MINING.

Otago Witness, Issue 3372, 30 October 1918, Page 22

MINING.

WEEK'S MINING NEWS

October 23. The secretary of the Nokomai Hydraulic Sluicing Company reports that a • wash up was made at No. 2 claim, the result being 930 z 4dwt for the paddock. No. 3 claim bad a full week's sluicing, and the progress made last week was somewhat slow owing to the bottom dipping away from the elevator October 24. The 'Rise and Shine No. 2.dredge spent alLMst week in squaring up the face. Towards the centre an old paddock that had been worked by a small dredge was broken into,. and "gave some trouble, because of the silt being difficult to discharge. Sandstone and soft clay made up the bottom, which was got at an average depth of about 30ft. October 25. The manager of the Ohinemuri Mines reports: —During the week ended October 12 No. 2 stope on the Queen reef, which is 9ft wide, has been broken out a further Bft, total distance 23ft. The _ ore is of good general grade. On the Julia reef the north drive has been extended Bft from the Queen crosscut. The country rock is still hard. October 28. The manager of the Mount Lyell Mining Company, for the fortnight ended October 9, reports:—"Mount Lyell mine: No. 6 level, No. 3 stope drive to 163 ft in grey schist. North Mount Lyell mine: 925 ft level, No. 2 north drive, to 419 ft through quartzitic ore and reddish quartz; 1000 ft level, north drive, to 379 ft through quartzitic • ore; No. 344 diamond drill bore, inclined, completed at' 206 ft, penetrated fairgrade quartzitic ore from 79ft to 193 ft; No. 345 bore drilled 41ft. Reduction works: Two furnaces in blast during the fortnight; 5761 tons of blister copper consigned to refinery for the year ended September 30; 254 tons consigned for the current vear." October 29.

Owing to Monday being observed as a holiday, 'there was no sitting of the Dunedin Stock Exchange. A new gold mino in a new district . in the Auckland province will soon commence crushing operations (says the New Zealand Herald). The ten-stamper battery on Muir's mine, Te Puke, completion, and is expected to be in full working order before Christmas. The Te Puke reefing field, though a large one, and possessing extensive and well-defined lodes, has never previously been systematically tested, and the small amount of work done in past years did not reveal payable ore shutes. Muir's mine, though adjacent to the old Fleming's Freehold, or To Puke Reefs, workings, is on an entirely near reef, discovered by Mr George Muir on his farming property. The existence of drift quartz on the surface,

about 1000 ft cast of the old workings, led to prospecting operations, which revealed two small but fairly rich reefs. These were driven on and were found to be merely branches of a much larger reef several feet in width. This lode was struck again in the main adit level, 200 ft below the prospecting drive, and is there from 6ft to 12ft wide. This reef has been driven on from the low level for 600 ft, and numerous assays show it to contain payable values, while the reef in both .faces is still large and assays well. The walls of the reef are particularly well defined, and suggest a true fissure lode. The stone is free milling, and the gold fine ahd well distributed. If the operations on this new reef prove successful it is the intention of those interested in the mine to thoroughly test the reef system to the westward at a considerable depth, and, possibly, other companies will be induced to prospect the reefs which arc known to exist for a considerable distance to tho northward. Not only is a new mine being opened up, but there are possibilities of a new reefing field being developed. DUNEDIN STOCK EXCHANGE. Business has been rather on the quiet side on 'Change during the past week, and most of the sales transacted have been in Mount Lyell shares, of which two parcels were sold on .Friday. In P. a.nd O. deterred stock several saies were recorded. In dredging stocks, Electrics have remained firm, and are now quoted, at Is 6d and 2s respectively. Rise and Shines also have remained about the same. As to the mining stocks, Talismans have shown a falling tendency, but Waihis, which showed a mop v,. 6d at the beginning of the week, have now, regained thair position, and were bought on Friday at £2 2s 6d, with sellers asking Is more. Waihi Grand Junctions have remained firm, as have Consolidated Gbldfields. Under the heading of investment stocks, National Banks have shown a falling tendency, as have National Insurance shares, which were quoted at £3 5s 3d and £3 7s 3d, iDuyer and seller respectively. Standard Insurances are now sought at £2 ss, which is a drop of 3d on buyers' quotations last Saturday, but New Zealand Insurance shares have firmed sharply, being asked for on Wednesday at £lO 16s 6d, which is an increase of 5s 6d oh Monday's quotations. Union Steam preference shares have remained the same throughout the week, and Huddart-Parker (ord.) have also remained about the same, but the preference shares have shown a risr ing tendency.'. x Westport Coals have remained about the same, while Dominion Rubbers have risen slightly in value. Auckland Electric Trams have been sought during the past few days at 16s, but so far no seller has come . forward. Dunedm-Kai-korai Trams have been on the market at £1 2s 6d, but up till now no seller has quoted. Papuan Products increased slightly in value, but M'Leod Bros. Soap have now buyers offering 6d less than they were prepared -to give at the beginning of the week, while Kaiapoi Woollens (ord.) have also dropped'in price. Wilson's New Zealand Cements have fallen, but Milburn Lime and Cements have a Tendency to rise. Bruce Woollens have remained firm, and Perpetual Trustees shares have shown a rising tendency. Business on the Stock Exchange was fairly brisk on Saturday. In dredging stocks sellers were asking 2s for Electrics, and buyers were offering 5s for Rising Suns and 15s iior Rise and Shines. Quotalions for Talisman Consolidateds were unaltered, but in*Waihis sellers were asking 3d advance on late rates. National Bank stocks showed an increase of 69; and buyers were "offering £36 for Bank of New South Wales and £l3 6s for Bank of New Zealand (£3 6s 8d paid). National Insurances advanoad about 9d, and Union Steam and Huddart-Parker remained on a par with late quotations. The following are Saturday's quotations, subject to the usual brokerage:

Dkedging Shocks. _ Electric —Sellers 2s. Rise and Shine—Buyers 15s. Rising Sun—Buyers ss. Mining Stock* Talisman Consolidated—Buyers 9s 6d, sellers 10s 6d. ,'«„,„, Waihi—Buyers £2- 2s 9d, sellers £2 3s 9d. Waihi Grand Junction—Buyers 15s 4d, sellers 15s lid. Mount Lyell—Buyers £1 9s 7d, sellers £1 9s lid.

October 22.—Waihi Grand Junction, 15s 2d .{two parcels); Huddart-Parker, £1 19s 9d. October 23.—Wilson's New Zealand Portland Cement, 15s 6d. Sale reported: Bruce Woollen. £1 14s 9d. October 24.—Mount Lyell—£l 9s, £1 9s Id, £1 9s 6d. Sale Reported.—Milburn Lime and Cement, £1 14s 6d. October 25 Mount Lyell, £1 9s 7d (two parcels); P. and O. (deferred), £4lO (two parcels).

LONDON SHARE MARKET. LONDON, October 26. Peninsular and Oriental deferred, £448. — A. and N.Z. Cable.