From New Guinea

Placer & Bulolo Co.’S

UNCHANGED half-yearly dividends have been declared by Placer Development Ltd. and Bulolo Gold Dredging Ltd. Placer’s interim dividend on account of the April 30, 1939, year, is 60 cents (Canadian) per share. Bulolo is paying 1 dollar 50 cents as an interim dividend in respect of the May 31, 1938, year. Both dividends will be payable on June 10, plus ex change ruling on May 21. Dividends payable to non-residents of Canada will be subject to an absentee tax of 5 per cent.

Enterprise Of N.G. Gold And Petro

Leum Development N.L.

Production of unrefined retorted alluvial gold from all sources for April was 44 ozs. 7 dwt., from 3,079 cubic yards wash dirt and 1,972 cubic yards overburden, reports the manager of

Enterprise of New Guinea Gold and Petroleum Development N.L.

Having made an inspection of the Edie gold mine, in New Guinea, Mr. W. J. Turner, min ing engineer, has submitted a comprehensive report to the directors. The mine, Mr. Tur ner reports, is a partly developed low grade prospect of considerable promise. There are three lode systems, but only one of these has been explored to much extent. This is the main western lode that has been traced on the sur face for a length of 4,800 ft. A tunnel has been driven on this lode for a length of 770 ft. and the average width of the ore is 5 ft. and the average assay value 7 dwt. of gold a ton.

A new drainage adit is being advanced to in tersect the lode at an horizon 150 ft. below

the level above and at an average depth of 285 ft. below the surface. Should the lode persist to this depth, and the geological evid ence is in favour of its persistence to much greater depth, a possible 262,500 tons of ore may be developed above this horizon. Assum ing the recoverable gold at 5 dwt. a ton, this would represent £525,000 possible value.

Regarding future operations, Mr. Turner ad vises that the main western lode justifies a vigorous development policy. He recommends that the new drainage adit be advanced as rap idly as possible to intersect the main western lode, then drive on the lode to the eastward and westward. The future of the mine will depend upon the results obtained here. If the lode at this horizon compares with that ex posed in the main western drive above, the mine is worth while developing to the produc ing stage, but if the lode fails here the mine will be a salvage proposition. Whilst this work is in progress the main western drive should be advanced, and No. 2 winze continued to connect with the level below. A rise also should be put through to the surface at a selec ted point in the drive somewhere about the 500 ft. mark. To expedite the programme the installation of a rock-drilling plant is recom mended. During the progress of the under ground campaign metallurgical research work should be conducted at the mine, giving special attention to the economic limit of grinding, flotation tests, and cyanidation tests to be fol lowed up with bulk tests of a ton or so, of rep resentatlve ore, at the Commonwealth Indus trial Research. Melbourne, or the School of Mines, Kalgoorlie, to determine the most eco nomical flow sheet and the class of machinery to be installed.

Bulolo Gold Dredging Ltd.

Production of Bulolo Gold Dredging Ltd. for April, compared with that of the previous two periods, as follows:

Sandy Creek Gold Sluicing Ltd.

No. 1 plant of Sandy Creek Gold Sluicing Ltd., New Guinea, began operations in April at the southern boundary of the Sandy Creek area

at its junction with the Bulolo River. The Co. was occupied during the month in treating the comparatively poor terrace gravels near the Bulolo River, preparatory to starting on the Sandy Creek gravels in May. No. 2 plant was delayed for over ten days by some slips in the Cold Water Creek water race. Production fig ures for the last three months are compared in the following table:—

At the end of April the Co. issued the fol lowing financial statement for the three months ended January 31;—Cash in hand commence ment of period, including balances due on gold sold. £5.563, revenue from operations, £6,720; expenditure, £5,512; cash in hand end of per iod, including balances due on gold sold, £6,771; debtors £220; creditors (approx.) including provision for accruing expenditure. £3,278.

New Guinea Goldfields Ltd.

Production statements of New Guinea Gold fields compare as under:—

Sunshine Gold Development Ltd.

The manager of Sunshine Gold Development Limited, New Guinea, reported on May 5 that a clean-up of the Company’s property in April yielded 325- ozs. of gold.

Bulolo Gold Deposits Ltd.

The following yields have been reported by Bulolo Gold Deposits Ltd., New Guinea;—

Morobe Warden’S Report For March

Gold Export.—Bullion exported from the Mo robe goldfield, New Guinea, in March, was 25,- 560 oz. valued at £A129,068. The effect of No. 5 dredge on production has not yet been felt owing to minor stoppages and owing to not having yet dug clear of tailings. Next month production from Nos. 5 and 6 should mater ially increase the output. Also exported through Wau was 94 oz. valued at £A657 from Madang, and 19 oz. at £AI4B from the Sepik goldfield.

Surveys.—Mr. Bergin and party continued sur veys on the Bitoi. Mr. Livingston was without a chainman for most of the month so did small surveys near Wau, visited Salamaua to fix points for the radio beacon, and assisted the Court in a pegging dispute.

General. —The weather was normal during the month. No. 6 dredge commenced dredging at the end of March. Court work was heavy dur ing the period.

Feb. Mar.

April.

Cubic yards .. 897 000 1.041,000 1,117.000 Bullion, on 11.624 16,281 17.420 Gold, fine. oz. 8.020 11,235 12,020 Value— Aust. currency* . £70,175 £98.306 £105.175 Value, per c. yd. /18.7 /22.6 /22.8 Working profit .. £52,421 £68 958 £73,745 •At £ A8/15/ per fine ounce.

February treatment included 154,000 cubic yards tailings.

Feb. Mar. April.

Yards, treated .. .. 18,441 17,620 18.790 Gold, oz 258 338 212 Value a c. yd 2/114 2/IOV2 I/8V2 Working costs 1/5 1/1 1/4

Jan.

Feb.

Mar.

Alluvial— Fine gold, oz 1274 914 1163 Pine silver, oz. .. 904 665 847 Golden Ridges Mill— Pine gold, oz 308 601 50 Pine silver, oz. . . 359 671 55 Edie Creek Mill— Fine gold, oz. . .. 1181 652 758 Fine silver oz. .. 4126 2936 2845 Alluvial profit .. £2383 £4286 G. Ridges Mill profit . £1018 £3532 £411 Edie Creek profit .. £2502 Edie Creek loss .. — £1214 £1427 The Golden Ridges’ yield was from a cleanup of plant.

Jan.

Mar. 10.

Apr. 27.

Morobe Alluvials— Hours 625 545 825 Yards 7,500 4,720 8,500 Gold, oz 110 120 180 Morobe Deposits— Hours 450 470 850 Yards *3,000 3,500 4,000 Gold, oz 25 t35 50 ♦Incomplete. tlncludes balance of clean-up from previous month.