MINING.

Thames Guardian and Mining Record, Volume I, Issue 170, 25 April 1872, Page 3

MINING.

Caledonian'. —Yesterday morning there was a considerable flutter in this company’s stock owing to a rumour, width gained considerable credence, that a very rich find of specimens had taken place in the mine. This report was circulated with scarcely any foundation, the real facts of the matter having been stated in our report yesterday morning. The leader which was cut in the Hazlebank shaft by that company, and which is almost beyond doubt the same lode worked on in the Young American formerly, was opened out on from the chamber, and a few golden stones taken out. The leader was split in two* but is now coming together in the bottom of the drive, and forms a solid looking lode. Somewhere about sixty pounds of specimens have been taken out of it, but the}’ are not what can be termed at all rich, being white milky looking stene, and the gold being very fine in it. This, we imagine, is hardly enough to warrant such a rise as took place yesterday in the price of the scrip, they haring gone up from £l9 to £2B, at which price they were sold during the morning, thus making a difference in the total value of the mine of .£25,740 —and all that through the linding of some sixty pounds of specimens in a small leader. In the main workings of the mine, no change of consequence has taken place at all. There is no sign of any increased richness in the main lode, nor in the No. 2. The value of the lode in the north-east drive has been tested by the crushing of live tons of stone, which gave two ounces two pennyweights of gold, or a trifle over eight pennyweights to the ton. The No. 2 lode has also been tested, and proved to be worth one ounce to the ton, where cut in the bottom level. From what can be seen at present, the Young American lode is certainly good, as indeed it proved when formerly worked on ; but we would recommend the public not to be led away by reports which some people may find it to their interest to send Hying round, more especially when they want to get rid of some of their scrip. The stock gradually eased off in price during the afternoon, as will be seen by our sharemarket report, in another column.

Fed Queen. —The crushing for this company at the Prince Alfred Battery continues to show up well for a first-rate return, and some more very nice specimens were obtained yesterday, quite equal to those already on hand. These will add considerably to the yield, and the show in the reef is still first-rate as the stone is broken down. If the gold in the general stuff is anything like as coarse as that to be seen in the specimens, the return will be better even than what may be looked for, from the show on the plates. Alburnia. —This company’s stock has come forward during the past few days, and has increased in price. The reef mentioned a few days since as haring been met with in the battery level drive has now been cut through, and proves to be about 14 feet wide. This is not alj quartz, but consists of veins of quartz from one to two feet thick, separated by bands of mullock, and when first met with did not look very likely-looking stone foi\ gold. However, the vein lying next to the footwall has been found to contain gold, though it can hardly be said that any specimens have been taken from it. The vein, however, bears every favourable indication of proving highly auriferous, and the presence cf the precious metal even in small quantities is satisfactory. AVe do not think that any stone from this reef has as yet been put through the battery, but the general crushing is reported to be shaping very well. A cleanup will take place on Saturday, and a failaverage return is looked for. Russell Goi.dminixg and Quartzcrushing Company, Tararu. —This is the name given to a large area of ground at Tararu, up Tinker’s Gully, at the rear of Russell’s Battery. It comprises the Lady Bird, Royal Charter, and Conquerorclaims, besides a good deal of spare ground taken in with them. The mine is worked under the directions of Mr Cameron, who has for a long time been mining in this district, and is thoroughly conversant with the whole of the locality. This gentleman has also charge of the City of Dunedin mine, which he is working on tribute, and in which a contract for breaking down five hundred tons of quartz has just been let. and started. In order to work the large area of ground to the best advantage, and in as economical a manner as possible a low level tunnel has been started, which will intersect all the reefs and leaders in the above-mentioned claims, and will give enormous backs to work out on them. A fine hopper has been erected near the tunnel, and this, which is just now complete, has been connected with the Government Tramway by a side line. The large white reef in the Lady Bird ground is being operated on,and Mr Cameron expects that by next week he will be able to start a crushing at the battery, which he intends to he continuous. The prospects before this company are, we think, very good, as they have in the ground reefs which have been proved auriferous at the upper levels, and which will most likely also turn out well down below. With a powerful battery of 40 head at their command, driven by water power, they can crush their stone at a very small cost indeed, and cm thus afford to work on stone which would not otherwise pay them to do. Large enterprises of this sort deserve every encouragement, as they will do much good to the districts they are, carried on in, and will most likely lead to the opening up of other ground in the neighbourhood which up to the present has been idle. Another large undertaking in the same district we may mention here, and that is the Tararu Tunnel Company, who are putting in a magnificieut drive from the rear of Brown and Campbell’s battery in order to catch the Black reef. They are now in almost 700 feet, and have a very longdistance yet to go, but they fully expect that when they reach the reef the immense area of ground thus opened up will pay well, working as they are doing in connection with a battery of forty stampers (which could be enlarged at any moment), and driven partly by water power.

Otago. —The lode intersected the other clay, and in which gold was obtained, lias not been opened out on as yet, the manager having pushed the drive ahead on the No. 2 lode. This has resulted well and a nice reef is now in hand, about 3 feet wide. No gold had been seen in it up to yesterday, but the indications were very good indeed, the stone showing those minerals which usually accompany gold in this locality. Cl' he. —The reef in the workings of this mine has been cut through and has proved to be from eight to nine feet wide. Gold has been seen and taken from near the footwall of the lode,which looks very well indeed, all through, and certainly bears out the opinion formed by many —that a run of gold is in hand, and not merely what may be termed a patch. Work is

not biUng very vigorously prosecuted just now, but this is to be attributed principally to the want of blasting-powder, which is very scarce just now in the place. In consequence of this, several bands have been knocked off, and no great quantity of stone is being broken down. In a short time, however, they will be able to commence crushing again, and as the reef will be more opened up they will probably be able to keep at it regularly. There were 14oz. more gold lodged yesterday from the blanketings, &c., which brought the total yield up to IGGoz. lodwt. This was melted yesterday, but the amount of loss is not to hand. As will be seen by our advertising columns there are some fifty tons of tailings to be sold at. the battery on Saturday next by Messrs Skene and Chapman. The stuff has given very nearly 2oz. to the ton all round. Unicorn. —Breaking down stone is going on, and the reef continues about the same size (some eighteen inches wide). Gold is continually seen as the reef is broken down, and the directors feel sure that the}’will obtain a good yield from the crushing which will be commenced next week. Bright Smile. —As will be seen by our telegraphic columns, the case as to the issuing of an injunction against this company was adjourned until Saturday next, on condition that they ceased to work on the disputed ground, otherwise it would be issued immediately. We cannot understand whether both parlies are to cease work, or whether the Bright Smile people only have to do so. ’ Their crushing is shaping well, but the telegram also states that the stuff is not to be touched that comes from this ground, so we expect that at least a temporary stoppage will take place. ToKATEA. —The gold which was brought up by the manager was melted yesterday at the Bank of New Zealand into two bars, weighing together one thousand eight hundred and forty-eight ounces and eighteen pennyweights. This ought, we imagine, to enable the directors to declare another dividend, which we have little doubt of their doing, as the quantity of gold is valued at about five thousand three hundred pounds. The next crushing may be expected to yield very richly, for although such large quantities of specimens are not taken out as formerly, the reef is large, and very rich throughout, being about three feet wide, and showing gold freely.