MINING NEWS.

New Zealand Graphic, Volume XIX, Issue X, 28 August 1897, Page 299

MINING NEWS.

SHAREMARKET. BUSINESS on the Exchange showed some improvement towards the end of the week, there being quite a ran on shares in Great Barrier Companies with free sales all round and several advances in value. Low-priced Coromandel stocks also met with more enquiry, and indications seem to point to an all-round advance shortly in this district, the discovery of another rich run of gold in the Royal Oak mine, coupled with an improved return from the Hanraki mine, having tended to renew confidence in mines in that district. Accounts from the Royal Oak point to an extensive run of gold having been discovered. About worth of rich specimens were taken out at one breaking down this week. Satisfactory small crashings have also been made from Blagrove’s Freehold and Bunker’s Hill. Shares in the Pro-gress-Castle Rock had free sales this week owing to offers having been made to float the mine on the London market. High-priced stocks in the Upper Thames had fair enquiry during the week, Waihis being asked for at 12s yd, Crowns at 245, Woodstocks at 30s, and Talismans at 17s. The crashing return from the latter Company is expected to be announced this week, and it is stated the result will be thoroughly satisfactory. The return from the Woodstock mine this week was rather disappointing, as until the result was announced it was not known that the hoppers were being cleared of low grade ore. # Grace Darlings and Portseas sold freely at better prices during the early part of the week, owing to having been deposited for an option of floatation by the representative of an English syndicate. Waihi Extended shares improved in value a little during the week, and Ohinemuri had fair sales almost daily. The demand for shares in Thames Companies’ was not so brisk this week, though Alburnias had regular transactions at from 5s to 5s 3d. One hopeful feature of the week has been the winding up of several small companies in cases where prospecting operations had not been satisfactory. This means a stoppage of useless expenditure in the future as far as these particular companies are concerned. In some other instances directors’ fees were reduced, and also the amount paid weekly to legal managers. This also is a step in the right direction.

HAURAKIRETURN. aN IMPROVED YIELD. Ore of better grade was treated during the past month at this Coromandel mine. Although 50 tons less of ore were crushed 24 1 more gold was secured. During the month 300 tons of ore yielded 5290 Z sdwt of melted gold, value /1,587 ISS. BUNKER’S HILL. A parcel of ten loads of quartz and 4olb of picked stone from this Coromandel mine was treated this week at the Kapanga battery for a return of 570 ZS sdwts of gold, value Zi72WAIHI CONSOLIDATED. Massive machinery is being erected by this English Company. The new pumping engine has been placed on a solid bed of concrete foundation 14 feet thick. The engine is of 250 horse-power, the balance wheel being 14 feet in diameter, and weighing 10 tons, while the flywheel is 10 feet, and weighs nine tons. The multitubular boiler is of 40 horse power. Before long the new pump will be in position, when driving will be started at the 200 feet level, and sinking resumed. The inflow of water at the mine is about 4,500 gallons an hour. lONA. Shares in this Great Barrier Company had considerable attention during the latter part of the week. The possibilities before this mine are very great, as the main reef is from 30 to 40 feet in width, runs for 3,000 feet, and gives 570 feet of backs to work upon. A fair average sample assay from this reef yielded £f> 6s 9d per ton. Some picked stone yielded £fx> per ton, and specimen stone as high as £2OO per ton. At the average of £f> per ton such a large reef would pay handsomely.

