THE GOLDFIELDS.

Auckland Star, Volume XXXVIII, Issue 162, 9 July 1907, Page 8

THE GOLDFIELDS.

TALISMAN CONSOLIDATED. THE ANNUAL SIBETING. Speaking lit the annual meeting o* shareholders iv tlie Talisman Consolidated U-M. Co. in London, the chairman, My. W. V. Turner, gavr a review of the position of affairs, pointing- out that there was an increased u."t profit and a stronger financial position, as compared with l'JOd. During the past year 46.417 tons were treated, as ecu , pared with 45.320 tons in the previous year. The average yield per ton was £3 is/11, as compared with £3 4/ in th<? previous year, and the value of the output was £160,11!), BS compared with £145.777. The costs were as nearly as possible *.he same, the figures, including construction, being a fraction over 31/54 last year, against 31/.'> i this year, or, -excluding construction, the figures would be 31/41 R« last r . as alnst 30/9 for this year. The expenditure ou construction ( £1715 11/4) vonsisted cl::efly of a new air-compressor, and the whole of the amount had been written off to-profit and loss. Th? total to the credit of profit and loss was £161,150, which was, in round figures, £15,000 more than last year. On the other side, there was mine development, £12,22!). which -was nearly £4000 less than last year. Treatment, which included millins acd cyanidlng, amounted to £17,0u2, which was about £300 Less than the previous year. Transport cost £1146. against £1323 in the previous year. Maintenance or repairs amounted to £3506, an increase of £332. The cost of shipping, insuring, and smelting concentrates and refining hullion was. £5109. The Government duty on the gold shipped amounted to £-787. Assays. £6SI. were exactly the same as last year, within a few shillings. The gross profit carried down was £87.212, as against £72.237 last year, an increase of £14,975. ) Depreciation of macchinery and plant was put dowu at £11.658. and buildings £3057— together. £14.715, as against £21,855 last i year, a decrease of £7140. The machinery, plant, and tramways, together with mine buildings, now stood at only £7000. The : balance of net profit carried to ualancesheet was £69.811. compared with £49,910 the year before, or, iv round flsnres, an increase of £20,100. Adding to this the amount brought forward from the previous account, it gave a total of £99,334, out of which four dividends had been paid during the year, which, together with the'directors' commission, absorbvJ £63,000, leaving an undivided balance of £36.334 at tae end of the year. The bullion in transit (£40.973) corresponded with £41.677 the year before, whilst total cash amounted to as against £14,917 the year before. Taking these last two items —bullion in transit and cash—together, and deucting the creditors on the other side, there was a surplus of £81.471. and the chairman thought that a mining company with an issned capital of £300,000, of which £30,000 was uncalled, ■whose cash surplus amounted to ever £&LOOO, and whose machinery, plant, tramways, and buildings stood at only £7000, should be regarded as in a thoroughly sound and satisfactory position. After referring to developments In the mine, the Chairman said the ore reserves last February were estimated at 69,530 tons, as compared with 65,942 tons the previous year. This was exclusive of ore developed in tie. Dubb's level, and a email block in the Bonanza section above No. S level. The estimated value per ton of the ore reserves was £3 3/S, as against £3 the year before. They were anxious to develop more ore reserves, but the question was labour. Dealing with the attitude of the colonial shareholders to secure representation on the London board, the Chairman said the board considered the request for an adjournment of the meeting from the date fixed, and came to the conclusion that them was no advantage in adjourning the meeting, inasmuch as the business to be trausacted was of an ordinary character, and the questions raised could and would lie dealt with by the board at the proper tlme. They advised Mr Wilson accordingly stating at the same time that they would be prepared to favourably consider any proposals emanating from the colonial shareholders when' Mr Wilson was in receipt of his instructions by mail. It was the obvious dnty of the board to consider the representations of any group of shareholders, whether colonial or otherwise, and when they were in possession of the views of the colonial shareholders on the points raised they would give the matters in question ■prompt and friendly consideration. Mr Wilson had lodged some proxies and a nomination of himself as a candidate for a seat on the board in place of Dr. Diehl. That nomination, however, was bad, inasmuch as it did not comply with the article of association. The Chairman moved the adoption of the report and balance-eheet. Mr Wilson, replying to the Chairman, pointed ont that had the meeting been held in June, as usual, he -would have been able to deposit proxies for the majority of shares held in the colony. The colonial shareholders were dissatisfied in several ■ways. There was further comment and

