WAIHI GOLD MINE.

New Zealand Herald, Volume LXVII, Issue 20602, 28 June 1930, Page 16

WAIHI GOLD MINE.

/ $N ENCOURAGING REPORT.

K BETTER CLASS OF ORE.

HIGHER ASSAY VALUE OF REEF,

Information has been cabled to London fcy tho Waihi Gold Mining Company, Ltd., that the assay value of a 7ft. reef in the tipper workings is 107s 6d a ton. This >-ill be of particular interest to shareholders, several of whom expressed the opinion at tho annual meeting,' held in London on May 8, that there Are many • points in tho. mino that warrant further investigation. Tho company announces that the follow Sng information has been cabled to tho [London office:—No. 9 level, Martha lode, driving east, tho next 30ft. assays 58s 9d a ton. No 10 level, Stato reef, driving (Bast, tho next 41ft. assays 47s 6d a ton; at 82ft. the full width of the reef is 7ft., Assaying 107s 6d a ton. No. 13 level, Martha, lode, driving west, the next 23ft is of little or no value.-' Finds of Good Ore. In a reference at tho annual meeting to the latest information then available, the chairman of tho company, Mr. A. M. Mitchison, read a cablegram stating that on tho No. 10 level on tho Martha lodo, driving oasti at 30ft. in the oro was worth £3 19s 6d a ton, and at 34ft. in, 14s 3d a Jon. That was the best information they had had as to tho 13th level. At December 31 tho general ore reserves were 187,758 '^ons. On May 8 they wero •196,000 tons. " r ' . Commenting upon recent finds of good ore, Mr.- E. J. Lawrence pointed out that new ore 7 was continually being discovered in tho exploratory crosscuts and levels which wero being extended from the old workings. He did not think it was fully recognised by shareholders that it was the ore in" the upper levels, known and un known, that had kept the mine going for so many years. Mr. Bedford said he had studied the last two or three annual reports and had been struck with the air of pessimism which those reports revealed Every year the funeral notce of tho mine was given out and last year the same thing had occurred at tho meeting. This year he was going toy suggest that it should bo left out as they had more hopeful prospects. It had struck him, during the. course of his investigations, that tho mine never seemed to extend its boundaries and that the management had never looked over the garden wall. Huge Yield from Mine. In supporting a vote of appreciation to the directors and the company's officers in being able at that lato period of the existence of the mine to give such satisfactory reports, in spite of all that' had passed at previous meetings, Mr. H. Espir said that during his visit to tho mine in July he was taken down to No. 10 leyel and was able to enjoy some of the enthusiasm that he found in the general manager, Mri Hopkins, and in Mr. Gilmour, and he had ..the interesting experience of striking some of the rich. - ore in- the Martha lode that was being referred. to. From 1890, when tho mino was opened, until the end of 1929, the output, of the iWaihi mine has yielded £16,286,100, and for the first three months of 1930, ended April 5/ tho approximate realisations have been. £102,045. Since 1890 a sum of £5,743,101 has been paid to shareholders in dividends and interest on instalments of shares and £884,825 in income and corporation profits taxes, a total of £6,627,926.