New Gold Company

N.Z. Capital Interested Sluicing in Upper Waria, N.G.

NEGOTIATIONS have been com pleted between a New Zealand Syndicate and the Waria Syndi cate of New Guinea to work and ex ploit six dredging and sluicing leases on the Waria River, which drains the Morobe goldfields country.

According to estimates only £24,000 will be required for this preliminary company to work the concessions. It is anticipated that later a bigger com pany will be promoted to carry on the work. Using only 15 to 20 heads of water pressure, it is estimated that the conservative value of fourpence a cubic yard will produce a handsome profit for the company for at least 35 years.

Mr. A. Morris Dunkley, of Welling ton, N.Z., who visited New Guinea on behalf of the New Zealand syndicate, has stated that the Upper Waria con tains auriferous terraces similar to the Shotover River, in the South Plains of New Zealand, which, for many years was successfully and pro fitably worked. He considered that alluvial sluicing was the easiest, quickest and cheapest method of mining in the world.