MINING.

Otago Witness, Issue 3443, 9 March 1920, Page 26

MINING.

WEEK'S MINING NEWS March 2. ' The manager of the Ohinemuri Gold .and Silver Mines reports that the Camoola low level has been extended' 645 ft. The crosscut has penetrated 18ft at right angles through the ore body, but the footwall is not in sight. The veinstone, where ex•posed, consists of cavernous quartzose replacements after calcite, with bands of massive quartz, the whole stained rusty brown and black with iron and manganese oxide. The portion of the reef which carries high values is a rib in the centre of the lode, which is sft in width. The intermediate cuddy, Queen reef, has been extended 6ft. The hangingwall has not been reached., On the north rise the men have been engaged placing timber in position. The Telluride iow level haa been repaired for a distance of 1800 ft. March 3. The following is the Mount Lyell report fox the fortnight ended February 11: . Mount Lyell Mine: .No. 5 level—No. 5 tunnel deviation extended 7ft, completed, total 601 ft. No. 9 level: Engine winze • rise lifted to 65ft, and winze itself extended to 64ft in schist. North Mount Lyell mine: 850 ft -level, No. 50 stope drive to 70ft through mineralised quartzite carrying copper pyrites; north drive to 1063 ft through quartzitio schist mineralised with bornite. Reduction works: One furnace in blast during fortnight. One thousand four hundred and eighty-four tons of blister copper consigned to the refinery for the current year. It is reported that an important find has been made by gold prospectors in the Thames district, but no particulars are yet available. March 4. # The secretary of the Waitangi Consolidated Gold Mining Company reporfed last week: —In breaking down some more of the footwall leader in No. 1 level gold could be freely seen in the ore. A few pounds of stone was picked out, showing good Bt-rong dabs. The gold in _ the _ stone is rather fine to warrant calling it picked cwr.e, but this is the most promising development .yet seen in the mine. The leader is_ small, being only a couple of in-jhes wide at present, but appears to be making stronger." March 5. The Greymouth correspondent of the Christenurch_ Sun reports that the American company which is about to commence goldmining on Uimu Flat purposes installing a Sarge dredige of 500 horse-power. The resident engineer representing the company is inspecting the ground for the purpose of deciding upon a locality on which to. build the frame for the pontoons, which will be required to carry 500 tons of machinery. The dredge will bo worked by electricity, the source of which has not yet been decided upon. It will possibly be generated by steam. Mr.rch 6. The Waihi return for 22J1- days' operations in February is 26,1730 z from 13,669 tons. Reporting on the Kuranui mine on Tuesday iast, the manager stated that during last week the drive on the reef was advanced Bft, A few nice dabs and colours of gold were seen in the hangingwall rib of quartz mixed with a little telluride. The reef is smaller in the face, but the country is of a better description. March 8. The Shalo Petrol Company, a South Australian concern, having a capital of £15,0C0. in 30,000 10s shares has 'commenced operations at Reidv Creek and Joadja Creek, in New South Wales, for coal and kerosene shale. At the first-mentioned locality a tunnel has been driven in 315 ft, and has passed through a seam of shale 4ft 6in wide and a seam of coal Ift thick. At Joadja CJreek new doposit9 are being worked. A tunnel has been put in here, and a 12ft seam of coal and shale has been met with. The tunnels arc 3030 ft apart, and the indications. are thnt coal and shale will bo found over that distance. It is intended to distil crude

