MINING NEWS.

New Zealand Herald, Volume XLIX, Issue 14928, 28 February 1912, Page 5

MINING NEWS.

TALISMAN DIVIDEND.

£38,812 PAYABLE TO-DAY.

COLONIAL SHAREHOLDERS RE-

CEIVE £28,194.

The 29th dividend of the Talisman Consolidated Goldmining Company, amounting to Is 6d per share, together with a bonus of 9d per share, will be paid today, on the 345,000 shares in the company. This will absorb £38,812 10s, and will bring the total dividends and bonuses paid by the company since reconstruction to £62*9,109 7s 6d. Of the amount beiiig distributed to-day, colonial shareholders will receive £28,194 12s 9d, there being 1212 shareholders on the Dominion register, holding 250,619 shares. On December 4, when the last dividend of Is 6d was paid, together with a bonus of 3d per s)-.;.re, there were 1215 shareholders an the colonial register, holding 248,088 shares, and they then received £21,707 14s, or £6486 18s 9d less than will be distributed in the Dominion to-day.

KAPANGA. WILL GOVERNMENT TAKE OVER PLANT? A REPORT TO BE OBTAINED. The requisite number of shares not having been applied for in the Kapanga Gold Mining Company to warrant reconstruction, winding-up" will be proceeded with in accordance with a resolution agreed to by shareholders. The Coromandel Borough Council has approached the liquidator (Mr. H. Gilfillan) with regard to the purchase of the shaft and pumping plant, the idea being to endeavour to get the Government to secure it for the benefit of the field. The dismantling of the machinery, will be started in a few days unless something is definitely decided on, as the liquidator cannot continue the cost of keeping the shaft unwatered. Our Coromandel correspondent telegraphs:—"Mr. Rhodes, M.P., has had several interviews with the Minister for Mines in regard to the Kapanga mine, and has urged that the Government take over the columns, etc., in the shaft. A report from a Departmental officer is to be obtained, and the matter has been referred to Cabinet for consideration." OLD HAURAKI. Reporting for last week the manager of the Old Hauraki mine, Coromandel, states that the seaward face at the 400 ft level is in 610 ft. Strong colours of gold are seen in the stope at No. 1 block, and 51b of picked stone was obtained in the ttopes on No. 3 block'. OCCIDENTAL. The manager of the Occidental Consolidated mine reports that the south drive on the No. 2 reef was advanced 9ft during last week, making a total distance of 69ft from the crosscut. ' The reef is continuing strong, in good country, and a little gold was seen in the stone at lastj breaking down. The north drive on No. > 2 reef has been connected with the drive on the Ocidental reef.. About 61b of picked stono was obtained from this drive, and there is about 4ft of reef to break out up to where it was worked from the Occidental drive. When breaking down in the stope on the Occidental reef on Saturday, dabs of gold were seen in the stone. Some rich stone, showing gold freely, was obtained at the breaking down on Saturday. Specimens are now on view at the office of the secretary of the company (Mr. H. J. Lee).

WATCHMAN. No. 1 rise in the Watchman mine, Thames, "was advanced 12ft last week, making a total of 62ft. At this point the reef averages about" 4ft in width. Gold continues to be seen in the stone, which is being saved for treatment. The drive to connect with the drive on the Parallel reef from the south side of the chamber is along 23ft. In No. 2 rise the quartz looks well, and occasionally shows a few colours of gold. In the north-west crosscut 12ft was driven. At present there is about 15iu of quartz on the hangingwall, showing gold freely, and the stone is being saved for treatment. The footwall is made up with sandstone of a good class, intermixed with quartz stringers varying in size from £in to 3in. NOTES. Good ore is still coming to hand from the outcrop of the Golden Cross reef in the Golden Cross mine, Waitekauri. A start was made last week to rise on the leader on the east of the Fiery Cross reef. The rise is up 10ft, and the leader has opened out to 2ft wide. A sample taken across the full width gave an assay value of £5 per ton. The Queen drivo in the Silver Stream mine, M&rototo, was advanced 7ft last week. A lode 9in in width was cut through, and it carries a little sulphide. An assay made on the average across the face gives a value of 37s 5d per ton. Assays were also made from the quartz seams in reef formation passed through last week, which shows that all are carrying values.

At the No. 4 level in the Waihi Standard mine, the reef in the face is sft wide, composed of quartz of a promising nature. In the face of the south end of the same level there is a reef formation sft wide, between two well-defined and firm walls. The formation is composed of sandstone and rubbly quartz and quartz veins. The east low level in the Dominion mine, Karangahake, is in 644ift. The country is still very hard, but shoots well, and a good flow of water is still issuing from tho face. Prospecting on the No. 5 reef shows that ft is a well-defined body of ore 4£ft wide, showing sulphide seams, from which a little free gold can be obtained by mortar test. In the Waitangi Consolidated mine, Tararu, work in the main drive last week was confined to timbering. Attention has also been directed to pushing on the north crosscut, which was driven 44ft, making a total distance of 88ft from the main drive. According to the survey the reef should be cut at 75ft, that is if the reef carried the same underlie as in the winze, but it is possible that the reef has taken a greater underlie to the north, which would mean further driving. A splendid class of country has been met with all the way in the crosscut, with the exception of a hard rib of blue rock which was met at 70ft in, and which is now passed through. The crosscut is now in good country again, and a few small veins of quartz are crossing the drive.