Misima Gold
p. 44 · Read in the full issue
New Co. Takes Over Mt.
Sisa Wreck
MISIMA Options Ltd., a Sydney company, which has secured a working option over the leases of Mt.
Sisa Goldfields Papua N.L., on Misima Island, in Eastern Papua, is now mak ing preparations to develop the area.
Mr. E. Saker, mining engineer, who has been technical adviser to the new company, together with the mine manager, are leaving by the Macdhui on February 25, and are taking with them a small milling plant, capable of treating 20 tons per day. It is appar ently intended to operate this on a number of small lode formations, from which it is estimated 40/- per ton can
be recovered (giving a return of £200 per week), but which lodes have shown a much higher average in past tests.
The company, while seeking to ob tain necessary revenue from these small scattered deposits, is directing its particular attention to what is known as the massive lode, which has been proved to a width of 64 feet by a length of 200 feet, and a height of 46 feet. This shows an average assay value of 27/- per ton, and there are apparently nearly 35,000 tons in sight.
This lode is believed to be a continua tion of a lode on which the well-estab lished New Misima Ltd. mine has been working, and it is believed has given rich returns.
The company has also secured an interest in two areas containing 50 acres, situated between Inhabit Creek and Amouna. There are two big lode formations there, which may link up with the big Amouna and Sisa lodes.
The directors of the new company were General Bertie Lloyd, Major C. W. Marr, and Messrs. S. Mordin, F.
C. Emanuel, H. D. Vautin and B. Ban non. Major Marr resigned his direc torship as soon as he became the new Federal Minister in Charge of Is lands affairs.
Misima Options Ltd. was formed with a nominal capital of £10,000 to take over the wreck of the Mt. Sisa Company, which was originally hand led by Messrs. Cooper and Oertel. The capital is divided into 200,000 shares of 1/- each and. of these, it is pro posed to allot 50,000 to Mr. N. B. Hig gins (who appears to be the vendor of the Mt. Sisa property), and 20,000 shares to Mr. W. H. Gordon (for the mining areas near Inhabit Creek). One hundred thousand shares are being offered for public subscription and 30,000 are being held in reserve.