MINING NEWS.

New Zealand Graphic, Volume XIX, Issue XXIII, 27 November 1897, Page 716

MINING NEWS.

SHAKEMARKET. BUSINESS on the Exchange continues dull, and it is now getting rather near to the holiday season for any revival to be expected. The quietness in the sharemarket is all the more to be wondered at, because the output of gold from the mines where batteries are in oj>eration are very satisfactory. This week’s yield tots up to close on X 20.000 as the returns from the Waihi, Waitekauri, and Woodstock mines all came together this time. A crushing which is of special interest is that from the Grace Darling mine, at Waitekauri. The option holders put the old 10 stamper battery in order and crushed 50 tons of ore from all parts of the mine for a return of £ 160. 'l'his is very satisfactory, as it not only proves the ore to be payable, but also that it can be successfully treated by the wet process. Another crushing of interest is that from the Tokatea Consols mine at Coromandel, 20 tons yielding £343 10/. This is another of the properties developed by an English Company, and seems likely to be a good one, as the developments at the low level are also very encouraging. The Hauraki Associated mine continues to yield hauls of rich picked stone, and this company’s new battery has now commenced operations. The Royal Oak of Hauraki mine is still yielding rich ore, and the next crushing is expected to be quite equal to former ones. The returns from the Upper Thames mines are all satisfactory this month, while the developments in the Woodstock are very encouraging, ore of exceptional richness being obtained from a sixinch leader, and at the Crown mines preparations are being made for the erection of additional crushing power, a course that is fully warranted by the large reserves of ore in sight. The dullness of the Exchange is therefore not the result of any weakness on the part of the mining industry itself, but simply the natural outcome of the wild boom of IS months ago, which caused more companies to be floated than it was possible for local capital to keep going. A number of these have already been wound up, and others must follow in due course, where the work done has not revealed anything of importance. When the sifting process is ended, and only legitimate mines are left, matters will be on a sounder basis, and there will be less useless expenditure of money.

WAIIII RETURN. £11,353 from 3300 TONS. The Waihi mine continues to give regular large returns each month. During the past four weeks £11,353 worth of bullion was obtained from 3300 tons of ore. The average value of ore per ton was £3Bs9d. This brings the total output of bullion from this mine up to £618,59+ 17s 3d. The following are the returns from this mine since 1890: —

WOODSTOCK RETUKN. £3171 FOR THE MONTH. TWO TONS YIELD £325. The prospects of this Karangahake mine are improving rapidly, as the six-inch vein of rich ore intersected recently continues to yield quartz of very high grade. Two tons of this ore was sent to Messrs Fraser and Sons, and treated by the pan amalgamation process for the excellent return of £162 10s per ton, total yield £325. The return for the past four weeks from the mine shows a decided improvement, the average value of the

ore treated being £3 2s 2d per ton, as compared with £2 14s 6d the previous month. The present return, however, ineludes the yield from the two tons of ore referred to above. Still, apart from this, the average value of the ore treated at the company's battery during the past month shows that it is of better grade. In all during the past month 1020 tons of ore were treated for a return of bullion valued at £3171. The previous month five tons of ore less were treated, the out-put being worth £2765. At No. 4 level the lode is six feet wide, without the footfall showing whilst the quality of the ore is of the best average value yet obtained in any part of the main lode. WAITEKAURI RETURN. £4077 FROM 1945 TONS. The quantity of ore treated during last month at this company’s battery was not as large as that put through for the previous return. The average value per ton of'the ore treated was £2 Is lid. The total quantity of ore treated was 1945 tons, which yielded bullion valued at £4077 2s 6d. The previous return was £ 4512 from 2095 tons. TOKATEA CONSOLS. A GOOD RETURN. A crushing has just been completed by the English company that owns this Coromandel property for a very satisfactory return. Thequantity of ore treated was 20 tons, which gave 120 oz of gold valued at £343 10s. This ore was taken from all parts of the mine, as there are three leaders being worked, each of which carries good gold. The developments in the low level are also of a satisfactory character. GRACE DARLING. Amongst the companies mentioned in the 'London Financial News' as registered is the Grace Darling Purchasing Syndicate (Limited), with a capital of £lO,OOO in £1 shares. The trial crushing of 50 tons of ore from this mine yielded at the rate of £3 4s per ton. This does not include the silver. About 20 tons of tailings and slimes remain to be treated. It must be remembered also that this return does not represent the actual value of the ore crushed, as a good allowance must be made for losses incidental and inseparable from a first erushing at any mill. The crushing proves that the gold exists in the ore in quantities payable, and also that it is amenable to the cyanide treatment. At the present time the lode is four to six feet wide and shows gold freely. VICTORIA RETURN. A crushing' of forty-five loads of general dirt from this mine yielded 34ozs 15dwts retorted gold, which was reduced on melting to 33ozs 12dwts, valued at about £96. Included in the crushing were eight loads from the surface leader, which yielded ISozs gold. TALISMAN. Prospecting work on the Bonanza section of this company's property has reached two reefs live feet and fifteen inches wide respectively, both gold-bearing. These lodes have been traced lietween 400 and 500 feet, running through the country. In the Talisman mine the lode at No. 6 level continues to open up exceedingly well, being five feet wide. The whole of the ore is being sent to the mill. The next return for four weeks is expected to average £3 per ton. When the new Krupp mill is at work it is anticipated that over 1000 tons will be put through every month. N.Z. CROWN MINES. This company is now arranging for the erection of another forty head of stampers. It is expected the first twenty stampers will arrive by the time the foundations are ready.

GOLD RETURNS FOR THE WEEK. d Company. Tons. £ s Woodstock 1020 3171 0 0 Grace Darling:, trial 50 160 0 0 Tokatea Consols.... 20 343 10 0 Victoria 45 96 0 0 Waitekauri 1945 4077 2 6 Waihi 33<A) 11,353 0 0 Coromndl. Freehold 1 ton .. 3 1 2 £19,203 13 8

Bullion won £ s <1 in 1890 ....21,112 13 6 1X91 ....23.935 5 11 1892 ....44,888 2 4 1893 . . . .61,900 1<» 11 1X94 ....82,827 •> •» 1895 ...120,334 2 2 1896 ...137,321 8 1897 (to November.). ...126.275 ) 1 Total . £618.594 17 3