Gold In Eastern

Papua

Move to Develop Misima and Woodlark

AT long last, after lengthy “company promoting,” and much investigation, a definite move has been made to develop the gold industry in Misima and Woodlark, two large islands off the east coast of Papua. There is good gold in Eastern Papua, but the place, unfortunately, has been infested for years with “wild cat” promoters.

The Misima property includes the old Mount Sisa leases, which are right along side Mr. Cuthbert’s famous money-spinner (New Misima Co.). Mount Sisa was a good concern, but badly muddled (to put it mildly) and eventually it sold out to Misima Options Ltd. The latter had no sooner become active than Mt. Sisa ap peared on the scene again, and sustained its claim that it still had an interest in the development of the proposition. Finally, the two companies compounded, and went on together, in some way that is not clear.

Then the powerful Pratten interests came into the picture, and authority was given for a very strict investigation by New Guinea Alluvials Ltd. The result was the formation and registration in January of Gold Mines of Papua Ltd., which repre sents a combination of the interests of the Pratten group, Mount Sisa, Misima Options and N.G. Alluvials.

The following appeared in the news papers on January 20: — GOLD MINES OF PAPUA LTD. has been re gistered in Canberra for the purpose of extensively prospecting two lines of lode, the Umuna on Misima Island and the Kulumadau on Woodlark Island. Operations on the Umuna lode on Misima Island will cover the extension of the lode beyond the holdings of the New Misima Company, which has operated for some years and has developed large reserves. A preliminary report by Mr. A. J.

Peterson, who investigated the property on behalf of New Guinea Alluvials Ltd., indicates continuous ore body 2700 feet in length. Operations will be confined to exploration along the line of lode with a view to proving quantities and values. If results are satisfactory steps will be taken to finance development and equipment on a large scale.

On Woodlark Island recent workings have ex posed a rich shoot of ore on the northern end of the old Kulumadau mine, and Mr. Peterson, in his report, expresses his belief that the exposure is on the Kulumadau line of lode. His sampling gave an average of 15dwt for a width of 30ft. This exposure will be developed and a small treatment plant installed. Simultaneously with this work the 130.000 tons of sands and slimes from the old Kulu madau mine will be cyanided. Mr. Peterson’s sampling shows that the slimes are worth from 3 to 4 dwt per ton, and the sands Idwt or better.

At present gold prices these values show profits.

The nominal capital of the company is £60,000, divided into 240,000 shares of 5/ each, of which fully paid shares to the value of £30,000, plus £2000 cash, will be paid for mining interests on Misima and Woodlark Islands and reports and technical advice. Sixty thousand contributory shares of 5/ each have been issued net, while the balance, 60.000 shares, are under option to be subscribed for at par.