THE GOLDFIELDS.

New Zealand Herald, Volume XXXIII, Issue 10125, 7 May 1896, Page 5

THE GOLDFIELDS.

[87 TKIiKORiPH.—own CORRESPONDENTS.] Thames, Wednesday. Sharemarket.—Cambria, sellers Is 6J; Cardigan, sellers Is 6d; Golden Point, sellers Is 9d; May Queen Extended, sellers Oil; Moanatairi North, sales 5(1 ; Moanatalari, sellers lis 6d; Royal, sales Is 2d ; Sheridan, sales Is 3d, sellers Is sd; South Britighrsales 4d ; Try Fluke, sales 7s 0d; Welcome Find, sellers 2e fid.

Gold Purchases.—During the month of April the local branch of the Bank of New Zealand purchased 21320z 16dwb of gold, which was obtained from the following districts Thames County, 13620z 2dwt j Thames Borough, 7700z Mdwt. Albornia.— progress is being made with the sinking of this company's shaft, as an excellent class of reef country is now being poiletrated. It is thought that a connection with the 70 foeb will bo accomplished in about a fortnight hence. Tararo Creek G.M. Co.—The development of this company's mine, which comprises the holdings formerly held by the Norfolk and City of Dunedin Companies, besides additional ground, is being pushed forward in a most systematic mannor under the management of Mr. Jae. McLean, with a staff of 40 miners. The works in hand are both of a productive as well as of a prospective character, and the manner in which they are both being carried out is sufficient proof that the company is determined to give the area within its boundaries a most complete and thorough trial. With regard to the present productive workings, the lodes from which a supply of crushing dirt is being won are the Ualiforoian reel in the Norfolk section, and the Day Dawn reef and a parallel body to the latter in the City of Dunedin section. Referring first to the California!) reef in the Norfolk section, it may be stated that the operations upon that body are conducted from what is known as the Missouri low level, at which point the company has driven on the line of reef a total distance of 206 foot since it commenced its operations. AC present, however, the drive is at a standstill, and instead operations are confined to sloping above the level. In order to develop the block thoroughly and make it more convenient for blocking out, three rises hove been carried up as follow ; -No. 1 to a height of 180 feet, and a connection made with tho Norfolk old No. 3 level; No. 2, to i> height of 100 feet, and an intermediate level driven from the top for a length of 175 feet, above which about 100 fathoms of sloping have since been accomplished ; No. 3, to a height of 25 feet, and an intermediate drive opened up westward from the top for a length of 34 feet. In tho blooks thus opened up for stoping the reef varies from one to eight feet in thickness, but its average thickness will bo fully live feet, tho whole of which is saved for crushing purposes. The reef itself is generally of a very "puggy" character, being composod ohiefly of stiff clay with gritty quartz mixed in it, but at times it makes into solid quartz, lb is charged with "pockets" and veins of galena ore and other minerals, and excellent prospects of gold are obtainable in the dish. In the City of Dunedin section the Day Dawn reef is being both driven and stoped upon at three dilfcrenb levels. At tho top or tributers' level the company has opened up a block 249 feet in length, and at the low level a block 251 feet in length, whilst at an intermediate drive between the two mentioned levels a further length of 137 feet has been opened up on the line of reef. Above each of the levels referred to stoping is in progress, and the reef averages throughout about 5 feet in thickness, but only from 2J feet to 3 feet of the hangingwall portion is saved for treatment. This portion of tho reef is of a somewhat rubbly character, and carries strong veins of galena ore, in which the precious metal is frequently seen, whilst the footwall portion is generally of a solid, whitish quartz formation, with very little mineral showing in It. The prospects so far met with in this reef have been of a very encouraging character, and Mr. McLean is confident that its further development will roveal equally if not better results. At the upper or tributers' level another body of quartz, designated the parallel reef, has beon discovered in the country on the footwall side of the Day Dawn reef, and it has beon drivon upon and a little stoping also accomplished for a 1 length of 73 foot. Its thickness has averaged about 18 inches, and from it a very fair class of ore has been obtained, 1 but it is not looking extra well in tho face at the present time, although an improvement may be met with at any moment. The prospecting works that are in course of progress aro as follow: — In tho Norfolk section the extension of the main crosscut at the Missouri low level was suspended a few days ago after a distance o 300 feet had boon driven beyond the drive upon the Californian reef, and instead the men wero brought back a distance of about 120 feet from the face and started to open out oil a large roof which is striking towards the City if Dunedin section. Tho intention is to follow the course of this lodo and endeavour to offset a connection with the present City of Dunedin low lovel. At the latter point (viz., the Dunedin low level) driving upon what is known as the City of Dunedin roof both eastward and westward is in progress. The drive eastward, which if continued will oonneot with the drive coming in from the Norfolk section, has only just been commenced, but the western drive is in a distance of 507 feet from the main crosscut. The reef which is being followed averages aboub six feet in thickness, but is not of a payable character as yet. It is the intention of the manager to continue this drive westward with tho view of eventually 1 connecting with the old Sunbeam low level. The California reef has also been opened up by tho company for a length of 73 foeb at Dunedin low level, tho reef varying in thickness from three to six feet, but so far no payable ore has boen met with. This latter work, however, is just now at a standstill. Tho work of cleaning out and repairing the old Sunbeam low level has been accomplished for a distance of 14Cl» feet, or within a few feet of tho face, Operations at the present time, however, nre confined to driving eastward upon the City of Dunedin reef at a point 200 feet back from tho face of the tunnel, the object being to drive up underneath the old City of Dunedin Lw level, with a view of connecting with the same, and making the tunnel tho main outlot for the mine, which will then do away with tho necessity of carting the quartz down by the County road, as at present, as the. mouth of the tunnel is situated just at tho rear of tho company's battery. Tho distance to drive to connect the Sunbeam lovel with the City of Dunedin low levol, Is about 2000 feet; bub, as both the Sunbeam and Dunedin levels aro'progressing towards each other, the work should nob occupy many months in accomplishing, The difference in height between the two levelsis close upon 200 feeb, however, so thab it will be necessary to put up a rise, or else sink a winzo,' in order to connect tho two, as soon as the proper distance has been driven. The Sunbeam level will be a mosb valuahlo adjunct to the company's future operations, if once a connection is effected with the Gity of Dunedin workings, so that it is to jo hoped that no delay will take place in carrying the work through. Ab the present time, considerable diffiouty is being experienced in getting the quartz down from the mine to the battery, owing to tho bad condition of the roads, and during the present week the manager has had a large number of his men employod in repairing thab portion leading from the main road up to the Dunedin section. The main road in also sadly in need of repair, the ruts in places being very deep. A few loads of mobal, however, would pveatly facilitate matters. Good progress is being made with the ereotion of the cyanide plans at the company's battery for tho purpose of dealing with the tailings, of which there are between 600 and 700 tons already on hand, As is already known, the gold existing in the company's ores is of a very fine character, and is frequently coated with galina and other minerals, so that it is estimated that the ordinary battery process only saves about 20 per cent, of the same. Tests made with the cyanide process have shown thab ib is applicable to the ore, so that ib is hoped that where 'he ordinary battery prooess fails the cyanide will succeed in accomplishing. The plant now being crocted is capable of treating over 100 tons per week, and should ib prove successful then it is possible thab_its, size will be further increased. It is anticipated that everything will be in readiness for a start in about a month hence. Meantime the treatment of. the company's output of ore is proceeding by the ordinary process as

