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New Zealand Tablet, Volume XVI, Issue 10, 29 June 1888, Page 31

Melbourne, produced about 30dwt : while assays by different mineralogists of unpicked stone bavc giv.-n returns »s high as 60s per ton. Thus, while the erushings ot btone that have been treated have given nn average of nearly 2 z of jjoM per ton, the experts base their calculations solely on stone realign'/ loz. That this estimate is very moderate, And, if anything, considerably ltk't the average value of tbe stone, will be acknowledged by all competent authorities ; and it may safely be aeseried tha f tbe profi's anticipated by Messrs. Witbeis and Thomas will prtbably oe exewd d by several thov sand pounds. It is computed by competent judges that tbe crushing of stone reduced in Dunedin should eavt yielded 4oz per ton ; but fur reasons explained by the experts only ab mt 2oz per ton were secured. Sometime later on, Mr. Vincent Pyke, M.H.R , being about to visit Australia, und«>tood to nrranp-- for the treatment of a ton of stone at one of the principal metallurgical < ptablishm* nts in Melbourne. Over 22cwt of quartz w,ns sent down from the claim to Dunedin, where it lay for several weeki. On reaching Melbourne, however, it was found that the quantity ( f stone h^d been reduced to HBwt lqr ; and it was subsequently ascertained that while in Dunedin ■pecimeu-hunters had iraonget them carried away over 6ewt 0/ quartm 1 fitr. Pyke, bein< asked to explain the circatu stances of the crushing, has replied as follows : — •• Wellington, May 22, 1888. "The parcel of quaitzfrom the Mount Highlay and Mareburn reefs which I took to Melbourne, was 16cwt lqr in weight. It had been so picked over by sptcimeu-hunters, and such a large proportion of it carried away, tnat wi c 1 examine 1 at the Footscray CMelbourne) Metallurgical Works by thoroughly skilled experts, wit'i the assistance of powerful magnifying glasses, we were unable to discern a single speck of gold in the parcel. Nevertheless, it yielded loz ldwt 16gr of reterted j/old, or at the r.tf of l^z pei ton of quartz. Under such ciroumgtances, I feel confident that 2oc to the ttn would be aUn estimate for a fair sample. The alloy whs silver in email proportion, but in sufficient quantities to pay for saving. — Vincent Pyke." The memorandum received from the Manager of the Footsctay Metallurgical Works in respect to the crushing is as follows: — '" Quartz, 16cwt lqr, which produced loz ldwt 16g of retorted gold. The stone carries 3 per cent, of pyrites, low in gold. It is good •rushing stone, containing nothing iuimical to free amalgamation." (The net price obtainable for the gold in New Zealand is AS 17s 10} d peroz.) On the strength of the crushing and Messrs. Thomas and Withers report, an influential Victorian syndicate offered to float a large company in Melbourne to purchase and work the properties ; but as they demanded as a sine qua non that they should be permitted to retain at least one-half the purchase money and p*id up shares rtceived for the claims, the vendors refused to Listen to any proposal on such a ba3ie, consequently the negotiations fell through. The vendors h iva since had a second offer on simi ar lines, bit it was refused on the same grounds as the first one. Tbe leate in MAuley ana Co.'ri lease varies from 4ft. to 9ft. in width, with a well-maintained average of 7ft. The lode within the Mount Highlay Company's holding ia smaller (it averages about 4f ')» and carries flue gold in payable quantities. MAuleys lode is exposed, has been prospected and provid to be highly aurif rous for over a quarter ot a mile in length. Recently the lode has been picked up about 2£ miles east of the claim It is there over 6Tt in width, and carries gold iv quantities computed at at least loz per ton. The Mount Highlay Company's reef can be traced along the surface for fully half a mile, maintaining an average width of about 4ft the whole distance, and ca rying <i payable percentage of gold. Water is nbundant nearly toe whole year round, and the experts propose that, as tbo facilities foi devoting this to the service ot the company by an insignificant o-itlay are of a really exceptional character, the whole of the motive power for propelling tbe machinery should be derived from a water race situated at an elevation of «t least 200 ft above the site of tbe battery, and only requiring the erection of not more than 300 ft. of iron piping in order to deliver the water into the hurdy-gurdy Pelt on wheel which will generate the driving power. By making food u^e of the water-race referred to, the whole cost of raising quartz and reducing it at the battery will not exceed 10s per ton. In other words, stone yielding only 3dwfc of . old per ton will pay all the expense contingent on the working of he claims. The reefs in question are in tbe vicinity of some of the most famous alluvial deposits in Central Otago — to wit, the Four-mile Digging?, Fullarton's, and Hyde, and the inference is that the f Abulously-ncn golden supplies of tbe two former diggings were fed l>y these and other lodes known to exist in the locality. It is proposed to erect appliances of an entirely novel character, S'j far as OtHgo U concerned, for treating tbe quarts and wo-kin^ tiie claims, arrangements having been entered 'nto to obtain a Huntington centrifugal roller quartz mill, with rock breaker, Frue ore concentrator, an Ingersoll eclipse rock drill, etc., all of which have been proved to be valuable adjnncts to quartz mining in America, different parts of Victoi in. New South Wales, and Queensland. It will be noted that the total cost of the whole of this machinery, erected on the claim, will not exceed £aOOO, and directly everything is in readiness it only remains for the company to commence reducing golden quart z no exploring whatever being necess iry. 1 It will thus be seen that the prospects of thn company are of the most pMwaising description. There is no doubt whatever that the dividends will be foitiicoming at regular intervals immediately after the erection of the necessary machinery. The opporttijtff, it may be said without exaggeration, is one that off -rs to investors the prospects of immediate returns and remunerative dividends, combined with the certainty of shares acquiring a material value above par as the undertaking gradually becomes more developed, 'lhe attention of miending investors is dnwu 10 the experts' report annexed hereto, on reference to which it will be seen that the anticipations of the prospectus are baeed on particularly sound grounds.

Applications, accompanied by a deposit of 6d per share, may be forwarded to aay of the brokers of the company, or to the Bank of New South Wales, Naseby. In cases where no allotment is made, the deposit will be returned in fall ; and where a less number of shares is allotted than shall have been applied for, the balance of the deposit will be applied toward the further payment securing on the shares which may be allottad . As a large number of shares hare already been subscribed for, immediate application is necessary. In the event of the capita! being over-subscribed (which is qoite possible, in view of the applications already in hand), a prorate, distribution of shades will be made. No application for less than 20 shares will be received by any of the brokers. Any further particulars may be obtained from any of the brokers of the company, from whom also copies of the prospectus, with the experts' report annexed, can be seenred. The Share List will be CLOBBD on MONDAT, July 23, 1888.