THE MINING REVIVAL IN AUSTRALIA.

Otago Witness, Issue 1891, 17 February 1888, Page 12

THE MINING REVIVAL IN AUSTRALIA.

The Carcoar Chronicle says there are many and true signs of a genuine revival of the mining industry in Australia. Perhaps there never was a time in the history of Australia when there were more bona fide mines opened up than now. We believe we can distinctly trace the cause of the abnormal mining development of the last two years to the bad times we have passed through. The scarcity of times has inducednay, compelled — many good men of various trades and occupations to go out prospecting for the want of something better to do, and the result has been the discovery in many parts of this great island of numerous rich mineral lodes. It would seem that fortune was bent upon favouring the mining industry by granting the most encouraging conditions at her disposal. Copper has risen suddenly from £35 to £85 per ton. Tin has risen in a few short months to the fabulous price of £170 per ton, and silver has risen from 3s 5d to 33 8d per ounce. All these changes have occurred at a time when the banks are overflowing with cheap money— a most favourable condition for the success of mining enterprises. As if to further encourage this great enterprise, we find that the two greateet mines of the world are on this continent. Mount Morgan, in Queensland, the boss gold mine, which was recently floated in England for one million sterling, is now valued by investors at eight millions*, and if the value of expert evidence is good it is likely to pay heavy dividends for the next half century at least. Then we have the boss silver mine in Broken Hill, which is paying £24,000 per month in dividends, and with a prospect of doubling that when the new plant is in operation. Besides the Broken Hill mine there are other prominent mines on the Bame great fissure vein — such, for instance, as Block Fourteen, market value £800,000 ; Central Broken Hill, £150,000 ; Broken Hill Junction, £170,000 ; British Bcoken Hill, £1,200,000 ; and many others of high value. Then there are the rich silver-lead mines in the Barrier Ranges, and the tin mines of the game locality, all of which are developing satibfactorily. Not only in the far west of Now South Wales is the country rich in silver, but in the north and south. Quite recently a discovery has been made at Drake, near Tenterfield, which promises to outrival in richness and magnitude the famous Broken Hill. The White Rock is the name given to the discovery. It is the property of Messrs Rossiter and Horton, who have had no less than 200 assays from all over the surface of the outcrop, the average being over 200oz of silver per ton. This great range has been denuded of the surface soil for about 600 ft by 500 ft, and from every part of this rich assays are obtainable. The whole range would seem to be composed of the same material, which is a felspar rock interlaced with silicia veins containing galena, pyrites, silver, and gold. No mining will be required at White Rock. The proprietors are adopting rock drills, when the whole side of the range as it stands will be shot out, and the material when quarried will be treated by extensive concentrators and the concentrates shipped away. There are many other valuable silver and tin mines in the north. In the south, in the county of Murray, the silver, lead, gold, and copper deposits promise to be of great extent and richness. The late Rev. Mr Clarke, geologist, in his work on the southern goldfields, predicts a great future for this part of the colony, and his predictions seem on the eve of verification. From the south coast right north as far as Goulburn great discoveries are being made. The only tangible results, so far, are from Captain's Flat, near Bungeudore, where every week large consignments of silver, lead, gold, and copper are being forwarded to Sydney. But at Bredbo, Bungonia, and other places encouraging results are now being obtained. Lastly, but not least, let us refer to the Carcoar district. At the Junction, about 14 miles away, it has only lately been ascertained that the value of the property is far more than was anticipated, and to show what the prospects are we may mention that large, interests have lately changed hands in that mine at the rate of £200,000 for the property. There is no doubt an enormous quantity of rich auriferous lode material in the Junction, and it only requires the application of improved gold-saving methods to make this mine one of the mosfc valuable in Australia. At Burnt Yards, 10 miles troin Carcoar, some very rich stove has been discovered iv tho Gold Hill, and valuable machinery has been placed upon the giound. At Galley Swamp, about s^vpu miles from Oarcoar,the reefs, which are sjuall but rich and in good country, are being developed vigorously, and valuable machinery is being erected there. At Canowindra arid Mount McDonald, two well-known fields, good and payable results still continue to be obtained, whilst at Forest Reefs, Brown's Creek, Trunkey, and King's Plains, the miners still exhibit the confidence which the fields deserve by their exercise of brain, money, and muscle in developing them. But it is in the

Tuena district that the greatest activity has of late shown. The Mount Co3tigan silver mine is now being vigorously worked and is turning out rich bullion. Probably £600 per week would not cover the amount disbursed by this company. Quite a township has sprung up in the vicinity of the mine, and employment is given to a large number^ of men. Near the Mount Costigan is another valuable silver-lead-copper property. The Cordillera, a company of 100,000 shares, whose stock are readily saleable at 32s per share, is under the able and experienced management of Mr Stearnes, late manager of Sunny Corner, and subsequently of the famous Broken Hill. Mr Stearnes is busily engaged in opening up this mine and building a large smelting plant to treat the ore, which is understood to be rich in copper and silver. We could enumerate at least 50 greab mines which we have personally inspected of late that are likely to be shortly on the dividend paying list. All these facts go to show that there is no necessity to tax the people for the establishment of factories, because we have mineral resources alone sufficient to employ five times our present population. But we maintain that, great as is our mineral wealth on Crown lands, the land that has been alienated is equally rich in minerala. It remains now for Parliament to pass a Mining on Private Property Bill, and thus throw open to mining enterprise the immense store of wealth that is now locked up in private land. When such a measure becomes law, and the matter of mining on church and school land is settled, we shall have probably the richest mining territory on the globe. Our riches will soon attract both capital and population, and if nothing occurs to check the advance of the wave of mining enterprise that is sweeping over Australia, we may expect an enormous degree of settlement and material progress within the next decade.