GOLD IN FIJI.

Star (Christchurch), Volume LXVI, Issue 20543, 19 February 1935, Page 9

GOLD IN FIJI.

New Fields Show Great Promise. HIGH MARKET PRICE. Sixty miles in a straight line from Suva lies the new gold-prospecting field which recently has aroused great excitement among Melbourne speculators. The field is 130 miles by road from Suva and six miles inland from the north coast of Viti Levu, the chief island of th© Fijian group. The interest shown was in the shares of Australian Gold Development, N.L., which reached over £6O a share on the Melbourne Exchange; and the rise in price has been due to the interest of the syndicate in two companies which are in process of formation to develop large lodes in Fiji. The companies will probably be named Loloma Goldmining Co., N.L., and Koroere Goldmining Co., N.L., and the capital of each is expected to be £150,000 in shares of 10s each.

Small gold deposits and traces of alluvial gold have long been known in Fiji. On the second island of the group, Vanua Levu, a Sydney syndicate worked the Mt Kaffi area in the last few years. Gold Mines of Australia Company took an option over this last year, only to reject it.

First discovery of what is claimed to be a really payable proposition was made in November, 1932. It was located by a typical old-time Australian prospector named “ Bill ” Borthwick, grub-staked by P. Costello, another Australian living in Suva. Borthwick had been following up the creeks and nosing around in likely looking places. Previous experience in New Zealand helped him, for the geological conditions resemble those in the famous Waihi area. Borthwick’s search led him to the northern foothills of the Koroboya Range. Samples obtained were sent by Costello to Mr E. G. Theodore in Australia, with the result that a syndicate decided to investigate the area, and to send over a mining geologist. The field was inspected at Easter, 1933, and again last December, when development disclosed definite values. The public is to be invited to subscribe for shares in two leases of approximately 200 acres each over the Loloma and Koroere holdings, and an active market in Melbourne has already been buying and selling rights to thesfi shares. It is believed that the Emperor lode, on which a development plant has already been established, continues into these properties. Sensational values are expected in seme quarters. Loloma lease adjoins the 500 acre Emperor property on the west. Koroere is on the south side. Mr E. G. Theodore and his partners have brought the Emperor working to the production stage with their own capital, and do not intend to make this a public company, at least for the present. It is expected that part only of Loloma and Koroere flotations will be offered to the public. Australian Gold Development Company, which also has interests in the well-known Lancefield, Edna May, Golden Plateau and North Boulder undertakings, has purchased a partproprietorship in Loloma and Koroere leases. A.G.D. Co. had these propositions under consideration in 1933, but was not at that time attracted by them.

The interest now' held has contributed to the eager purchase of A.G.D. shares by speculators in the last few’ w’eeks. A.G.D. shares, which were at £24 10s at the end of December, and £43 early in January, were bought at £62 at a recent call. The market anticipates that A.G.D. will receive 50,000 shares out of 300,000 (including vendors) in Loloma, and a similar participation in Koroere. EMPEROR MINE. Good Return Reported. SUVA, February 18. Mr E. G. Theodore will leave for Sydney on Tuesday. He has a second parcel of gold from the Emperor Mine, Tavua, believed to be about 280 oz, from the fortnight’s run following the first shipment of about 300 oz. Mr Clive Joske, who is visiting the Emperor mine, reports that the tunnel in the hillside, 160 feet below the crown, extends for a distance of 1000 feet, additional to other tunnels and an open cut. The Emperor proprietors’ expenditure totals £70,000. Messrs E. G. Theodore and John Wren are the leading interests in the Emperor mine. The value of the Emperor lode, states a Melbourne paper, is indicated by twenty assays in sft sections going north along the 100 ft level. The average assay over the full width of the drive was 30dwt a ton. The lode at one point is 70ft wide. SALE OF PASSION FRUIT. United Press Assn.—By Electric Telegraph-—Copyright. (Received February 19, 1 p.m.) LONDON, February 18. Inquiries for passion fruit juice and cordial are increasing, but traders assert that Australian supplies are short or cherically unsuitable, or that the seeds are not extracted, resulting in at least one merchant handling New Zealand instead of Australian. I Greater co-operation between importers and exporters is advocated. MORTGAGE BILL OPPOSED. Per Press Association. PALMERSTON N„ February 18. The Chamber of Commerce to-night decided to support the Associated Chambers’ protest against the Mortgage Corporation Bill. The view was expressed that there was a greater hope of settling private mortgages and with mofe equity along present lines. REAL ESTATE. Messrs Tonks, Norton and Co. report having sold, qn account of Mrs Christian, the property comprising residence and 18 perches, situated No. 29, Elm Grave, to a client. 6 Binns, Barber and Co., estate agents, , 182, Cashel Street, report, having sold, on behalf of a client, his apartment i house of 10 looms and about 1-aci‘e, situated Worcester Street, city, to Mrs Woodyat. 6 I PRICE OF GOLD. (Received February 19, noon.) LONDON, February 18. ! Gold is quoted at 142 s 7d a fine , ounce.