THE PANAMA FIND.

Hokitika Guardian, 8 April 1926, Page 1

THE PANAMA FIND.

f Australian it N.Z. Cablo Association.] LONDON, April G. Questioned regarding the Panama goldfields, Sir Alfred Moml, said:— “Experts lead me to believe that it is an El Dorado. It is not merely rich surface ore. Imagine the magnitude of tho discovery of five thousand acres, only four days distant from San Francisco.” NEAV YORK, April 6. Calderwood is a New Zealander, aged between fifty and sixty years. He has long been engaged in mining in South America, and lias spent two patient and difficult years in Panama. Near the spot where Columbus landed he found old Indian workings Some yielded forty-five ounces of gold per ton, which tl'c ancient miners, not possessing the cyanide process, rejected as worthless. He diseovrod relics of old wooden stamper batteries used to crush the rock. They consisted of huge suspended logs, with iron feet worked on pulleys. Some surface silver ore yielded nine ounces to the ton, and there were evidences of rich tin and zinc. Rains, swollen rivers, and inaccessible country hampered Calderwood’s party’s thorough exploration of the field, which was only possible after tho construction of roads and bridges. LONDON, April 6. In connection with the Panama gold discoveries, the “Daily Mail” states that Mr. Dimean Alves, a. native of Dunedin, who founded the Imperial scheme for securing and building up oil resources for British naval and national purposes, is chairman of tho Panama Corporation Limited, which was recently formed with a capital of two million sterling to exploit Calderwood’s concessions. Thirty representatives of banking and shipping interests are associated with the Corporation. Mr. Alves officially announces that the Government of Panama in 1925 granted him special concessions covering Veragnns Northern Panama. Later a concession covering the southern district adjoining Colombia, totalling 4500 square miles. Mr. Alves reveals that Cahlcrwood’s discovery of the Atlantic side of the divide contains an abundance of alluvia! gold. Exploration showed eighteen square miles of gold hearing country. The total area of this type amounts to three hundred square miles, and is expected to show similar results. Exploration of the north slopo revealed three large well defined veins, four, six, and eight feet wide at an altitude of 2000 ft.. containing high values in base metal ores, silver, -zinc and copper. A n;ote OP CAUTTON. LONDON, April G. Mr Alves says that although there is reason to believe that tho reefs recently found in Panama are fabulously rich, the whole enterprise must he regarded as entirely a speculative one, until the engineers have an opportunitv of opening up the country and enabling exhaustive tests to he made. LONDON, April 7. Big concessions have been granted to the Panama gold expedition hv the Government of Panama. They are the first of this kind over granted to llritisli interests. A decree has now been promulgated preventing the granting of similar concessions in future. The, concessionaries are not to ho taxed. They merely will he obliged to pay a royalty of two per cent on the gold exported, and to construct tho neecessarv roads and bridges.