GREY RIVER NO 2 DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 25 October 1901, Page 2

GREY RIVER NO 2 DREDGING COMPANY.

In a circular issued to shareholders by the directors of the Grey River No 2 Gold Dredging Company, regret is expressed that the result of prospecting does not, warrant the directors in incurring fur her expenso in providing a dredge to work ihe property. Fair surface prospects can bo obtained in several parts of the c aim, but the result of tho boring operations serves to prove that the deeper? portions of the claim are not gold-bearing t and tho only course open is to face the naccssity of winding up the Company. Two bores were sunk at the joint cost of the Company, and the Grey Monarch. In the first bore near the top boundary of. the claim, after sinking 29 feet the pipevj broke and the work had to be' abandoned.' A litilo fine gold was obtained in the first six feet of gravel, but below this the In the second bore tho first 35 feet consisted of fairly tight wash and a few fine colours of gold were obtained—from this to a depth of 55 feet the pipes passedL through loose sandy drift earring no gold, and tho -work was abandoned. Three' ether bores put down by the Company themselves proved that no gold existed below a depth of 25 feet. * In conjunction with the Grey-Arnold, eu bore was put down at the boundary of both claims. The pipes split at a depth of 45 feet' 6 inches, and the work was discontinued as tho prospeots were unsatisfactory and the ground deep. A few very fine colours of gold were obtained, but compared with the dirt extracted the yield was too poor to pay for dredging. The report concludes by stating that the results of boring go to. sbpw that this seciion of the Grey River is deeAaud that the only gold contained in the dvfft. is such as has been deposited in the gravel by the action of the river during comparatiely recent years.