Island Gold-Mining

Notes

Mt. Kasi Mines, Ltd.

Mount Kasi Mines, Ltd., was registered recently in Sydney with a capital of £60,000, divided into 400,000 shares of 3/ each, to acquire and take over as a going concern the whole of the mining rights, licences, leases, and other rights of the Mount Kasi Mining Co. (N.L.), situated in Fiji, etc. First directors; Messrs. George Mitchell, D. W. Robert son, Wm. Mitchell, H. Macgill Peacock, and D.

Cameron. Registered office, Fiji. N.S.W. office, care of Craig and Frazer, 115 Pitt-street, Sydney.

New Territory (N.G.) Co.

The following appeared in the Sydney “Bulletin” recently:—New Territory (New Guinea), a Mel bourne float with a nominal capital of £5000 in £5 shares, has sent two experienced prospectors to overhaul “promising areas” in New Guinea. The ground is said to be ideal for bucket dredging, but no hint is given as to the locality. Of the shares, the vendor takes 100 paids, Australian Gold Development has subscribed for 200, and the pub lic has snapped the rest.

The directors include General A. E. Wisdom, for some years Administrator of New Guinea.

Enterprise Of N.G. (N.L.)

A preliminary meeting of shareholders of Enter prise of New Guinea N.L. was held early in February. The chairman (Mr. Edward Ward) said that the company had been formed on the advice of a New Guinea mining engineer to secure op tions over certain areas in New Guinea. The engineer suggested that the company might obtain assets which might eventually provide the basis of several developmental enterprises.

Messrs. Edward Ward, J. S. G. Wright, and James Reid were appointed directors, and Mr. A.

Leo Kaines, 317 Collins street, Melbourne, legal manager.

Day Dawn (N.G.) Report

Day Dawn (New Guinea), Ltd., reported in December that investigations on lowest level cross cut on footwall side disclosed width of 13ft., which averaged loz 9dwt fine gold. Over width 7ft on footwall side of lode values were loz 19dwt. While excavating on site for cyanide plant two rich veins were exposed in lode formation.

Enterprise Of N. Guinea (N.L.).

Enterprise of New Guinea N.L. reports that a fifth interest has been acquired in Edie Creek Gold Mining Co. Ltd., whose holding of 73 acres adjoins the main developed lode system of New Guinea Goldfields Ltd. There are several lodes on the property, one of which has been opened up by an adit 300 feet long and crosscuts, at a depth of 200 feet, revealing payable ore.

The latest development is the discovery of fur ther auriferous outcrops, which will be mined by open-cut, and the ore from which is suitable for direct treatment by cyanidisation, as at the Golden Ridges property of the New Guinea Goldfields Ltd.

Such ore is, mainly, highly decomposed, the gold being associated with the oxide of manganese, typical of the upper zone of the Edie Creek lodes.

The requisite treatment plant has been ordered, and will soon be operating.

Yodda Goldfields, Ltd.

Yodda Goldfields Ltd., with a nominal capital of £25,000, in 100,000 5/- shares, was registered in Sydney during March, to acquire a dredging lease comprising about 300 acres in and about the various tributaries of the Upper Mambare River, Papua.

Guinea Gold, N.L.

Shareholders of Guinea Gold N.L., at a recent meeting, decided that the existing £1 shares will now be divided into ten fully-paid up 2/- shares.

The share register was closed from March 26 until April 13, inclusive, to determine those en titled to the new scrip.

Misima Gold Reefs (N.G.).

Mr. H. R. Lockwood, legal manager of Misima Gold Reefs (New Guinea), N.L., reports that the following radiogram has been received from Mr.

J. Miller, the company’s mine manager: “Location 15 developing excellently; values, and also width, very good. Have traced the lode extension easterly, and have pegged two additional leases.”

On considering this report, the consulting mining engineer (Major Stuart Love) informed the direc tors that the new development was important and highly satisfactory.

Tax On Dividends.

Australian residents who hold shares on the London register of New Guinea Goldfields Ltd. were advised by the company recently that divi dends on their holdings were liable to English income tax unless dividend warrants were posted to addresses beyond the United Kingdom.

New information supplied by the company is that it will be necessary also for shareholders to register outside addresses on the London register in lieu of their London addresses, otherwise tax will be payable.

Misima Gold.

As a result of the formation of Gold Mines of Papua Ltd. (details in last issue), Misima Options Ltd. have withdrawn their staff from Misima Is land and the gold mining leases have been occu pied by the new company. No decision has yet been reached as to whether Misima Options Ltd. shall wind up and make a distribution of G.M.O.P. shares to its shareholders; or whether it will be carried on, simply as a shareholder in Gold Mines of Papua Ltd. Opinion among the shareholders seems to favour the former course.

The report of New Guinea Gold Mines, Ltd., for December, shows 1225 tons of ore put through the mill, for gold bullion valued approximately at £1404, standard assay value. In addition there was £389 received from a parcel of slag ashes and sweepings shipped to Sydney. Overhaulings of the batteries and machinery was continued all through the Xmas Holidays. Dividend No. 26, of 1/6 per share, has been declared.

In November, the discovery was reported of a parallel ore body, or lode, running on the eastern edge of the company’s leases and being distant about 400 feet east of the present workings.

Six new leases, comprising 42 acres, have been secured, giving approximately three-quarters of a mile along the line of lode. Surface indications go to show that probably the width and value will be equal in size and value to the lode worked at present.