MINING NEWS. THE WAIHI MINE.

Evening Post, Volume LXXIX, Issue 119, 23 May 1910, Page 2

MINING NEWS. THE WAIHI MINE.

IMPROVED DEVELOPMENTS AT LOW LEVEL. [31 TELEGRAPH —SPECIAL TO THE POST.] WAIHI, 21sfc May. ( Shares in the Wailii Gold Mining Company, which experienced a sharp drop in price recently owing to the crosscuts on the Martha reef at the 1000 ft level exposing ore of low grade on the north section of the lode, both east and west of the main crosscut, are again steadily firming up. In the Waihi reef system runs of poor material between the values are of common occurrence, but the fact that low grade ore extended over a greater length on the parent lode at the bottom workings than at the level overhead (No. 8 plan level), naturally caused shareholders to become somewhat apprehensive. In view, however, of the marked improvements disclosed by developments of the past few days, coupled with the knowledge that up to the present not more than about one-third of the development work on the ltiUOft level has been carried out, it would now appear that there is little or no cause for anxiety as to the ultimate results at the bottom workings. In the course of an interview to-day with the actingsuperintendent (Mr. R. E. Williams), your representative gathered that operations now in hand are disclosing highly satisfactory values. In the drift on the south section of the Martha lode at a point 300 ft east of the main crosscut, a crosscut put out for the north or footwall of the reef has exposed fully 15ft of high grade ore worth an average of £5 to £6 per ton. From the drift going west on the course of the lode 300 ft from the main crosscut a crosscut is being carried into the north section, and the last 10ft of ore exposed is worth £3 to £4 per ton, with payable ore in the face and no sign of the north wall. At 394 ft from the main crosscut another crosscut is being projected from the south section, and after passing through a band of mullock, quartz of good quality was met with. The payable ore has so far been penetrated for 10ft or I2ftwith no sign of the north wall coming to hand, and is worth between £3 and £1 per ton. It may here be mentioned that the poor section of the Martha responsible for the recent fall in share prices is in the vicinity of No. 1 shaft, and as, there is fully 600 ft between the Nos. 1 and 2 shafts on the westerly strike of the reef, which has been stoped on payable dirt well beyond No. 2 shaft at the level overhead, there is ample room for a fine block of ore in this section of the mine between the bottom workings (1000 ft level) and the N*. 8 'level. On its easterly trend about 300 ft remains to be driven on the course of the lode to the Grand Junction Company's boundary. Some exceptionally nice ore is also beincr won from the Empire reef, both, east and west, at the 1000 ft level. On the north section of this lode going west the rich vein of ore intersected in the wall of tho drive, about 300 ft out from the main crosscut (at which point sulphides of good value were exposed for a width of 35ft), has been opened up for about 105ffc in length so far, and is still being followed going west, in ore over average value. The average width of this make of ore is upwards of 20ft, and the assays show it to be well over paying point throughout. Going east on the Empire the work of widening out from the crosscut, preparatory to timbering, is in progress,, and is exposing substantial runs of good sulphide ore in this section of the mine. The shaft for the 1150 ft level is now down upwards of 120 ft from the 1000 ft level, and should b"e carried to the required depth in from six to eight weeks. TALISMAN CONSOLIDATED. IMPORTANT DEVELOPMENT . SCHEME. ' [BX TELEGRAPH —PBJBSS ASSOCIATION.] AUCKLAND, 21st May. The Talisman Consolidated Gold Mining Company issued, a circular to-day stating that it was decided lo enter into a big scheme for vigorous development of the Woodstock property, which is believed to contain much payable ore. It was intended to enlarge and sink the Woodstock shaft the required depth Lo connect with the lower workings of the Talisman mine; lo instal permanent pumping machinery; to provide necessary winding plant and considerable mine and milling machinery; to reorganise tho treatment plant; and do other necessary things in connection, therewith. Towards tha completion of this scheme the directors have already provided over £60,090 oiit of accumulated, and current profit®. They have decided that the time has now arrived when it is desirable to capitalise this expenditure. Satisfactory developments recently made justify the expectation that the monthly returns and dividends will be maintained fully, and that sufficiently increased profits will be earned to pay dividends on fresh capitalisation. The board has decided to adopt the suggestion made at the last annual" meeting, to make existing shares fully paid, but will make a call of 2s and simultan eously declare a special dividend bonus of 2s, appropriating such dividend to payment of the call. This will be done at the date of (he annual meeting in June, and the operation will capitalist £30,000 of the above expenditure. To provide fresh funds for working it is proposed to take power to increase tht. capital by the issue of 45,000 shares of 20s each, on the following terms :—: — 45,000 new shares will b3 offered to the present proprietors pro rata at a premium of 5s per share, pa.yable 10s on application, including premium of ss, and the balance in three equal instalments of 5s at periods of three month?, six mouths, and nine moi'ths thereafter respectively. Dividends accruing 0&1 iiLstalmen.ts due when paid are to be paid at the same rate as declared on the existing capital. The proposal will enable holders of twenty shares to take up three new sniiirep. The object was to make the shares fully paid up. There are 80,000 shares held in London, and 220,000 in New Zealand. The additional capital will be employed in extensive opent'ions en the Woodstock property, and ultimately to connect the working.; there with "those of the Talisman. On the Woodstock £45,000 was proposed to be spent, and £30,000 was required for pumping and ?jcploi latory work on the Talisman ibseJf. If the financial part of the scheme is successfully accomplished, the directors hold that it will be unnecessary for them to Ivurry the conversion of the 'bullion into cash unless it were to the advantage cf the company.