Pacific Islands Mining Notes

From Fiji

loloma gold mines n.l.

AS? RESSING shareholders of Loloma Gold Mines N.L Tavua, Fiji, at the annual meeting Dec ® mb ® r last year, the chairman of directors (Mr. P. Cody) pointed out that it might be necessary, early in 1937, for the board to give consideration to the best means of arranging further finance by making a call of 1/- a share on the contributing shares, or by some other satisfactory method.

The directors have now decided not to make a call, but to issue 75,000 shares of 5/- each, paid to i/e, on payment of .€1 a share. Shareholders will be given the opportunity of subscribing to the new issue pro rata to their holdings, on the basis of one new share fof every' ten shares held.

The management reports that since the general meeting a vigorous developmental and prospecting policy has been carried out including the sinking of the main shaft a further lift of 100 ft. to the 220 ft. level. Preparations of the adits and the equipment of the main shaft to supply full ore requirements for the new treatment plant is now in hand.

In addition to the company’s financial obliga tions for the above programme there will be the outlay to complete the erection of the company’s treatment plant, together with its share of capital expenditure to be incurred by Tavua Power pty.

Ltd. For these reasons, more capital than was

originally estimated will be needed. By making this new issue of shares, the directors consider that when production operations commence the company should be free of all financial obliga tions for plant and other expenditure.

As the development work at the mine at Tavua, hiji, has been curtailed, and the principal work now being carried on consists of the sinking of the main shaft and the stripping and timbering of No. 1 adit in preparation for ore production for the new plant, the directors have decided to discontinue the fortnightly cabled reports for the next few months. In future, monthly mine and construction reports will be mailed to the Mel bourne office by the general manager in Fiji,

Emperor Mines Limited

The mine of Emperor Mines Ltd., Tavua, Fiji, is being opened up, and the plant is also ’being assembled in preparation for the output required when the new mill is in operation. Heavy rains hampered work for the period ended February 20.

Returns for the last three periods are compared in the following table:

Pacific Gold. N.L.

Results of diamond drilling carried out by Pacific Gold N.L., on the property at Wainevisi, Fiji, are contained in a circular issued to shareholders.

The first bore, which was expected to intercept the lode at 134 ft, was continued to 271 ft without result, and the bore was eventually abandoned owing to broken ground. No. 2 bore was com menced at the entrance of No. 2 adit*, and apart from about six feet of soft lode, formation carry ing a little blende and copper pyrites oncountered at 136 ft, this borehole also gave negative results.

From 136 to 220 ft, where boring ceased, the country was in unaltered andesite.

A two months’ free extension of the option over the property having been secured, a third bore has been started at a point approved by the late inspector of mines in Fiji, at a bearing of 150 deg., 214 ft from No. 2 adit, the angle of the hole being 75 deg., bearing 360 deg. with the object of testing the likelihood of the lode being in floors.

Mount Kasi Mines Ltd.

Output of Mount Kasi Mines Limited. Fiji, for the last four months has been:—

*Dec. 19 Jan. 23 Feb. 20 Ore (dry weight), tons 1957 2080 2102 Fine gold, oz 787.4 1027.7 997.6 Head value, dwt 8.04 10| 10 3 * Three weeks.

Nov. 6J Dec. 4* Jan. 28f Feb. 25 Ore, tons 1,627 1,500 1,853 2,359 Bullion, oz 452 487 352 365 Value, £A 3,550 3,600 2,773 3,194 rjlMill stopped five days for engine overhaul. :: Mill stopped 5i days owing to engine breakdown.

Mill closed down during December for overhaul and repairs, and resumed crushing January 6. fTwenty-one days’ run.