MINING NEWS.

New Zealand Graphic, Volume XVII, Issue IX, 29 August 1896, Page 268

MINING NEWS.

SHAREMARKET. THIS has been a quiet week on the Exchange, shares in most of the newly floated companies being generally offered at a concession upon original cost, the outcome most probably of so many shares being allotted to promoters, who can thus undersell subscribers. Although transactions on the Exchange have been restricted in volume, still there are indications that bed rock has been about touched. It is always a good sign when there is an improved demand for the higher priced stocks, as it indicates that outside buyers are again commencing to operate. Towards the end of the week there was a decidedly better feeling in respect to good stocks. Waihi-Silvertons were wanted at 52s 6d, Waitekauris at £5 ss, Woodstocks at 435, and Crowns at 47s 6d, but no sales resulted, as holders asked higher rates. Hauraki North shares fell to 8s 6d one day, but recovered and sold freely at 9s 6d and 10s. Centrals sold frequently at 3s sd and were still wanted at 3s 4d. Talismans found buyers at 15s 6d, Victors at 5s 3d and Try Flukes at 13s 3d during the week. Cambrias firmed a little and sold up to 2s 4d. Norfolks and City of Dunedins changed hands at 7s and 353 d, respectively, there beinga steady demand for these shares, as high hopes are entertained regarding the results when the cyanide plant commences work. Victorias firmed in price from 3s 7d to 3s 9d. The return from the Hauraki mine this month was again a good one, added to which a specimen valued at £3OO was obtained from the low levels. A trial crushing from the Hauraki North, which adjoins, also gave highly satisfactory result, so that although the market is not very brisk just now, still the outlook is

satisfactory, and good business may be looked for towards the end of next month. Meanwhile, judicious buying at the present time will return excellent interest a little later on. NEW ZEALAND CROWN MINES. DIVIDEND DECLARED. The amalagamation of the Crown and Earl of Glasgow mines at Karangahake is now an accomplished fact, and the New Zealand Exploration Company has taken over the Crown mine. Local holders of Crown shares receive 13s 6d cash on each original share held by them, and also share for share in the new company, which is registered as the New Zealand Crown Mines Company (Limited). The agents for the Crown Mines Company received from Paeroa this week one box of buillion, containing 1,097 ounces valued at /T,866, the resu't of the past month’s crushing. HAURAKI SOUTH. /■SOO REMITTED. The first instalment of the working capital for the above Company has been received by the local directors from London, the amount being /■SOO. Instructions were also received to start development works forthwith. The requisite machinery and full plant will be sent out direct from London as soon as possible. The property adjoins the well-known Hauraki mine on its southern side. WAITEKAURI AMALGAMATED. The capital of the London Company formed to take over the Anglian, Australia, Marberg, and Nebraska claims at Waitekauri, comprising in all 400 acres, has been reduced from £200,000 to ,6150,000, with a working capital of /40,000. NEW TOKATEA. /■l.oco PAID. The following cable was received from London this week: —‘Purchase money of /'i.ooo received and property handed over to purchasers this day. Shares will be allotted at an early date. KAPANGA. Development works are steadily proceeding at this Coromandel mine with a view to testing the value of the deep levels. The sinking of the main shaft goes on uninterruptedly, a distance of 986 ft having been attained from the surface. It may not be generally known, but in addition to the last reef chronicled as being cut in the shaft, which carried the specimen stone, another smaller leader was intersected at a depth of 9/oft. This latter measured gin in thickness, and was composed of very kindly-looking, compact quartz, which gave strong, coarse colours of gold by pounding and panning off in the dish, and was, moreover, beautifully defined, carrying nice clean walls. Too much importance cannot be paid to these several discoveries made at such a depth, for they clearly prove that the reefs here do carry gold, and, what is more, specimen stone, while the gold-bearing channel of country extends in this vicinity anyhow to an indefinite distance. PEVERIL G.M. COMPANY. The Peveril gold mine comprises an area of 26 acres, and is situated near the top of the main Tokatea range, immediately behind the Coromandel township. A low level crosscut is now being driven which will intersect the well-known Star reef, also the many other known reefs traversing the property. The face is now in over 120 feet. The upper level is in over 135 feet, and it is estimated that another 60 feet will bring the reef to hand. On the Southern side of the ground, a leader varying from six inches to fifteen inches has been opened up for over 60 feet. Everything in connection with the mine is in first-class order and condition ; about 14 men in all are at present employed. HAURAKI NORTH. At an extraordinary meeting of the Hauraki North Goldmining Company held this week it was agreed to purchase the mine, property, and assets of the Star of Wynyardton Goldmining Company ; and to allot to the shareholders of the Star of Wynyardton 30,000 shares, of which number 9,840 were paid up to £1 each and 20,156 contributing the capital of the Hauraki North to be increased by the issue of 30,000 new shares of the nominal value of £1 each (in addition to the 100,000 shares now existing in the Company. At an extraordinary general meeting of shareholders in the Star of Wynyardton Goldmining Company the sale of the property on the above terms was agreed to. KATHLEEN CROWN. 'he English Company are pushing forward operations

