Reefton Mining Notes.

Otago Witness, Issue 1875, 28 October 1887, Page 13

Reefton Mining Notes.

(From Our Own Co-respondent.)

Rekftov, October 21. Keek-it-Dark. — The movement in these shares reported in my last message was very shortlived, for on the following day a reaction set in and prices dropped to the former quotations.

So far as I can gather, there was really nothing

in the appearance of this mine to justify either the rise or the fall, A splice of stone did come

in at the south end as reported, but no special

importance was attached to the fact by those connected with the mine. However, the shares took a fresh jump this morning, advancing

quickly from 31s to 355. It is understood the shares were being bought in Dunedin. ' Three,

urgent messages were received by as many brokers here this morning offering to buy. Had only one message been received, the chances are the shares could have been supplied ; but the three simultaneous messages set holders upon the gui vive, and little or no business was done. It is reported that the cause of the demand is due in some way to the prospects of the company floating in London.

October 24.

The following are the battery returns for the. past week : — Globe, 3G7oz of amalgam from 190 tons of stone ; Progress, 1570z of amalgam for the week ; Keep-it-Dark, 930z of amalgam.

Big River Extended. — The manager reports having driven 35ft north, For 25ft of which he carried a splendid body of gold-bearing stone, averaging 3ft thick for the last 10ft. The country has been rather broken. He says there is a splendid body of stone underfoot, which in places is as much as sft thick ; and the reef seems to improve in appearance the deeper it is followed down. A short uprise will require to be constructed to connect the intermediate and main levels. This will take a fortnight to do, and he will then start stoping, and hopes to have a good crushing before Christmas. At a late hour last night a messenger arrived from the mine reporting that the reef had been picked up on the north end near the supposed break. The lode had merely gone into the hanging wall, and a short cross-cut hit it. The reef is reported to be solid. This news had a capital effect on the market, and shares began to rise, being now quoted at 2s.

Just-in-Time. — The mine manager reports having driven 10ft on the east reef, the lode still holding to about 20iu thick. Gold can be seen in the stene. A rise has been started 40ft back from the face to start stoping. He is also sinking on the west reef, which, however, is small.

Keep-it-Dark. — There is as yefc no improvement in the appearance of the stone, and shares are stationary.

Sir Francis Drake. — The wiuze contractors will fini&h next sveek, by which time the reef will have been proved to a depth of nearly 100 ft from the surface outcrop. The lode is still as strong as ever in the winze. The directors will visit the mine to-morrow and decide upon the position of the new level. A, conference was held with Mr Prince, electrician, on Friday re an electro motive plant, but nothing was decided, and the negotiations will be resumed on Mr Prince's return from Wellington, for which place he Left yesterday,