From Papua
pp. 71-72 · Read in the full issue
Mandated Alluvials N.L.
AS a result of a boring campaign, which '' explored 800 feet of ground, the consulting engineer of Mandated Alluvials, N.L. (Mr. E. W.
Bonwick) states that the mine has payable ore only in Nos. 6 and 7 territories, together with the Moresby King mass. The first contains 7765 tons, of a value of £52,824, with only a small percentage of copper, the latter 6867 tons of ore containing a high percentage of copper, with a value of £27,434.
Metallurgical tests to determine treatment will proceed forthwith, and possible percentage ex traction is, therefore, not yet known. Assuming an 80 per cent extraction for safety purposes, seeing that treatment may present difficulties, and a total cost of £2/10/- per ton, a quite safe figure, there are possibilities of a treatment
plant yielding a profit of £27,626. On a basis of five heads of stamps, 50 tons per day should be treated, giving the mine a life of 300 days, which will be extended by mining the small lodes north of No. 7 to perhaps 18 months.
Various schemes to meet the circumstances have been discussed with directors, but final decision must await metallurgical investigation, followed by close estimation of cost of necessary plant.
Mr. Bonwick adds that the ore-body does not occupy a syncline, as was at first supposed, the basin-like structure being due to a well-defined fault, which causes the ore-body, after a brief existence as a shallow bed, to drop some 70ft, the depressed portion consisting of unpayable sulphides. These sulphides continue almost hori zontally to the west, finally merging into a contact zone, where the sedimentaries meet igneous rock. In addition to this, developments at surface northward from No. 7 adit have been disappointing, and have not disclosed any im portant ore-occurrences.
The directors have decided to proceed for the metallurgical treatment, and intend to place the whole situation before shareholders as soon as the result makes it possible.
Cuthbert’S Misima Goldmine Ltd.
Cuthbert’s Misima Goldmine Limited, Papua, shows a net profit of £31,094 for the period from October 14, 1935, to December 31, 1936, covering the first operations of the present company. Three divi dends of 6d per share (totalling 15 per cent) require £22,500. After writing £1459 off prelimin ary expenses and placing £2OOO to special reserve, a balance of £5134 is carried forward. Bullion realised on and in transit was valued at £57,484.
Capital expenditure, including new plant, amoun ted to £22,966. The mill crushed 21.707 tons ore for 26,1500 z. bullion, containing 63750 z. gold and 19,0000 z. silver, the average value being 6dwt. 12gr. gold and 530 z. silver per ton, and average realisation 48/1. Mining costs, including develop ment, were 13/1.2 and treatment costs 7/4.4 per ton.
The present plant is treating at the rate of 23.000 tons per annum. Enlargement of the plant to treat 40,000 tons per annum is well in hand. Ore reserves (oxidised in the southern section only) are stated as positive 145,500 tons, and “probable” 107,200 tons, a total of 252,700 tons, with the contents above No. 9 level not determined. In the mine manager’s opinion, about 300.000 tons ore exist in the oxidised zone of the northern section. The directors anticipate profit able operation for many years from the oxidised ore alone. In addition they point to the possi bilities in the sulphide zone below present water level.
Cash balances at December 31 were £15,653.
Flotation expenses stood at £14,000.
Output of , November, December and January compared as follows:
Sapphire Ck. (Papua) Development
Syndicate N.L.
Sapphire Creek (Papua) Development Syndi cate N.L. has acquired an option over a tin property of 50 acres at West Zeehan (Victoria).
Capital of the company is £lO,OOO in 5000 shares of £2 each. The company is at present develop
ing leases at Sapphire Creek, Papua, adjacent to the properties of Mandated Alluvials, N.L.
Misima Gold Reefs (N.G.) N.L.
Owing to an insufficient number of proxies being received a meeting of Misima Gold Reefs (New Guinea) N.L., to consider the voluntary winding up of the company on January 28, was adjourned for fourteen days. The chairman of directors (Mr. W. Blewett) announced that a telegram had been received from the secretary of Misima Reefs Ltd., stating that scrip was in the hands of the company and would be forwarded to Melbourne for distribution to shareholders of Misima Gold Reefs.
On February 11, shareholders attended the meeting in full force, and a motion to wind up the company voluntarily was agreed to.
Astrolabe Goldfield. Papua
Port Moresby. Jan. 20.
Three goldmining leases were granted to Man dated Alluvials, N.L. for 21 years on December 29 by the Warden (Mr. W. R. Humphries) at Port Moresby. They were leases No. 21, “Sap phire,” of 20 acres: No. 23, “Moresby King,” of 50 acres; and lease No. 24, “Moresby King, No. 3,” of 15 acres. All three leases are situated near Sapphire Creek in the Astrolabe mineral field.
On January 5, three goldmining leases were granted by the Warden, subject to the Mining Act and Regulations: No. 25, “Moresby King East,” of 50 acres, near Sapphire Creek, to J. W.
Hinks; No. 26, “Mt. Cook East,” of 10 acres, near Mt. Cook, to E. Evans; and No. 27, “Hom bron,” of 10 acres near Hombron Bluff, to E.
Evans.
The following goldmining and mineral leases on the Astrolabe field were surrendered on December 29: No. 19, G.M. Lease, “Gagiberi,” E. P.
Hitchcock; No. 136, M. Lease, “Maia Koiani,”
F. A. Roberg; No. 138, M. Lease, “Naumakala No. 3,” T. L. Sefton.
Dominion Gold Ltd. took over the following leases on the Astrolabe field recently—namely, “Laloki,” “Mt, Cook,” “Nance,” “Ruth,” and “Bomana.” They propose working on the “Laloki” as a beginning. Three Europeans and a large labour force have already been engaged in open ing up the lease, under Mr. A. Christie, the recently-appointed manager, and steady progress will lead shortly to further development.
Nov. Dec. Jan.* Treated, tons 2057 1946 1840 Bullion, oz 2638 2421 2433 Gold, fine oz. — 626 588 554 Silver, fine oz. 1965 1638 1800 Est. value (£8 A) £5103 £4784 £4524 Value per ton 49/7 49/2 49/2 * Two days’ work lost (approximately 150 tons ore) owing to Christmas holidays. In addition to bullion produced in January, approximately £350 worth slags and ashes was produced and shipped for realisation.