MINING NEWS

Dominion, Volume 8, Issue 2362, 19 January 1915, Page 8

MINING NEWS

WELLINGTON SHAKE MARKET. A Bale of WaiM at Ma. made on 'Change was tho only mining transaction recorded yesterday. Talismans were quoted: Buyers Z?s., sellers 275. 9d. STOCK EXCHANGE. (By Telegraph—Press Association) Auckland, January 18. Business done at the 3.15, p.m. call:— Waihi, Ms. 3d.; Talisman, 27b. 6d. Dunedin, January 18. Sharemarket quotations: Dredging shares: Electric, sellers 3s. 6d. . Mining shares: Talisman. Consolidated, Ltd., buyers £1 7a.: Waihi, I.td., buyers £1 19s. 6d„ sellers £2 Os. 3d.; Waihi Grand Junction. ' Ltd., buyers £1 3s. 9d„ sellers £1 45.; Hercules, buyers ss. Investment shares: National Bank, buyers £5 2s. 6d.; Bank of New Zealand, (old), buyers £9 195.: Bank of New Zealand, (new), buyers £15 125.; National Insurance, buyera, £2 65.; U.S.S. Co. (ord.), buyers £1 Is. 7d.; U.S.S. Co. (pref.), buyers £1 Os. 3d., sellers £1 Os. Bd.; Wcstport Coal Co., buyers £1 lCs. 6d.; Westport-Stockton, buyers 4s. 7d.; National Mortgage Co., buyers £3 18s.; Milburn Lime and Cement (£1), sellers £1 10s. 3d. THE COLOSSUS CLAIM. Prospecting and development work is being carried on by the Colossus Goldmining Development Company, Ltd., on their claim at Wangapeka. Mr. Leslie H. Reynolds, the well-known engineer, has spent four weeks at tho claim. He has been preparing plans and specifications for a tunuel which is to be put in, and for the harnessing of the water-power, of which there is an abundant supply. The Government, after an investigation had been made by a Departmental engineer, lias constructed a road from the neighbourhood of Chandler's at a cost of £3000, whicli will facilitate tho company's operations. Speaking of the prospects of the undertaking Mr. Arthur M'Carthy, the secretary,'faiil: "Tho reefs wcro discovered by Mr. George van Bcllo after about 20 years' prospecting in the locality. When Jtr. Reynolds vMted the claim last February, four reefs had been discovered. There are now sixteen reefs that aro known.. All the st-ono bo far assayed has been found to bo valuable. A tunnel has been driven into tho mountain for a distance of 250 ft., crossing lliree substantial, well-defined galena reefs. Near the mouth of the tunnel there is another reef, stone fro in the outcrop of which has given a value of £19 per ton on being assayed. The company was floated in Napier early in October. At a meeting of tiic directors which is to ho held shortly plans and specifications lor .importojll development work will be considered."