usual, bub no cleaning up has taken place as yet in connection with the last month's operations. ' '. . WAIHI - SILVERTON. THE CRASHING. _ A few days ago it was stated in the Herald that the crushing at the WaihiSllverton Company's battery was shaping at something between £4 and £5 per ton. The following cable has now been sent to London by the directors s—'" The mill has been working for 20 days to the 2nd instant, and has crushed in that time 500 tons, of which 250 tons were crushed during the past six days. The assay average per ton was £4 ss, the extraction being highly successful.' 1 The percentage of extraction, it is stated, will be close upon the figures estimated—considerably over 90 per cent.

SOVEREIGN. optionTccepted. TERMS OF SALE; The directors of the Sovereign have accepted, from amongst others, the offer made by Mr. Jjuncan E. Gierke for the flotation of the company. The terms are as follow:— Company to be formed with a capital of £200,000 in £1 shares; £25,000 working capital to be provided; £7500 cash to be paid to local shareholders, and 75,000 shares ; £1000 cash to be paid for 10 days option; four months to bo given for completion of flotation; the £1000 paid for 10 days' option to then rank as part of the £7500 to be paid to present holders.

AUCKLAND STOCK AND SHAREBROKERS' ASSOCIATION. There was an increase again yesterday in the number of buyers with the Auckland Stock and Sharebrokers' Association. Investment shares were in demand, but the ouly sales were in National Banks, at 30s 9tf. Kuranuis were done at Is 6d, with no further buyers. .Moanataiaris Were hard at 10s Gd, at which there were transfers, with buyers left. May Queens were dealt in at 7s Gd, and New Alburuias at 5s lOd, with further sellers at that, and buyers at 53 lOd. Norfolks were steady, with sales at 3s Bd, and offers at 3s 7d; Kapai-Vermonts remained firm, with purchasers at 8a; while Jupiters advanced, from sales at 3s Id to buyers at 3s 2d, and no sellers under 3s fid. Try Flukes brought 7s Gd. Crowns were exchanged at 355, with buyers at a little less. Queen of VVaihis were hard at the cloße at 2s 9d, and Sovereigns, Sou th Britishes, Stanleys, and Sterlings were freely dealt in on good terms. WaihiSilvertons again advanced, sales ranging from 7'2s to 755, with further buyers at 745. Waitekauri No. 2, Waitekauri No. 4, and Young New Zcalands were also in demand. The Coromandel list had more attention paid to it. Bunker's Hills were easier than they have been. Coromandel Freehold Proprietarys firmed, while Four-in-Hands, Hauraki Souths, Pride of Tokateas, and Zoalaudias saw good business. '

