Pacific Islands Mining Reports

From Fiji

Aloha Central G.M., N.L.

FACED with the necessity of raising £1,500 during the day to retain an option over an area of 30 acres on the Tavua goldfield, Fiji, share holders of Aloha Central Gold Mine, N.L., at a meeting on April 30, found that, as the number represented in person or by proxy did not form the two-thirds of the members required for in creasing the capital, they could take no action.

The meeting had been adjourned from April 9 for a similar reason, but at the end of April prac tically every shareholder present, impressed by a favourable report by Dr. Loftus Hills, consulting geologist, urged that endeavours should be made by the company to retain its options and float the company required to develop the area. It was agreed that a cablegram should be sent to Mr.

P. Costello, from whom the company had taken the option, asking for a further extension until May 21.

The chairman (Mr. A. T. Day) pointed out that the alternatives were to increase the capital, exer cise the option and work the property, or to wind up. As the capital could not be legally increased that day the company would lose its option, which had really expired on March 31, but which had been extended by Mr. Costello to give shareholders time to subscribe the capital.

In a reply received by Aloha Central on May 2 Mr. Costello pointed out that neither he nor the directors were responsible for shareholders’ apathy.

The option had expired. He was prepared to re ceive proposals from the directors and others re garding the property.

The Co’s legal manager advised shareholders on May 4 that they had no property, and that funds were exhausted. He said the directors had no other course open but to liquidate the affairs of the company. This matter was in hand, and would be proceeded with as expeditiously as practicable.

Any distribution that might be possible would depend entirely upon the amount realised for the plant.

Vees United N.L.

At a meeting of Vees United N.L. in Sydney, Dr. Loftus Hills, consulting geologist, dealt with the properties, subject to options, held by the company in Fiji. The company, he said, had un limited resources. Ward’s area had not shown the worth-while gold assays and was discarded.

Pirie’s block showed better gold content and had a promising series of lode formation. Further work was essential. A decision would have to be arrived at regarding the testing of Pirie’s block.

Loloma (Fiji) Gold Mines N.L.

Plans and specifications for the treatment plant to handle a minimum of 500 tons of ore weekly for Loloma (Fiji) Gold Mines, N.L., are nearing com pletion, and are expected by the company to be ready at an early date.

On receipt of the plans, tenders will be in vited for the plant construction. Treatment will be by the roasting and cyanidation method.

Because some of the machinery may have to be brought out from England, and as the erection of a plant in Fiji may provide a few small difficul ties, the production stage will not be reached until late this year, or early in 1937.

Koroere Gold, N.L.

The directors of Koroere Gold, N.L., state in their report for the period February 14, 1935, to January 31, 1936, that a considerable body of mill able ore has been disclosed in the Koroere mine, but a final appraisal of ore tonnages and values cannot be made until more is known of the verti cal extension of the ore body. Assuming that the ore body extends at least a moderate distance above and below the No. 4 tunnel level, and that there is a reasonable expectation of a northward extension also, a body of ore of an average grade of 4 dwt. a ton or more, ranging between 200,(XX) and 500,000 tons, might be expected. The estimate

does not take into account ore which may be de veloped from Nos. 1,2, and 5 tunnels, or ore from other lodes, or other parts of the 180 acres covered by the prospecting licence. Development on the Cardigan lease, the report states, has indicated that 15,000 tons of ore are available, a considerable pro portion of which will average about 1 oz. a ton.

The ore body on the Koroere area is favour ably situated for convenient and cheap mining, the directors add. No great capital expenditure will be required to equip the Koroere mine. Treating up to 1,000 tons a week, the *costs of mining, mill ing, and overhead (but not additional mine de velopment) should not exceed 14/ a ton. Pros pecting and development expenditure for the period amounted to £11,866, and £l5O was received from interest. At the balance date current assets ex ceeded current liabilities by £1,760.

The chairman of Koroere Gold N.L. (Mr. P.

F. Cody), at the annual meeting in Melbourne on May 12, defended the action of the directors in writing to the Stock Exchange recently denying rumours about the field which were then circulat ing. The directors were surely not expected to remain silent while the interests of shareholders were being jeopardised, he said.

Mr. E. G. Theodore, a director of the mine, said that unfortunately values had not been as high as had been hoped, but a very large body of gold bearing ore had been proved. Until further de velopment work had been done the policy of the company would not be determined. The large body of ore proved, although of low value, 4 dwt, would by its very size probably prove payable.

Mr. Theodore added that an overseas group had been in touch with the board in regard to capital for the development of the property.

Emperor Mines Limited

In the four weeks to April 18, Emperor Mines Ltd. crushed 1,650 dry long tons (head values dwt.), for a recovery of 943 fine oz. gold, an aver age of approximately dwt. a ton.

In the previous month a crushing of 1,610 tons, of a head value of dwt., returned 1,008 oz., an average of slightly more than dwt. a ton.

Mount Kasi Mines Ltd.

Mt. Kasi Mines Ltd. crushed, during the four weeks ended May 10, 1306 tons, total head value 7530 z., total tail value 1570 z. Clean-up to May 8 yielded 3540 z. fine. The mill was closed for five days during the month for repairs and adjust ments to treatment units.

Fiji Gold N.L.

Fiji Gold N.L. has advised Loloma West Ltd. that it has completed four bores on Roskelly’s area (covering the ground between earlier bores) with negative results. The drill has now been moved to F. S. Ragg’s area.

Fiji Gold, which abandoned all its areas except that known as F. S. Ragg’s, arranged to put down three or four bores on Loloma West’s Roskelly’s block on the eastern boundary, with the object of locating the Loloma lode.