MINING NEWS.

New Zealand Graphic, Volume XIX, Issue IX, 21 August 1897, Page 265

MINING NEWS.

SHAREMARKET. AMONGST the gold returns this week are two that further illustrate the wonderful richness of the Coromandel district. A little under 26 tons of ore from the Royal Oak mine was treated for the magnificent return of X\},soo, and five tons from the Success mine yielded /400. It is the discovery of patches like these in ground that was roughly worked over a quarter of a century ago, that serve to show what may be expected from our goldfields now that English capital is available for systematic development. That there is still a desire to secure options over suitable properties is shown by the fact that during the week two have been taken up. One was the New Golden Point of Tapu, and the other the Egerton at the Great Barrier Island. The latter place seems to be in particular favour with mining experts whose reputations should be a guarantee that they know what they are about. Most of the experts who have visited the Great Barrier speak very hopefully of the future of that section of our goldfields. Options have already been secured over the principal mines there, and a large number of men are now employed on development works at the expense of the option-holders. The real test of the value of the mines there will, however, be when the batteries get to work, but that will, of course, take some time. One very hopeful feature is that all the bulk parcels sent away for treatment have given satisfactory returns. At Kuaotunu matters are quiet, but steady work is being done on a number of mines which should prove remunerative later on. In the Upper Thames the burning question is which way the famous Waihi reef is running, and shares in all the mines in close proximity to the great bullion-producer receive an amount of attention from speculators, because whichever strikes tlie lode will, of course, rise in value rapidly. At Karangahake the point of most interest is the Talisman mine, the result of the first crushing of i.ooo tons of ore being awaited with something akin to impatience, as it is generally felt that if satisfactory it will lead to renewed activity in adjoining properties. Latest accounts point to the return being a satisfactory one. In the lower Thames an amount of money is being spent by English Companies in development work, but so tar these have not reached the stage when remunerative returns may be looked for. A good deel depends upon tire completion of the deep shaft at the Thames Hauraki mine. When that is completed the May Queen will be able to open up another level, which, as go d was left in the floor of the upper one, should turn ont satisfactorily. The Moanataiari battery is now well on the way to completion, and it is stated there are ample supplies of payable ore to keep it employed. The Alburnia Company is, however, in the fortunate position of having its battery working, and also rich ore to supply it with. Shares in this Company eased off a little during the week, but have since advanced again in price. At Puru the Consolidated Company is arranging to erect a zo-stamper battery, the developments in the mine having proved the reef payable at both levels. Business on the Exchange has, however, been rather quiet during the week, and there have been few alterations in values. The most steady transactions were in Thames stock, and also in Talismans.

SUCCESS RETURN. /•400 FROM FIVE TONS. English Companies at Coromandel seem to be on the gold now. The Royal Oak crushing was a splendid one, and following that another parcel of rich stone from the Success mine has just been treated for a highly satisfactory return. The total amount of ore crushed was five tons, which yielded 1310 Z of retorted gold (which, on smelting, will amount to about 1290 Z), worth about /■4OO. The previous crushing of seven tons yielded Zs°o. EGERTON. Representatives of English capitalists have secured yet another option over a Great Barrier property. This

week the directors of the Egerton Company granted an option of floatation to the New Zealand Mines Trust, Limited. The mine comprises an area of 62 acres adjoining the Barrier Reefs, Monnt Argentum and Kauri Timber Company's properties. Work is at present proceeding under the direction of Mr Baydin, M.1.C.E., the Engineer to the Trust, who is putting in a crosscut to intersect the Great Barrier Reef, and another to cut the main branch of the lona reef. Altogether there are five reefs visible on the property, some of the assays from which have been exceedingly good.

WYNYARDTON. This Coromandel mine, which adjoins the Hauraki North property, appears likely to be developed by English capitalists. A reassuring letter was received by the last mail from Mr Escott, the gentleman in whose hands the floatation in London was placed. He states : * I placed the few particulars I had before a house that fancied Coromandel. They offered to find working capital and give the vendors 20 per cent, of the shares.’ HAURAKI ASSOCIATED. Great energy is being displayed in completing the erection of the battery under the supervision of Mr H. H. Metcalfe, more men having been put on to push ahead work. In another month everything should be ready to start crushing. A large quantity of ore is already at grass, and the County Council will lend every assistance to the Company in transporting the ore to the battery by forming a good road, which will be finished in about a fortnight. NEW ZEALAND CROWN MINES. SPLENDID CRUSHING RETURN. Z4,08i FOR THE MONTH. Following upon the payment of a dividend of one shilling per share by this Karangahake Company has come a highly satisfactory return for the crushing operations during the past month, the return being the largest obtained from this mine during the year. In all 1,473 tons of ore were treated, which yielded 2,35202 of bullion, estimated to be worth /4,08 i. The only larger yield than this from the Crown mines was last December, when at the cleaning up for Christmas /4,62 s 10s was obtained. The following are the returns for the present year from this mine :—

