Reports
p. 69 · Read in the full issue
Pacific Mining
From Fiji.
Mount Kasi Mines Ltd,
MARKED improvement occurred in the posi tion of Mt. Kasi Mines Ltd., Fiji during 1937. After writing off development charges of £1,356 and depreciation totalling £3,741, the surplus of revenue over expenditure .vas £8,046.
The debit balance of £6,106 has been wiped off and replaced by a credit balance of £1,940.
During the year. 33,232 tons of ore were treated for 7496.52 fine oz. Of gold, or an ave rage of 4.51 dwt. a ton. Average tailings value was .9 dwt., so that the head value of the ore was 5.41 dwt. a ton. Mine working costs showed great improvement. They amounted to 27/6% a ton against 44/8% in 1936. Develop ment work was hindered by shortage of labour, and the difficulty has not yet been entirely overcome.
The general manager estimates that there are 144,700 tons of Ore proved, with an expected value of 5.4 dwt. a ton, while probable ore amounts to 116,700 tons of approximately the same value.
Emperor Mines Ltd.
Treatment figures for four weeks ended April 20, at the Emperor Mine, showed an increased head value of 7 dwt. a ton compared with 6 dwt. in March. Details were:—Crushed 11,444 long tons for 4,133 oz. Of bullion, estimated to contain 3719.3 oz. fine gold. Mead values 7 dwt. a ton, residues .5 dwt. Plant closed for three days for Easter holidays. Ore character enabled increased daily through-put.
Loloma (Fiji) Gold Mines N.L.
The return for Loloma (Fiji) Gold Mines N.L. for the four weeks ended April 20 was as fol lows:—Mill ran 595 hours crushed 1,980 long tons for recovery of 2.603 oz. fine gold and 470 oz. fine silver. Residues 1.95 dwt. per ton.
The Co. has declared a dividend of 1/ a share, payable May 27. The distribution is the first. The dividend will require £41,250. The Co. was formed early in 1935. Production was begun at the mine at Tavua, Fiji, in Septem ber, 1937, and rich yields have been obtained since then. tt is expected that the Co. will now pay quarterly dividends of 1/ a share. Bonuses may also be expected from time to time, as profits are exceeding the amount necessary to pay four dividends of 1/ each a year.
The ‘CO. has had a meteoric history, and so far has justified all the original claims as to its worth. In its first six months Of produc tion it won 11,751 fine ounces of gold from 10,118 tons of ore. Average grade of the stone treated at the mine was thus 23.3 dwt. of gold to the ton. Loloma was the first Fijian area to be floated as a public company. Following the successful development in the privately owned Emperor mine and the market rush for Loloma* shares, more than a score of compan ies were formed. Mining men rushed to the field and the most spectacular share boom of jecent years followed. The parties first in, how ever, had chosen well. After a hectic period, when share prices reached fantastic heights, the interest and resources of most of the com panies waned. Emperor, Loloma and Koroere continued.
Koroere Gold N.L.
Shareholders in Koroere Gold, N.L., at the an nual meeting in Melbourne on April 26, author ised the safe of the Company’s undertakiftg to Emperor Gold Mining Co. Ltd. for £25,000. This is to be satisfied by the issue of 50,000 fully paid 10/ shares in Emperor Mines Ltd.
The managing director (Mr. E. G. Theodore) said that development work by Koroere in the last 12 months had not altered the mine posi tion materially. Unfortunately the early hopes had not been fully realised. Much work has been done on the Koroere Hill and Cardigan areas at an economic cost. On the Cardigan area a valuable ore deposit had been opened up, but, unfortunately, at the lower level (100 ft.) the lode had not shown a continuance of values, although the channel persisted.
On Koroere Hill, he continued, the lode' had proved too low in value for economic milling.
That area contains probably 100,000 tons of ore averaging about 3V 2 dwt. the lode was irregu
lar in shape and value. Possibilities existed in both areas at depth. But to explore them ade quately would need more money than the Co. had or was likely to raise. Attack at depth in the areas could be handled better by the Emperor Co. than by anyone else. If explor ation of the Emperor ore bodies was carried out at depth, that Co. would be in a good posi tion economically to explore the Koroere area.
The Cardigan ore body possibly would per sist in depth. To develop that body to 600 ft. would cost between £15,000 and £20,000. The Emperor Co. would soon begin mining and treating the ore from the Cardigan area, which could be worked easily by open cutting, Mr.
Theodore concluded.
Kasi Development Ltd.
Disappointing results from prospecting work have caused the directors of Kasi Development Ltd., Fiji, to abandon the leases and cease operations. Net cost of prospecting in 1937 was £ 1,807, raising development account to £8,137. At December 31 cash items were £978 and creditors £330.