MINING NEWS.

New Zealand Graphic, Volume XX, Issue XXIII, 4 June 1898, Page 701

MINING NEWS.

• - SHAKEMARKET. THE most noteworthy feature of the market this week was the advance in the price of shares in the Waihi Company owing to the lode in the lowest level having further improved in average value. A few weeks ago these shares were offered at £4 10/, but since last report sales occurred at £5 5/ and £5 7/6, with steady buyers left at the former price and no sellers quoted. Waihi-Silver-tons also advanced, being sold at 6/ to 6/3. Shares in the smaller companies adjacent to the Waihi also had steady enquiry during the week. Monowai shares also increased in value, buyers’ rates rising from 5/2 to 5/7, the main demand being from the South. Recent heavy rains have renewed the water supply, and batteries are now able to run full power on the goldfields, so the returns should show increase for the next few months from the leading mines. At the Moanataiari Company 30 head of stampers are working on ore from all parts of the mine. The Puru Company’s new mill is also in full swing. It is anticipated that 1,000 tons will be put through before cleaning up. The Royal Oak Company announces the distribution of £12,500 this month in the shape of a dividend, the result of about one year’s operations. The return from the Hauraki mine this month is up to the usual average, more general ore being treated and less picked stone. A parcel of 30 tons of quartz crushed for the Kapanga Company yielded at the rate of £6 per ton, while one ton of ore and 381 b of picked stone won from the same mine by a tributer returned about £ 50. The Waitaia Company at Kuaotunu obtained a little over £4 per ton this week from .a parcel of 107 tons. Nonpareil tributers obtained about £4 10/ per ton from a 36-ton parcel treated for various parties.

Two peculiar meetings were held this week. In the case of the KapaiVermont local shareholders were asked to pay 3/ per share in order to buy back their mine, which was sold on the London market. The old company being in liquidation, it is proposed to buy its assets and thus secure the ground and the right to a mortgage of £40,000 given by Home purchasers. In the case of the Hauraki North Company the meeting was one of creditors. This sad end should further enforce upon speculators the fallacy of putting any trust in assays as practical proof of the value of a mine. During the boom sensational assay results were obtained from this mine and prices of shares reached a high level. Crushing plant was erected and the result is a meeting of creditors. Yet many believe that this property is a valuable one, and its proximity to the Hauraki mine lends colour to that belief. Capital is, however, required to develop it, and, as half the shares are fully paid up. heavy calls require to be made which shareholders are not eager to pay when the scrip are only saleable at •very low rates. QUEEN OF THE NORTH. The mine manager wired this week:— “ Broke down leader. Obtained 231 b very good picked stone. Gold showing.” MOUNT DAVID. A cable received from Sydney gives the returns of the Mount David G.M. Co. from a four weeks’ crushing, viz., 415 tons for 452 oz melted gold. GRAND JUNCTION. The shaft in the Waihi West section is now down 220 feet, and has cut through the reef, which proved to be 18 feet in width, and gave assays at the rate of £5 per ton. CHICAGO. The erection of a battery building is finished, and the placing of the machinery in position is nearing completion. The work in the mine is being pushed ahead, and prospects are good. HAURAKI SOUTH. Work in this English owned mine is confined to two winzes from the sea level tunnel. On the Anckland reef, which is from 2ft to 3ft wide, the winze has been put down some 15ft from collar set. The reef for this distance has maintained its size and continues gold-bearing.

