ANNUAL, MEETING OF MAY QUEEN G.M. Co. Directors' Report.

Te Aroha News, Volume II, Issue 75, 8 November 1884, Page 2

ANNUAL, MEETING OF MAY QUEEN G.M. Co. Directors' R eport.

Te Akoha, October 8 1st. 1884. To thu KWlioUers of the May Qn^en G.M. Co., Limiteil. Gbntlrmkn, — In presenting this our first annual report, we beg to congratulate you on the improve I prospects of the company. O:i taking office 12 months ago we fouii'l the Co npauy considerably in debt, on account of prospecting operations, and dlft expenses I incurred in the formation df the Comp.my, to defray these expenses, ft ciill of twopence per scrip was made* On ettqniry and examination your Directors came to the conclusion) that the previous prospecting operations hail been of no benefit tothe Company, and determined to suspend operations with a vie.w to a change in the management Early in the month of April an agreement was made with Mr H. Hornibrook to prospect the claim on the bonus principle Subsequently the agreement was cancel led by mutual arrangement, and Mr H. Hornibrook was engaged as manager, ami on the 22nd May a call of one penny per share was made to defray the current expenses of prospecting. In the early part of the month of June an application from the Peter Ferguson Battery Co, was received foe 3000 paid up shares, in return for which consideration they offered your Company precedence in the use of a battery which they proposed to erect. After careful consideration your Directors decided not to accede to the application. During the month of July the Company's Manager discovered the reef which is at present being worked, and which has been tested for a distance of about 2 chains, a winze has been sunk close to the tramway to a depth of 14 feet, and another at a distance of about 2 chains to a depth o? 30 feet, from which two crushings have been taken and treated at the Waiorongomai Battery ; the first being about 4 tons and resulting in about 4ozs. to the ton of retoned gold, and the last crushing of 10 tons resulting in 43ozs. Idwt. I2grs. retorted gold. At the pr sent time we are putting in a low level, which is intended to intersect the reef some 10 feet below the bottom of the deep winze. We cannot conclude this report without congratulating the shareholders on the '• fact that to obtain these results, only one call of one penny per share has been made, of which £30 remains unexpended — We are yours respectfully, the Directors, Jamks Mills, Chairman. Managbus Re pout. Waiorongomai, October 30th. 1884. Directors of May Queen Gr.M. Co. Gentlemen, — I beg to submit the following report for the informaI tion of your annual meeting : — It is now six months since I first went on yonr mine to prospect it, during which time I discovered a reef bearing IS .W by S.E at the top of the last county gn»de, on which I have opened out in several places, and obtainned very encouraging prospects. About 30 feet above the tramway level I put in a drive about 35 Feet partly on the reef varying in size from 4 to 5 feet, and in which I frequently obtained large stone carrying coarse blotches of gold. There is a small "leader on the footwall side of this reef which also carries good gold. I discontinued this drive for the present and went in search of som^thinir richer, which I got about 120 feet lower down the hill on the same reef ; here I sunk a few feet and saved principally the hanging wall portion only, being the richest, a portion of which I crushed conjointly with that taken fiom the upper drive, and giving the satisfactory return of 4 ounces per ton. This winze has since been continued to a depth of 30 feet, and carries gold the whole distance. Just before knocking this winze off (owing to surface water; gold was showing better on the foot wall portion (or in the large reef) as well as in the vein on the hanging wall, which speaks well for a lower level Since knocking off this winze I sunk about 2?l feet on the tramway level (or about 90 feet higher up the spur from the lower winze), and from which the principal part of the last crushing was obtained and gave over 5 ounces to the load. The reef here i* fully 2 feet in width, and still continues to show gold freely ; there is about 4 tons again in the paddock obtained by ono man within the last week. We are likely to be troubled with water here before long, and if such should prove the case I should advise to put two shifts on the lower drive, which I have now started in good sandstone country, an 1 which will cut the reef in about 40 feet of crossd riving on the boundary of May Queen and Lucky Hit claims ; 35 feet of driving on the reef brings us under the lower winze with over 40 feet of backs, and \v:iich increases as driving proceeds. There will >>c over 100 feet <»f hacks w) en we get under tue top drive. I fully. expect to have good driving the whole distance.

On the wl.ole, I tliihk the prospects of your 1 1 1 1 1 1 c* very en ounitjuiu, ami vr'iPri it is considered that the works carried on up till now have* boon whvlly of a progressive nature, and have yielded gold sufficient to cover all expenses, there is ujood reason to expect most favonraMo results when the mi ie is fairly opened np.-r-I urn, Gontlonn 1 !), vonrs obedie ntly, H. H«;IINIBKO >X, Mine Manager.