explanation, ending In the Chairman's motion being carried, and the re-election of Hi Dlehi. I WAJHI G.M. COMPAST. The following is the manager's report ror the last three weeks, covering operations up to the sth inst. Xo. 8 level: In the Koyal lode east of north section junction, the level has been driven a total length of 715 ft. At this distance there is sft of ore exposed, no walls being seen. At 692 ft the lode is oft wide. The value from 650 ft to 705 ft is All. 0-6-23, Ag. 0-10-17 per ton. In tne Koyal lode, west of north section junction, the level has been driven a tota. distance of 40.3 ft. At 400 ft the lode is 20ft wide, the valne of which is not to hand. In No. 5 shaft, south-east crosscut, the place for the dam at S69ft has been excavated, and the large castings are about to be pla-ced in position. In the Martha lode, Kegina section, west of JNo_. 4 shaft crosscut, the level has been driven a total of 236 ft, at which point there is sft of ore exposed and south wall seen. The value from 193 ft to 226 ft is Au. 0-11-0, Ag. 4-IS-18 per ton. At 200 ft, the lode is being crosscut, 78ft having been driven north-west from south wall From 0 to 27ft, Itegina Section is worth An. 0-6-10, Ag. 1-2-22 per ton. Prom 27ft to 61ft is country, and from 61ft to TSft is partly sulphide ore, the valne of which is not yet to hand. In the sonth section, east of No. 4 shaft crosscut, the level has been driven a total of 9Sft, and at this point there is sft of sulphide ore esposed, and south wall is seen. The value from 20ft to 62ft, along the level, is Au. 0-15-7, Ag. 5-19-2 per ton. In the north section, east of No. 4 shaft crosscut, the level has been driven a total of 144 ft, at which point there is 4ft of sulphide ore exposed, and north wall seen. From 100 ft to 120 ft the level is situated in footwall country containing quartz stringers. The value from 124 ft to 130 ft is Au. 0-4-16, Ag. 0-19-6 per ton. In the north section, west of >"o. 4 shaft crosscut, the level has been driven a total of 135 ft. At this point there is sft of partly sulphide ore exposed, and north wall is seen. The value from Soft to 121 ft along the level is Au. 0-4-20. Ag. 1-10-15 per ton. In the Empire 'lode, west of No. 4 shaft, crosscut has been driven a total distance of 685 ft, at which point there is quartz 2ft wide worth Au. 0-1-8, Ag. 0-8-4 per ton. At 640 ft the lode is 7ft wide, and worth An. 0-1-1, Ag. 0-13-15 per ton. At 640 ft and in north crosscut 3ft, there is a vein 121n wide coming in from the north-east side, of nominal value. It is probably the AJbert lode. At 6a~>ft a crosscut is being run towards a point vertical under Peter Pass (No. 7 level) to locate the main part of Empire lode. (This was done in No. 7 level.) In the Welcome lode, west of No. 2 shaft west crosscut, the level has been driven a total of 06ft, where there is oft of ore exposed and uo walls seen. The \-alue from 10ft to Sift along the level is An. 0-3-14, Ag. 0-IS-9 per ton. At 57ft, West Tulip Pa==s was connected, and good ventilation is obtained. East of No. 2 shaft west crosscut, the level has been driven a total of 3Sft. At this point there is sft of quartz and country mixed exposed. The value from 0 to 30ft along the level is low grade. " No. 7 level: In the Edward lode, south of Empire lode junction, the level has been driven a total of 633 ft. and at this point the lode is 3ft wide. The valne from 592 ft to 623 ft is Au. 0-4-10, Ag. 0-13-7 per ton. In the Welcome lode, the north-west crosscut at 1240 ft west of Xo. 1 shaft crosscut has been driven a total of 204 ft from the Welcome lode. At 177 ft in there is quartz Sft wide, course 40 degrees (true), clipping 1 in 5 north, worth Au. 0-0-12, Ag. 0-5-22 per ton. At 191 ft there is quartz 4ft wide, coarse 40 decrees (true), dipping 1 in 5 north, worth Au. 0-0-IS. Ag. 0-9-15 per ton. The first stope over the 6S4ft crosscut is now being taken out 50ft In width of sulphide ore. In the north section of the Martha lode the following winzes are .being sunk: —Fosterson. Britson. and Cartrrson. The north-west crosscut to New Wheel Pass is now in 75ft from Martha lode. At 36ft there is quartz lft wide, course 50 degrees (true), dip 1 in 5 northwest, valued at Au. 0-212, Ag. 0-3-12 per ton. At 50ft there are quartz and country mixed, 3ft wide, course SO degrees (true), vertical, and worth Au. 0-1-1. Ag. 0-6-14 per ton. In tbe Royal lode, west of north section junction, the level has been driven a total of 735 ft, at which point there is sft o£ snlphide ore exposed, t-outh wall being seen. The value at 725 ft is An. 0-12-6, Ag. 0-17-12 per ton. At 719 ft tne reef was located on the north side of the level, and proved to be 12ft wide, worth Au. 0-3-11, Ag. 0-15-2 per ton. No. 6 level: At 265 ft in No. 2 shaft west crosscut, driving east, has been done on quartz for a total of 27ft. At thi3 point there is sft of sulphide ore exposed, and no walls seen. The value from 10ft to 15ft is Au. 0-7-4, Ag. 4-8-23 per ton. Shafts: At No. 4 shaft the ground is being excavated for new winding engine. Part of the engine is at the mLne. Sinking was resumed in No. 5 shaft on the 17th ult.. and the shaft sunk a further 12ft, making a depth of 66ft below No. 8 level, or 919 ft from the surface. Work in the bottom of the shaft was delayed 4 days owing to the cover of B pump, 2nd plunger, suction clack box, breaking. A cluster of electric b>hts has been installed at the bottom of ■the shaft, and is of great advantage in sinking. No. 6 shaft is being re-timbered, and is completed from 130 ft to 150 ft from the surface. The re-timbering will be required to the 180 ft mark. MINE MANAGERS' REPOETS. Kuranul.