MINING NEWS.

New Zealand Graphic, Volume XXI, Issue V, 30 July 1898, Page 137

MINING NEWS.

SHAREMARKET. During the past week there were steady inquiries on the Exchange for low-priced stocks, such as Broken Hill, City of Auckland, Imperial,New Whau, Hauraki Associated, Four-in-hand, Victoria, Cuirassier, Portsea, Kurunui, and shares in Waihi companies; but generally at rates that in most cases were not accepted. Kurunui-Cale-donian shares also had regular demand, with sales at 1/. Another stock asked for were Barrier Reefs, but as no selling price was quoted naturally no sales followed. Some of the better class stocks declined in value. Waihi shares were offered at. £5, at which price transactions also took place. Waitekauri shares eased 2/6, being offered at 30/, and Woodstocks sold as low as 7/6. It would almost seem as if advantage was being taken of the absence of buyers to force down the price of the better class shares in the hope of bringing in timid holders. Alpha shares after advancing to 2/6 were offered at 2/3, but there are still buyers at 2/1. May Queens changed hands at 4/7, while Crowns have had steady demand at 16/, but no sales at that low price. Now that an additional 20 head of stampers are working at the mine the output, of bullion should show a corresponding increase. At Coromandel things generally look more promising. In the Kapanga mine tributers this week obtained £ 170 worth of gold from 24 ounces of ore, got from the upper workings. At the 1000-foot level in this mine it is stated the reef is the best lode the Company has. Boring operations have also given excellent results below the 1000 - foot level. It is understood that boring is shortly to be resumed. At the Hauraki Special mine the lode at a depth of 360 feet from the collar of the shaft is looking very well and gaves promise of good hauls when opened out upon from the 400-foot level. The return from this mine was £l5OO this month, being a decided improvement. The Queen of the North, next the Royal Oak mine, is producing good crushing dirt, and specimens have been obtained in the New Goleonda. It is also freely rumoured that- an important discovery has been made in the Union Beaeh mine, Coromandel, but. so far particulars have not transpired. At. Owharoa the Ohinemuri Syndicate have ent a reef one foot thick, the quartz from which shows a little gold. Towards the elose of the week a slightly better tone was noticeable on the market. MOUNT DAVID. Mr Harper received a cable from Sydney as follows:—“400 tons crushed for 5050 z of melted gold.” GOLDEN PAH. The return from the last crushing for tlie Golden Pah mine, Coromandel, was 250 z I7dwts of bullion valued at £76, from 20 tons. KAPANGA TRIBUTERS. The Kapanga tributers, Messrs Horne and Johnson, from two ami a half tons of ore crushed secured 58oz 9dwts of retorted gold, valued at £l7O. WHAU. The leader is looking well. It varies fiont one to eight inches in width, and is highly mineralised, the stone showing dabs of gold when broken down. GOLCONDA. The manager telegraphed later in the week: ‘Got 6R> of stone showing strong dabs of gold, and 4tb of picked stone.’

ALPHA. A considerable improvement has taken place in the reef both in size ami quality. It is now a nice body of ore, free from rubble, and is still making in size. It is situated in excellent country. HAURAKI RETURN. AN IMPROVED YIELD. Apparently the Hauraki mine at Coromandel is once more coming to the fore as a gold producer, as the return for the past month’s crushing operation was £1,495 as compared with £1,256 the previous month. This is the best return since last April. AORERE TRIBUTERS. £340 FROM 50 TONS. A highly satisfactory return has been obtained by Messrs Ritchie and party, who are working a tribute in the Aorere mine, Kuaotunu. In all 50 tons were crushed, the result from the plates being 570 z 15dwts, and from the cyanide 83oz 12dwts, estimated value £340. OHINEMURI SYNDICATE. At the Ohinemuri Syndicate shaft the drive to the eastward is in 300 ft. A leader Ift. thick showing a little gold has been passed through, and the manager is having assays made of the stone. He expects in a few days to meet the Annie Reef in this drive, when it is hoped a payable lode may be the result. ItOUNG NEW ZEALAND. The 401bs of ore taken from a 15-inch lode in this Waitekauri mine has been assayed by Messrs Fraser and Sons with highly satisfactory results, one being at t he rate of £4B 6s lOd ami the other £4B 16s 8d per ton. The present low level should cut this lode, when its value going downwards will be ascertained. CHICAGO. The new 10-stamper battery has been erected for this Upper Tararu mine and crushing is expected to begin next week. The latest tests made at the Thames School of Mines show the result of bulk assays of the ore to be £5 7s 4d and £3 16s 9d per ton. The gold is easily saved. The Chicago mine is owned by a Christchurch company. HAURAKI ASSOCIATED. Footwall leader: Stoping has been proceeding as usual with same favourable results, ore of good quality having been procured from the various stopes. A start has been made to repair the road to the battery. I anticipate being able to crush this month. BROKEN HILL. During the week men have been engaged opening up the reef in different parts of the mine, ami stoping from the upper workings. It is connected by a rise put up about 40 feet from this to the outcrop, where it has also been exposed ; shows a splendid reef, and is identical with the Monowai reef and workings. The reef is well defined and of permanent nature. WAIHI GRAND JUNCTION. The drive at the 315 feet level from the main shaft has been advanced 110 feet through good driving country, no difficulty being experienced with water. Al this rate of progress the reef should be met in a short time. At the Waihi West section of the Company’s property the shaft has been sunk 120 feet below the 160 feet level, and a drive has been commenced at adeptli of 110 feet, leaving ten feet for the well hole. The reef is estimated to lie 25 to 40 feet away, so that it should be to hand within a few weeks. TE PUKE. Reports from this property are of an encouraging nature. The cement lode has increased in size and improved in appear ance, and the manager is now satisfied that this lode is a permanent one of considerable extent. Last week anothei lead of gold was discovered, and Mr Long is tracing it to its source. These leads of gold spring from various portions of this auriferous drift, and Mr Long considers that when he is able to strike the portion of lode shedding the gold it will be very rich. He also intends sinking a shaft and testing what appears to lie a second lode lying underneath the one now opened up. SHERIDAN. The first annual report of the Sheridan Company will be presented at a meeting of shareholders to beheld at Napier on Thursday week. The statementof accounts for the period ending May 31,’98,5h0ws —Receipts: To bullion saved, £136 ; crushing for other

