From New Guinea
pp. 72-73 · Read in the full issue
Gold Prospecting And Development
(New Guinea) N.L.
Mr. K. W. Steedman. manager of Gold Prospect ing and Development (New Guinea) N.L., advised on October 19 that the directors have let a con
tract for the sinking of a shaft to 130 feet on the syndicate’s property at Tatau Island, New Guinea.
The contractor has commenced work.
Upper Watut Gold Alluvials N.L.
Mr. Colin Mackay, chairman of directors of Upper Watut Gold Alluvials N.L., New Guinea, in company with Mr. G. Annesley, an American min ing engineer, who has had considerable experience in the handling of sluicing propositions in all parts of the world, have arrived on the company’s area in New Guinea. Mr. J. H. McColl is acting as alternate director for Mr. Mackay during his absence.
The last progress report of constructional work stated: Benching excavation on race line com pleted. Trestle erection commenced. Manufacture of reinforced concrete pipes proceeding well, and 600 ft of pipes have been completed. Reinforced concrete pipes are now being delivered to No. 4 tunnel, and the laying of them has commenced.
Excavation of No. 4 tunnel has been completed, and excavation of Nos. 2 and 3 tunnels has been commenced. Sawmilling machinery has been ex tended to increase output, and the timber tramline constructed from mill to Watut River to facilitate transport of sawn timber. The offtake weir foun dations are completed, and the weir superstructure is in course of construction. Despite sickness among native labourers it is expected that the time schedule arranged for completion of civil and hydraulic constructional works will be adhered to.
Irowat Gold Alluvials N.L.
It is anticipated that Irowat Gold Alluvials N.L., New Guinea, will commence sluicing with about five units in April next. The management reports that the design of the plant, the survey, and the civil hydraulic constructional work are proceeding under the direction of Mr. D. J. Mc- Clelland. Field notes of the survey of the major portion of the water-race line arrived by last mail from New Guinea. The initial method of operation wdl be by ground sluicing, while the lower parts of the property will be treated later by hydraulic elevators. The water for sluicing will be obtained from the Iroa Creek. The working head of water on the property at the junction of the Iroa Creek and the Watut River will be 200 feet. The con structional works are of a simple nature, and do not present any difficult engineering problems, as the country to be traversed by the proposed race and the site for the offtake weir on the Iroa Creek are ideal.
On November 9 the company advised that a contract has been let for the construction of the race line. The contractor was to commence work with 200 native boys on the 11th. Plans and speci fications for the work are being prepared and will be despatched to New Guinea by the next outward mail.
The nominal capital of the company is £lOO,OOO in 800,000 shares of 2/6 each. Shares payable for
consideration other than in cash number 212,250, while the contributing shares number 587,750. The directors of the company are Messrs. Colin Mackay,.
D. J. McClelland, and F. T. Leahy, and the legal manager is Mr. A. E. Llewellyn, 430 Little Collins Street, Melbourne.
Bulolo Gold Dredging Ltd.
Production of the four dredges of the Bulolo Gold Dredging Ltd. for October, compares with that of the previous two periods, as follows: —
From about middle November No. 2 dredge will be closed down for approximately six weeks, during which the digging depth will be increased 7ft. 6m. and special gold-saving equipment will be added.
Guinea Gold N.L.
Directors of Guinea Gold N.L. have declared a dividend of a share, subject to variation in the present rate of exchange between Vancouver, Canada, and Sydney, payable on December 24.
Transfer books will be closed from November 1/ to November 24, both days inclusive. The com pany paid a dividend of a share on January „0.
Oriomo Explorations Ltd.
Oriomo Explorations Limited advise that Mr.
George More reports, following an inspection of the Bulolo consolidated areas, that boring results to date on the southern end of the terrace areas are most satisfactory, and that boring is being continued. He estimates that boring will occupy another three months to complete. He states that the terrace gravels appear to be definitely rem nants of old river channels of which bedrock is above the level of the Bulolo River and grading generally in the direction of the river flow, a fea ture advantageous to sluicing operations. Geophy sical investigations of the pastoral areas so far completed indicate several extensive areas of interest varying in depth from 40ft. to 60ft., and where attractive gold prospects have been obtained by panning subsequently.
Enterprise Of New Guinea N.L.
Enterprise of New Guinea N.L. has been advised by its general manager in New Guinea (Mr. Harold ’ Taylour) that on the Surprise Creek area he has treated 1250 cubic yards of overburden, and 410 cubic yards of wash dirt for a return of 270 z re torted gold. Mr. Taylour states that it is essen tial to treat large quantities, and he is therefore proceeding as rapidly as circumstances permit with the construction of the Iroa Creek-Watut River water race. Seventy natives are engaged on this work. A further message states that production for October on Surprise Creek and other areas was 69cz retorted gold from 835 cubic yards.
Equatorial Gold Exploration (N.G.
And N. Britain) Syndicate N.L.
In their first annual report, directors of Equa torial Geld Exploration (New Guinea and New Britain) Syndicate N.L. state that the company was formed with the primary object of despatching an expedition under Dr. J. R. Atcherley, to pene trate the Nakanai district in New Britain to locate gold deposits. Areas visited were not suitable. An option was obtained over prospects of L. Schmidt, in respect of an area in the Upper Sepik, and an expedition was to have left on February 14, but a few days earlier the Administration closed the territory, so that nothing could be done in the meantime. Dr. Atcherley then visited New Guinea and obtained options on the upper Ramu River, now held by the company, the dredging claims covering a length of eight miles, by 15 chains wide. An option over a lode area some miles dis tant from the Ramu property, was taken, which was disposed of to Barola Gold Reefs N.L., out that company was abondoning the property.
