KARANCAHAKE.

New Zealand Graphic, Volume XV, Issue XXI, 23 November 1895, Page 653

KARANCAHAKE.

CROWN. Reports from this mine are of a very satisfactory nature. Theexplorations going on in the drive at the bottom ot the winze continue most satisfactory. Gold is showing in the face at every breaking down, and the average value of the ree!—which is about five feet wide —is fully £2O. The lode in the No. fi level also maintains its character, both in size and quality, and has a most lasting appearance. The now general manager is expected out from Home at the end of this week, and it is anticipated that several important works will be undertaken alter he has taken charge. IVANHOE—SHOTOVER.

Meetings of shareholders in both these companies were called this week for the purpose of efiecting an amalgamation of the properties. Shareholders in the Shotover Company passed the necessary resolutions to authorise the directors to sell and dispose of the whole of the propel ty of the Company to the Ivanhoe tI.M. Company,

for shares in the latter Company, or on such other terms as might be agreed upon. The meeting of Ivanhoe shareholders was called in order to increase the capital of that Company to enable the New Shotover property to be acquired. The Chairman, Mr W. Gorrie, said that the directors of the Ivanhoe and Shotover Companies had met several times, and decided that an amalgamation was necessary The S' tover was at present a 70,000 sha*_ company, and it was proposed to reduce it to 60,900, while the Ivanhoe, which was now a 50,000 share mine, was to be increased to 60,000. making a combined capital of 120,000 shares. As there were not sufficient shareholders present or represented by proxy, the meeting was ultimately adjourned co the 3rd tf December. KAKANGAHAKE. Although an offer has been made to pur chase the Karangahake property, the dirctors have wisely resolved not to follow a custom that has become too prevalent nowadays of practically suspending operations until some definite decision has been arrivrd at. At a meeting held this week it was resolved to instruct the manager to push forward vigorously with the work of developing the mine, to let a conrtact for 200 feet of crosscut, and to put on men to work the 2 feet reef that traverses the property. WOODSTOCK NORTH. After being somewhat neglected these shares met with some enquiry this week. The reef is reported to be 4ft wide, and an assay made yielded at the rate of 31ozs of bullion per ton—2oz was gold and 290 z silver.