MINING.

Otago Witness, Issue 3610, 22 May 1923, Page 26

MINING.

WEEK’S MINING NEWS. May 15. A new mining venture is shortly to be launched for the exploration of ground on the Karangahake mining field, near to the well-known Talisman property (says the New Zealand Herald), For this purpose a local company is being formed under the name ot the Jiew Talisman. The capital is £50,000. The property to hs worked adjoins the Talisman property, and the object of the new company is to prospect well-defined lodes and prove their value. An option has been eecured over the Talisman crushing and treatment plant. This option is free for nine months from the oommencement of mining operations, so that the company can test iihe value of the reefs before deciding to exercise the right of purchasing the battery at £15,000. Up to the present no attempt has been made to prospect certain well-defined lodea to the west of the workedi areas in the old Talisman and Crown mines. The object of the new company is to prove the value of these reefs in what is known as the payable zone. It is proposed to drive a main adit level in a southerly direction on a lode called the Mammoth. This has recently been opened up and two distinct reefs, 6ft and Bft wide respectively, have been discovered. It is proposed to drive the main adit level 3500 ft, but it is anticipated that the payable zone should be reached between 500 ft and IGOOft. The provisional directors of the new company are Messis W. I). Holgate, C. IV. Anderson, and E. J. Vallentine. May 18. Mr J. M. Stewart informs us that the deep prospecting bore at Birchwood h-as passed through a third seam of coal, 9ft thick, at a depth of 1042 ft. WAIHI GRAND JUNCTION. The Waihi Grand Junction Go’d Company (Ltd.), during the period ended April 21 crushed 6300 tons of ox© for a return of 15790 z of gold and 41020 z of silver. The decrease in tonnage for the period mentioned was due to th© Easter holidays and the fa lure of the power supply. Tha following information has been cabled to the head oihee of the company, London: No. 10 level, Empire lode: East drive has been advanced to 286 ft. From 246 f- to 276 ft the average width of the drive is 6ft, and the aaaay value of the ore £1 6s 6d per ton. •from 276 ft to 286 ft the average width of the drive is 6j! t, and the assay value of the ore 11s per ton. The west drive has been advanced to 320 ft. From 292 ft to 326 ft the average Width of the drive is 4£ft and the assay value of the ore 14s 8d per ton. .NEW ZEALAND QUICKSILVER MINES. An option over the property of the New Zealand Quicksilver Mines (Ltd.), of which Mr 11. K. Cooke is chairman, has been granted to the North Island Mining Syndicate, of Chancery Lane, London. Mr Cooke states that ii.e of the syndicate inspected tha pioperty, and that as a- result of his examination the syndicate applied for an option. Une option, which is for six months from June 20, iuo* been granted on the following term*:—The syndicate to undortaKe wi Lkin six mmitLs co form a coml v ' l ny, with a gUAxxuiond working capital of riot h-an Ui-.n £40,o00; the vendors to receive 6 per cent, in oaeh aid 25 per cent. * IJ tlty-jimd-dp smtre-s in auy company formod, and to receive proportionate representation noon the directorate. The New Zeaiartd Q:;ickai!»er Mines, which were working with at: o.d and obsolete furnace, expended £.5,000 m plant and mining, and produced and sold £3OOO worth of quicksilver, besides proving several acres ahead of present working. The option holders state th.it they are satisfied that there are large quantities of payable ore already proved, and that with the latest wet process results will be very satisfactory. Their representative, who left by the Niagara on Tuesday last, expressed confidence that the option will be exercised. DUNEDIN STOCK EXCHANGE. Business has shown an improvement on the Dunedin Stock Exchange during the past weekly period. Among banking shares, Australasias, Nationals, and New South Wales have not shown any movement, but New Zealands, P. and O.’s and Unions have advanced further. Bank of New Zealand shares, which were refused at 60s 6d on Saturday last, were sought at 60s Sd on Friday, after there had been a reported sale at that price, and Union Batiks had reported sales at £ls 15s on Tuesday and at £l4 14s 6-t on Thursday. There were two reported sales of National Banks at £6 Hs on Wednesday, and on Thursday Bank of New South Wales shares were reported aa having been sold at £4O. Insurance shares have not fluctuated, nor have loan and agencies and most of the miscellaneous lines. Jn the last-named class, however, Olago Daily Times and Colonial Sugar shares have been sought at improved figures. The only movement in mining lines lias been a substantial fall in the price of Waihis, which had a rrpirted sale at 2!s 6d on Thursday and wer© available on Friday at 21s 3d. Buying quotations for War Bonds generally have advanced, without attracting holders to offer their lines, though there was a reported sale of 5J per cent. Soldiers’ Settlement Inscribed Steel; ■: 1033) at

£lOl 17s 6d on Tuesday. In shipping shares Huddart, Parkers (ord.) advanced early in the period, and there have been numerous sales at 435, whereas they were released at 2a 6d on Saturday last. Howard Smiths were sold twice at 53s on Saturday, and P. and O. Deferred Stock had reported sales on Friday at £330 and £335. Westports have been the only coal shares to alter in position, having advanced to 39s 3d, at which there was a buyer when the market closed on Friday. Both issues of New Zealand Refrigerating Company’s shares have had improved inquiry, and the contributing issue realised 13s 6d on Friday, while the fullypaid issue changed hands at 24s 6d and 24s 9d (two) on Tuesday and at 25s on Thursday. Bank of New Zealand shares registered a further advance on Saturday morning, when a parcel wa3 sought at 61s without attracting a seller. Buying quotations for 5.) per cent. Soldiers’ Bonds and 4j per cent. Bonds and Inscribed Stock also advanced, and in two oases there were declared sellers. Two parcels of the contributing issue of New Zealand Refrigerating shares changed hands at 13s sd, and. a. parcel of Westport-Stocktons (pref.) realised 8s 6d. May 14. —Waihi Grand Junction, 7s Gd. May 14.—New Zealand Refrigerating (paid), 243 Gd, 24s 9d, 24s 9d; Mount Lyell, 245. Sales reported; Union Bank, £l4 15s; Soldiers’ Settlement- Inscribed, £lOl 17s 6d. May 16.—Waihi Grand Junction, 7s. Sales reported: National Bank, £6 14s (two); Huddart, Parker (ord.), 435; British Tobacco, 41s. May 17. —Union Bank, £l4 14s 6d; South Otago Freezing, 90s; Paper Mills, 265; Huddart-, Parker (ord.), 43s (three); New Zealand Refrigerating (paid), 255. Sales reported: Bank of New Zealand, 60s 9d; Bank of New South Wales, £4O; South British Insurance, 33s Gd; Waihi, 24s 6d. May 18. —N.Z. Refrigerating Co. (con.), 13s Gd. Sales reported: P. and O. Deferred Stock, £330, £335; Westport Coal, 33s 3d. May 19.—Westp-ort-Stockton (pref.), 8s Gd ; New Zealand Refrigerating (con.), 13s od (two). Sal© reported. U.S.S. Co. (pref.), 20s 6<l. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— MINING. Waihi—Sel 21s 3d. AVaihi Grand Junction —Sel 7s 3d. Mount Lyell—Buv 23s 9d, sel 255.