oil from the material, and to that end a retort is now being installed. The return from the Rising Sun dredge is 20oz 6dwt for 128 hours' work. DUNEDIN STOCK EXCHANGE. The share market, throughout the past week has been fairly active so far as certain stocks were concerned. There has been an almost steady demand for Mount Lyell stock at prices varying from £1 8s to £1 9d, at which figures sales were effected each day during the week. For Waihi shares there 1 have been buyer 9 at £2 8s 3d, £2 7s 9d, £2 6s 9d, and £2 6a 6d, the last-men-tioned figure being quoted by buyers at the final call on 'Change on Friday. The market for investment stocks has been fairly active. For New Zealand Rerigerating (10a paid) at the beginning of the.,week £1 6s lOd wa 3 offered, and sales were effected during the week at £1 10s, the market closing with buyers offering £1 10s,: while holders of stock were asking £1 10s 3d. On Friday three parcels of Huddart, Parkers changed hands at from £2 15s 9d to £2 16s 3d, the latter price being an advance of Is 3d on what was paid a week ago. There were buyers almost daily for Westport Coals and "Westport-Stcckton., the market for the' former clewing on Friday at £1 12s 9d, at which figure a parcel changed hands, and for the latter at 8 3 3d, an advance of 6d on what was paid the previous Saturday. There were buyers of P. and O. deferred stocks on Friday at £590, while holders were asking £620 —this is a. drop of £BS on what buyers were offer:;- <i week ago, but the sellers' price on Friday was £ls below what it was last week-end. There have been inquiries for Dominion Rubbers and Malay Rubbers during week. The market for most of the "safe" investment stocks closed firm, in gome instances at prices a few points in advance of. those offering last week. There was only ono call on 'Change on Saturday, when again there were buyers for Hudda.it, Parkers (ordinary issue) at £2 16s, two parcels being cleared at this figure, while sales were reported at 56s 3d. New Zealand Refrigerating (10s paid) yoere purchased at 30s 3d, while a sale of £1 issue took place at 51s 9d. Two parcels of Milburn Limes were cleared at 36s 3d, while the sale of a further parcel was reported at the same price. The market in other' stocks closed with prices practically -the same as on Friday. The following are Saturday's latest quotations, subject to the usual brokerage:— Dbedgino Stocks Rising Sun —Buyers 5s sellers 6s 9& Mining -Stocks. Talisman Consolidated —Sellers 9s 4d. Waihi—Buyers £2 6s sellers £2 Bs. Waihi Grand Junction —Sellers 12s 6d. • Mount Lyeil—Sellers £1 8s 6d. . March 1- —Talisman Consolidated, 9s 3d; Mount Lyell, 28s 3d, 28s (three sales); Goldsbrough, Mort, 48s 9d; Union Steam Ship Company (pref.), 21s, 20s lOd (two sales). Sales reported: Goldsbrough, Mort, 495. March 2.—Westport Coal, 325; WestportStookton (ord.), 7s 9d, 7s 8d; New Zealand Refrigerating Company, 49s 6d, 50s; New Zealand Refrigerating Company (10s paid), 28s, 28s 7d, 28s 8d; Waihi Grand Junction, 12s 4d. Sale reported: Dominion Rubber, 49s 3d. March 3.—Mount Lyell, 28s 3d 28s Id; Westpcrt Coal, 32s 6d (eight parcels); West-port-Stockton; Bs. Sales Reported.—Union Bank of Australia, £l2 15s; South British Insurance, £9 9s. March 4. —Talisman Consolidated, 9s 3d;, Mt. Lyell, 28s Id; South British Insurance, £9 9s (two sales); Hu«Wart, Parker, 55s 6d (four sales), 55s 9d (five sales); Westport Coal, 32s 6d (two sales), 32s 8d (five sales); West-pcrt-Stockton, 8s Id, 8s 2d, Es 3d; New Zealand Refrigerating (cont.), 30s. Saleg reported!:—Union Steam Ship Company (pref.), 21s. March s.—Mount Lyell, 28s- and 28s 3d; Huddart £2 15s 9d £2 16s, and £2 16s 3d; New Zealand Refrigerating Co. (10s paid), £1 10s; Westport-Stpokton, 8s 3d; Goldsbrough, Mort, £2 Bs v 6d; Westport Coal, £1 12s 9d. Sales l-eported : —South British Insurance, £9 9s; Union Steam Shio Co. (pref.). £1 Is. Sales: —'Huddart, Parker (two parcels), 56a; New Zealand Refrigerating (10s paid), three parcels. 30s 3d; Milburn Lime (two parcels), 36s 3d. « Sales reported:—.Huddart. Parker. 56s 3d; New Zealand Refrigerating, 51s 9d (10s paid) 30s 3d; Milburn Lime, 36s 3d. CHRISTCHURCII STOCK EXCHANGE. CHRISTCHURCH, March 6. The following sales were reported on today : —New Zealand Refrigerating (10s paid), 30s 6d; South British Insurance, £9 9s.