MINING

Hokitika Guardian, 21 October 1930, Page 5

MINING

FIM) NEAR MOUNT ISA. Developments are probable as a result of a reported silver-lead and gold find close to Mount Isa. Leases are under offer to a company at a large sum. Philip Black, a prospector, made the discovery. Samples are stated to be very rich. Black stated that fourteen miles from Mount Isa township he came across a silver-lead lode. Twenty-five acres have been secured for the prospector and his party. Two distinct lodes liaCe been traced for half a mile. Development work is progressing. The prospector who discovered the rich vein at Mount Isa states that being, of opinion that the mother lode must be close to Mount Isa. field, he determined to try to locate it origin. It was on the second day out that he located the lode which is on a ridge. With a pick he unearthed samples, and readily estimated what the find meant. He returned post haste to Cloncurry, and returned with friends. Two other rich deposits were then discovered, and claims pegged out. Mount fsa mine experts who put through assays were astounded at the richness of the find, for, besides showing rich silver and lead, assays disclosed the presence of gold in fail 1 proportion. 'The ground has now been pegged for a considerable distance about the site.

REEFTON GOLD MINING. The New Big River Gold Mining Company, Ltd;, has isued a prospectus relating to an increase of capital to the extent of £9OOO for the purpose of reopening the company’s mine by carrying out a scheme of prospecting and development operations in the upper levels. The present capital of the company is £OOOO, divided into 24,000 shares rif 5s each. The new issue will comprise 30.000 shares of os each, of which 12,000 will be offered to the public and the balance to present shareholders.