AN IMPORTANT WORK. MELBOURNE CAPITAL.

Te Aroha News, Volume V, Issue 254, 11 April 1888, Page 4

AN IMPORTANT WORK. MELBOURNE CAPITAL.

Thames, this day. Til eke seems every likelihood of Tararu Creek being thoroughly prospected by a Melbourne syndicato, who have forwarded a very substantial sum of money to several Auckland and Thames gentlemen interested in the project, for the development of the property, which is known as the Sylvia* and consists of 50 acres. Included in thio area is the famous Little Agnes claim, originally owned by Taylor Brothers, who a few years ago unearthed a reef which gave rich yields of gold, and placed the lucky holders in possession of small fortunes. After carrying on operations for some time with considerable success, it was found necessary to discontinue work owing to the- sudden influx of water, and as the quartz then being obtained was not much more than payable, the proprietors did nob deem it desirable togo bo the expense of putting in a low level tunnel to drain the ground, as this would have necessi tated drhing 500 or 600 feet. Consequently work was ultimately .suspended, and although a little work has at intervals been done upon the surface, no attempt whatever has been made to ascertain whether the gold carries downwards. It is theiefore m >&t gratifying to find that a pai ty of capitalists in Melbourne have decided t-> invest the nece->««ary wherewithal to put in the tunnel, and already tenders are invited on their behalf for driung a distance of 500 feet. During the progress of the chive, four other reefs outcropping on the purtace will be passed through ere the one worked so .successfully by Taylor Bios, will be inteisected. The prospects obtained fiorn these four lodes on the sin hue are encouraging, but the ore is very refractory, and it is jur»t possible that in the event of them proving payable at the lower level, e\pen»ne machinery will require to be eiectt-d for its successful treatment. From the promptitude with which these Melbourne speculators ha\c forwarded the lcqui-ite capital, it -would appear that they really mean business, while it is* al.-o pleasing to obter\e that they ha\e themsehes eveiy faith in the valuableness of the ground, as no attempt ha 1 * been made to float the concern into a company, as has been the case with too many of our mining properties without dueprovision being made for capital being forthcoming to carry on operations. Tenders for dining the lowlevel tunnel aie receivable until Wednesday evening, and it is perhaps worth}' of mention that this will give 150 ft of a\ailahle back?on the reel.