BUNKER’S HILL. Colours of gold continue to be seen in the quartz taken down in the drive on the cross leader, and the width of the lode is 12 inches. No. 1 reef showed no gold during the week, but at this point the cross leader exposed strong dabs of the precious metal. NONPAREIL. Chapman ami party, tributers in this Thames mine, crushed twenty loads from the Liverpool reef for 26ozs lOdwts gold, value £73. Coster and party crushed 4 loads for loz 2dwts, value £2 19s sd. Addicoat and party crushed 3 loads for 2ozs 9dwts, value £6 17s. O’Sullivan and party banked 34ozs 3dwts gold valued at £65 Bs, the result of a crushing of nine loads. HAURAKI NORTH. At a meeting of creditors in this Company it was agreed that four months time should be given to enable calls to be made and collected, wages claims to be treated as preferential, and general creditors to be paid in instalments pro rata. Messrs J. J. Craig, G. Fraser and C. Verran were appointed a committee to assist in the liquidation. The mine is closed down for the present. KARAKA BLOCK. The No. 3 reef south of the crosscut is 18 inches wide composed of rubbly quartz, which gives splendid prospects by washing. The manager expects specimens any breaking down. The stone from No. 2 stope showed gold very freely, and the reef is still yielding crushing dirt. Another dab may be come upon at any breaking down. Colours of gold are still seen in the big reef. ALPHA. The following assays have been made of samples of ore taken from the main reef in the low level at this mine, £6 10s 3d per ton and £6 17s 9d per ton. About half a cwt of ore was taken from all parts of the reef at a point about 18 feet from the crosscut. A further large average sample has been taken from the reef. Two independent assays gave the following results, per ton:—No. 1, gold, loz Bdwts; silver, 240 z Idwt. Value £8 0s Id. No. 2, gold, loz 9dwts 9grs ; silver, 230 z Odwts 15grs. Value, £8 3s 6d. WAIHI. Shares in this Company had an upward movement on May 26th. A week ago Waihis were offered at 105 s, but subsequently sales were reported up to £5 7s 6d. This is no doubt the outcome of the important developments in the low level referred to a week ago. The exact width of the lode has not yet been definitely ascertained, but sufficient work has been done to prove that it has widened out considerably at the low level, and also that the ore shows still further improvement in value. MONTEZUMA. The new plant, erected by the Rev. J. Campbell for this Te Aroha Company, is now in working order. At present a very low grade ore is being treated, the plant being run for the purpose of training the staff, and getting everything into smooth working order. Shortly put, the system of working is: — The ore has to be broken to the size of peas, and introduced into the furnace when its temperature is at 1500deg.F. Then the water gas is turned on, which carries away all the base material, leaving a free milling ore, that is subsequently treated by well-known methods.

ROYAL OAK DIVIDEND. The declaration of a dividend by this Company previously notified is an evidence of the richness of the ores worked in the Royal Oak of Hauraki mine at Coromandel. Although 3d may seem a small amount, the fact must not be lost sight of that these are 5s and not £1 shares, and as there are 1,000,009 shares since the amalgamation was effected with the Tokatea, this dividend will absorb £12,500. This may be looked upon as the outcome of twelve months’ work, during which time 256 tons of ore, including picked stone, rereturned bullion worth about £27,874 8s 6d. MONOWAI GOLD MINES. In the Gem Mine No. 2 adit level, the reef is 3ft thick, being continuous the whole distance from No. 3 up to No. 2 adit, and of a payable nature. The north level has been driven a further distance of 14ft, making it 134 ft from the No. 2 adit, with a reef from 3ft to Bft in thickness, which is of fair quality. The tram line has been completed from the battery to the No. 3 adit and

works splendidly. At the Monowai Mine No. 3 B Tunnel has been driven 38ft, making it still 144tt in the reef, which is quite 40ft thick. The cyanide shed and the placing of the vats are in position and completed, and a tram-line laid down to it from the battery. WAITAIA RETURN. £434 FROM 107 TONS. The treatment of 107 tons of stone from the Waitaia mine, Kuaotunu, belonging to the old Company, has now been completed at the Great Mercury battery. The returns were : From battery, 102 oz, value £3 per ounce, £306 ; from cyanide treatment, 68oz, value £1 )7sBd per ounce, £128; total, £434. The directors of the Waitaia G.M. Co. (Ltd.) met on May 26 and appointed Mr C. G. Gentil as chairman of directors in place of Mr Young, resigned. The 888 unallotted shares in the company are announced to be sold by tender. As shareholders in the present company will be entitled to one share in the new company for every three held in the old one, they will now be enabled to adjust these holding acordingly. The proceeds of the crushing and of the above shares will cover all liabilities of the old company. KAPAI - VERMONT. An extraordinary meeting of shareholders in the Kapai-Vermont Company was held on May 26th in the Chamber of mines. There was a good attendance. Mr James Russell, who presided, said the shareholders had been called together to consider the position of affairs. The No Liability Coy., of which they shareholders, was in liquidation, Mr Giblein being liquidator. The position was a curious one. When the property was sold a mortgage was given over the property. The 40,000 shares had not been allotted, but the mortgage had been signed and three instalments of interest had been paid. The last installment was not yet paid. The liquidator had received an offer for the purchase of the assets of the Company. The liquidator wanted to know the shareholders’ ideas upon the matter. The meeting was called to see if local shareholders were prepared to pay 2/ per share down and another 1/ within 12 months, in order to purchase the assets from the liquidator. If they did not agree to this there was a danger of the property being sold to an outsider, when the shareholders might not get anything. After considerable discussion, it was agreed to allow a certain time for shareholders to decide, those willing to join in the agreement being asked to communicate with the New Zealand Mines Trust, a corporation owning about half the shares in the company.