MINING.

New Zealand Mail, Issue 1285, 15 October 1896, Page 29

MINING.

BIG RIVER PROPERTY PURCHASED BY THE FRENCH SYNDICATE.

Special to the New Zealand Mail, Reeeton, October 32

An important purchase has just been made by the Franco-New Zealand mining syndicate. The legal manager of the Big River Company was informed to-day that the sum of £SOO had been paid into the National Bank by the syndicate as payment for the option for four months of the Big River property. The purchase mentioned in the above telegram is of great interest and importance. The Big River is one of the best-known and most valuable mines on the West Coast. It is understood that the sole terms of purchase comprise the payment of £42,000 cash. Herr Recknagel, a mining expert who visited the Thames district some years ago, is again in Auckland, and is to arrive in Wellington in a few days. Ho will then proceed to the West Coast to inspect mining- properties. Mr Reno Proust, w r ho is on his way to Paris as representative of the Franco-New Zealand syndicate, has arrived at Marseilles. THE NEW DISCOVERY. Auckland, October 7. The important discovery of Waihi-Welcome lode being intersected in the Waihi Grand Junction Company’s property had the effect of putting life into the mining market today. The Waihi South, Waihi Consols and Waihi Welcome were the stock most affected, large numbers of these shares changing hands at advanced prices. Those who think we can do without English capital for the development of oar goldfields have an object lesson afforded them in the success attained by the Waihi G-iaud Junction Company. Doubt lias sometimes been cast upon the probability of any of the rich lodes in the famous Waihi mine ever being discovered outside the Waihi Goldmining Company’s area, particularly on what is known as the “Flat.” At the Grand Junction mine adjoining, however, where about £I2OO per month has been expended in vigorous development of the property, enterprise has been rewarded by the striking, in a small exploring shaft in the Waihi West section of the property, of what there is every reason to believe is tlie wellknown Welcome lode. Information has been received that in the south drive, at 840 ft from the peg on the north-east boundary, a strong body of stone had been cut into, from which a large quantity of water was flowing. The drive in which the discovery was made runs parallel with the Grand Junction boundary. There was every indication that

the new find was the Welcome lode, and this received confirmiation last night, the mine manager telegraphing that he had cut into , the footwall, and that the underlie was the j same. Purveys will at once be made by the j Grand Junction Company with a view to I sinking a permanent shaft to work the lode, i and preparations will be made fur the erecI tion of a battery. This will probably ! mean an expenditure of some <£20,000 or * .£30,000. The great importance of the find is that it is the first discovery outside of the Waihi Company’s mine of any of their lodes, and will encourage further enterprise, as the adjoining mines will, no doubt, now vigourously prosecute their prospecting for the lode, which may run through their properties. Taking a line from where the lode has been intersected in the Grand Junction property and where the Welcome lode junctions with the Martha lode in the Waihi mine, that line would strike down to the boundary of the Waihi Consols and Waihi feoutli.

Dunedin, October 7

The return from the Roxburgh Amalgamated Sluicing Compony ■ f or the month is 1560 z 18dwt 3grs, valued at .£604 Is 9d. Dunedin, October 12. The following are the dredging returns for 1 last week : —Dunedin Company, l(5oz gold ; Upper Waipori, Company, 220 z (for two dredges) ; Jutland Flat, 28oz 9dwt. Auckland, October 8. Waihi - Silverton Company shares had a smart advance to-day on the Exchange. Last ffight these shares so’d as low as 40s, but by noon tci-day buyers had advanced their price 10s. This means an increase of .£30,000 in the value of these shares within a few hours. This was due to the fact of news being received by the local directors for transmission to London that there had been it great improvement in drive going east, and that the manager thinks this is an entirely new shoot of ore. An average of six assay’s from sampled taken from the face of the reef, ■which is 7ft wide, gave a value of Jo 7 os per ton. A sample of picked ore assayed as high as ,£165 per ton. The development in the Waihi West section of the Waihi Grand Junction property continues to be the leading topic of conversation in mining circles. The result of an assay made from the footw’all, -where the lode was first cut into, has been received, the result being ldwt sgr per ton. A further telegram has been received from the manager stating that he expected the next assay to be better, and believed there was a largo lode in hand. The point where the lode was cut is 840 ft from the north-east peg. The reef has been cut into for a distance of 4ft.

A cablegram has been received confirming the Home purchase of the Waitekauri Golden Lead. The terms on which the Try Fluke Extended was sold to an English syndicate, subject to inspection, are stated to be very favourable.

At a general meeting of the Anglo-New Zealand Mines Investment Company, Mr N. Alfred Nathan, chairman of directors, gave an extremely flattering report of the affairs of the company to the shareholders present, and in his speech referred to the managing director, Mr W. J. Stokes, being now on his way to London to effect an amalgamation of the company with a wealthy London syndicate, and to make arrangements for the sales of several valuable properties on the Hauraki Peninsula, over which the company had acquired the options. Auckland, October 13. The surveys made now prove that the lode intersected last week in the Waihi west section of the Grand Junction Goldmining Company’s area is Undoubtedly the Martha G. Taking the present course of the Welcome lode, that also should be met with in about 100 ft south. It is intended to drive as toon as possible so as to cub both reefs. As far as the first lode is concerned, the farther this is gone into the better it appears to be. Mr Barry, of the Waihi Company, is to report on the reef. Eeefton, October 11. The following are the returns : —Keop-it-Dark, 2520 z amalgam from 10S tons from the top plates; Cocksparrow dredge, 270 zof amalgam for a run of 89 hours ; Buller dredge, 260 z of gold for 120 hours’ run. Brunnerton, October 12.

Shares in the' Consolidated Cement Company, at Greymouth, are rising rapidly since the reports and analysis of Messrs Bishop, Young and the other engineers were made. The property is situated within easy reach of Greymouth, and is looked upon by mining experts as a good speculation. The company intend, as soon as shares are taken up, to immediately get an effective plant to work the ground.

The Ravenscliffo mine at Waikataho, Marlborough, is under offer to an English syndicate.