Rich Gold On Deeper
p. 36 · Read in the full issue
N.G. Levels
AS will be seen from figures published elsewhere in this issue, the shares of the principal New Guinea gold companies took a sensational jump on the Sydney Stock Exchange during the second week of January.
The sudden move puzzled many people, but the explanation was to be found in the following report issued on January 13 by Bulolo Gold Dredging, Ltd.: “The four deep test holes referred to in the December report are a cross section of approxi mately 500 feet of the upper half of the original Bulolo area, and the 53 feet of gravel, disclosed beneath the originally contemplated bottom at 22 feet, averages slightly over 20 gold cents per cubic yard.”
That does not convey very much, but if those interested will look at page 16 of the December issue of this journal they will find the full explanation. There is reason to believe that there is rich gold on the deeper levels of the Bulolo flats.
The P.I.M. in December published the first indication of this remarkable de velopment; and anyone who acted logic ally on the Sydney Stock Exchange as a consequence of this early information made a considerable “clean up.”
The development is of great import ance to the Morobe goldfield.