MINING NEWS

New Zealand Herald, Volume LXXII, Issue 22145, 26 June 1935, Page 7

MINING NEWS

GOLCONDA HOLDINGS Golconda Holdings, Limited, has declared a second interim dividend for the current vear of 5 per cent, payable on July 27." The first, also of 5 per cent, was paid in Marph. SKIPPERS* SHARE ISSUE [BY TELEGRAPH —PRF.SS ASSOCIATION] CHBISTCHURCH, Tuesday The proposal to increase the capital of Skippers. Limited (Shotover, Otago), from £75.000 to £85,000 was approved at a meeting of shareholders to-night. It is proposed to issue 200,000 / i per cent cumulative preference shares of Is each. The chief works contemplated are the installation of a hydro-electric j power plant at Skippers Creek and the cutting of a channel through projecting rock at Maori Point. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jexvellery, lodged at the Melbourne Mint for the week ended June 14. was at the rate of approximately £7 19s 9d a standard ounce (22 carats), equal to a premium of 105.11. Payment is made according to the asfeay value of gold. The price was 9d lower on the week. The price an ounce fine was £8 14s 3d, a fall of lOd on the week. REPORTS OF MANAGERS Talisman Dubbo (Karangahake) . Dubbo level: ■ The drive north advanced 14ft.. total 660 ft. The reef from 644 ft. to 653 ft. is 12in. wide, value very good. At 660 ft. the lode has widened to over 36in. in the top of the drive. Stoping: Ore was broken in the stopes from 140 ft. to 370 ft. north. Talisman No. 1 level: A rise at 536 ft. south is tip 14ft. above level. In the south end of the rise the reef is 12in. wide, value fair; the north end shows clay and gravel formation only. In widening the drive for timbers under this rise, a vein of quartz 12in. wide was found on the east side of the main drive, which gave fair dish results. At 524 ft. the lode is 18in. wide, of which one-third is quartz and the balance clay and quartz gravel. Stoping: Ore was obtained from the stopes extending from 420 ft. to 500 ft. south. Talisman No. 2 level (Mclntyre's): The drive south advanced 17ft. through country rock, total 204 ft. A crosscut was driven 6ft. into the westwall of the drive. This exposed the lode fissure about 4ft. wide filled with broken and crushed country. This is anticipated to be the old Talisman No. 2 level. The main drive has now been directed slightly more to the west with the object of joining up with this level i& about another 15ft. of driving.