GENERAL MINING ITEMS. A call of Id per share has been made in the New Uolcouda Gold Mining Company. An extraordinary general meeting of the A 1 Gold Mining Company will be held in the Now Zealand Insurance Buildings, on the 20th instant, at 3 p.m.

MINE MANAGERS' REPORTS. Ivanhoe.— reef two feet wide in Ivanhoe lower erosscnt.

Waihi Grand Junction.—Driving north oil the west property towards the Waihi Consols. There is every indication of the reef not being fur off as we are going through exactly similar eountry to that approached by the Waihi Company "/lien they reached the reef, being very hard stone containing oxide veins, and the stone showing fractures. Progress Castle Rook (Coromaudel, May 2).—The stope going south : Reef looking well, two feet thick, carrying good walls. Rise on No. 3 level; The reef is looking very likely for gold. JiORKKA (Coromandel, May3).—The ground has been very tight, and the reef has been pinched. It is now improving. Comstock (Thames, May 2). — Engaged stripping the footwall portion of the reef, which is fully 12iiiches thick, and looks well, I think this portion in a few feet will junction with tile main reef, if so, it should improve the lodo both in size and quality. Broken Hill (i'hames, May 2).-The country is now much firmer, and of a firstcUss description. Talisman Extended (Karangahake, May Several veins of quartz have been cut through. May Queen (Thames, May 4).—1 estimate another 30 feet of driving should see the lode cut. Hayes's leader is being opened up by driving west, also a leading stope going east from the rise.

Cardigan (Thames, May 4).— reef is 1 foot thick, and colours of gold are seen in the quartz broken. Cambria (Thames, May 2}.—The leadens small, but nas shown gold for the whole distance opened up. It has also yielded a little picked stone, and has every chance of improving as work is proceeded upwards upon it. Cheat Kapanoa (Coromandel, May 4).— The reef is 3 feet wide, and has a promising appearance, Orlando (Thames, May Second stope on Carpenter's reel • When breaking down the lode colours of gold are seen. Good progress is being made in driving the crosscut to intersect the block of ground above the top of the rise. We intersected the cap of Carpcntor's reef, which shows a thickness of eight to ten inches; very little quartz has been broken as yet. Kino of Waihi (Waihi, May 2).-Tho reef still continues hard. ' Maritana (Owliaroa. May 2). —No. 3 level: Size of flinty lode six feet wide; tho olasa of country in course of penetration excellent.

, New Alburnia (Thames. May Country in the shaft is of a much more favourable description. Goi.dejj Lead (Coromandel, May 4),— —The reef varies from six inches to one foot ill width, and shows gold at each breakingdown.

Bell Rock (Thames, May 4).— reef in the faoe is at present about four feet in thickness. The hangingwall portion : There is 15 inches of solid stone, and we see a little gold in it. The reef in No. 1 level is now about four feet wide, and in 15 inches of the hangingwall wo can see a little gold. May QfljfEN Extended (Thames, May 2), -The reef continues divided into different branches.

Ohinkmori Syndicate (Waitekauri, May 3). Elliot tunnel: The class of country is keeping good, a quantity of firm veins running through it. Annie Creek crosscut: Very good progress made; very favourable change mot with on the 2nd, when a reef was cut, mixed with sandstone, or it might bo termed several loaders in the space varying from one to six inches, heavily mineralised. Victoria (Thames, May 4). — Eastern drive: No, 2 level: Lead has varied from 3in, to Ift. in thickness. Stopiug operations are proceeding as usual above No. 1 level. A little go'.l is seen in breaking out the quartz in all the stopes, and occasionally a -aw pounds of pickcd stone are selected. r Kaiser (Thames, May 4).—North drive: The lode has maintained an average width of 18 inches throughout, Waitekauri Monarch (Waitekauri, April 30).— surface level is penetrating a good channel of country for gold-bearing lodes. Waihi Consols (Waihi, May 2).-The ground has got very hard in both ends, Ivanhoe (Karaugahake. May 6).— reef two feet wide in Ivanhoe lower level crosscut.

Waitekauri Socth (Waitekauri, May 2). —At 340 feet driven in the low level tunnel, we have cut a nice body of quartz about two feet in thickness. Wealth of Nations (Karangahake, May 3).—Driven through fissures and ribs of sandstone with quarto attached to them; this evidently is a reef as the walls are well defined.