From Papua
pp. 70-71 · Read in the full issue
Guinea Gold Nx.
A circular to shareholders of Guinea Gold. JN.L. advises that areas abandoned in Papua showed promising results in isolated places, but the gene ral average was considered too low by Mr. G. o.
Dyer, the company’s examining engineer, for a company proposition. Examination of the re maining Tiveri-Nepa area is being carried out, and a final verdict is expected at the end of February. If the balance of the pegged-out areas has to be abandoned, it should be possible to cover the final cost of the testing with not more than 2325 shares held in Bulolo Gold Dredging Ltd., leaving 62,000 shares in hand. On the other hand, should the Tiveri-Nepa area be recommended by Mr. Dyer as a payable proposition, such disposals may be unnecessary.
Misimagold Reefs (N.G.) Nx.
Shareholders of Misima Gold Reefs (New Guinea) NX., at a special meeting on January 29, gave consideration to the future policy. M • W Bluett, a director, who presided, said the op tion with Oroville Dredging Ltd. (London) would expire on February 1, and at the Owent seittatives of the London company Mr. T. Owens, a director of Misima, had visited Sydney, and a further extension of the option had been soug t.
The Oroville company, it was stated, had proved
46,000 tons .of ore, containing values of 5.8 dwt a ton. This tonnage was not considered sufficient at the present time to warrant the expenditure of £26,000 to £30,000 on the erection of plant.
The Oroville company had discovered another lode 6 feet wide, which it was considered was well worth developing. In the opinion of Mr. S. Love, who was supervising operations, the new lode may assist in providing sufficient ore to warrant the exercis ing of the option and the erection of plant. The vendors of two of the ten leases had agreed to an extension of the option, and the directors had granted an extension free for one month, with the right of a further three months on payment of £2OO. Criticism was passed by several share holders on the lack of information supplied by the Oroville company. After a lengthy discussion it was decided to adjourn the meeting for five weeks. In the meantime the directors will seek to obtain further information regarding develop ments at the mine and make a request to the vendors for a further extension of the option.
Tiveri Gold Dredging Co.
The management of Tiveri Geld Dredging Co. reported from Papua in January that during De cember the dredge operated 517 hours, treating 12,750 yards for a recovery of 65 ozs of gold.
In November, operating for 530 hours, the machine dredged 13,000 yards for 49 ozs. of gold.
Oceanic Gold Explorations, N.L.
Oceanic Gold Explorations N.L. was formed in Victoria in the middle of January for the pur pose of despatching an expedition to certain islands in the Pacific Ocean —believed to be in South-eastern Papua—known to be gold-bearing.
The expedition, consisting of four mining engineers under the leadership of Mr. Thomas J. Shepherd, sailed on the Joseph Conrad. The directors con sider it inadvisable at the present time to divulge the exact location of the islands. In the event of the engineers making a favourable report, a company or companies will be formed for the pur pose of equipping and operating the areas. Capi tal of the company is £lO,OOO in 2000 shares of £5 each, of which 1,500 shares paid up to £2 a share covering application and allotment have been underwritten by Messrs. Wallace H. Smith and Co. The balance of 500 shares are to be held in reserve. No cash or share consideration is being paid to vendors or promoters. Australian Prospecting Co. N.L., Mandated Gold N.L., and Pacific Gold N.L. have each acquired 150 shares, and Cracow Gold N.L. 100 shares. Directors are Messrs. Wallace H. Smith, Thomas R. Victor, James C. Dawson, A. G. R. Williams, and Captain Alan J. Villiers, and the legal manager is Haddon A. Smith, of Cook, Tomlins, and Mirams, 360 Col lins Street, Melbourne.
Cuthbert’S Misima Goldmine Ltd.
On January 9, the superintendent of Cuthbert’s Misima Goldmine Limited, operating on Misima Island, Eastern Papua, reported: Mine: No. 7 level south extended 6ft. No. 9 level south extended 20ft. Total development, including crosscuts, 70ft. Diversion tunnel driven 94ft. Total dis tance from portal now 148 ft. Mill: From De cember 23 until January 6, the battery worked two shifts. It is now running three shifts. New assay office and men’s quarters in course of erec tion. Two new houses for accommodating addi tional natives have been completed. Road to pew timber area (1300 acres) is under Construe tion.
On February 1, the superintendent reported that the clean up on January 23 showed that 1160 tons of ore had been treated for 1563 oz of bullion of an estimated value of £3,026. Four days were lost owing to Christmas holidays.