Mr. J. W'. McComas (chairman of directors), who presided at the annual meeting of shareholders, said that the pits sunk under contract on the pro perty on the Upper Ramu River, New Guinea, had not penetrated the wash owing to water difficulties.
An extension of the option to the company had been obtained to the end of the year. Mr. J. M.
Spence, mining engineer, regarded the upper area as valuable, but recommended that about 50 more pits be put down to gain a reasonable estimate of yardage and values. Mr. Spence also recommended that a few bores be sunk on the lower area. In structions had been given him to supervise the pitting, and this work had been commenced on September 16, with the aid of pumps. It was esti mated that about 10 weeks would be required to complete these operations. As to the J^ 1 P bur deposit on Lolobau, an open order for 10,000 tons
Aug.
Sept.
Oct.
Cubic yards 961,000 931,000 958,000 Bullion, oz 17,009 16,259 16,079 Gold, fine oz 11,837 11,292 11,186
Value-
Aust. currency .. *£103.573 *£98,805 £97,877 Per cubic yd. .. 25 86d 25.49d 24.52d Working profit .. £77,227 £72,695 £71,820 *At £A8/15/- per fine ounce.
at £5/5/- a ton had been obtained, but as only about 25,000 tons was recoverable, expenditure on plant and equipment was not justified. At an •extraordinary meeting resolutions were passed al tering the co.’s rules to enable it to be listed on the Melbourne Stock Exchange.
Upper Sepik Gold Syndicate N.L.
A wireless message has been received by the management of Upper Sepik Gold Syndicate N.L. from its representative in New Guinea (Mr. H.
Williams), who has been testing the option of the •company near Wau, New Guinea, stating that he has built up the property to 2000 acres. Mr. J. M.
Spence, mining engineer, of New Guinea, has been check-sampling on the areas, and it is understood that his report is favourable. Mr. Williams ad vises that he will shortly leave Wau for Melbourne and the position will be discussed with the direc tors on his arrival. In the meantime the question -of forming an operating company will be held in abeyance. The report forwarded on the com pletion of the testing stated that the tests show that there are 3,000,000 cubic yards of ground, showing values of 10/- a yard, 1.000,000 yards giving values of 8/- a yard, and 2,000,000 yards of a value ■of 5/- a yard. He reports that there are 4,000,000 yards that have not been tested, and which give rgood dish prospects.
Placer And Bulolo Companies
Placer Development Ltd., Canada, has declared an interim dividend of 50 cents Canadian currency, and Bulolo Gold Dredging Ltd. an interim dividend •of 1 dollar 40 cents a share. The companies have large holdings in New Guinea. Both dividends payable to shareholders in Australia and New Guinea were subject to 5 per cent, absentee tax, plus exchange, and were payable on November 12.
The dividend of Placer Development is equal to about 2/6, and on Bulolo Dredging about 7/1 a share in Australian currency. On July 9 last, the Placer company paid a dividend of 2 dollars 40 cents a share, equal to 11/9, and Bulolo 1 dollar 20 cents, equal to 5/10)4. Since then, shares of 5 dollars each in the Placer company have been subdivided into shares of one dollar each. Transfer Looks of both companies will be closed from Novem ber 13 to November 30, both days inclusive.
Avoca Developments N.L.
Avoca Developments N.L., a Melbourne mining company, which holds options over 10 properties in Victoria, has taken an option over three leases on the Middle Watut River, New Guinea, embrac ing about 430 acres of alluvial flats and terraces and river bed. Preliminary investigations indi cate that there were good grounds to believe that the area contained several million yards of wash flirt, and the leases are suitable for ground sluicing on a large scale. The leases have been worked in a small way by the vendors using primitive sluice boxes. A team of 30 boys under the supervision of an experienced prospector is due to arrive at the property, and testing will commence immediately.
This is expected to take about three months. Pas sengers can be flown to the nearby aerodrome, but cannot be flown out again, and must return cn foot. This is one of the reasons why these leases were not previously exploited in a large way.
Watut Options N.L.
An extraordinary meeting of shareholders of Watut Options N.L. was held in Melbourne on November 14 to consider a resolution that the company should be wound up voluntarily, and that the assets should be distributed. Shares held by the company in Developments (New Guinea) N.L. will be distributed in the proportion of one share
in that company for two shares held in Watut Options; shares remaining after this distribution will be balloted for.
Bulolo Gold Deposits Ltd.
The directors of Bulolo Gold Deposits, Limited, have accepted an offer of £lO,OOO cash from Bulolo Gold Dredging Ltd. for approximately 210 acres of the former company’s property at Wau, New Guinea. The portion comprises river flats suitable for dredging purposes only, and which could not have been operated by the selling company. Bulolo Gold Deposits retains the whole of its terrace pro perty, amounting to approximately 420 acres, where its sluicing operations are being carried on. It retains, also, its water rights. Sluicing on the pre sent limited scale is reported to have shown a profit during the last year. When the present directorate was appointed last October there was a mortgage debenture of £lOOO over the company’s assets, and no funds were then available. The company has since paid off the debenture and has now at its disposal funds in excess of' £11,500.
Developments (N.G.) N.L.
Directors of Developments (New Guinea) N.L. have under consideration a large area of dredgable ground in new country. Information in regard to the area is encouraging, and arrangements have been made for a preliminary inspection. After consideration of reports on No. 1 area at Watut, known as Theobold and Hydes, and in view of the high price asked for the property, the option has been abandoned. Other properties under offer to the company have been considered, but it has been decided to concentrate on the first-mentioned pro perty, owing to its possibilities.