MINING NEWS.

New Zealand Graphic, Volume XX, Issue VIII, 19 February 1898, Page 217

MINING NEWS.

SHAREMARKET. Business on the Exchange continued dull throughout the week, as far as actual transactions were concerned, because, although there were more buyers, still the prices offered did not tempt holders to quit better class stocks. A feeling is, however, gaining ground that the worst of the slump has been passed, and the fact that the output of gold for the past week totalled £ 27,519 should go a long way towards convincing the timorous that mining is now on a substantial basis, and also that there would be more justification for a boom now than there was a couple of years ago, when the mad rush for mining investments set in. The Waihi company’s return this month is a record one, totalling £ 14,688 for 30 days’ run of the mill. The return from the Waitekauri mine show’s a marked improvement in the average value of the ore treated, while some very rich stone has been crushed for tributers in the Kapanga mine. Now that the shortage of water for motive power is at an end, the Ohinemuri batteries are rnnning at full power, so that the output of bullion should be larger next month. At the Komata Reefs mine additional stampers are being erected, while the Waihi Company’s new battery at Owharoa should soon be ready to commence work. Waihi Grand Junction shares have had steady demand throughout the week, and the price was advanced to 18s by buyers without transactions resulting. Great hopes are now entertained of the future success of this mine now that the value of the new reef has been ascertained. At the Thames another 150 tons of machinery was received for the Thames Hauraki Company, and the Moanataiari’s new battery has started crushing with 30 head of stampers. WAIHI MINE. A RECORD-BREAKING YIELD. £14,688 FOR THE MONTH. TOTAL OUTPUT £650,299. This wonderful mine has yielded the magnificent return 0f£14,688 for the month of January, the quantity of ore treated being 3,930 tons. The period extended from the 4th of January to the sth of February, exclusive of Sundays, on which days the mill does not now work. This makes the present one the record return from 30 days’ actual milling, and brings up the grand total output of bullion from this mine to £650,299 2s lOd. The following are the yearly returns to date: —

WAITEKAURI RETURN. £6,336 FOR SEVEN WEEKS. This company did not clean up last month, consequently the return to hand is for a period of seven weeks, during which time 2,450 tons of ore were mined and treated for a return of bullion valued at £ 6,336 4s 2d. The most satisfactory feature of this crushing is that the average value of the ore treated is the highest since July last, being a fraction over £2 Ils 8d p£r ton. This is a great impovement when it is remembered that 2,450 tons of ore were treated. At the mine the Waitekauri Company has completed the erection of suitable winding and pumping machinery on the two main shafts at the Golden Cross section, and is now in a position to proceed without interruption or delays with the development of the lower levels of the Golden Cross reef. The machinery is of the latest and most approved pattern and very powerful, enabling-pumping and winding to be carried on for many hundred feet without any difficulty. At No. 1 shaft, the crosscut at No. 2 level to intersect the lode is now so far advanced that the intersection of the reef may be cut any day. At the old Waitekauri mill a rise has been put up over 30 feet on the rich lode recently met there, and shows good grade ore up to 29 feet from floor of level. The drive is now being con-

tinned on the main line of reef for purposes of ventilation, and when that has been secured the management will be in a position to prospect this find more thoroughly. CROWN MINES RETURN. £3,041 FOR THREE WEEKS. Owing to the air compresser not being at work, the better-class ore in this mine was not operated upon during the past month, all the stone being from the underhand stope. This resulted in a falling off in the average value per ton of the ore milled, which proved to be worth £2 Is Id, as against £2 3s 3d, the former crushing’s average. In all 1,480 tons of quartz were treated during the three weeks for a yield of bullion valued at £3,041. TALISMAN RETURN. £1,079 FROM 393 TONS. A smaller quantity of ore than usual was treated during the past month at the New Zealand Talisman Comat the New Zealand Talisman Co.’s battery, owing to the fact that there wheta River to keep more than 15 head of stampers occupied. Recent rains have, however, put an end to the shortage, and the battery is once more working full power. During the month just ended 393 tons of ore were treated for a return of bullion worth £1,079, average value per ton, £2 16s. WOODSTOCK RETURN. £1,552 FOR THREE WEEKS. The extraction during the past three weeks at the Woodstock Company’s battery was lower than usual, and the battery has now been stopped during the conversion of the plant from the dry to the wet crushing process. It is expected that the mill will be in operation in about two weeks’ time. All the dried ore has now been milled, and the kilns have been filled with raw ore for wet crushing. The result of the last three weeks’ run of the mill in the dry process is that£ 1,552 worth of bullion was obtained from 716 tons of ore. KAI’ANGA TRIBUTERS. RICH SPECIMEN STONE CRUSHED. That there is still good gold left in the upper workings of this Coromandel mine is shown by the results of crushings made for various tribute parties during the past week. Andrews and Gunn obtained gold worth £2lO from two tons of general ore and 20Tb of picked stone. This patch shows no signs yet of giving out, as another 23-}lb of excellent stone has since been secured, and gold was left showing in the face. Other crushings by tributers resulted as follows: — Wells and party, 9oz of gold; Gentil and party, 6oz of gold from BTb of stone; and Senior and party, 15oz of gold. Considered together, 2 tons and 581 b of picked stone returned gold estimated to be worth £323. MAHARA ROYAL RETURN. £ 509 FROM 320 TONS. Another cleaning up has taken place at this Tapu Company’s mill, the result being satisfactory, in that it showed an improvement upon the first return. In all 320 tons of ore were treated from the Royal main reef. This yielded 1670 z lOdwt of melted gold, valued at £509 16s 3d. A cyanide plant will most probably be erected to treat the tailings, which give an assay value of from 22s to 25s per ton. WAITAIA. The Scotch Company that acquired this Kuaotunu property is carrying on an amount of steady development work, 26 men being at present employed on the mine, which is reported to be opening up very well. Before he left London Mr Shaw, representative of the Home Syndicate, met local shareholders, and it was decided that 10,000 shares out of the 30,000 which local shareholders were to receive should be forwarded Home to be disposed of, to provide £lO,OOO working capital for the development of the property, erection of battery, etc. The scrip and necessary documents have been sent, and it is expected that three months after receipt the required capital will be available, so that the amount should be raised before the end April. The local shareholders have re-

ceived their eash dividends as agreed upon by the purchasers. THAMES HAURAKI. About 150 tons of machinery arrived by the Indraghiri this week for the ThamesHauraki Co. This is the largest consignment of machinery yet received from London. It includes pumping quadrant, rods, and part of the rock drill plant, also the low pressure side of the compound pumping engine. Another shipment is expected shortly by the Hawke’s Bay, so that the whole of the plant for the Thames Hauraki Company will soon be here.

1890 1891 1892 1893 £ s, d. 21,112 13 6 23,935 5 11 44,888 2 4 61,900 10 11 1894 82,827 2 2 1895 120,334 2 2 1896 137,321 8 2 1897 143,291 17 8 1898 to 5th February 14,688 0 0 Total output .... £650,299 2 10

WEEK'S GOLD OUTPUT. Picked Companies. Waini Tons. Stone. £ s <1 . 3.9.30 14.688 0 0 Crown Mines.. .. 1,480 3,041 0 0 Waitekauri .. 2.450 6,336 4 Woodstock 716 1.552 0 0 Talisman 3X3 1.079 0 0 Mahara Royal Kapanga tributers 320 509 16 3 2 58 323 0 0 Total for week £27.519 0 a