KARANGAHAKE.

New Zealand Graphic, Volume XV, Issue XX, 16 November 1895, Page 621

KARANGAHAKE.

IMPERIAL. This mine is one of the longest held claims in Karangahake. Some excellent stone was obtained from the reef known as the Hidden Treasure, which was sought, for in vain by the first holders of the ground, although they drove near the surface, until they came within about three feet of it. The next holders of the ground put in a surface drive from the other side and picked up the reef right alongside the first drive. A tunnel was then put in close to a small creek about SO feet lower down. The reef was cut and driven on for a considerable distance, proving about three feet wide, and giving very satisfactory results. A quantity of the stone proved very rich, showing gold in coarse dabs all through it, and was picked and crushed, giving an excellent return. Since the formation of a company to work the mine, a drive has been put in about 60 feet below this upper drive, and the reef has been driven on a little more than 200 feet. So far, however, it has not proved equal in value to what it was in the old upper level. The load is small at present and has been for some distance, while the ore is only average, there being no rich patches such as were found above. A winze is being sunk from the upper to the present low level, and is down 45 feet, leaving about 15 feet further to be gone ; whilst about 20 feet more of driving in the low level should bring the face under the winze which is being sunk on the reef, and some tine stone is being obtained all the way down, so that there is a likelihood of the lode improving in character before the present drive reaches the spot where the winze is coming through. ST. PATRICK. It is proposed to commence operations on the western boundary of this mine, by putting in a crosscut for the purpose of intersecting the big reef, and when this point has been reached, which should be negotiated in about 150 to 200 feet of driving, there will be something like 10C feet of backs, with an increasing supply as the drive advances hill wards. The arrangement for floating the property on the Home market is, it is stated, progressing satisfactorily. Plans of the property were sent Home by mail on Saturday, and the directors have safeguarded shareholders’ interests by stipulating that a sub stantial deposit shall be paid upon receipt of the plans as a guarantee of bona fidcs on the part of those negotiating for the purchase of the property. It was stipulated that such deposit shall be forfeited in the event of the purchase not being completed. A cablegram was received by the directors on Wednesday afternoon, intimating that the would be purchasers were willing to agree to the condition relative to the payment of deposit upon receipt of the pluns. The South British and Mariner properties are included with the Karangahake in the proposed sale. Under the terms suggested the Karangahake shareholders are to receive 25,000 paid up shares, the South British 20,000, and the Mariner 20,000. A substantial working capital is, of course, also provided for.