WOODSTOCK RETURN. FOR THE MONTH. The return for the past month’s crashing operations by the Woodstock Company at Karangahake shows a considerable falling off in value as compared with previous ones, tne total yield being £2,738. The decrease is, however, explained by the following report from the manager:— * Cleared the mill-hoppers of low grade ore, pending the erection of Gates crasher. High-grade ore is now being crushed.* OHINEMURI SYNDICATE. Good progress is being made with the erection of pumping and winding machinery at the shaft. The fonndations are completed, a portion of the machinery is in position, and the erection of the: remainder is being pushed ahead. The shaft is now down a little over too feet. A good class of country is being sunk through, it being interlaced with mineral seams, some of which give good dish prospects. It is estimated that 50 feet of driving will strike the Radical lode, which produced a lot of gold in the upper levels. BLAGROVE’S FREEHOLD. The English Company that is working Blagrove’s Freehold at Coromandel had a trial crushing of 4 tons of ore treated at the Kapanga battery this week, and obtained a very satisfactory return. The ore was taken from the leader now being developed on the eastern side of the mine. The return obtained was 310 Z of gold, value X 93. This is the first crushing taken from Blagrove’s Freehold. ROYAL OAK. 2*2,000 WORTH OF SPECIMENS. Apparently the English Company that was formed to work this Coromandel property has struck a good run of gold. Last month’s crushing was an excellent one, and this week there was a splendid breaking down, yielding 1,249 pounds of specimens. The stone, if of equal value to the late crushing, will give over £2,000. This is taken from a three foot reef, and as rich runs of gold were got from this mine in the early days, it is probable that Coromandel is about to produce a second Hauraki. GRACE DARLING—PORTSEA. 2*500 DEPOSITED. An option was granted this week by the directors of the above Company for the floatation of the property on the London market. Mr Thomas Trafford Wynne, representing the Home syndicate, on Tuesday deposited 25°° for a six months’ option. The terms are the same as those previously offered some time ago. GREAT WESTERN. On this Wairongomai property at the upper level a well defined reef has been exposed for some distance, in which metallic gold could be clearly seen. Numerous assays have been already made of stones taken from different parts of the mine, which yielded at the rate of from £1 5s to £f> 103 per ton. An aerial tramway is in course of construction to convey quartz to the stone - breaking machine, from thence it will be passed down tc the kilns immediately above the battery, and at a later stageto thebattery itself. Thesite for the reduction works has also been prepared. The battery when completed will comprise what is known as the latest designed Chilian mill, and instead of ordinary stampers, rollers will be used for fining down the quartz preparatory to its being put through the cyanide vats. The power for driving the machinery will be obtained from 140 feet waterfall in the vicinity of, but below, the reduction works. PURIRI GOLD ESTATES COMPANY.

News was received this week by cable from London to the effect that the Puriri Gold Estates Company has been formed with a capital of 2 1 75.°°°. of which 275>°°°* s being issued to the public. This Company has taken over the property known as the Beresford at Puriri. LOYALTY UNITED AND EXTENDED. These properties jointly comprise about 100 acres and are bounded by the Aroha Goldmines (Limited) ground aud the Welcome License Holding, adjoining the Cadman Special Claim at Waiorongamai, Te Aroha. Gold in payable quantities has been obtained from the southern portion of the Inverness reef, and the run of precious metal has been traced on the surface from the old workings to the Welcome reef, a distance of 350 feet, by trench workings. A rich leader from six inches to two feet wide, running for some considerable distance parallel with the Inverness reef, has been driven on for about 30 feet, metallic gold being visible at every breaking down. There are fully 40 tons of ore paddocked ready for treatment, estimated to be worth at least £lO per ton, but at present there is no crushing plant available within reasonable distance. The Inverness reef itself is from

two to six feet wide, the bullion taken from it averaging £3 6s per ton, but no work has of late been done. In the Palace section of the Loyalty-United ground a winze has been sunk from which first-class crushing dirt has been taken, and the handsome yield obtained of 6oz to the ton from a trial crushing of ten tons of ore. GOLDEN BAND, CRIMSON THREAD AND SILVER STREAK (WAITAWHETA). These claims, which are situated on a line of ranges behind the main Te Aroha hills, have been continuously worked by a small syndicate from the East Coast, namely, Messrs Chaytor, Burt and Thomas. Operations were first commenced on the Crimson Thread claim. Trenching was vigorously undertaken, with the result that valuable surface stones were found along the range, the assay value of which varied from £l5O to £220 per ton. Subsequently a low level was put in from the Silver Streak ground, with the result that a cinnabar and quhrtz lode was cut which continued for 30 feet. Assays of the dirt broken down yielded gold and silver in satisfactory quantities. At 200 feet a two foot lode, of quartz was cut, followed shortly afterwards by one of 9 inches, after which stringers were intersected every few inches, giving strong indications of a reef at no great distance. The fact that the country driven through carries loose gold is a good indication of the reef proving a valuable one.

GOLD RETURNS Companies FOR THE WEEK. d Tons £ 8 Hauraki 300 1,587 15 0 Blasrove’s Freehold 4 (trial) 93 0 0 Mav Queen Extended 3 (trial) 8 10 0 Bunker’s Hill .. 10 and 401b stone 172 0 0 Woodstock not stated 2,758 u 0 Waihi-Sil verton 800 1.108 0 0 Total . £5,727 5 0