MINING.

Auckland Star, Volume LXVI, Issue 230, 28 September 1935, Page 25

MINING.

GOLDEN CROWN SHARES. ACTION OF STOCK EXCHANGE. NEW ISSUE OF SCRIP. As already noted in these columns, the Sucklaiul Stock Exchange has struck off their official list the scrip of Golden Crown Mines, a Thames undertaking, and no reason for its action lias been made a\ailable to the Press. In a circular issued to shareholders on September 0 the directors stated, inter alia :—- "Owing to the wet conditions at the mine due to the abnormal rainfall and also the fact that calls only yield some £230 per month, work is not proceeding with, the expedition your directors desire. "11l order that progress may be speeded up to enable production at the beginning of the year, your directors suggest that the capital of the company be increased by £1300 by the issue of 15,000 2/ shares at a premium of 3/ (namely, u/) each. Tills will provide £3750 (wliieli is considered ample) with a capital increase of only innoo. Tentative arrangements have been made whereby the whole issue could be underwritten and the money made available immediately." These proposals were confirmed at an extraordinary general meeting held on September IS and a few days later tiie Stock Exchange took action as already stated. It may be added that last month the shares were selling up to S/ each and later were quoted witu buyers at 0/0 and sellers 7/0.

MARTHA COMPANY. OPERATIONS AT MINE. (By Telegraph.—Special to " Star.") WAIHI, this day. The following information has been cabled to the London ollice: —No. 2 level: A total ot 72t't lias been driven west on the Martha lode. Assay value, 7/ per ton. Width oL reef at face is about sft. No. ;i level: \ cin situated at 50ft in the north crosscut from Martha gangway driving west. The next 41ft is ore of good grade, varying from ltt to 3ft wide. Driving east, the next 10ft is also of good grade, the width of the lode being about 3J£t. No. 7 level: Prospecting crosscut north-west front north branch of Martini lode. At ltVU't ill have intersected a vein 3ft wide, assaying 20/0 per ton. The course is -IS degrees (true) and the dip 1 in •'* north. No. 12 level: Edward lode driving south. The next :ilft assays 4/v> per ton. The lode was crosscut at 500 ft and, measuring from the eastwall the lirst sft assays I/O per ton, the next sft 22/ per ton, and the last 3ft 5, 3 per toil.

YIELDS OF COMPANIES. DUNEDIN, this day. Goldfields Dredge.—l'Joz lOdwt for 180 hours.

Arthurs Point (Otago).—tloz ldwt for four weeks' sluicing, making a total of 07oz lldwt for the eight weeks c-nded September 23. Stafford Dredging (West Coast>.--5007, for 117 hours and 8776 yards. Still in shallow ground, accounting for low yardage.

MINE MANAGERS' REPORTS. Matakl. —Under date the 23rd inst.,. Uie dredgemaster reports as follows: "During the week ending the 22nd inst.. the dredge worked lor 130 hours 20 minutes for* ft return of 420z !ldwt iigrs, pulling ahead 20ft ill ground the average depth of which was isn't. We had a good run for tlie week, the main stoppages being for boulders and timber and changing buckets. Xly. ground continues much the same as last week, the bottom on the western side being hard reef, while on the eastern side we. are still In an old paddock. For 200 ft at the junction oE the two cuts the wash is tight showing good gold. The gold continues to improve in sample. We have now readied Kagg's Koad right across the face."