MINING NEWS.

Auckland Star, Volume XX, Issue 70, 23 March 1889, Page 5

MINING NEWS.

BUSINESS DONE TO-DAY.

The sharemarket was again a centre of interest for numerous speculators to-day, and the Exchange bore an unusually animated appearance. Saxons appeared to be of first importance. The market opened with sellei3 at 9s Od, and by noon shares' had shot up to 10s 9d. Several large lots were wanted for buyers at and under that figure, but sellers were so confident that they elected to hold for lis. The cause of this marked improvement in Saxons was due to a telegram received from T. A. Dunlop, tho mine manager, during the forenoon stating that: "In breaki:igdown2ft. reef 101bpicked stone saved." Cambrias were firm at 4s when the market closed, and there were no sellers at that price. Moanatairi shares were also in demand. Buyers offered 2s 9d and business was done at that figure, but .sellers appeared inclined to hold back for more. There were buyers of Trenton at 3s 9d and sellers at 4s, but very little business was done.

A telegram was received by Mr F. A. White from the manager of the New Moanatairi about noon to-day as follows :

—" Leader in winze No. 3 level still showing gold. Selected a few pounds of stone containing nice streaks and dabs of gold. (Signed) G. S. C_ARK."

Saxox. —Breaking down in the two-foob reef in the crosscut at No. 5 level took place to-day when 101b of picked stone were obtained,

New Moaxataikt. —The leader in tho winze at the Cambria No. 3 level is looking well. It show 3 colours of gold and to-day a few pounds of stone containing streaks and'dabs of cold were saved.

Castlk Rook. —A telegram received from Mr James Vi.zaul, one of the principal owners of the Castle Rock Claim, Coromandel, states that ho has cut the shot of gold in the lower level, on which the winze had been sunk from the upper level of the mine. The drive is? in 600 feet.

Cambria. —The mine manager reports : Cleaning up and retorting took p'.aco yesterday with the following results : —37 loads of quartz crushed for 41oz ; 61bs picked stone, 6o_ lOcluts ; retorted gold, 47-10; melted gold, 472. Tho leader cut in the crosscut at No. 4 level is running in a southerly direction, and dipping westerly. It is about three inches in thickness. Dabs and colours of gold were seen through the quartz when breaking it down. There is also good mineral in the quartz. Champion Mixe. —An important find is reported on the Champion Company's property at Tui Creek, Te Aroha, where mining operations have been prosecuted vigorously during the last six months. Six contracts were let for driving and sinking in different parts of the mine. The first two contracts were upon the No. 1 level, which forms the working of the upper portions of the mine. A total distance of 73 feet has been driyea on the line of reef, from which rich ore i* being obtained, and during the we_*_ a rich find has been made on th. northeast portion of the reef, _ which is some 10 inches in thickness on the footwall of the main reef. The winze, sunk 30 feet by the old syndicate, from which some 30cwt of ore was minod and sold to the La Monte Smelting Company for £22 10s per ton, is now pcmieofced with the level, and proves undoubtedly that the new find is a portion of the "old lead. A winze 60 feet has also been sunk on the main reef, upon good ore. This connects the upper workings with the No. 2 level, which is driven 96 feet on tho main reef, and will be continued 154 feet by the present contractors. At the mouth of this drive a winze 105 feet is being sunk to connect with No. 4 level, which is being driven also on the main reef, but some 200 feet lower than the upper workings. This winze is now sunk 30 feet, rich ore being obtained, and during the week the reef has further improved, yielding the richest ore yet obtained from the mine. E_EC_rao Light.—Tho Saxon G.M. Co. have decided to light their battery by electricity. A plant capable of supplying twenty powerful lights has been procured by the Company, and will be erected in the battery at an early date, the vendor undertaking to put up the plant, and run it at his owe risk for one month when, should the result be satisfactory, the bargain will be concluded and electric light used for tho future instead of gas. The expenditure for gas is an item of some importance for the Saxon Company, and it is thought that by the introduction of electricity a considerable saving would be effected.