MINING NEWS.

New Zealand Graphic, Volume XIX, Issue XIX, 30 October 1897, Page 587

MINING NEWS.

SHAREMARKET. TALKING the latter part of the week more dis|»osition was manifested by speculators on the Exchange to invest in Upper Thames stocks. Nor is this to In* wondered at, seeing that the gold returns this week total £19,073, all of which bullion came from the upper country mines. The ore put through this month by I with the Woodstock and Waitekauri companies was of better average grade. The Waihi return, on the other hand, while an excellent one, shows a decline in the average value of the ore treated, added to which x less quantity of stone was put through the mill. Notwithstanding this, however, the return for 28 days totalled £11,640, which brings up the output of bullion from this mine since 1891) to £607,241 17s 3d. Important developments have taken place in the Woodstock mine with the result that shares for which 17s 3d was the highest price offered, sul>sequently sold at 20s 6d and have still an upward tendency. This is due to the fact that exceedingly rich stone is being got from a six-inch leader in the mine, ami one ton of stone treated in Auckland yielded £126. As we usually expect to find large laxlies of low grade ore in the Upper Thames this discovery is quite a surprise. At the same time it must not l»e forgotten that in the early days of Karangahake some very rich veins were worked by the original proprietors. Another important development took place in the Imperial mine which adjoins the Woodstock. Here the reef has l>een cut on the other side of a break and the stone shows gold freely. Assays made from stone got out of another portion of this reef during the week at the Bank of New Zealand returned at the rate of from £2O 12s 6d to £371 14s per ton. The result was that considerable business was done in shares in this company and the price advanced in consequence. That the Tairua district has a great future Indore it when the mines are properly developed and crushing plants at work may be judged from the fact that two tons of stone taken from the property known as Fleming's Leases yielded, when treated this week at the Thames School of Mines, £3O. The Thames mines show little development worthy of note this week and shares have consequently not been in much demand on the Exchange. Coromandel stocks were also neglected, but towards the end of the week some of the lower priced ones were inquired for. The Welcome Find Company secured 20 pounds of good picked stone on Saturday, which it is to be hoped was the fore-runner of other pockets being obtained. Good accounts continue to l»e received from the Hauraki North mine and the crushing return is expected to lie a satisfactory one.

WAIHI RETURN. £11,640 FOR THE MONTH. TOTAL OUTPUT £607,241. This wonderful bullion producer of the Upper Thames has now yielded since the crushing liegan in 1890 no less than £607,241 17s 3d. During the four weeks ending October 16th 3,240 tons of ore were treated for a return of bullion valued at £11,640. This return although highly satisfactory is not equal to the previous month’s yield, which, it will l>e rememl»ered, was a record one, going over £12,000. The falling-off is, however, part ly accounted for by the fact that 60 tons less ore were treated for the present return. The average value per ton of the ore treated this month was £3 Ils lOd. The following table shows the return from this famous mine since 1890 :—

WOODSTOC K RETURNS. £2,765 FOR THE MONTH. £126 FROM ONE TON. For some time past it has l»een known that ore was Iteing met with in this Karangahake mine which contained gold that was too coarse to Im* saved by the cyanide process of treatment. Latterly very rich stone has l»een obtained from the

stojie over the liai'k of No. 5 level on the footwall liranch of the Maria lode, where the reef i< 3 feet wide and carries a vein 6 inches wide showing coarse gold very freely ; in fact is the richest ore ever obtained from the mine. This ore is all lieing saved and bagged for future treatment. In order to ascertain the real value of the ore one ton was sent to Auckland for treatment by |>an amalgamation at Fraser’s plant. The result was very satisfactory, the yield lieing £126 16s. Theore now lieing won is even richer than thatap|iarentlv, and is of course lieing kept separate. In the face of No. 4 level a splendid reef is showing, fully six feet wide, whilst in the stojies over the liack of this level south of the break the reef is 9 feet wide and increasing in size, and the ore is all of firstclass quality. The tailings from this ton of ore will also be treated by the cyanide process to save the tine gold. The crushing return for the past four weeks from this mine whs also satisfactory in so far that the average value per ton of the ore treated showed improvement, lieing aliout £2 14s 6d as against £2 12s 3d last month. During the past four weeks 1,015 tons of ore were treated for a return of bullion valued at £2,765. This yield is less than last month's owing to the fact that a less quantity of ore was treated. The average value, however, shows an increase of 2s 3d per ton. WAITEKAURI RETURN. £4,512 FOR THE MONTH. The return for the past month from this mine showed considerable improvement owing to the ore being of lietter quality. During the past four weeks 2,095 tons of quartz were treated for a yield of bullion valued at £4,512 .5s 9d, or at the rate of £2 3s Id tier ton Last month 2,005 tons returned £3,050 9s Bd. and in August 1,830 tons yielded bullion valued at £3,900 18s lOd. ‘ IMPERIAL. The prospects of this Karangahake mine are steadily liecoming more encouraging. During the week a considerable improvement has taken place in the reef south of the fault at No. 4 level, where the lode is a very promising looking liody of ore, about 2ft in thickness. Samples of the stone from No. 4 level were sent to the Bank of New Zealand for assay, with highly satisfactory results. No. I sample returned at the rate of 85oz 16dwt of gold and 2950 z of silver, the value per ton lieing £371 14s. No 2. sample returned at the rate of soz 2dwt of gold, 2oz 14dwt of silver, the value [ier ton lieing £2O 12s 6d. Such results should lie sufficient to guarantee the reef proving payable when treated in bulk parcels. Later in the week the manager telegraphed :—“ Cut main reef of the break No. 4 level. Gold seen freely in the stone, also excellent dish prospects. Reef fully 2ft thick.” As this mine is well situateil alongside the Woodstock Company’s property there is little doubt that it has a good future liefore it, and the shares in this Company should lie a good investment at the present low price. HAURAKI ASSOCIATED. Rich stone continues to lie got from this Coromandel mine. This week the manager secured 501 b of picked stone from the stojies on the footwall leader. In the eastern stojies the lead widened out to three or four inches, with gold more evenly distributed. PIRU CONSOLIDATED. The directors of this Thames Company met during the week, and decided to accept the tender of Mr J. J. Payne for the erection of a ten stamp wet crushing gold mill, which it is expected w ill lie able to put through 1,000 tons a month. The mortars will lie a special feature, lieing fitted with inside amalgamating jdates. The whole plant has lieen designed by Mr H. D. Griffiths, and the iron work is to be supplied by the Union Iron Works, San Francisco, through their local representative, Mr Bruce Lloyd. The conditions of contract stipulate that the liattery shall lie completed by 20th March, 1898. Sheridan.—The Napier Company that took over this Tapu mine are pushing forward development work with all possible despatch. The liattery has now resumed crushing operations, the ten stampers having lieen renovated, and the five additional head erected. GOLD RETURNS FOR THE WEEK.

Bullion Won— £ s. d. In 1890 21,112 13 K In 1891 23,935 5 11 In 1892 44,888 4 In 1893 61,900 10 11 In 1894 82,827 2 In 1895 ... 120,334 * * 2 In 1896 ... 137,321 8 2 In 1897 (to • Ictolier) ... 114,922 12 1 Total wince 1890 .. £607,241 17 3

Companies. Tons. £ s <1 Waitekauri ... 2,095 4,512 (b 0 Woodstock ... 1,615 2,765 0 0 Woodstock ... 1 (trial) 126 0 0 Waihi 3,240 11.640 0 0 Fleming's Lease... 2 (trial) 30 0 0 Total for week ... ... £19,073 0 0