WAIHI GRAND JUNCTION MINE.

Otago Witness, Issue 3015, 27 December 1911, Page 28

WAIHI GRAND JUNCTION MINE.

LOW LEVEL DEVELOPMENTS AND PROSPECTS.

(From Oxjr Own Correspondent.) WAIHI, December 18. As the opening- up of the Grand Junction mine at No. 6 level is now being energetically proceeded: with, your representative interviewed the assistant superin- ! tendent (Professor Jarman) on the results so far disclosed, and him on ' an inspection of the principal working faces [ under ground. Touching on the position generally, Mr Jarman said that whilst much remained to be done in the shape of development of the reef system at tne bottom level before a definite statement could be made, a comparison of the widths and values of the crushing materials exposed by winzing and operations to elate at No. 6 level, with the results in the corresponding section of ground at No. 5 level, made it quite clear that the mine had materially improved with depth. From the shaft to the footwall of the Empire reef at No. 5 level the main south-east orosscut had passed through about 22ft of pay ore, the remaining quartz exposed being white and low grade, whereas in driving to the same point at No. 6 level just on 40ft of crushing dirt had been intexesctcd, and the indications were that with depth the poorer material in evidence overhead was becoming mineralised and carrying values. It was also worthy of note that the country rock at the low level was of the right description. With stronger ' and better makes of ore coming in at r a depth the management looked forward with confidence to an | improvement in the value per ton of ore crushed compared with that handled in the past, and, with the completion of the additional filter plant at the mill about the end of January, to a further increase in the tonnage treated. •_.--'■ During the underground inspection the east and west face on 'the Dominion, the Republic (69ft south of shaft), and the footwall section of the Empire reef were visited, and with the exception of the west end of the Dominion (where the drive has evidently gone off the values) all the faces were showing ore of good milling grade. As a result of temporary congestion the advancement of the south-east crosscut has been stopped meantime, but driving will be resumed immediately after the holidays, and, assuming that the management makes for the nearest point, the Royal reef should be cut about 600 ft south of. the present face and directly under No. 9 winze from No. 5 level. At 80ft down this winze showed 47ft of mineral ore, worth' between £3 and £4 per ton. On the north side of the shaft a crosscut is being thrown out to intersect the Martha and Army lodes, and has been advanced about 80ft through a favourable class .country rock. A more westerly course is being followed than at No. 5 level, and about 100 ft of driving 6houM brine the crosscut into touch "with the Martha reef under the point where a short run of payable ore was met with overhead. The sinking of the main shaft on the south-east portion of the company's property will also be put in hand after the holidays. Notes from Alexandra. (Fbom Our Own Correspondent.) ALEXANDRA, December 20. Owing to the river keeping high. Gorge dredging is being carried on under difficulties. The Chicago dredge is now working on the old Unity claim, so far with little success, but there is a chance of her striking patches. Last week the 909 dredge broke her bottom tumbler shaft, and has since been idle. Repairs will be effected during the holidays. The Molyneux hydraulic dredge is entering the high bank at the top boundary of hor claim, and owing to treating a lot of overburden, the returns n.ro low. As soon as the dredge turns into the face proper, the returns are expected to improve considerably. Last week's return from the Cardrona dredge was a record. This is a privately owned Alexandra party, and the returns are not published, but lately the dredge has been doing fairly well. A slight breakdown occurred on the 1911 dredge last week, but operations have since teen resumed, and the prospects are highly encouraging. When tho rjver rises tho dredge will be stopped for the purpose of installing a screen and tables instead of boxes. • ' • During the past year the Lady Annie dredge has established something approaching a record In running time, having worked 48 weeks out of 52. This machine.

