MINING NEWS.

Hauraki Plains Gazette, Volume XXXIV, Issue 4565, 18 May 1923, Page 1

MINING NEWS.

NEW VENTURE LAUNCHED. A KARANGAHAKE PROJECT. A new mining venture is shortly t,o be launched for the exploration of ground on the Karangahake mining field, near to the well-fknown Talisman property. For this jurpose a local company is being formed under the name of the New Talisman. The capital is £50,000. The property to be worked adjoins the Talisman property, and the object of .the new company is t,o prospect well-defined lodes and prove their value. An option has been secured over the Talisman crushing and treatment plant. This option is free for nine months from the cjmmencement of mining operations, so that the company can test the value of the reefs before deciding to exercise t,he right of purchasing the battery at £15,000. 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 t,o prove the value of those reefs in what is known as the payable zone. t,I is proposed to drive a main adit level in a southerly direction on a lode called the Mammoth. This has recently been opened up and two distince reefs, 6ft and Bft wide respectively,, have been discovered. It is proposed to drive the main adK level 3500 ft, but it is anticipated that the payable zone should be reached between 500 ft and 1000 ft. The provisional directors of the new company are Messrs W. D. Holgate, C. W. Anderson, and E. J. Vallentine.