Islands Mining

Notes

From Fiji.

Loloma (Fiji) Gold Mines N.L.

EXCELLENT -results continue to be met with in the development of the bottom (224 ft.) level of Loloma (Fiji) Gold Mines N.L. at Tavua. The S. drive off the main E. cross cut at 60 ft. has been extended to 658 ft.

Average assay value for the last 18 ft. of driving is reported as 43 dwt. over a width of 102 in. The ore body in which the present development is proceeding is known as the Southern shoot.

A gratifying feature of the lode in the 224 ft. level is that it is both wider and of higher value than at the corresponding points in the 120 ft. level. Driving has proceeded for a distance of 196 ft. since the shoot was first entered, and its extremity has not been reached. In the 120 ft. level it extends over a length of approximately 400 ft.

Shareholders are awaiting an announcement by the Co. of its first dividend before Eas ter (April), as forecast by the chairman (Mr.

P. F. Cody) at the annual meeting in Decem ber. In this connection it is interesting to consider the profit which it is reasonable to expect from the Co.’s operations to date.

From the commencement of treatment op erations early in September until the last clean-up for the period ended February 23, the Co. produced 9,095 oz. fine gold, valued at £A78,220. Assuming all-in costs at £2/5/- a ton, the treatment of 8,098 tons of ore would

absorb £A18,220, leaving a profit of £60,000.

This should be raised to £78,000 from the re sults of the next four-weekly production per iod, which will be reported before Easter.

The Co. should thus have ample funds in hand for the payment of a dividend of 1/- a share, which would require £41,250. It is ex pected that the first declaration will be at this rate, with further dividends of 1/- a share declared quarterly. Bonuses from time to time might also be expected.

Royalty and export duty on gold produced in Fiji is at the rate of 6 per cent, on gross value. The Fiji Administration will, therefore, benefit to the extent of approximately £6,000 from Loloma production from the commence ment of treatment operations until Easter.

The result of the February clean-up, which is the Co.’s fifth, is compared hereunder with those of the two preceding four-weekly per iods:—

Emperor Gold Mining Co. Ltd.

Satisfactory results are reported from the Emperor mine at Tavua as a result of the clean-up for the four-weekly period ended February 23. Exceeding its scheduled through put of ore, Emperor Gold Mining Co. raised its recovery rate from 5.33 dwt. gold a ton in the preceding period to 6.27 dwt.

Treating 12,113 long tons of ore in its sec ond clean-up with the full plant, the Co. re covered bullion estimated to contain 3,798 fine oz. of gold. The plant is designed to treat 3,000 tons a week. The February result is compared in the following table with those of the two preceding periods, the first of which represents the operation of the original pilot plant only;—

The fall in the head value of the ore treat ed on the commencement of operations by the new plant was explained by a report issued recently by the Co., which stated that a large amount of 3 to 4 dwt. ore had been allowed to accumulate from overburden removal for de livery to the new mill during its breaking-in period. The maintenance of the lower head value during the period under review suggests that this class of material was still being treat ed.

The low assay value of the tailings, 0.53 dwt. a ton, indicates that little or no trouble has been experienced in bringing the new plant into operation.

Dec. 22. ♦Jan. 29. Feb. 23.

Ore treated, tons , . 1,700 1,663 1,875 Gold, fine, oz. . ., , 1,999 1,700 2,408% Dwt. a ton ., . 23.53 21.03 25.69 Silver, fine, oz. , 755 591 459 Tailings, assay. dwt 3.4 1.5 1.75 ♦Mill shut down six days to convert elevator housing from wood to steel.

Operations affected by wet season.

Dec. 25.

Jan. 26.

Feb. 23.

Tons crushed .. . . 2,400 11,426 12,113 Head value, dwt. 8.8 6.8 6.8 Yield, oz. (est.) 951 3,044 3,798 Dwt., a ton .. .. 8 5.33 6.27 Tailings, dwt. .. . 0.63 0.53