Fiji Goldmines Shares

Melbourne Speculators Busy With New Issues

SIXTY miles in a straight line from Suva lies the new gold prospecting field which in the last few days has aroused excitement among Melbourne speculators (says “Melbourne Herald’’ of January 28). The field is 130 miles by road from Suva and six miles inland from the north coast of Viti Levu, the chief island of the Fijian group.

Small gold deposits and traces of allu vial gold have long been known in Fiji.

On the second island of the group, Vanua Levu, a Sydney syndicate worked the Mt.

Kasi area in the last few years. Gold Mines of Australia Company took an option over this last year, only to reject it.

First discovery of what is claimed to be a really payable proposition was made in November, 1932. It was located by a typical old-time Australian prospector named “Bill” Borthwick, grub-staked by P. Costello, another Australian living in Suva. Borthwick had been following up the creeks and nosing around in likely looking places. Previous experience in New Zealand helped him, for the geological conditions resemble those in the famous Waihi area of the sister Dominion rather than those found in Australia.

Borthwick’s search led him to the nor thern foothills of the Koroboya Range.

Samples obtained were sent by Costello to Mr. E. G. Theodore in Australia, with the result that a syndicate in this country decided to investigate the area and to send over a mining geologist.

Geologist’S View

Dr. Loftus Hills visited the field at the request of Messrs. E. G. Theodore, John Wren, and P. F. Coady at Easter, 1933. “I predicted then that it was a very import ant gold discovery,” stated Dr. Hills, “and that valuable gold deposits would be de veloped there. I recommended my prin cipals to go ahead courageously and ex peditiously.” This recommendation was followed, and on the Emperor lease a little north of the original site plant has been established and development pushed ahead.

At first the enthusiastic view of Dr.

Hills was not shared by other mining engi neers. Mr. T. R. Victor and then Mr. C.

G. Gibson were next to visit the field. At Christmas, 1934, however, Mr. Victor again examined the area, and development dis closed definite values. Mr. Victor is min ing engineer and adviser to Australian Gold Development Company, and his association with the Lancefleld and Edna May mines is well remembered. The be lief is held in the market that his report, which is to be available shortly, will be highly favorable.

Loloma And Koroere

The public is to be invited to subscribe for shares in two leases of approximately 200 acres each over areas adjoining the Emperor site. These are the Loloma and Koroere holdings. Details of the Loloma flotation are expected to be made public early in February, and Koroere shortly afterward. An active market in Mel bourne has already been buying and sell ing rights to these shares. It is believed that the Emperor lode continues into these properties, and sensational values are ex pected in some quarters. Loloma lease adjoins the 500 acre Emperor property on the west. Koroere is on the south side. Mr. Theodore and his partners have brought the Emperor working to the pro duction stage with their own capital, and do not intend to make this a public com pany, at least for the present. It is ex pected that part only of Loloma and Koroere flotations will be offered to the public.

A.G.D.’S Interest

Australian Gold Development Co., which also has interests in the well-known Edna May, Golden Plateau, and North Boulder undertakings, has pur chased a part-proprietorship in Loloma

and Koroere leases. A.G.D. Co. had these propositions under consideration in 1933, but was not at that time attracted by them.

The interest now held has contributed to the eager purchase of A.G.D. shares by speculators in the last few weeks. A.G.D. shares, which were at £24/10/- at the end of December, and £43 last Monday, were bought at £62 at the morning call on Saturday. The market anticipates that A.G.D. will receive 50,000 shares out of 300,000 (including vendors) in Loloma, when it is floated this week, and a similar participation in Koroere.

Time will prove whether the glowing expectations of the new Fijian fields are to be fulfilled. It is certain, however, that if any new field develops definite pros pects of success, optimists will peg a host of claims in the vicinity, many of which may be little more than a gamble. Inves tors should, therefore, be sufficiently dis criminating not to build undue hopes on the mere word “Fiji” in a prospectus. The more cautious are likely to require definite evidence of proved values before venturing.

Another group of leases near the Em peror mine has been taken up by Tavua Options Ltd., a Sydney company of which Mr. W. R. Carpenter is chairman. There has been considerable liveliness on the Sydney exchange in relation to these shares.