MINING

Hokitika Guardian, 16 January 1932, Page 2

MINING

GILLESPIES BEACH DREDGING COY. The above mining proposition promises well. The following particulars will be of interest as showing the promising nature of the venture: 385,000 contributing shares were offered for public subscription. Total number of shares applied for •were 457,450, m addition to which, Share Brokers have asked for reservations of 36,000, which makes a total of 493,450, with the result that the share list has been over subscribed. Of the above, 80,000 contributing shares have been taken up by the Provisional Directors, and 20,000 contributhing shares have also been taken up by Mr George Williamson, who prospected the claim. A significant feature of the flotation has been that the promoter and the /vendors have agreed not to sell any of their shares until after the first dividend is paid by the Company. Alternative schemes are being considered by the Directors. First: To utilise the available high pressure water for motive power for the dredge, and, Second: i.o provide a Diesel plant for the power. The Directors are. giving this important question very careful attention, and it is expected their derision will be made known within the course of a few days.

INNOVATION IN METHODS. DRAC-LINE DREDGING. OTAGO COMPANY’S VENTURE. The familiar dredging and sluicing methods of winning gold bn alluvial claims in Cenral Otago are to be .superseded on a large area at Nokomai, inland from Gore, by an innovation in New Zealand mining. A drag-line excavator is to be used to lift the grave) to the extraction tables, and it is claimed that this is the cheapest known process of working. ] Within a few days, a contract will bn placed for hydro-electric equipment for the claim, and full use will be made of the existing pipe lines, which bad been constructed for sluicing purposes. Power will then bp available for the drag-lino excavator, which is, being built in Auckland, and will be capable of picking up five cubic yards per hoist. It is estimated that the material which can he handled by this new equipment, will be at least 540,000 cubic yards per

annum, and the owners of the claim have already completed a contract for excavation at a cost of 6d per cubicyard. Cement Conglomerate. Another Otago gold mining development which is in the active stage is in ' connection with an improved method of working the gold-hearing cement conglomerate on the Golden Crescent Sluicing .Company’s holding at Lawrence. A skilled staff has been engaged, and a start made with the provision of equipment for handling this somewhat intractable material. Modern automatic cutting tools are to be used, and tests will be made on a large scale to ascertain the best method of crushing for tho extraction not only of gold, but the recovery of pyrites. The latter are of substantial value in the manufacture of sulphuric acid, for which there is a good demand in New Zealand from artificial manure manufacturers. At present the makers of superphosphate manures have to import sulphur for ! this purpose. . j The intentions of the owners of this large area are to erect n plant capable of mining 4000 cubic yards per day, and from the analyses of the conglomerate, this would produce about 40 tons of pyrites. The Mines Department has been co-operating fully in the two develonments described, and for the past three years and a half has been subsidising prospecting operations in these areas. The mining regulations have been modified so that large scale operations c-an be conducted, as tho areas are more suitable for working on aft extensive basis. j