MINING.

Te Aroha News, Volume XII, Issue 1773, 25 September 1895, Page 2

MINING.

During the last few days considerable interest has been-taken in local mining matters, several of our- best mines have b6en visited by experts' with a view to more thoroughly proving, the Loyalty United reefs known to exist in various claims. Perhaps the principal event has been the inspection and the ama gamation of the Loyalty and surrounding properties. The claims interested in .the federation are the Loyalty-P6lace j and The Extended, and, will be known as the Loyalty United, with an area oi 100 acres. This desirable . property has been placed in the hands of Mr Lomas Smith, for the purpose of float • ing it upon the home market. The conditions are that the working capital shall not be less than £20,000; the present shareholders are to receive • £ISOO. cash and one sixth fully paid up shares. The Loyalty to receive two thirds and the Palace one-third of the promoters interests. The Loyally L. 11. was taken up in, November, 1893 r and has been worked, continuously with four men,' who "Have, won. no less than 338 tons of 6f 6, which yielded 5510z.0f gold, valued at £IBOO 10s Gd, so that each man has earned about £5 3s 6d per week for the time worked.

Besides this return they have on hand a stack of 300 tons of ‘ailingfy the assay value of which is thirty shillings per ton. This in addition tov the £IBOO 10s 6d, actually saved, would raise the revenue to the respectable sum of £2250 won by 4 men in less than two years. When we take into considertion tho fact that this result has been obtained by the old battery process which is admitted to sava only about fifty per cent, of the the return is remarkably good The Palace License Holding-'has only been recently taken up, bufthey have opened up their reef and. proved it to carry gold in more than payable quantity.. Some 14 tons have been crushed from, this claim for the handsome return of 39ozs of gold, valued at L 3 3s 9d per oz, being, equal to Ll 24 6s 3d for the 14 . tons, or 2ozs 18dwt per ton. This is very satisfactory, and for a bulk test would' be difficult to beat in any- part of this peninsula.

CADMAN L. HThe prospectors are still employed breaking out’stuff from Hawkin’s reef. They have recently, had eight assays made of quartz taken from different parts of the mine, these variod in value from L r to L 35 per ton. Considering the large'tiu nber of reefs on, this property the assays are regarded as very satisfactory

GOLDEN CROWN. Work is being vigorously pushed on in this mine; the contractor is making good progress with.repairs to the low level tunnel. ;Mr J ones, mining agent, of Paeroa, in company with Mr Reid ' member of the Board of Works, paid visit to the property oh Monday, and while fossicking about the surface, near a portion of the Morning Star reef which had hitherto remained untried, had the good f ortune to discover some fairly rich quartz, which; when subjected to the mortal* test, showed gold freely. ■ T:

ALL NATIONS. . :Capt. Argali, the--well-known mining engineer, has visited this property during the week for the purpose of inspecting the new reef which has been opened up, and also to lay off a low level tunnel, with the object of still further developing the property. Oapt. Argali was accompanied by Mr Robson, managing director of tlie Kapai-Vermont mine, at Kauotuna. From what we can learn these gentlemen wore much pleased with what they saw.

FIND AT KATIKATI There is a good deal of. talk about a find at Katikati, but/no authentic news is yet to hand, except that several claims have been pegged out. THE HAURAKI G.M. CO. The result of the crushing for the past four weeks, at-the Hauraki Company’s battery, at Coromandel, is 2820 oz gold, from 190 tons, which reckoned at £3 per ouro ;, gives a value, for the month; of £|’. -530, the average being 14oz lGdwt 20 4-19 gto the ton. Last month, the yield was 2911qz from 250 tons, being an average of lloz 12dwt and a fraction over 21gr to the ton. The present return, therefore, is in every sense an one. Since the beginning of the year, the Hauraki mine has produced 21,9490 z lOdwt of gold, which, at £3 per ounce, shows.the magnificent.result of £65,848 10s.

BYRON BAY. This licensed holding was floated on Saturday morning by. Mr P. A. Buttle. It is situated at Komata, in the Waitekauri district, and the area of the holding is thirty acres. It adjoins the itomata and Waitikauri G-old Mining Company’s bounded on the North by tSe Byron Bay No. 2 Special Claim, on the East by the IComata, and on the South by the Triumph. The prospectors report they have discovered several strong lodes,; that two of these have been stripped for a considerable length along the line of reef, and that good prospects have been! obtained. It is proposed to form a no liability company with 70,000 shares of 1C 00 scrip each. Of the 70 original Shares the promoters receive 30, 10 are reserved for the'benefit of the company, and

30 were offered to the public at £SO each. Of the £ISOO received by the sale of these. shares promoters receive £3OO, the balance, less brokerage’, going to the credit of the company. WAIHI GEAND JUNCTION. •A cablegram has been received by Messrs John Chambers and Son, who act in Auckland for the Waihi Q-rand Junction Syndicate, stating that the company has been floated in London, and instructing them to close all accounts on , behalf of the syndicate from October 15. The capital arranged for from New Zealand was £150,000 nominal, the working capital being fixed at from £40,000 to £50,000.