authorities on such matters, and now each enjoying world-wide repute as mining engineers—regarded the resumption of mining operations -in this section as work of very great promise find importance. . . ‘ Its neglect in the boom period: and in later days is explained by the importance attached by subsequent owners to, a policy fiistly by centreing development works in and about the vicinity of the main slide, and latterly of extending the Moanataiari tunnel up under the Alburnia shaft, in preference -to the further exploitation of the rich block the subject of these remarks.

Since the commencement of operations a year or so ago,- the activities of the Company are well-known, and do not require further reference at the moment. The recent success met with on the Reuben Parr reef is regarded as a highly encouraging development. The New Company.

The new venture will make for more vigorous developmental work, and is designed to end the practise of companies locking up large unworked mining areas. The Company’s property has been divided, and the Golden Age Company will have 21 acres in the north-eastern part of the Lucky Shot Company’s 42-acre holding. The new area is known to contain the Golden Age and Waiotahi-Cambria 'reefs, and in the opinion of the manager and directors, is much too valuable an area to remain unworked. * Shareholders. Present shareholders in the Lucky Shot Company will receive 20,000 paidup shares (to 2/-), involving an amount of £2OOO cash. They will also be given an opportunity of purchasing one for every two shares held. Golden .Age shares will cost 3d. per share on application, and the balance in 3d. calls when required. ■ The whole of the capital with the lone exception of legal and brokerage expenses, will be used to develop the mine. Directors’ Hopes. The hopes of the promoters are based largely on the strong possibility of striking the junction of the Golden Age and Waiotahi-Cambria reefs. The locality will no doubt recall memories of the rich “Pinafore and “Fame and Fortune” reefs, the? history of which is known to every old-time miner. Needed Vigour. The new venture will be welcomed locally, as an indication of the ending of an unsatisfactory period in mining development. By this is meant the practise adopted by many companies of acquiring large areas of _ mining country, and confining operations to two or three acres over long periods, thus preventing genuine mining development.