GOLDEN BAY IRON.

Taranaki Daily News, Volume LIV, Issue 241, 11 April 1912, Page 7

GOLDEN BAY IRON.

RIVAL TO PARAPARA. ( A movement is we]] forward to estab- I lisli iron smelting works find develop the iron field known as the Onakaka Block, alongside the famous Parapara, at Golden Bay, Nelson, The Onakaka deposits, were reported upon by Professor liarshall, whose analysis disclosed iron ore of first-class quality, capable of yielding' pig-iron of the highest grade. The block comprises 900 acres, and is stated to be practically ? mass of iron, including faces of solid' iron 200 feet thick. Ninety acres have been cleared of bush, and on this portion Professor Marshall estimates that 22,500,000 tons of ore is in sight. The quantity of ore ' on the 900 acres must therefore be enormous. The Onakaka Block is no way associated' with the Parapara, which has j been the subject of speculation for the last thirty years. i It is intended to erect blast furnaces , for smelting to pig-iron, and to leave i to others the manufacture of steel. ' The property is situated on the coast at a point where the largest ship can lie i close in, and the elevation of the mine will allow ordinary quarrying and transport by gravitation to furnaces andi wharves. Coal and lime are also found | in close proximity. Tho capital of the company will be £200,000. Although the prospectus is not yet out, a large number of shares are already subscribed in Hawke's Bay,, and only another 25,000 £1 shares need to be subscribed to secure registration. The cost of erecting blast furnaces is set down at £75,000 to £BO,OOO. j