RICHEST IN AUSTRALIA.

Taranaki Daily News, Volume LIV, Issue 208, 1 March 1912, Page 8

RICHEST IN AUSTRALIA.

CLAIM FOR COPPER FIND. AVERAGE OP OVER 40 PER CENT. A big effort is ,at present being mad* by mining experts in Sydney to develop what is stated to be the richest coprier mine ever discovered in Australia. The area is known as Mount Oxide, and it is about 150 miles by the track from Cloncurry (Queensland), and 130 mile* from Burketown, on the Gulf of Carpentaria.

The find is a well-known one and numerous attempts have been made to purchase it from Mr. Henry, the owner who, however, would never sell it for less than £-300,000.

It is- asserted that'ooo tons of or« shipped through Lohmann and Co of Sydney, averaged over 40 per cent.. gom« ot it going as high as 50 per cent copper ore. Another 600 ton 3, said to cavt over 40 per cent., is at present waiting

The property was fully reported on by Dr. Logan Jack in February, 1908 Since then considerable development hag taken place, and this has greatly increased the value of the mine... The reports obtained set forth that the present shaft, which is down to 270 ft, runs th» whole way through rich ore. The lode generally can be traced for fully a mile and it is clearly defined for over 1000 ft! A syndicate, known, as the Mount O* ide Options, has been, formed with anominal capital of £IO,OOO, which wa» largely over-subscribed, and' a ninemonths option over the property hai been secured with a view" to further opening out the lode, and floating a' company in London and Australia simultaneously with a capital of £400,000. It is the intention of the company to open up with shafts along the surface, and continue the present winze, when it is anticipated that the existence of about £3,000,000 worth'of ore will be proved. Mr. Gerard Williams, the mining expert for the London Times, in a report made recently, speaks of the property in the highest'possible terms, arid-"state* that it is the most promising copper proposition in Australasia.' One paragraph of the report states:—"There is no doubt' this mine offers more surface and development promise jthan any mine I have ever examined. I congratulate the board on the terms which they have secured this valuable property." A well-known Sydney expert, accompanied by 15 miners, has left to take charge of the property.