MINING

Press, Volume LXX, Issue 21163, 14 May 1934, Page 13

MINING

GOLDEN GULLY CO., LTD. The report from the engineer-in-charge, dated May 6. states: — High Level Race—On April 26 I accompanied Mr McAllister to Richmond Flat, and there laid off the necessary track for bringing in stores and equipment. 1 also took three men with me to establish camps and pack out, stores for the commencement of this work. These men returned to headquarters that evening and took out a further supply on the following day, and have been permanently camped there ever since. The work of clearing the track from the top of the hill to Richmond Flat (camp sites) has been completed. The distance is approximately one mile. The men's own camp and cooking shelter are completed, and the surveyors' camp (2) in the course of completion, also the cooking shelter is being erectedI then laid off a further track from the camps across Richmond Flat to the dam site, approximately 30 chains, with instructions to complete the same as soon as the camps arc finished. A certain amount of formation work has to be completed on both tracks to enable siedging to be carried out. Low Level Race—Heavy showers and seepage into the race have retarded progress with this work, but the men have made good progress under the circumstances. Formation work has now been completed from intake to peg 82. which if presents the top of the hairpin bend in Frank Eyre's Gully. A few logs and boulders have yet to be removed, but this will not entail much labour. Three and a half chains of rock formation have yet to be completed. The survey work on the low level race is now completed. The limber required for boxing has not y arrived, but is due for delivery next week. One small load of timber for the shaft has been delivered on the property, but not at the shaft, owing to the lorry being bogged in the wet weather. MAHAKIPAWA RETURN Advice has been received that the wash-up for the week ended May 12 produced 71 ounces alluvial gold. The mine manager's report for the period April 23 to May 9 is as follows: No. 3 blocking strip off south-east drive has been advanced to a distance of 142 feet through good grade wash. Bottom rock 2ft 6in above floor of drive, which has been turned slightly to the south to follow the gutter. This is now apparently in the lefthand wall No. 1 blocking strip off No. 1 crosscut is now 46 feet long and has been in good wash for the period. Bottom rock has risen to nearly 4ft from the floor. This face is stopped for the time being. No. 4 blocking strip off south-east drive connected up with No. 1 crosscut at a distance of 68ft from drive. The wash was averago grade. A further blocking strip (No. 3 off No. 1 crosscut) has been started and has been driven for 17ft in good grade wash. The wash here is sandy and of smaller size than (he other strips, and carries good -.joid about the size of wheat. During Urn period 271 cubic yards of wash have been treated. TALISMAN DURRO REPORT The mine manager's report for the fortnight ending May 8 states:— Talisman No. 1 Level—The drive south advanced 18ft. total 2255 ft south of the main rise. The lode is 3ft wide and consists of silica, clay, and quartz of very good value. In the main level at 50ft south of the> rise a drive has been advanced 14ft to the south-cast on- the footwall side of the main lode. This drive will cirib'e the leader found in the crosscut from the stopes to be mined above No. 1 level. Stoping—Ore has been broken in the stopes from 30ft south !o IfiOi' south of the rise, the average height above the level being 47ft. The average width of the main vein is 24in and the quartz was high grade. P.ELL HOOPER RETURN The return for the week ending May 11 was 13oz 7dwt lOgr. GOLDEN DAWN For 11 working days ended May 5 243 tons were treated for £855 actual realisation, estimated at £7 2s an ounce. STEADY EXCHANGES ASSISTANCE TO IMPORTERS The comparative steadiness of the dollar exchange rate about 5.00 to the pound sterling during the last few months has been of considerable assistance to importers of United Stales and Canadian goods. In lact, exchanges on all lereign countries appear to have settled at a fairly steady level. The violent fluctuations whicn were experienced last year were a considerable trial to importers, whose trade was subject to many unsettling influences, states an Auckland rcpori. Traders believe that a point which premises stabilisation for some time may now have been reached. The immediate concern appears to be the maintenance or otherwise of New Zealand's own rate of exchange on London. What has evidently made possible ths present more or Jess stable conditions is the operation of the Brilisn exchange equalisation fund. For practical purposes the fund has taken the place of the gold points under the gold standard. With the United States and Great Britain there, are two funds in operation, evidently working to a common end on oppe. ; sides of the Atlantic. Although equilibrium has been achieved for the time being, the effect of any of the gold countries abandoning the present standard cannot be minimised. This would probably involve another reshuffle all round. PRICE OF COLD LONDON. May 12. Cold 'a fine ounce) is uuoied: £ s rl. Mav 12 -• ..« 1* 10 Mav 11 .. .. 6 16 1 May 10 .. .. 6 16 0 May S .. .. 0 15 HI Mav 8 .. .. 6 16 11 Mav 7 .. .. 0 16 2 May 5 .. .. 6 16 2 PRICE OF SILVER (BRITISH OFFICIAL WIRELESS.1 RUGBY, May 11. Silver (pence an ounce) is quoted: May 10. May 11. Spot .. 19 3-16 101 Forward «. 19 5-16 19i!