is driven with suction gas, which 'has proved a great success, The returns for the past 12 menth have also been good. Owing to the recent rains and snowfall tho sluicing claims have plenty of water, and tho season has been a good one for alluvial mining. WEST COAST PROPOSITIONS. (Fbom Oub Own Cobbespondent.) GREYMOUTH December 19. Encouraging news is to hand fiom London in respect to several important mining propositions on the West Coast which are receiving the attention of English investors. Yesterday Messrs Mark Sprot and Co. received cabled intelligence- from their London agents, Messrs J. Morrison and Co., that the North Brunner and Tyneside Amalgamation had been successfully arranged. This will mean that a capital of £30,000 will be available to further develop the properties named. The terms of the amalgamation provide that the new' concern shall take over the Tyneside Syndicate's hulk at Wellington, while it will also enjoy the advantage to be derived from the Tyneside'3 existing oversea trade conneotion. Mr A. P. Harper, who has been visiting London in conneotion with the matter, will leave on his return about the end of this month, arriving in New Zealand at the latter part of January. The transfer of the properties will at once be made, and preparations made for an immediate resumption of operations thereafter. In regard to the Wallsend mine, Mark Sprot and Co. have been advised that Stonier and Co. have everything well in hand for underwriting the scheme. The prospectus provides for a working capital of £30,000, whioh would be more than sufficient to reopen the shaft and to install the necessary plant and machinery. Writing under date of November 7, Mr Richardson stated that the London market was then not too favourable for New Zealand mining propositions, but he" was inclined to regard the prospects of flotation after the New Year holidays as very good. The option over the mine expires on March 31, 1912. Private advice also records the fact that the Lake • Hochstetter water-race scheme has been successfully underwritten on the London market. ST. GEORGE COMPANY. (Fbom Oub Own Cobbespondent.) " . GREYMOUTH, December 19. After driving 2000 ft, the St. George Goldmining Co., working near New Big River, struck a 3ft gold-bearing reef showing, gold. The assays are from 2oz 7dwt, and average loz 4dwt. property is chiefly held by local people. The weekly report- from this mine is as follows: — "For this, week the low level has been extended 13ft. The reef formation is 3ft wide, and for the last 10ft dm 7 en gives highly-payable prospects, and continues to improve as driven on. The eastsrn crosscut has been extended 7ft, making a total of 122 ft, through good reefing country for this week. The western crosscut from No. 3 level south has been extended 16ft; Totai 112 ft through good reefing country, with more leaders than previously." MUDDY TERRACE COMPANY. The fifth annual meeting of the Muddy Terrace Company, held in Mr R. A. Math&wson's office on the 20th inst., was attended by some half-dozen shareholders. Mr Duncan (chairman of directors) presiding. The Chairman said that those present had already had the very exhaustive report of the directors before them for some time. That report, besides the balance sheet, contained a very full memorandum indicating the work of the past year, the condition and prospects" of the company, and its future outlook. The only matter of interest to shareholders beyond the report was that the company had been steadily though quietly working up to its present position* and that prospects for the future were very encouraging. Their»9 were really the chief features which recommended their company as an investment in which shareholders ought to remain, and, further, because of the long life the company promised to have on account of its stability as a gold producer, and also because, at the conclusion of it career, the water races could be utilised for irrigation purposes, and would then be worth more than the contributing capital of the company. They had every encouragement to look for a long career of the company as a gold producer, because the present workings indicated that there would be good steady returns to shareholders. Their only regret was that some 12 months or so must elapse before the time for dividend distribution could be reached. He thought shareholders knew that what the company had set out to do was to carry out a large proposition with a limited amount of capital. Fom what the management said dividends would in time be assured, and that opinion was borne out by present results. Continuing, Mr Duncan made reference to the last clause of the memorandum, which spoke of some rather annoying litigation the company had had for some time past. This had reference to an adjoining company, which had desired to carry its works through their boundaries at the imminent risk of some of the company's propertv and plant. This, unfortunately, had involved t the company in considerable expense in law costs, but that was better than having their rights interfered with. Well, a time came when their neighbour felt disposed to part with his rights for a reasonable sum:, so their directors had bought him out. In conclusion, the Chairman stated that the conditions of plant and water at the claim were very favourable and the company should shortly make a forward movement and win good returns. He formally moved the adoption of the report.

This was seconded by Mr T. Ross, who also stated that the present indications pointed to a very favourable future for the company, which now commanded all the water rights in the locality. The motion was then put and carried. The Chairman moved that the number of directors be reduced to five—one less than formerly. Mr Wm. Donaldson had resigned in September last, and if his motion was caried it_ would be unnecessary to elect another in his stead. The motion was carrred.

The retiring directors (Messrs Thos. Ross and A. E. Usherwood) were re-elected unopposed, and the auditor (Mr Chas. Grater) re-appointed. At the close of the meeting Mr T. Rawlinson (the company's enerineer) explained "fully to those present the. condition of things at tho claim.

SHAMROCK GOLD MINING COMPANY.

