MINING NEWS.

New Zealand Herald, Volume XLVII, Issue 14525, 12 November 1910, Page 5

MINING NEWS.

THE WAIHI MINE.

NEW REEF AT LOW LEVEL..

"NICE LOOKING MINERAL ORE."

"by telegraph.—own CORRESPONDENT.'.!

Waihi, Friday. The prospecting crosscut being advanced in a south-easterly direction with a view to exploring the large area of virgin country in this section of the Waihi Gold Mining' Company's property at No. 9 plan level (depth 1000 ft) has pierced a now make of quartz. So far about seven or eight feet of nice looking mineral ore has been exposed with only one wall to hand, and from its appearance should give satisfactory values. Further development will be necessary to determine the importance of the discovery, but it mav be said, meanwhile, that the exposure of a lode in this section of the mine is extremely gratifying, and points to the possibilities ahead in the hitherto unexplored portions of the company's large area which consists of close on 800 acres, and embraces the Union Silverton and Amaranth reef systems upon which no work has been done for many years. Almost concurrent with the discovery of the new reef a further make- of quartz has been met with on the Edward lode bevond what appeared to be the wall at the 1000 ft level. The ore here also looks well, but more will have to be done before anything' definite can be said concerning'the importance of the development.

RISE IN SHARES. The report that a new make of ore had been discovered in virgin country at the 1000 ft level In the Waihi Mine gained currency yesterday morning, and had the effect of producing a pronounced rise in the price of shares. The closing price on Thursday was"£6 Is, but at the 10 a.m. call on the Auckland Stock Exchange yesterday sales were effected at £6 5s and £6 6s, and at the mid-day call £6 5s 6d and £6 6s. At the 3.15 p.m. call the hardening tendency again became apparent, sales being made at from £6 6s to £6 Bs, and the market closed with a demand for more at the latter price, arid with supplies available at £6 9s. The last sale made yesterday, £6 Bs, compared with the lowest sale registered the previous day, £5 19s 6d, represents a recovery of & 6d per share, equivalent to £210,760 9s 6d on the 495,907 shares issued in the company.

THE MONTH'S RETURN.

£68,293 FROM 55,733 TONS.

TOTAL TO DATE, £8,956,370.

The Waihi Gold Mining Company during the four-weekly period ended the 29th idt. crushed and treated 35,733 tons of ore for a return of bullion of an estimated value of £68,293. This jepresents a decrease of £451 upon the return for the preceding four weeks, when bullion of an estimated value of £68,744 was won from 34,951 tens, and a decrease of £7678 upon the return for the corresponding period of last year, when 35,501 tons gave bullion of an "estimated value of £75,971. The returns reported from the mine during the present year (including £3854 increase represented by the realisation in London of the bullion produced during Januarv. February, and March) give a grand total of £776,152. The returns reported from the mine during the corresponding month of last year (including an increase of £3265 in actual realisation of bullion won during January, February, and March, 1909) totalled £800,434. The total value of the bullion won from the mine to date (the returns being corrected to March 19, 1910) is £8,956,370, as shown in the following table of details :— Total to end of 1907 ...£6,290.113 In 1903. 393.214 tons «§•£s£ In 1909, 416,813 tons 959,594 £8,180.218 Period ended— > _ „„,, January 22,1910, 24,227 tons ... 55,183 February 19. 1910. 34,225 tons ... 75.669 March 19, 1910, 34,121 tons 75,711 April 16. 1910. 30,490 tons 66,501 May 14. 1910, 35,293 tons 74.327 June 11. 1910. 37.503 tons 74/76 July 9, 1910. 35.868 tons '3,516 August 6. 1910, 34,852 tons 73,570 September 3. 1910. 36,617 ton's ... .70.162 October 1. 1910. 34.951 tons .. 68,744 October 29, 1910, 35,733 tons 68,293 Total to date £8.956.370 Dividends, bonuses, etc., paid £4,061,504 4 8

SOME ASSAY AVERAGES. EDWARD REEF AT LOWEST LEVEL To understand the- periodical assay reports from a big reef mine like the Waihi, it is necessary occasionally to look back over a space of time, and strike an average. Perhaps if this wore made a practice, there would be less tendency for shares to fluctuate up or down on the isolated figures, or groups of figures, that are given forth from time to time. A review of the assay results secured at the No. 9 level on the important Edward reef is at the present juncture of special interest. Where the Edward reef was intersected, it was 58ft in width. From that point it lias been driven on 90ft north and ,90ft south. At 50ft north a crosscut was put through the reef, and it was here found to be 45ft wide; and at 50ft south a crosscut was put through the reef, and it was here found to be 50ft wide. The drive on the reef has been continued both north and south beyond the 90ft mentioned, and two further crosscuts are, in fact, being put in across the reef at about 100 ft north and 100 ft south, but as the assay results of these developments have not been published they need not enter into the present calculation. The present object is to work out the average assay results of each of the three crosscuts, also of the 90ft of driving north and the 90ft of driving south. The figures are as follows :— Main or original crosscut (width of reef 58ft). Published assays : sft, 335; sft, 17s 6d; sft, 455; sft, 130s;' sft, 65s 25ft 84s, Bft, 555. Average assay value per ton, 68s. First crosscut north (width of reef, 45ft). Published assays: 20ft, 60s 6d; 20ft, 9s 6d; sft, no value. Average assay value per ton (excluding last 25ft, unpayable), 60s 6d. First crosscut south (width of reef, 50ft). Published assays: 25ft, 725; 10ft, 8s; 15ft, no value. Average assay value per ton (excluding last 25ft, unpayable), 725. Drive north (90ft driven). Published assays: 54ft, 325; 36ft, 225. Average assay value per ton (taken over whole), 28s. Drive south (90ft driven). Published assays: 35ft, 645; 20ft, 85s; 15ft, 1245; 20ft, ss. Average assay value per ton (excluding last 20ft, unpayable), 83s. In the north crosscut and the south crosscut the last 25ft is, in each case, unpayable, and can be - left standing, and therefore need not count against the average. This leaves 20ft of £3 ore in the north crosscut, and 25ft of £3 12s ore in the south crosscut. It will thus be seen that, while the original crosscut gives 58ft of reef, averaging • £3- ' 8a per-'ton

