The Victoria Mining Co. Ltd was floated in July 1869 to try veins at the head of Mear Gill, near Holden, by driving four levels. The main level is about 40 metres downstream from the confluence of Holden Beck and Fell Brook, near a small tributary, which joins the stream at the wash pool of a waterfall. It was driven southwards, for 80 metres, near the base of the Lower Bowland Shales, where a south-easterly trending vein was cut in a thin limestone close above the main Pendleside Limestone. It is reported, that a little galena was found, but the veins were not followed down into the Pendleside Limestone, which was thought more likely to be productive of lead.

Of the other levels, one is on the acute southerly bend, upstream of the fall, and worked a vein trending S.S.E., whilst the other two, of which little or no trace remains, were about 180 metres downstream.

By December 1871, a time of low lead prices, the shareholders agreed that the company should be wound up. John Southworth, a Timber Dealer of Clitheroe, was appointed as Liquidator.

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