There was a good attendance at ' the annual meeting of shareholders at Arrowtown on Wednesday. The Rev. _ J. F. O'Donnell wrote resigning his position as ■director. lie regretfully was forced to do Sp by reasons beyond his control. He wished the company all prosperity.—ln moving that the resign/at ion be accepted with regret, the chairman (Mr Baird) referred to the very excellent assistance rendered by_ the reverend gentleman in fostering mining in this district. In a very great measure Father O'Donnell was responsible for the formation of the company and had always displayed great energy and Interest in its furtherance.—Mr Romans and other speakers endorsed the remarks of the chairman.—lt was unanimously decided to write the Rev. Father O Donhell expressing deep regret at the loss of his services.—The chairman "reported that the manager washed up for 88oz for close on four months' work. This return wae considered' highly satisfactorily.— Messrs W. Reid, Romans, and Lynch were unanimously re-elected directors, and Mr A. Goodley auditor.—At a meeting of directors afterwards 'Mr G. D. Baird was unanimously re-efceted chairman.-—The Rev. R. Welsh was appointed a director in place of the Rev. J.. F. O'Donnell.—A discussion took place as to the payment of directors attending meetings, and on the motion of Messrs Romans and Craig it wae resolved that Skippers directors be paid 25s a meeting, Queenstown 15s, and Arrow 7s 6d.— Lake County Press. DREDGING RETURNS. Returns from 14 dredges at work throughout Otago and Southland have come to hand during the past week showing the total gold yield to have been 3750 z 7dwt, or an average of roughly 270 z per dredgo. Two West Coast dredges produced 103 oz sdwt. The following are the details : -

DUNEDIN STOCK EXCHANGE. The final call-over for the year took place on the Dunedin Stock Exchange on the 21st intst., when most ' shares closed at prices even with recent rates. The amount of business done during the day was not large, the only sale to be mentioned on 'Change being a reported one in National Insurances at £1 18s 6d. In the dredging and mining divisions a number of lines were on offer at customary figures, but in the investment stock section several lines were inquired for without result. ' The Chairman (Mr Harman Reeves), in addressing a few remarks to members concerning the operations of the past year, said that one of the chief difficulties which had to be met was to obtain suitable investments for money showing ~a fair rate of interest. Money had been very plentiful, and consequently any good investments offering on the market were readily disposed of. The coming year gave promise of being a good one owing to the fact that farmers had had a satisfactory season and that our exports were all bringing high prices in the foreign markets. Wool was maintaining its price, the quantity of butter exported was increasing largely and prices were ruling at a high level. The same thing was also the case as regarded cheese. And, further,- the prices for frozen meat were maintaining a high level and should the European markets be thrown open to this export it was quite possible that even higher prices might be realised. Consequently, with the increase thereby indicated in the export trade of New Zealand, it was safe to assume that with the disposal of the large amount of products which would be exported a considerable sum of money would come into the country available for investment purposes. The Stock Exchange might almost be termed the barometer of the mercantile world, for Varying conditions of the money market Were very faithfully indicated there. Regarding the mining outlook, Mr Reeves stated that the greater part of the business in this department during the year had been transacted in Auckland scrip. The recent slump in Waihi shares had naturally had an adverse effect, but it was to be hoped the bottom had now been reached. With a steady market in' this scrip, as well as in Waihi. Grand Junctions and Talisman Consolidateds, confidence would no doubt again be restored. So far, the driving of the lowlevel tunnel in the Thames field had not resulted in ajiy finds of value being made, but their northern friends were very hopeful that something of value would, be discovered which would give a fillip to the mining industry in that region. The flotation and operations of the parept Taranaki Oil Company would be watched with considerable interest, and it was quite on the cards that a very permanent and profitable industry would be established there. It was early yet to forecast the value of the West Coast oilfields at Kotuku, but indications of the coming into being there of a permanent field were fairly promising. It was greatly to be regretted that more of our quartz mines were not being worked to greater profit. The outlook for this class of mining at Macraes was, howover, distinctly promising, and hopes were entertained of that field turning out successfully. With the continuous rains that had fallen throughout the province the water supply for sluicing purposes should bo plentiful for many months, and after the New Year this class of mining should reward owners with profitable returns. Unfortunately, the dredging industry in Ota?o was still on the wane, although, dredges were doing fairly well. The num-

