MINING NEWS.

New Zealand Graphic, Volume XVII, Issue XVIII, 31 October 1896, Page 585

MINING NEWS.

SHAREMARKET. THIS has been a quiet week on the Exchange, and cheaper stocks generally have met with little enquiry. This is undoubtedly the result of the ridiculous way in which numbers of new companies are being formed weekly, the outcome of which has been to lock up capital and at the same time glut the market with thousands upon thousands of scrip for which there is practically no demand, and the mining market generally suffers in consequence. As far as legitimate mining is concerned the outlook was never more promising. The output of gold for this week alone totals 481, of which /’6,000 was obtained for the first run of the new battery erected by the Waitekauri Company. The Waihi mine contributed more than half the total output of gold this week, the yields being the largest obtained from that famous mine in any one month this year. Excellent accounts are received regarding the value of the ore now being obtained in the Crown mine, and these shares have been in demand throughout the week, and prices advanced in consequence. At the present market rate of 48s or 49s Crowns should be a sure and safe investment. The ore now being obtained in the adjoining mine, the Woodstock, is of a character that should swell our gold returns when the new battery commences operations. The return from the Waihi-Silverton is once more disappointing, and still further proves that the mining speculator should take for his motto, * Put not thy faith in assays.’ As we are now informed that ore of better grade is in the kilns, there is reason to hope that the next yield will be a more satisfactory one. The Victoria Company appears now to have fairly entered the ranks of regular gold-producers, the crushing return this month being again a very satisfactory one. It is one of the enigmas of the Exchange why these shares do not advance in price when the prospects and position of the mine are taken into consideration. Picked stone continues to come to hand from the Hauraki Associated reefs mine at Coromandel, and two very satisfactory returns were obtained from small trial crushings of ore taken from the Royal Oak and Tokatea of Hauraki mines. It will thus be seen that there is no reason beyond over floatation to warrant the present dullness on the Stock Exchange, though no doubt we have been affected here to a certain extent by the quietness of the London market, caused by the withdrawal of gold to New York and the unsettled state of European affairs. Cable news was, however, received this week that there was an improvement in the feeling in London as regards New Zealand mining stocks, which, if it continues, will no doubt have the effect of firming the better class shares held by English companies. AROHA GOLD MINES. This company has now three shifts of men working on the new low level. A concrete tunnel is also being put through a spur to carry off surface water from the gully. The Vulcan mid level drive is being extended towards winze. At the Vulcan upper level the quartz broken is being saved for test crushing at the battery, which is now nearing completion. WOODSTOCK. The new 40-stamper battery being erected for this Karangahake Company is now approaching completion. Accounts from the mine are very satisfactory. The ore in the new leading stope on the back of the Maria reef at No. 3 level, gives an average assay value of /"i2 per ton. GRAFTON. This property comprises a large area adjoining the Waitekauri and Central mines, and an option of floatation was secured by Mr Leo Myers, of the AfricanAustral Syndicate. This week Mr Myers forwarded by cable from London a substantial portion of the working capital of the Company that has been formed in England to take over this property. Mr Pascoe, the mining engineer for the African-Austral Syndicate, is to direct extensive operations in this mine.

BROKEN HILL. A staff of thirty men is now engaged on this property under the direction of Messrs Seaver Bros., who are the engineers for the English Company that holds the option. A well-graded cart track has been formed from the mine to the east coast landing, a distance of four miles. A large cookhouse, 20 by 40 feet, and a fine smithy and assay house and office are also nearly completed. Water races and battery sites are also being surveyed. Work on the mine itself is confined to the driving of three surface levels to test the reefs and obtain an idea of their bearing and size. It is expected that within the next month from 70 to 100 men will be at work here. WAIHI CRUSHING. Z 12.451 FROM 3,060 TONS. The return for the past month from this mine was the best to-day. During the four weeks ending October 17th, 3,060 tons of ore were treated for the splendid yield of /■12,45 i worth of bullion. Last month's yield was /■i2,084, and for the increase obtained this time an extra 240 tons of ore were treated. The total output for the ten months of this year reaches the handsome amount of /'i06,447. WAITEKAURI CRUSHING. Cleaning up for an eight weeks’ crushing took place this week at the Waitekauri Company’s battery. The result of this return from the new 40 stamper mill has been awaited with considerable interest, as it was felt that the yield would have an important bearing on the future of mining in the Waitekauri district. The yield was a very satisfactory one, 1,247 tons being treated for a yield of bullion valued at £4, 266, or a total for the eight weeks of 1,706 tons for Now that everything is in good working order, it is estimated that the quantity of ore treated in future four weekly periods will be from 1,400 to 1,600 tons. WAIHI-SILVERTON RETURN. FROM 760 TONS. The return from this mine for the past month was a small one, 760 tons of ore having yielded 4060 ZS of bullion valued at Z'Bo4. The higher grade ore is now in the kiln, and should improve the next return. ROYAL OAK RETURN. TEN TONS YIELD Ten tons of ore from the Royal Oak mine at Coromandel has been treated for a return of 1550 ZS of gold, valued at an average of 15X0ZS of gold per ton. TOKATEA-HAURAKI. The Tokatea of Hauraki Company crushed 16 tons valued at ZT3O for 43OZS 13dwts of melted bullion. VICTORIA. During the past month 130 loads of ore from this mine were treated for a return of 2250 Z of gold, worth about The reef in No. 3 level westward of the break shows gold freely. Other sections of the mine are producing good payable ore.