MINING NEWS

New Zealand Herald, Volume LXXII, Issue 22045, 27 February 1935, Page 7

MINING NEWS

AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended February 15, was at the rate of approximately £8 Is 4d a standard ounce (22 carats), equal to a premium of 107.17 per cent. Payment is made according to the assay value of the gold. The price was'-4d higher on the week. The price an ounce fine was £8 16s, a rise of 4d on the week.

MOUNT MORGAN DEVELOPMENTS The Auckland Stock Exchange has been advised that the shares in Mount Morgan Developments, Limited, offered to shareholders on the London register pf Mount Morgan, Limited, have been considerably oversubscribed. The company has been formed to develop a property of 156 acres held under option from the Swan Bitter Gold Mining Company, No Liability, Western Australia.

YIELDS OF COMPANIES Addison's Flat (West Coast). —For fortnight ending February 23 a total of 240z. Sdwt. was obtained for 15 shifts. Twenty-one shifts were lost through a a shortage of water. REPORTS OF MANAGERS Dawn of Hope (Thames). —The low level to intersect the reef has been advanced 9ft. for the week, making a total of 77ft.. from the starting point. The gold-bearing leader met with three weeks ago has now gone off into the east wall of the drive. No further development on it is possible until our main objective is reached. Talisman Dubbo (Karangahake).— Mclntyre's level was extended 10ft., making 87ft. south. The leader ia broken up into numerous stringers of good value- In the Dubbo and No. 1 levels the stopes are maintaining their size and value. Moanataiari Golconda Consolidated, Limited (Thames). —The crosscut has advanced 18ft., making a total of 318 ft. from the starting point. Early in the week a leader about 9in. wide, heavily mineralised, and containing antimony, was passed through, and then for approximately Bft. quartz stringers varying from lin. to 4in. in width mixed with country rock heavily mineralised wore driven through. It appears that these stringers will come together approximately Oft. below the floor of the drive, according to their dip. Although no gold has been seen, I consider that these stringers and leaders should bo assayed for values. The country in the face continues to be interesting and is interlaced with black mineral and silica seams.

Mahakipawa (Marlborough). The arch drive to connect with Golden Gato workings was advanced a further oft. and holed through. An inspection of the old workings has revealed that the timber is sound as far south as the King Solomon shaft. A large quantity of silt has been deposited in the drives, which are also Avell packed with stones A portion of this silt has already been removed and a start is being matlo to remove .the stones, which will enable us to inspect the wash and commence crosscutting. An immediate start is being made to crosscut west from a point mid-way between Craig's shaft and King Solomon shaft. South-east crosscut from behind the leading face has been driven for 18ft. in bottom. At 13ft. wash was encountered in the roof and this has already dropped 18in.