PANAMA GOLD REEFS.

Timaru Herald, Volume CXXIII, 8 April 1926, Page 7

PANAMA GOLD REEFS.

Another El Dorado. optimism in British circles. Australian and N.Z. Cable Association. By Cable—Pitas Association—CopyrlfM. . LONDON, April 6. Questioned regarding the Panama goldfields. Sir Alfred Mond said: “Experts lead me to believe it is an El Dorado. It is not merely a rich surface ore. Imagine the magnitude of a discoveiy of 6000 acres, only four days distant from Ban Francisco.” NEW ZEALANDER’S SUCCESS. STORY OF UNIQUE DISCOVERY. By Cftble —Press Association—Copyright. Atiitrsl>'AU and N.Z. AssoclatloHi NEW YORK, April 6. Mr CaJderwood (a New Zealander), aged between. 50 and 60, long engaged in mining in, South America, spent two patient, difficult years at Panama, near the spot Where Columbus landed. He found old Indian workings. Which yielded 45 ounces of gold per ton, which ancient miners, not possess-ing-the cyanide , process ; rejected, as worthless. Ho discovered relics of old stamper batteries, used to crush rock. They consisted of huge suspended logs" with iron feet,, worked on pulleys. Some surface silver ore yielded nine ounces to the ton, .and there were evidences of rich tin and zinc. Rains, swollen rivers, and inaccessible country hampered Mr, Calderwood’s party. A thorough exploitation of the field was only possible'after the construction of roads and bridges. POWERFUL FINANCIAL BACKING. RICH GOLD-BEARING GROUND. ■jlf Cib|«—Pr.SJ Association —Copyright. Australian and N.Z. Oabls Association LONDON, April 6, In connection with the .Panama gold discoveries, tho “Daily Mail” states that Mr Duncan E. Alves, a native of Dunedin, who founded an Imperial scheme for securing and building up the. oil resources for British, naval and national purposes', is chairman of the Panama Corporation Limited, which was- recently fqjmecl with a capital of £2,000,006 tef exploit .Mr Ualderwood's concessions.' - ..; Thirty representatives of banking and shipping interests are associated with the corporation. ■ ' ; Mr Alves officially announces that the Government of Panama, in .1925, granted him a special concession covering Veragtias, in northern- Panama, and later a concession covering the southern district adjoining Colombia, totalling 4500 square miles. . . '. Mr Alves reveals' that Mr Calderwood’s. discovery oh' the Atlantic side of the divide contains an abundance ol alluvial, gold. - . Exploration showed 18 square miles of gold-bearing land.. The total aiea of this type amounts to 300 square miles, and is expected to show similar results. The exploration of the northern slope revealed three, large, "well defined veins of four, six and eight feet, containing high valued base metal ores —silver, zinc and copper. Mr. Alves said that although there is reason to believe the reefs are fabulously rish, 'the whole! enterprise must be. regarded as entirely speculative until tho engineers- have had. an opportunity of opening up tho country • and enabling exhaustive tests to be made. , ■ - - BRITISH CONCESSION IN PANAMA. MORE CAUTION IN FUTURE. By Cable—Press Association—Copyright. Australian and N.Z. Coble Association. (Received April 7, 7 p.m.) LONDON, April 6. The concessions granted the Panama gold, expedition by the. Government of Panama are the first of this kind ever granted British interests. A decree has now been promulgated preventing similar concessions. Future concessionaries will not be taxed, but will merely be obliged to pay a royalty of 2, per cent, on gold exported} and construct the necessary roads and bridges.