THE CAMBRIA MINE. A WONDERFUL GOLD PRODUCER. During the past week shareholders in the Cambria Company met and passed resolntions winding up one of the most famous dividend-paying companies that has carried on operations at the Thames in comparatively recent years. The reason why the company was wound up was not because the mine is exhausted, but on account of it having been purchased by the Anglo-Conti-nental Syndicatejfor 7,450 shares in the Moanataiari Company paid up to £1 each. The past history of this mine illustrates what may beexpected from the Thames goldfield. The Cambria Company was started in November, 1883, and during the fourteen years since then 57,24902 isdwt of gold was won from the mine worth 3s rod. Of this /'50,475 was paid as dividends to shareholders, and Z 78.487 3s rod disbursed as wages and other charges. All this was done on a caked-up capital of Z 4.283 15s, or is nd per share. In wages alone /46,223 9d 7d was paid by the Company, so that it must have given a lot of employment. All this gold was got from a comparatively small area in about two years. GOLDEN OPPORTUNITY. This property was placed on the London market some time ago, and Mr Von Sturmer more recently left for England with full power to complete the negotiation. This week Mr W. H. Churton received notice that had been received from London, being the stipulated first payment in cash on account of the sale of this Tararu property. The terms upon which the mine was placed on the London market were that vendors should receive / 1,500 cash and 30 per cent, of whatever number of shares the Company was formed into. These shares will be fully paid up, and provision is also made for ample working capital. PURU CONSOLIDATED. Shareholders in this Company met during the week and passed resolutions authorising the voluntary winding up of the present no-liability company. This step was taken in order that the mine might be transferred

to a'new company to be formed under the limited liability section of the Act. The reason for this was that the reef has now been fully opened up at two levels, and proves to be so good that the directors feel warranted in borrowing money for the purpose of erecting a 20stamper battery. As the Banks will not advance money to no-liability companies, it was necessary to make the alteration. The present directors were authorised to transfer the mine to the new Company for 62.000 shares of 7s 6d each, which shall be considered paid up to as sd. KURANUI CALEDONIAN RETURN. /477 FOR THE MONTH. During the past month 435 tons of ore were treated by this Company for a return of 17702 I7dwts of gold, valued at Z/77 4s 7d. Next crushing should be more satisfactory, as the battery has commenced running three shifts instead of two as heretofore, so that a larger quantity of ore will be put through. FORTUNA. The Company formed to work this Thames property has been registered at Home. A staff of men have been engaged recently opening up various lodes, and encouraging results were met with. A lode, 20 feet thick, has been intersected, in which gold is seen. Work is being carried on by Mr H. Rabe, Mr Merricks, of Auckland, being general superintendent. The Fortuna mine is situated on Una Hill at the lower Thames. THE HIHI FIND. The recent excellent result from a trial parcel of stone taken from the new find at Hihi has resulted in the proprietor resolving to erect a small battery to treat the ore at the mine. It is stated that for hundreds of feet in length good prospects can be obtained from the reef, and there is reason to believe that it is a north continuation of the Broken Hill lodes, only in different form and strata.

ROYAL OAK. /"3,500 FOR THE MONTH. The English Company that purchased this Coromandel property are certainly to be congratulated npon the speedy and satisfactory results of the development works undertaken. A crushing was completed this week for what is certainly a magnificent yield even for Coromandel. The amount of ore treated was 25 tons of general ore and 1,6331 b of specimen, which yielded 1,43102 ndwt of melted gold, valued at /"3,500. This totally eclipses the two previous returns from this mine, one of which was /486 from 25 tons, and the other from 10 tons. The mine is still reported to be looking splendid, there being a very good show left. News received from London by the mail is to the effect that the amalgamation of the Royal Oak with the Tokatea has been agreed to. This will give the former mine a battery ready for work, so that regular crushings may be expected in the future. VICTORIA RETURN. During the past month 49 loads of quartz were taken from this Thames mine, which has just been crushed for a return of 1050 Z of gold, value about £2BB. ALPHA. Shareholders in this Waitekauri Company met during the week and passed resolutions increasing the capital in order to carry out an agreement entered into by the directors with Mr Duncan E. Clerk, who, on behalf of a local syndicate, offered to erect a 20-head stamper battery with cyanide plant complete with modern appliances in return for 50,000 shares in the Company, and repayment of /'l.OOO previously deposited. The resolutions agreed to were ‘ That the capital of the Company be increased by /'i0,500 by the issue of 70,000 new shares of the nominal value of 3s each in addition to the existing 50,000 shares of 3s each ; that 15,000 shares be allotted to the shareholders in the Rainbow G.M. Company on obtaining transfer of its holdings and assets of every nature and description ; that the agreement entered into between the Alpha G.M. Company and Duncan Edward Clerk be ratified; and that 50,000 shares be allotted to the said D. E. Clerk in terms of such agreement.*

Tons. £. s. d. January 918 3,071 0 0 February 990 3,342 2 11 March .. 1.161 2.873 0 3 May 1,181 3,105 17 0 June 1.300 3,570 0 0 July 1,200 3,300 0 0 August.. 1,473 4,081 0 0 Total output for seven months £23,343 0 2