From New Guinea
pp. 83-84 · Read in the full issue
Sunshine Gold Development Ltd.
DIRECTORS of Sunshine Gold Development Ltd. have taken an option over the Golden Rec tangle claim in New Guinea, consisting of 450 acres. Preliminary testing on the area, the management reports, confirms deposits of auri ferous gravels. Detailed prospecting to determine actual yardages and values will commence shortly.
Provision has been made for the disposal of current tailings on the Watut River wing, pre paratory to treatment of the gravels in the river bed. New elevator sites, have been blown in, and preliminary work is in progress. The elevator and boxes from No. 1 site havef been dismantled, and removed for re-erection on the new site in the bed of the Watut River, to be known as No. 3 site. In the meantime, No. 2 elevator is in operation.
N.G. Goldfields Ltd.
The management of New Guinea Goldfields Limited reported as follows at the end of Sept.:
Day Dawn South (N.G.) N.L.
The directors of Day Dawn South (New Guinea) N.L., in their annual report, state that treatment began in April on gold mining lease No. 86°. which is being worked on tribute. Ore totalling 680 tons has been treated for 5600 z. fine goH.
All other leases have been abandoned by the Co.
Cash now in hand amounts to £673.
Enterprise Of New Guinea
The general manager of Enterprise of New Guinea Gold and Petroleum Development Ltd. (Mr. H. Taylour) reported as follows for the period ending September 1: Edio Creek Lode Mine: Cyanide plant com menced July 26. treated 385 tons. Clean-up yielded 730 z. 13dwt. gold bullion. No. !■ W. drive
main lode to 765 ft. from portal. Square set stop ing commenced. Samples taken at 10ft. intervals from No. 1 W. drive (from 700 ft. to 760 ft.), as sayed from 2dwt. 4.Bgr. to lOdwt. 9.6 gr. gold and from 12dwt. 9.6 gr. to Boz. lldwt. 4.Bgr. silver to the ton, over widths varying from 18in. to 54in. Full width of lode not exposed. Lode well defined in face. Drainage adit to 517 ft. from por tal ; running ground met with. New adit driven and timbered 50ft. to cut hanging wall lode.
Water race to serve cyanide plant 1£ miles long almost completed.
Bulolo Gold Deposits Ltd.
Production from the properties of Bulolo Gold Deposits Ltd. since July compares as follows:
The elevator on the new area, Morobe Deposits, began opening-out operations on September 16.
The first clean-up will be made at the end of October.
Bulolo Gold Dredging Ltd.
The annual meeting of Bulolo Gold Dredging Ltd., New Guinea, was held at the registered office of the Co. in Vancouver, Canada, on October 21. The net profits for the year ended May 31, before providing for amortisation was 3,585,975 dollars (approximately £A896,500).
Dredgable gravel reserves at May 31 were 202,000,000 cubic yards. The anticipated profit from the above yardage remains substantially the same as last year, after deducting the cur rent year’s profit. Dredge No. 5 is expected to commence operating in November; No. 6 early in 1938 ; and No. 7 about the end of 1938. Placer Development Ltd. holds share interests in the Co. equal to 30.6 per cent of the capital.
Production for the four dredges of Bulolo G. Dredging Ltd., for September, compares with that of the previous two periods as follows:
Koranga Gold Sluicing Ltd.
Koranga Gold Sluicing Ltd., New Guinea shows a net profit of £6,220 for the year ended June 80.
Dividends of 4/6 per share, equal to 22J per cent, require £6,300, and the carry forward is £8,203, against £8,283 brought forward. Bullion valued at £17,423 was produced. The Company had £1,269 in cash at June 30. (Continued on next page)
Four weeks ended.
July 7 Auk. 4 Sept. 1 Sept. 29 Bulolo: Hours 525 370 .— — Cub. yd. ... 15,000 10,000 ■ .— — Gold, oz 24 8f — .— Morobe J Hours 575 500 600 576 Cub. yd. ... 5,500 6,500 7,000 7.000 Gold, oz 110 170 160 130 tTwo weeks ended July 22.
July Aug-. Sept.
Cubic yard 933,000 901,000 893.600 Bulion, oz 14,150 18,420 18,310 Gold, fine oz. 9,675 12,783 12,838
Value:
Aust. currency* £84.656 £111,851 £112,332 Per cubic yard /21.7 /29.7 /30.1 Working profit £55,020 £72,108 £75,188 *At £A8/15/- per fine ounce.
June July Aup.
Eclie Creek Mill: Cold, oz. fine 1355 1382 1267 Silver, oz. fine 3772 4027 3514 Alluvial: Gold, oz. fine 1273 1174 1243 Silver, oz. fine 928 861 890 Gold Ridpes Mill: Cold, oz. fine 621 716 745 Silver, oz. fine 619 701 639 Operating Profit!
Edie Creek £3997 £3974 £3341 Alluvial 6842 4924 5168 Golden Ridpes 1074 1498 1844
Sandy Creek Gold Sluicing Ltd.
The mine manager of Sandy Creek Gold Sluic ing Limited, New Guinea, reported on October 7 that production, etc., since June had been:
During August, No. 1 plant could not be oper ated in the bed of Sandy Creek, owing to floods caused by abnormal ra,in, and a terrace deposit containing relatively low values was worked. No. 2 plant commenced full-time production during the last week of the month, the gold recovered being included in the return. The approximate mine working cost for September was 1/6| per cubic yard. Until the third week in the month the No. 1 plant could not be operated in the bed of Sandy Creek and continued to work a terrace deposit containing relatively low values.
On October 8 official quotation was granted by the Stock Exchange of Melbourne to 140,000 of the Co.’s shares of 2/6 fully paid, issued to the vendors.
June July Aug. Sept.
Cub. yd. 8,124 14,560 14,139 16,619 Gold, oz. 232 308 185 35i Per cub. yd. 4/3* 3/2 1/11J 3/2