MINING NEWS.

Auckland Star, Volume LVII, Issue 161, 9 July 1926, Page 4

MINING NEWS.

MINING IN NEW ZEALAND.

A rather significant remark was made by a shareholder at the annual meeting of the Waihi Company held in London on May 13. A Mr. E. Grant Coope> pointed out that the gold produced was sold for £368,000 and had cost £300,000. He said that proved, what had been quite clear to everybody having business in Australia and New Zealand, that there was no hope for mining in the Southern Hemisphere. The speaker suggested they should crush all the available ore, and not look forward to the prolongation of the mine, but rather complete its existence. Mr. Cooper also deprecated funds of the company being placed in an Australian oil proposition, even supposing the oil was found there. He was satisfied there was no chance of obtain ing anything like legitimate profits from mining operations. As shareholders in the Waihi Company have had about six and a half millions in dividends on a capital of £500,000 and iii addition had refunded 15/ out of the 20/ per share of the capital, it would be interesting to know what was considered a legitimate profit on mining in the Southern Hemisphere. The chairman, Mr. A. M. Mitchison, in reply said no doubt there were still ?reat possibilities in the Waihi mine. Those possibilities ought to be properly explored. They could not be explored at once. Some of those explorations took a long time. It was perfectly true with every mine that the question of finally closing down had to be considered but re did not think that time haa ye» arrived with the Waihi Company.

THE WAIHI MINE

SUPERINTENDENT'S REPORT

In his monthly report to the chairman and «Hfi OrS, Tk 0111 l0 °' the mlne enperintendent states . —The principal operations carried out In the .nine during the four-weekly period ended May S, were aa follow: No 15 Level —The west drive from No 4 £?2i . 1° rth crosscut - was advanced to 31SJ feet. The drive is now following the course of the Martha lode, the value of which is low. No 14 Level.—Edward lode: The south drive was continued to 243 feet. The aver age assay value from ISO to 240 feet i= 33/8 per ton. Dunlop south-east crosscut was advanced to 248J feet. At 4G3J feet the crosscut intersected a 9-inch vein of quartz, assaying 13/2 per ton. Martha lode east of No. 4 shaft, north crosscut: The total distance driven is 545* feet The average assay value from 496 to 534 feet is 11/10 per ton. No. 13 Level.—Trout south-east crosscut, "rom Edwnrd lode, has been commenced, and is out 6J feet. This crosscut is being Iriven with the object of intersecting the body of quartz 175 feet wide, met at 13S feet in Dunlop Kouth-east crosscut on No. 14 level. No. 12 Levelr—Martha uode : In the intersected intermediate level, west from Pascr winze, the lode was crosscut at 75 feet. The full width Is 22 feet, and aver age assay value 9/5 per ton. No. 11 Level.—Empire lode, centre section east of Pistol crosscut: The drive has been continued to 109 feet in a low ernde mixture of quartz and country. No. 10 Level.—Shark north-west cross -lit Is nut 222 feot! There is an 18-inch vein of quartz at 166 feet, the assay value bi-ing 9d per ton. The country rock in favourable No 5 Level.—North branch of Marthn lode: The north-west drive was continued to 4!»7 feet. The reef has split up nt this point, and work is stopped. Jennings' i winze is down 29 feet. At 21 feet the assay value across 4 feet of quartz and country mixed is 45/6 per ton.