MINING SUMMARY.

Auckland Star, Volume XXXV, Issue 190, 10 August 1904, Page 6

MINING SUMMARY.

IMPORTANT DISCOVERY AT WAIHI. The cutting of a reef in the Waihi Extended mine on the boundary of the Grand Junction had a remarkable effect on the Exchange, the crowds awaiting the result of the call reminding one of the boom days. Shares in the Waihi Extended Co. advanced from 4/2 until 12/0 was reached in a few days, and the excitement was strong. Then a slight Teaetion set in. and prices fluctuated from about 8/0 to 0/0, the buying figure at present being S/9. The reef has now been cut through, and proves to be 18ft in width, and assays made for the company show values ranging from 2/3 "to 23/, which is considered satisfactory, as showing that the cap of the reef is gold-bearing and holding out reasonable hopes that the lode at lower levels will, like those in the Waihi mine, prove payable. The Extended mine adjoins the Grand Junction on the hillward boundary, and the drive in the latter mine has reached within 50ft of -hat boundary. The Extended Company having missed the reef at the point Where it was expected to be met with, drove along the boundary with the result already stated. This drive is from the bottom of a shaft at a depth of 500 ft from the surface, and about lift iielow the drive in the Grand Junction. It is now a generally accepted fact that the great gold shute, as existing in the auriferous country of the Waihi mine, dips directly into the Grand Junction, and this latest discovery would tend to prove that it continues into the Extended property. Up till quite recently it was taken for granted that no reef lyodies existed on the rootwall side of tho Martha lode in the 'Waihi mine, but this idea has since been exploded. How ♦»ver, It is also now well known that the development.? in tlip Wn hi mine provp That payable ore is tv be found on this particular side (eastern) of Waihi. and of the Waihi mine itself, as indicaled above by the trend of i he gold shute 'The discu-very in tiie Waihi _.'dt»ndi- •• ii.me may result in very important de •<-elopme_ts in the district, as IV- land beyond the Wnihi Extended shaft ha. bad eomparath<! ! 't'e work done upon it. but if the iode keeps its pre Bent course uther properties in tnat vicinity should have a tair chance of striking ii onep the owners get properly to work. One re- *__,, a >"! ad >' **■ been fo create a hv.«k '■■•ft'.'atthe wr, li ™ previous. ** ? *e. For in£W as Wgh. _&**■ Vt have since dates also advanced ta Conaoll'••J'.rles were made for severnvf«& n<l ™ r™ Waihi Gran/j.Snmn-ed ed in value. sa l es beihi; ma fl_ •£***- vy to 47/. The discovery in t#S .Marama section of the v -aata R_S ;

mine, referred to in last «____ary, has caused shares to advance from buyers t 1/10 to 2/5, and as the Waitekauri oropany held half the Komata Reef iares the buying figure for Wait-kauria irlvaneed from 2/1 to 2/8, with aomv ynles up to 3/. Talisman Consolidated shares also improved on the market, being sold up *to 5/. as against buyers at 3/8 last mail. The return this month was £0880 from 3976 tons. At Coromandel there seems a tendency towards ;i revival, as several of the local companies Live now getting gold, and the Royal Oak last week secured about 2501b of picked stone. At the Thames mining is still dull, and the boring operations have been suspended for the last week or two pending receipt of tubing. At the moment, however, the general feeling on the Exchange is very hopeful, and as many of the mines have been steadily doing development work during the long period of depression, it is quite likely that other important discoveries may follow upon that in the Waihi Extended mine.