MINING NEWS.

New Zealand Herald, Volume XLVII, Issue 14375, 21 May 1910, Page 5

MINING NEWS.

WAIHI. DIVIDEND AND BONUS DECLARED. DISTRIBUTION OF £148,772. Advice has been received that at the annual meeting of shareholders in the Waihi Gold Mining Company, held in London on tho 19th, the directors' recommendation for the payment of a dividend of 4s per share, together with a bonus of 2s per share, on June 1 was adopted. This will mean the distribution of £148,772 2s, and will bring the total 'payments to shareholders in the company to £3.r63,141 5s Bd. With reference- to. the advance in Waihi shares on Wednesday and Thursday," inquiry at the company's office elicited from Mr. Charles Rhodes, local director, that nothing had been reported to him, nor, as far as ho knew, to London, which would account for the rise. He could say nothing as to tho truth or otherwise of rumours circulated on Thursday to the effect that an improvement in tho values had taken place at the low lovel in both crosscuts on the Martha reef. That a marked improvement has taken place would not, however, be astonishing, seeing that tho past history of tho mino would be all in favour of the poorer values giving place to better grade ore in the due course of development. OLD HAURAKI. TEN POUNDS OF PICKED STONE. The manager of the Old Hauraki mine, Coromandel, telegraphed as follows on Thursday afternoon:— Ten pounds picked stone, seaward face 400 ft level." THE # GRAND JUNCTION. ROYAL REEF AT N. . 5 LEVEL. [BY TELEGRAPH. —OWN * COREESI'ONDENT.] Waihi, Friday. At the No. 5 level in the Grand Junction mine the Royal reef continues to open up most satisfactorily, recent developments east pointing to the lode proving a valuable asset to the company in this section of the property. A little distance back from the present face of the drive on the main section of lode (now out well over 400 ft from the southeast crosscut) a crosscut projected with the object of determining the " width of the reef has exposed 17ft of quartz with the footwall in hand, and no sign of the hangingwall. The assay values from the crosscut are not yet available, but from tho appearance of the ore the lode should produce payable ore for the full width showing. The otst. branch vein (apparently a cross reef), which broke away from the main body at the 160 ft crosscut, is also opening up well. A rise going up on tho lode to ascertain tho height to which it lives shows 7ft of nieo sulphide ore. Tho main north-west crosscut being advanced beyond No. 2 reef to explore the north section of "the property has passed through a quartz body some Bft or 9ft wide, but at the point of intersection the ore is low grade. This will be exploited and tested later on. • Other development works at the low level are being expeditiously mishod ahead, with no change of moment to report since last inspection. NOTES. Mr. Sid. Baker, sub-manager of the May Queen mine, Thames, has been appointed manager of tho Hauraki Reefs mine.. In the Karangahake mino the level at tho bottom of Manuel's winze ha* been extended sft 6in during the week, making a total distance since starting of 15ift. The quartz has been broken down up to the fare, and the ground has improved a little there. In the prospecting level at Taukani the men cut the reef under the outcrop.' It is about 2ft 6in in width, and the stone looks fairly well. The manager of the Mountain Queen mine estimates that the reef in the Maori Dream section should bo intersected in 120 ft. The low level has been extendod a distance of 115 ft, and portions of the reef driven through show a width of 12ft. The quartz is of a kindly nature, heavily charged with bright minerals, with bands of hard country interlaced through it. The men are driving north on the footwall portion of the reef. In the Tairua Monarch mine the footwall portion of No. 3 reef in No. 2 level is being broken out for about 2ft in width. In the south faco tho reef is the full width of the drive. In the north faco from the main level tho reef is wider than tho drive. The ore broken from each face during the week is the best seen since operations wore started on this reef. From etch face colours and dabs of gold have been seen at each breaking down, and from the loose rubble good dish prospects can be obtained. The total distance driven on reef to date is 120 ft.