From New Guinea
pp. 76-77 · Read in the full issue
Gold And Power Limited.
GOLD AND POWER LIMITED has been in corporated in New Guinea to purchase the assets of Upper Watut Gold Alluvials N.L. (in liquidation). The issued capital is £16,031. The directors of Sandy Creek Gold Sluicing Ltd. (Messrs. H. B. Jamieson, H. G. Hyde, J. W.
Hinks, and A. J. Smeaton) are personally in terested in the Company and the Sandy Creek Company has invested £l,OOO in the concern.
Towards the end of 1937, the New Guinea assets of Upper Watut Gold Alluvials were put up for sale. Sandy Creek Company was interested, but did not have sufficient oppor tunity to examine the leases closely and, therefore, did not tender. The liquidators re jected the tenders received. Sandy Creek Com pany again was approached, and it found that the largest creditors of Upper Watut Gold were willing to sell their interest for £6,000.
A hurried decision was necessary; thereupon the Sandy Creek directors formed and financed the Hydraulic Gold and Power Syndicate in order to close the deal. The new Company (Gold and Power Ltd.) will take over the Syndicate’s interest and will also purchase the assets of Upper Watut Gold Alluvials.
Bulolo Gold Deposits Ltd.
The following yields have been reported by Bulolo Gold Deposits, New Guinea:—
This Company has now been taken over by New Guinea Goldfields Limited.
New Guinea Goldfields Limited.
The following progress report for August has been issued by the Mining Trust Limited, con sulting engineers for N.G. Goldfields Ltd.:— -
The reconstructed Golden Ridges mill was run in on low-grade tailings during August, and treated 1,200 tons for a recovery of 113 oz. fine gold and 116 oz. silver. The estimated oper ating loss was £ 1,005.
The Company has arranged to purchase the whole of the assets of Bulolo Gold Deposits Ltd. for £21,500 (see page 17 for details). New Guinea Goldfields Ltd. has also made an agreement with Koranga Gold Sluicing Ltd. for the working of the deep alluvials belonging to both Companies in the Koranga area.
Enterprise Of New Guinea N.L.
The general manager of Enterprise of New Guinea Gold and Petroleum Development N.L. (Mr. Harold Taylour), reported as follows for the period, August 26 to September 8: Edie mine, No. 3 level, west drive, No. 1 parallel lode to 68ft. at 60ft. assays 4dwt. 4.Bgr. gold over 27in.; at 65ft. two smaller sections of lode assay 9wdt. loz. gold; No. 1 level, west drive, main lode crosscut at 801 ft. not yet reached. Pootwall ore exposed 15ft. wide, all works proceeding satisfactorily.
Production of unrefined retorted alluvial gold from all sources for September was 250 z. 1 dwt. from 5,100 cub. yds.
Aug 3.
Sept. 6.
Sept. 25.
Morobe Alluvials— Hours 550 600 290 Yards . 5.000 7.500 2,000 Gold, oz. 70 140 50 Morobe Deposits— Hours 470 525 300 Yards . 6.500 8,500 4,500 Gold, oz. .. 45 45 30
June. July. Aug.
Edie Creek mill— Gold, oz., fine .. 1,126 1,208 1,154 Silver, oz., fine . 3,906 4,052 3,865 Alluvial— Gold, oz., fine .. 1,185 1,120 809 Silver, oz., fine .. 838 797 612 Operating profit— Edie Creek .. .. £1,588 £2,771 £2,532 Alluvial 4,639 4,305 2,700
Bulolo Gold Dredging Ltd.
The August output of Bulolo Gold Dredging Ltd.. Morobe goldfield, New Guinea, compares with the two previous yields as follows: —
Sandy Creek Gold Sluicing Ltd.
The mine manager of Sandy Creek Gold Sluicing Limited, New Guinea, reported on Oc tober 4 that the working of No. 1 plant at Sandy Creek during September was seriously affected by flooding. The last four yields com pare as follows: —
June. July. Aug.
Cubic yards .. 1,184,000 1,232,000 1,249,000 Bullion oz 18,265 19,667 23,492 Gold, fine, oz. . . 12,603 13.569 16,209 V&lU6 "
Aust. currency* . £110,276 £118,729 £141,829 Value, per c.y. . /22.3 /23.1 /27.2 Working profit .. £75,967 £77,875 £100,695 ♦At £A8/15/- per fine ounce.
June. July. Aug. Sept.
Cubic yards .. 15,949 16,088 18,497 19,644 Gold oz. . . 292 531 538 359 Per c.y. ... 2/9 4/11 4/4 2/9 Work, cost 1/3 Vb 1/5 1/2 1/0 Vz