WILL HISTORY REPEAT ITSELF?

Star (Christchurch), Issue 17831, 27 April 1926, Page 3

WILL HISTORY REPEAT ITSELF?

DISCOVERY OF RICH GOLD-BEARING REEF IN AUCKLAND MINE. Excitement rose to a high pitch in Auckland yesterday consequent upon the reports received of the discovery of a goldbearing reef in the old Alburnian mine. Particularly noticeable was the activity in the company’s shares on the Auckland Stock Exchange. The reports caused a stir akin to that which took place in the days when Thames was a highly productive goldfield. A week ago Alburnias were quoted for buying at 6d, yesterday sales took place at between 3s 9d and ss. the market closing at 4s 6d and 4s 4d. The amount involved in transactions ran be gathered from the fact that at the first call 1500 shares changed hands. At the second call 2100 shares and at the third call 400 shares. A total of 4000 shares was offered, chiefly in parcels of 100. The opening sale was at 4s 6d, the market easiqg to 3s 9d, but at the second and third calls 4s and upwards was paid, 500 shares being sold at ss. The last sale was at 4s 6d. Late buyers sought more at. 4s 4d but holders quotthe last sale, price. The supervisor of mines, reporting under Saturday’s date, states: “ The Norwegian level has been advanced on j the footwall of the reef a distance of ! 240 feet from the starting point, leaving 240 feet to reach the point where it is expected to reach the junction of Success reef. Ten pounds of picked stone have been secured, coming from the footwall branch of the reef, at about eight feet back from the face of the drive. The reef is about fifteen inches in width, and about a truckload of quartz has been taken down, from which the picked stone was selected. Strong colours of gold have been seen j right across the reef and should be [ good crushing ore. The face is being cleaned tip. and the balance of this portion of the reef will be taken down on Monday. It is then intended to'cut into the main portion of the reef, which at the 200 foot mark is ten feet wide. The back to the level above is 185 feet, so that the present and future prospects of the mine are very promising.” RICH ORE. Information brought back by the directors from their week-end visit to the mine makes clearer the circumstances of the gold find. So far the contractors have been driving along the hanging wall of the reef, leaving it unbroken. On Friday it was found that a leader, about fifteen inches thick, struck out from the wall, and it is in this that gold has been met with. What may be in the main reef itself (a fine body of stone believed to be between 4 feet and six feet thick) at the point of the junction, which must be behind the present face, remains to be seen. Some of the picked* stone was on view at the company’s office. It is well splashed with heavy gold, and old miners familiar with Alburnia Hill are agreed that it is of the same character as that found in the parallel “ Sons of Freedom” lode, where it gave its most brilliant results. It would be rash at the present stage to predict that history is

about to repeat itself in the Reuben reef. That can be ascertained only when the ground is turned over.