MINING.

Hokitika Guardian, 18 May 1923, Page 2

MINING.

NF.AV VENTURE LAUNCHED

A KARANGAIIAKE PROJECT.

A new mining venture is slioitly to he launched for tho exploration of ground on the Karangalmke mining iield, near to the well-known Talisman property (says the “New Zealand Herald”). For this purpose a local company is being formed under the name of the New Talisman. The capital *is £50,000. The property to he worked adjoins the Talisman property, and the object of the new company is to prospect well-defined lodes and prove their value. An option lias been secured over the Talisman crushing and treatment plant. This option is free for nine months from the commencement of mining operations, so that the company can test the value of the reefs before deciding to exercise the right of purchasing the battery at. £13,0C0. Up to the present no attempt has been made to prospect certain welldefined lodes to the west of the worked areas in the old Talisman and Crown mines. The object of the new company is to prove the value of these reefs in what is known as the payable zone. It is proposed to drive a main adit levl in a southerly direction on a lode called the Mammoth. This lias recently licon opened up and two distinct reefs, lift and Bft- wide respectively have been discovered. It is proposes I to drive the main adit level 3500 ft. hut it is anticipated that the payable zone should he reached between 500 ft and 1000 ft.

The provisional directors of the new company are Messrs AV. D. Holdgate, (’ \V. Anderson, and E. J. Valientioc