WAITEKAURI.

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

WAITEKAURI.

ZION. A meeting ot subscribers for shares in the Zion Goldmining Company was held this week in Mr VV. Elliot’s otlice. Bank of New Zealand Buildings, Mr C. J. Tunks presided. It was resolved to form a company under the nr liability section of the Act, with a capital of £12,000 in 80.000 shares of 3< each. Mr W. Elliot was appointed legal manager. The following were elected directors :—Messrs W. R. Vines, J. H. Smith, F. J. L Smith, R. U. Speer and Dr. Wilkins. The Bank of New Zealand was elected the Company's bankers. Mr Goulstone was elected auditor, and Messrs Jackson and Russell solicitors to the Company. GRACE DARLING. Shares in the Grace Darling and i’urtsea mines advanced iu value towards the end of the week in consequence of a cablegram

having been received from Mr Stnellie. of for London, to the ellect that the negotiations the sale of the Grace Darling, Portsea, Progress, Vendor, Pyramid, and Prioress mines were proceeding satisfactorily, and that the completion of the sale might be looked for within a week, on the terms first proposed. As the combined area of the properties is about 90 acres, and there is a new and complete battery and cyanide plant on the ground, the Home purchasers will be able to start crushing right away once the sale is completed. DEVELOPMENTS AT WAITEKAURL During the past week the Jubilee Company cut a good goldbcaring reef close to the boundary of the Waitekauri No. 4 Company’s property, and running into that ground. This is important for the future of both these claims and of the Waitekauri district generally. In addition to this a reef was cut some weeks ago by a party making the county road to Wait, kauri No. 4, but it has not been proved in any way. BEEHIVE. This property comprises thirty acres adjoining the Grace Darling. The Beehive is so called because the reef was found through the fall of a kauri tree containing a beehive, which exposed the outcrop of a reef. The stone found here is very promising looking, and prospects well. A drive was started some 40 feet below the outcrop, in order to cut the reef lower down, but after driving about 6 feet another reef was met which certainly is not the reef feund above, and this reef was driven through about 10 fret. The stone in this does not look so well as that above, but it may carry gold. There is still another reef on the other side of the bill near the Kathleen boundary, but no work has yet been done on it, owing to the delay in the survey of the ground. CH ELT. This ground lies on the left bank of the Grace Darling creek and joins that claim. A tunnel is being put in a little above the level of the creek in order to cut a large reef which runs through the Grace Darling, and is traceable across the creek into the Chelt ground. Mr Brownett is supervising the work. MANGAKARA. It is intended to commence operations in this mine close to the Young New Zealand boundary. ROB ROY. A low level is to be commenced about 300 ft lower down than the surface tunnel in order to insect the lode at a greater depth. A large lode has been intersected in a prospecting crosscut started some weeks ago from the Golden Cross lode. Already 10 feet have been driven into this new lode, but so far the footwall has not been met with. So far the lode seems to be low grade ore, but further development may show an improvement.