—ln the intermediate level, No. 3 stope west on the footwall leader has been extended a further distance of loft, making a total iwest of ride) of 31ft. The leader is about 3in wide, and still carries a good deal of fine mineral, but co far gold has not been seen in quite as large a quantity as in the previous sfope. For the last few feet there has been about 12in of quartz in the hanging wall of the leader, which looks promising, and is being all set aside for treatment. The No. 3 stope east of the rise has been extended a further distance of 16ft. and a little gold has been Been in the stone when breaking down. In connection with the development works, an old level that goes in under the present workings from the Shotover shaft, is being cleaned out. This level is about Bft above the battery level, and contains several leaders a,bout 100 ft east of the shaft, which appear to be worth prospecting. There is also -a small block on the footwall branch of Hunt's reef left standing. It may pay to take thie out, as it is in a splendid channel of country. Moanataiari Extended. —The men have been engaged rising on the "23rd of June" reef, 100 ft east of the Middle Star low level. At this point the reef is a good compact body of ore, 2ft 6in in thickness, with a splendid class of country in both walls, and although so far no gold has been seen, the quartz looks promising, as it contains zino blend and other minerals, which generally accompany gold. Trafalgar.—-The drive going south on the Nelson reef has been extended for an additional 12ft, making a total of 52ft. The reef in the face at the present time is about lft in width (being encased in a goo delass of sandstone country), and is apparently improving. In the northern drive a leading etope has been taken along 15ft, and when breaking down the reef colours of gold were occasion-ally seen in the quartz. At the point where the reef was first intersected, near the floor of the level, several stones showing good coarse gold were obtained, together with some heavily mineralised quartz, which gave excellent dish prospects. As the gold appears to be making downward, the work of sinking a winze on the reef to test its value underfoot, will bo commenced next week. Golden Belt.—The drive south at No. 1 level has been extended 20ft. A large body of ore is being operated upon at this point, with very encouraging results. Good strong colours and dabs of gold can be seen at every breaking down. The No. 2 level south has been extended 12ft. The reef formation hero is small and of low grade Thames.—The work of extending the main crosscut has been continued, and a little better progress has been made this week, a distance of 16ft having been driven. The hard bine rock has not yet been driven throngh, but is not so hard as it was formerly, and is better for shooting. Old Alburnia.—The eastern drive on the course of the big reef has been advanced a further distance of 13ft. The reef is etill running through a poor channel of broken country, and the quartz broken out is still of very low value. The drive westward on the hangingwall of the reef has been extended 14ft. There Is a rib of quartz about 2ft in thickness now striking out in the hangingwall, and appearing to be leaving the main body, it is carrying the same class of favourable mineral indications which was met with further back in the drive. This portion is now being followed, the big reef being left at the left. No gold has, however been seen in it. May Queen.—ln the crossent being driven for the St. Hippo reef, at No. 5 level of the May Queen mine, a succession of quartz leaders have been passed through since passing the slide, which are promising looking, but no gold has been seen in any of

them. Quartz is still showing in the face, and a good flow of water is issuing from it, which would lead to the supposition that a body of quartz is still ahead. The battery is running one shift constantly on the ore obtained from the stopes. New Dart.—The water in the shaft has been now lowered to a depth of 53ft below No. 3 level, and within about 10ft from the back of-the chamber at No. 4 level, so that another week or two should clear the No. 4 level of water. The shaft is being repaired downward, and the guides fixed in position as the wort progresses, so as to enable work being commenced from the bottom as soon as it Is cleared of water. _ Golden Cross.—Fair progress is being made with repairs to the battery level. The old level will require to be cleaned up as we go along. New Saxon.