all through, the crosscut 50ft south gives 25ft of ore of slightly greater value, while that 50ft north shows 20ft of ore of somewhat less value— all over £3 per ton.. The results of the new crosscuts at 100 ft north, and 100 ft south will be awaited with interest. The drive south, for 70ft out of the 90ft driven, has been in ore averaging £4 3s per ton, but the last 20ft is unpayable. The drive north, over the full 90ft, averages 28s, dropping at 55ft from 32s to 225.

WATCHMAN. RETURN OF £114. The manager of the Watchman "Mine, Thames, telegraphed as follows yesterday: " Crushed two and a-quarter tons for a return of £114 8s 3d."

HAURAKI REEFS. TWELVE POUNDS OF TICKED STONE./ The manager of the Hauralci Reefs "Mine, Coromandel, telegraphed as follows yesterday:—" 121b picked stone No. 1 level."

WAIHI EXTENDED. The manager of the Waihi Extended Mine reports that milling has been in progress as usual during the past week. At present two small bands of quartz, four to six inches wide are showing in the bottom, both being well mineralised. No further water is being met with, the quantity coming in and continuing about the same.

WAIHI GRAND JUNCTION. The superintendent of the Waihi Grand Junction Mine, in reporting upon the work done during the four-weekly period ended October 1 last, states that at No. 4 level the crosscut to intersect the Mary lode was advanced 18ft, making 158 ft, and that at 142 ft the lode was cut showing a width of 12ft and assaying £1 19s 5d per ton for the full width. Driving east and west for 23ft on a width of 63 inches the ore assnved £1 13s 3d. At No. 5 level the crosscut at 820 ft on No. 1 (Martha) lode east, was advanced 66ft, showing 75ft of quartz on the south side of the drive and 20ft of quartz on the north side. All the quartz appeared low grade. The drive on No. 2 lode east, had been continued 105 ft on low grade quartz. Driving east on the Mary lode had been extended 77ft, making 342 ft, At this point the lode was poor and showed a full face of quartz. ■ No. 3 rise on No. 4 lode (Empire) had been risen 32ft, making 90ft, and 70 tons of good ore came from it. No. 1 rise on No. 6 lode (Roval) West had been risen 42ft, making 80ft, at which point it holed into No. 1 winze, and 113 tons of good ore (£4 2s 9d) came from there.

DREDGING RETURNS. [BY TELEGKAPH.—PRESS ASSOCIATION.] Dunedin, Friday. The following are the dredging returns for the week : —Koputai, 38oz ldwt; Central Charlton, 250z; Lady Roxburgh, 15ox 4dwt; Masterton, 14oz 16dwt; Waikaia, Boz 3dwt; Mystery Flat, Boz 2dwt.

MOUNT LYELL COMPANY. By Telegraph,—Press Association.— Copyright. Melbourne, November 11. The half-yearly report of the Mount Lyell Company shows net profits of £90,000, a decrease of £25,000 compared with last half year, due to a lower average rate for copper and a falling off in the grade of ore in several leading stopes. This is officially believed to be only temporary. Dividend and bonus distributions totalled £105,000, and the surplus of liquid assets is £405,420. The monthly return shows tlwt from October 6 to November 2 tho company treated 26,067 tons of ore, and the converters produced 547 tons- of blister copper, containing 540 tons copper, 49,3550z silver, and 6090z gold.

NOTES. The east drive in the Monte Christo Mine, Coromandel, has been extended 15 ft, and the reef which has opened out to 18in in width is carrying some nice minerals. A prospecting drive is being put in below the • road to test the Peep of Day reef under where some good crushr ings were obtained previously.

The reef in the rise over the South drive in Dixon's Consolidated Mine, Thames, is opening out, and is now the fall width of the rise at the north end. The quartz looks well and carries good indication for gold. At No. I level, extended 10ft through a splendid channel of country, a series of quartz stringers has been passed through.

The manager of the Tellurides Proprietary Mine, Maratoto, reports that all work in connection with the water blast is now complete, and everything is working satisfactorily. The contractors on the Gordon level have driven 36ft in all, and the present face shows a nice width of clean quartz which is being stacked, the extreme hanging wall being the best.