THE KUAOTUNU GOLDMINE.

Te Aroha News, Volume VII, Issue 454, 15 March 1890, Page 5

THE KUAOTUNU GOLDMINE.

RED MERCURY SYNDICATE, The Red Mercury licensed gold-inining holding in the liuaotunu district, Coromandel Peninsula, has just been formed into a syndicate in Auckland by Messrs Saunders and Co., sharebrokers. There are now sixty shareholders, thirty of whom were the original owners. The other shareholders take up their shares in the holding at £3O each. The area of the holding is fourteen acres. It touches at one side the Mariposa licensed holding, and the John Bull claim at th.a other, with the Great Mercury holding at tie end. Tiio prospcesO.ro Rave cut the Try Fluke rqeß and have come upon

several others, from one of which some, ten tons of stuil are to be sent to the Thames shortly for trial treatment. It is intended to float the mine as a company shortly.

KUAOTUNU MINES.

j Otama.— The mine manager reports : ■ “During the past week I have had one I shift driving north 'on No. 2 reef. It still maintains its average size and gives equally good prospects as hitherto. I have intersect;, d this reef in the intermediate level sixty feet below the upper workings ; the leef is about io inches thick, has a strong underlie to 'lie east. The prospects are quite as good as that taken out above. In the upper ieyel I have driven 106 feet along thereof, during the whole of which distance I have carried good payable ore, and from the show in tho lower workings there is no doubt but we have a very rich block to work out. The entire backs to surface will average about 130 feet; that multiplied by 106 feet (already driven along the lode) and an average width of say one foot, will give a very fair estimate of tho value of good o»e in sight. Nemesis Claim. —During last week several rsefs and leaders have been discovered, varying in size from a few inches to two feet in thickness, the whole of them giving very encouraging prospects. One especially of about a loot thick bus given really excellent prospects. The drive to cub Murphy's No. 1 reef is in about 70 feet. A small leader has been intersected, giving very fair prospects. The reef may be in hand at any moment.