companies, £l3 ; interest on fixed deposit, and discount on purchases, £5l 5s Id ; transfer fees, £4l9s ; Italance, £5,029 16s 2d ; total, £5,235 0s 3d. Expenditure: By wages, material, etc., o|>ening up mine, £3,114 16s 10d ; wages, material, etc., at battery, £306 7s lOd ; cartage, mine to battery, £93 15s 9d ; general expenses, license fee, insurance, £239 15s lOd ; preliminary expenses, forming company, £206 18s 5d : mine manager’s salary and bonuses, £557 18s ; ins|>eetion by experts, £lO9 17s 6d ; travelling expenses, £39 15s 6d ; repairing and improving battery, £503 17s Id ; rent of claim, £6l 17s 6d ; total, £5,235 0s 3d. MOANATAIARI. Gold is reported to lie showing in the ore broken from the lode now lieing driven upon in the Cambria section of this company’s property. Crushing was resumed this week, but had to be stopped for the present for want of a sufficient water supply. A change is to be made in the management of the Moanataiari Mine at the Thames, Mr G S. Clark having been notified by the general manager of the Company, Mr H. A. Gordon, that his services will not be required at the end of his present term of engagement, which terminates in about three months’ time. Mr Clark has been in charge of the Moanataiari mine for close upon ten years, and has a personal knowledge of the ground now comprised within the mine for the past 30 years. Mr Clark initiated the prospecting work at present proceeding in the Cambria section, and still holds the opinion that a rich run of gold should be obtained in that locality. ALBERT. An extraordinary meeting of shareholders in this Company was called this week for the purpose of electing directors, the previous Board having resigned. In answer to a question the Chairman, Mr Armstrong, stated that he believed the directors had resigned because they objected to the proposal to remove the office of the Company to Palmerston North. He moved that the following gentlemen be elected directors :— Messrs R. Leary, John Mowfem, Alfred H. Wyles, Richard F. Bollard, and Edward J. Armstrong. Mr Mowlem said the mine had been going on for two years, during which time £3,000 was expended. Outside shareholders could only get meagre accounts of what had been done. About 45,000 shares were held in the South, and the wish was to have the office moved. They thought this Company was worth going on with. Mr Mac Donnell said he was a shareholder in one Company and the head office was shifted from Auckand. The result was that instead of economical management, over £7OO a year was paid for a manager instead of £4 per week as formerly. The motion was then adopted. KUAOTUNU DEEP LEVELS. Residents at Kuaotunu are greatly interested in the question of getting the deep levels tested thoroughly, ami as the Mariposa Company is anxious to undertake this important work steps are being taken to obtain a Government subsidy, as was done in the eases of the Thames Hnuraki and Kapanga Companies. In order to have something practical done in the way of exploring the deep levels with as little delay as possible, a Committee was recently formed at Kuaotunu to further the project, the membets consisting of Messrs John Birch (Secretary), H. Bennett, J. Williams, J. R. S. Wilson, J. Goldsworthy, G. W. Horne, J. W. McCoy, J. A. Thomson, P. A. Marshall, D. Sustius and R. Ritchie. A petition was drawn up for presentation to Parliament, and has been largely signed, as the residents realise that the future of the district naturally depends upon the successful development of the low levels, and it is earnestly to be hoped that the the Government will give the request their most favourable consideration. A fetter was also forwarded to the Hon. A. J. Cailman pointing out that the future of mining at Kuaotunu depended upon the deep levels, and that there was very little doubt but that they would prove more productive than the surface works. Another fetter was also forwarded to Mr Janies MeGowan, member for the district, asking him to bring the matter liefore the House as early as |>ossible, and use his iiest endeavours to obtain a subsidy.

WEEK'S GOLD OUTPUT. Companies. Tons. Pkd. stone. £ d. A ore re tri bn. .. — . 3to o 0 KapunK* tribw. Hauraki 24 110 - .. 117 196 1.495 0 0 0 0 Golden Huh .. 20 .. - 76 0 0 Total 62.0M 0 0