MINING NEWS.

New Zealand Graphic, Volume XVIII, Issue XVIII, 1 May 1897, Page 538

MINING NEWS.

SHAREMARKET.

BUSINESS has been practically at a standstill on the Exchange during the past week, because St. George’s Day followed so closely upon the Easter holidays that there were only two days when the offices were open, and nearly half the brokers remained away until the following Monday. Under such circumstances it is almost needless to add that transactions were not numerous, and prices showed little alteration. Waihi Extended shares still have steady inquiry, owing to recent developments in the Waihi mine pointing to the lode going in that direction. Hanraki North shares have met with better demand, as the water is now pumped out of the mine, and driving resumed upon the reef, which produced the specimens just before the accident occurred to the engines. Talisman shares are offered at lower rates than those ruling a fortnight ago. Bunker’s Hill shares sold as low as 2s 6d, and Victorias at 2s jd. There are, however, steady buyers of the latter shares at this figure, so that an improvement in value may be looked for as soon as the weak holders have been cleared out. Great Barrier and lona shares have well maintained their price, but transactions in these shares are not frequent. Now that the Easter vacation is over it is to be hoped that a steady improvement will set in on the Exchange, though the unsettled state of political affairs in Europe at the present juncture has undoubtedly some influence on the local market. KAURI GOLD ESTATES COMPANY. Since this English Company resolved to open up their large block of ground at Whangapoua, a systematic plan of procedure has been adopted to mine on an extensive scale. At Opitonui, which may be termed the centre of operations just now, large lodes of ore have been located carrying gold. At present no less than 150 men are employed by the Company in prospecting and carrying out the other works, and this number, it is considered, will be doubled in three months* time. The wage sheet alone now is 500 per month, which gives some idea as to the magnitude of the operations. A new township site has been decided upon to provide homes for the miners and workmen, and this is now being surveyed. The Company have expended a sum of /’ijo on the main road in order to provide for the carriage of machinery, while it is intended to connect and open up the different points of the property by a network of tramways. With a view to the immediate undertaking of sinking operations, winding and pumping machinery have been imported, and is now being discharged from scows at the Whangapoua Harbour. A bead office and officers’ quarters providing accommodation for visitors is also under construction. KAPANGA. The directors of this old English Company are evidently determined to thoroughly test the value of the lower levels at Coromandel. Already the shaft is down 1,000 feet, and the results have been most encouraging, as gold-bearing reefs were picked up, thus proving the value of the mine at that depth, the lowest yet reached at Coromanded by any company. The directors now propose to bore still further down in order to test the valne of the deeper levels. A six-inch bore is to be nsed as long as possible, the drill being worked by compressed air. This is the largest bore yet worked in the colony, The developments will be watched with interest by all who have invested in Coromandel properties. HIT OR MISS. Messrs Bewicke, Moreing, and Co. have arranged for an extension of the option held by them for the floatation of this property. During the option that has just expired, this firm conducted considerable development works on the property, and these will be continued during the ensuing six months. The terms remain as before. The Hit or Miss mine is situated at Puriri, Thames, and adjoins the Dover Castle, which is also well spoken of. SCANDINAVIAN. The floatation of this Tararu property on the Home market is now practically assured During this week Mr J. T. Julian, one of the directors of the Company, received a cable advising that the balance of purchase money (.41,000) had been paid in London to the Company’s attorney, who expects to have the transaction completed and new shares issued this week. IMPERIAL. This mine is well situated at Karangahake alongside the Woodstock Company’s mine, and recent reports are of a most encouraging nature. The reef in the south drive is a compact body of quartz, about 4 feet in thick ness. At No. 4 level the reef shows a thickness of 2 feet,

and during the week colours of gold were seen. Samples from the reef in the south drive when assayed yielded at the rate of £7 6s and £6 18s 6d, respectively. RISING SUN. This Owharoa mine would seem to be one of the best speculations at the present time when prices are so low, owing to the depressed state of the mining market. The mine is being steadily developed, and all results so far point to this property ultimately proving one of the best in Ohinemuri. Four parallel reefs have already been cut in the cross drive near the surface, one being abont three feet wide, another one foot, a third six inches, and a fourth about four inches. A drive lower down the hill has also cut these lodes, tbns proving their existence downwards. From the large lode some fine-looking gold-bearing stone has been obtained. The hangingwall lode (about one foot wide) has been sunk upon 37 feet, and appears of splendid quality, the stone being streaked with sulphides. This is one of the few small properties about Owharoa working on a genuine goldbearing lode.