ber of companies of this kind quoted on . the Dunedin Stock Exchange was considerably legs than those listed last year. They did not know, of course, what the future had in store for them, but from present indications ho thought they could look forward to a good vcar in 1912. Mr Reeves concluded by wishing the members of the Dunedin Stock Exchange a merry Christmas and a happy, New Year. Mr A. E. Tapper, being the oldest member present, responded on behalf of his colleagues. A telegram conveying the season's greet- , ings was received from the Christohurch Stock Exchange, and on the motion of the chairman it was decided that this message be reciprocated, and similar ones sent to the Wellington and Auckland Exchanges. Members, readily acquiesced in this suggestion. _ i The following are Friday's latest quo- '■ tations, subject to the usual brokerage: Dredging Stocks. Blackwater —Buyers 7s. Hartley and Riley—Sellers 13s. Koputai—Sellers 13s. Sailor's Bend—Buyers 3s 6d. Mining Stocks. Nokomai Hydraulic—Buyers 15s 6d. Consolidated Goldfields —Sellers 18s. Kuranui Caledonian —Stellers Is lOd. Old Hauraki—Sellers Is lQd. New Sylvia—Sellers Is 9d. Saxon—Sellers Is Bd. "Waitangi—Buyers 2s 9d, sellers 3s Id. - Talisman Consolidated —Buyers £2 Bs, ellers £2 9s Waihi—Buyers £2 16s, sellers £2 17s 3d. Waihi Grand Junction—Buyers £1 9s 9d, sellers £1 10s. Waiotahi—Buyers 5s Id, sellers 5s 4d. Deo. 19.—Waihi, £2 17s, £2 17s (forward delivery) ; Waihi Grand Junction, £1 10s 6d (forward delivery). Sales Reported. —New Zealand Portland Cement (new issue), £1 lis; Bank of New Zealand, £ll 10s. Dec. 20.—Waihi, £2 16s 6d, £2.16s 3d (two parcels); New Zealand Portland Cement (new issue), £1 lis. Sales Reported.— New Zealand Portland Cement (new issue), £1 lis; Talisman Consolidated, £2 8s 6d; Waihi. £2 16s 3d. December 21.—National Insurance, £1 18s 6d. AUCKLAND STOCK EXCHANGE. AUCKLAND. December 21. The following business was done at the 3.15 p.m. call to-day:—Occidental Consolidated, Is 2d; Moanatairi, 6d; New Waitaia, Bid; Haumki Reefs (cons.), lOd, 10£d; Mountain King, 3d; Golden Cross, 6d; Parker Lamb Timber- £1 8s 6d. , The Exchange has clossd down for the "Christmas vacation. j WELLINGTON STOCK EXCHANGE. ; WELLINGTON, December 21. The following sales were reported on the Stock Exchange to-day: —Waihi Grand Junction, £1 9s 6d, £1 9s 7d; Dominion 2id; Waitangi, 2s 9|d. CANTERBURY STOCK EXCHANGE. CHRISTCHURCH, December 21. There was a sale reported on the Exchange to-day of Kaiapoi Woollens (preference) at £5 7s 6dr THE SULPHIDE CORPORATION (LIMITED). The Sulphide Corporation (Limited), London, has cabled Messrs Gibbs, Bright, ; and Co., its Melbourne agents, that the j annual meeting has been held, and the report adopted.—Advt.

Oz. dwt. gr. Rising Sun, Cromwell, 135hrs 42 1 0 Koputai, Waikaia, 185'hrB Golden Treasure, Miller’s 40 0 0 Flat, week 38 10 0 Waikaia, Waikaia, 135hrs ... 36 12 0 Masterfcon, Waikaia, 176hrs... 35 18 0 Manuherikia, Alexandra, wk Sandy Point, Alexandra, 32 0 0 128hrs C 24 13 0 1911 dredge, Alexandra, wk Waikaka United No. 1, Wai24 0 0 kaka, 134hrs 23 10 0 Mystery FlaA, Waikaia, 134ihrs Molyneux Hydraulic, Alex23 3 0 andra. week 16 0 0 Olrig, Alexandra, 9 days i.. Rise and Shine, Cromwell, 15 14 0 134}irB ... ... Waikaka United No. 2, Wai13 6 0 kaka, 130hrs 10 0 0 Total The West Coast. 375 7 0 Worksop, 125hrs 77 16 0 New Trafalgar, 124hrs 25 9 0 Total 103 5 0