at this Coromandel mine. The requisite machinery is now on the way out from the Old Country. An adit level has been driven from the side of the spur in order to connect with the shaft. The shaft itself is down a distance of 75ft. Several reefs, varying in size from loin to 2ft have been intersected by trenching on the surface and gold has been seen in the stone, not to mention a splendid tail of the precious metal by washing in the dish. CENTRAL-PILOT. A cablegram received from London this week stated that the /5,000 cash, and also the shares, for the purchase of this Waitekauri property had been deposited in the National Bank pending registration of the transfer of the property. This is now being done by Messrs Buddle, Button, and Co., solicitors. A slight variation has been made in the terms of sale, the alteration being in the proper direction, namely, the reduction of the total capital from ,6175,000 to ,6150,000. and the increasing of the working capital to be provided, from £25,000 to £50,000. Under the altered terms Central shareholders will receive 43 fully paid-up shares for every too at present held, instead of 50, as originally proposed, but the cash payment is unaltered, so that the gain is greater than the reduction. Pilot shareholders receive £ 1,500 cash and 12,857 paid-up shares for their interest. It will thus be seen that, while the cash payment is maintained, the total number of shares in the Company is reduced 25,000 and the working capital increased by Z 5.00GOLDEN LINK. RESULT OF TRIAL CRUSHING. In order to ascertain the value of the ore taken from the Golden Link mine at Kuaotunu a parcel of five tons of ore from the reef was sent to the Thames for treatment. One ton of ore from the specimen leader was also forwarded. The result was posted on the Exchange ; * 5 tons, 7 ounces of retorted gold. 1 ton, 17 ounces.’ This makes an average value of 24 ounces of gold worth about £2 ios per ounce from 6 tons of quartz. As a deposit has also been paid for the option of floating the property on terms which return is per share cash and £1 paid-up share for every 100 at present held, the Golden Links should be a good investment at is 6d, the present selling rate. STANLEY. It will be remembered that some months ago Mr Stackpole, junior, discovered a gold-bearing leader on the surface of the Stanley property at Karangahake, and was subsequently put on with a staff of men to cut the reef at a lower level. This week Mr Stackpole telegraphed :—‘ Cut nine inches into the Wheel of Fortune leader, at the 60 feet level. Discovered heavily mineralised stone showing dabs of gold.’ Later on he wired : —‘ Cut through Wheel Fortune leader 18 inches. Got good many stones showing dabs of gold. Shares changed hands freely in consequence, and also advanced in price. PURU CONSOLIDATED. Free transactions have taken place in shares in this Company, during the past week, prices reaching 6s 3d, then falling to 5s 6d, and again advancing 105 s nd. Reports from this mine are of a very satisfactory character. When the Rimu reef was broken down at No. 1 level the ore showed gold very freely. Driving upon the hangingwall of the reef was commenced at a point where the lode shows a thickness of 5 feet, and will be continued forward where good results were obtained by assay. The present face gives good prospects of free gold. TANDEM. Shareholders in the Tandem Goldmining Company this week authorised the directors to dispose of the property. The half-yearly meeting of the Company was also held, at which the balance-sheet submitted showed receipts Z’9oo and disbursements Z'465 13s 4d, leaving a credit balance of /'434 6s Bd. The mine manager’s report stated that the Four-in-Hand reef had been picked up. It was a compact body of stone and fully 3 feet wide, and giving loose prospects. FOUR-IN-HAND. FINE SPECIMEN STONE. About three hundredweight of specimen stone from the Four-in-Hand mine at Waikoromiko has now accumulated at the Bank of New Zealand. This week about 2olbs of the stone were on view at Mr D. G. Macdonnell's office, and attracted an amount of attention. The stone is undoubtedly very rich, as broad bands of gold are running right through it. Prom the casing shown the stone evidently comes from a leader ranging from 3 to 5 inches in width. Two hundredweight of specimens is to be sent to the Bank of New Zealand. London, and placed on exhibition.

Three offers have been received for the option of floating this property. Respecting the mine the manager reports :—The drive along the main reef has now been extended 108 ft. It carries colours of gold all the way. The leader in the stope is about loin in thickness and showed colours of gold when last taken down. HAURAKI. A GOOD CRUSHING. SPLENDID SPECIMENS OBTAINED. The return for the past month from the Hauraki mine is again highly satisfactory. Cleaning up finished on Saturday, the return being again well up to the average. In all, 380 tons of general ore were treated for a return of 2,i340z of gold valued at /'6,402. A block of quartz from the lowest level in the Hauraki mine has been forwarded to the Bank of New Zealand, Auckland, for transmission to the London directors. This specimen is estimated to be worth fully Z'3oo by assayers, but practical miners fix the value at even a higher figure. The importance of this specimen is that it shows the lode is rich at the deeper levels and thus promises for a continuance of the present highly satisfactory returns. HAURAKINORTH. EXCELLENT RESULTS FROM TRIAL CRUSHING.

The trial crushing of ore taken from this mine resulted in a return being obtained which should be very gratifying to shareholders. One ton of ore was taken from the three-foot reef, and when treated yielded 220 z i6dwts of bullion, worth £6B Bs. Two hundredweight of ore taken from the eight inch mineralised leader running adjacent to the reef yielded noz 4dwt of bullion, value £55 12s, which is equal to 1120 Z per ton.