—Good progress is being made with the work of connecting No. 1 level with the surface through the old Whim shaft. The crosscut at No. 1 level has been cleaned out to the old shaft. I hope to have this connection completed next week. Champion.—The crosscut oil the western drive has been extended a further distance of 14ft, making 28ft to date. The eastern crosscut lias also been driven a further 14ft, making a of 26ft. The country in both these faces is of much, the same class, which is fairly soft and of a favourable character, although nothing of any importance has been struck as yet. Kirikiri. —In the south, intermediate level the reef is Sin thick. V/nen breaking down colours of gold were freely seen. The north intermediate level o£t the winze has been further extended oft; total 26ft. The size of the reef is ISm thick. When breaking down colours of gold were freely seen. The reef in the south drive at each breaking down showed colours of gold freely. The country is also very favourable, being full of mineral scams and flinties. The ore passing through the battery is shaping very well. Amalgam on hand to date is hot and cold water 61b, or lOOoz. The quartz sent to the battery amounts to 33 tons, ami crushed about 25 tons. I have not started to stope yet, for the reason that both faces are showing gold freely, and I thought it advisable to continue them as long os they do. Waiotahi.—No. 6 level: In the north, crosscut from the main shaft a reef 3ft iv width has been met witlu This will In all probability be the No. 5 reef, but so far no gold has been seen in it. This crosscut is in a distance of 333 ft. The winze being sunk below this level on the main reef is down 15ft, but no improvement has yet taken place. Stoping on the main reef i≤ iv hand, and a fifth stope has been started east from No. 1 winze, the reef here being about 10ft in thickness. Stoping on the footwall dropper is also in hand, and during the week some good dabs of gold have been seen. The No. 4 stope on the Cure reef has been taken along 19ft east of the rise, and colours of gold have been eesn. No. 5 level: The drive west on the maiu reef is in a distance of 272 ft, but there is no improvement to report from here. Stopiug on the main reef above this level Is in hand, and breaking out the footwall portion of the eighth stope is being pushed on. In doing this 301b of pitted stone have been selected. 1 hope to get this completed during the coming week, and the ninth stope started. No. 4 level: The drive "west from the old No. 4 crosscut has been cleaned out for a distance of S7ft on tne main reef from the north-east drive. The r&ef has proved to, be about 10ft in width, and. there is now an appearance of a break coming across the face. The stopes on the main reef above this level in the vicinity of No. 1 winze continue to produce fair crushing dirt, colours of gold being frequently seen. No. 3 level: In the western end the winze being sunk below this level is down 3Sft, tile reef being about 4ft in thickness, but is not showing as much mineral. The two winzes are now connected, and good ventilation has been secured. Waitangi.—The body of quartz met with in the low level crosscut last week has now apparently been passed through, and from the appearance of the quartz and its course it is evidently the main reef, to cut whkrh this crosscut was driven, although it has boen cut -some 40ft sooner than was anticipaled, caused by the reef straightening up a little, and having less underlie than it bad !n No. 2 level. The size of the lode just passed through is about 17ft ou the angle of th.o crosscut, and would bo about 10ft treasured square across. There are about 18in of solid quartz on the footwull, and about: 2ft on the, hangingv.-ail, while the centre of the lode between these two ribs of quartz is composed of a mixture of qcan-z and mullock. No gold has yet been seen in it, although the quartz looSs promising, and carries nice mineral indications. The western drive on the Siam reef at this level has not been continued during thp past wcL-k, as it was found necessary to timber up the portion driven, and as this will l>e completed within the next day or two, the drive westward will then be again gone on with. In cutting out the back or this drive for timbering, some nice coarse dabs of gold were obtained from a small leader crossing the drive, the gold being much coarser than any seen in the upper \ ietnria.— The Manner's reef at No. I , evel has been disturbed by a break, but Is now making again, and should improve in the cl.-.ss of country now being penetrated. A distance of Oft has been driven on the hangingwall lead at No. 1 level, so far with encouraging results. Siron>* colours or gold have been seen in the lead which averages about three inches. Now Occidental.—A length of about 6ft has been driven along the line of reef. Aβ numerous fresh veins are coming in and joining the others, the reef promises to be a good size by the time the break is reached. From the appearance of the reef the break seems to be no great distance away. The seams are all well mineralised.