Mining News

From Fiji

New mill head value 6.8 dwt. per ton. Pilot plant head value 0.47 dwt. per ton. New mill residues 0.47 dwt. per ton. Pilot plant residues 0.47 dwt. per ton. Concentrates from pilot plant estimated to contain 10.5 oz. fine gold stored for further treatment.

Plant closed three days for Christmas holidays and two days owing to severe storm.

Loloma (Fiji) Gold Mines, N.L.

Loloma production for the last three clean-ups has been: —

Mt. Kasi Mines, Limited.

Yields from the Mount Kasi Mine, Vanua Levu, Fiji, for the past four months, are compared in the following table: —

From New Guinea

Sunshine Gold Development, Ltd,

THERE are at least 15 years of profitable life to the company, and this term will prob ably be extended by further acquisition of other areas, said the chairman of Sunshine Gold Deve lopment, Ltd. (Mr. F. W. Torrington), at the annual meeting in Sydney on December 21. We are about to sluice a considerable quantity of overburden, preparatory to opening out a new paddock to the east of the present workings.

This overburden is comparatively poor, richer values lying at depth, but this is the most economical method of attack. While we do not, therefore, expect large yields during the early stages of this work, subsequent returns should even up the average, he added.

Additional pipes will be carried across a new suspension bridge to open up the western area of the property. The manufacture of the pipes will be put in hand immediately and should be delivered in about March next. When this work is completed the scope of operations will be greatly extended and will result in benefit to the company.

December clean-up resulted in 451 oz.; six days’ work was lost owing to repairs to race.

Bulolo Gold Dredging, Ltd.

Production of the Bulolo Gold Dredging Co.’s dredges in New Guinea from September to November last was:—

No. 2 dredge was digging in low values through out September to reach a new location.

Sandy Creek Gold Sluicing, Ltd.

The mine manager of Sandy Creek Gold Sluic ing, Ltd., New Guinea, reported early in January that recent yields compared as follows:

New Guinea Goldfields, Ltd.

Shareholders in New Guinea Goldfields, Ltd., at the annual meeting in Sydney on December 22, were told by the chairman (Mr. J. Krutt schnitt) that the most important feature of the alluvial operations of the company was the progress made with plans for actively working the Wau or Koranga alluvials and the Kaili 4 lease on the Bulolo River.

Completion of an equitable working agreement with Koranga Gold Sluicing Co., he said, en sured the efficient and economic exploitation of the overlapping holdings of both Co.’s. Through the purchase of the assets of the Bulolo Gold Deposits, Ltd., the Co. acquired the volume of water necessary for working the Koranga area alluvials on a large scale.

No new ore in measurable quantities was ex posed in the Edie section, Mr. Kruttschnitt said, but what appeared to be a new vein at a point where a landslide had occurred was discovered.

The position at Upper Ridges, including Ander son’s Creek, was more encouraging than a year ago. In addition to reserves estimated at 43,000 tons, averaging 0.43 oz. gold, prospective tonnage in addition was estimated at 50,000 tons of slightly lower grade.

Bulolo Gold Deposits, Ltd.

As soon as the transfer of the leases has been completed, Bulolo Gold Deposits, Ltd., will re ceive £21,500 in cash for the sale of its New Guinea assets to New Guinea Goldfields, Ltd.

When the deal has been settled finally, share holders will be called together to express their views on the future of the company.

After providing £222 for depreciation, a loss of £1,251 is shown for the year ended June 30,

Emperor

Mines, Ltd.

■••HE manager of 1 Fiji, reported Emperor Mines, Ltd., Tavua, on December 30; — Four weeks ended Nov. 2. Nov. 30. Dec. 28.

Ore treated, tons . 13,183 13,085 11,854 Head value, dwt. .. 6.81 6.9 6.8 Gold, oz. fine .. 4,109.4 4,110 3.744 Residues, dwt 0.5 0.53 0.47

Nov. 2. * Nov. 30. tDec. 28.

Mill ran, hours .. 624 618 483 Ore treated, tons .. 2,125 2,115 1,655 Head value, dwt. . . 28.41 28.51 28.32 Gold, fine oz 2,852 2,844 2,240 Dwt. a ton 26.84 26.9 27.1 Silver, fine oz 663 654 491 Residues assay, dwt. 1.57 1.62 1.25 •Flotation plant started last week, residue values slightly higher owing to disorganisation in plant caused by strike. tPlant closed down Dec. 22 for overhaul and installation new conveyor.

Oct. 5. Nov. 2. Nov. 30. Dec. 28.

Ore, tons . . 2.778 3.318 3,272 2,909 Gold, fine oz. 662 695 671 636 Value ( £ A) .. 5.792 6,081 5,871 5,565

Sept.

Oct.

Nov.

Cubic yards .. 1,138.000 1,260,000 1,210,000 Bullion, oz 15,271 19,547 20,491 Gold, fine, oz. 10,537 13,487 14,139

Value—

Aust. currency* £92,199 £118,011 £123,716 Working profit £63,875 £77,192 £82,609 •At £ A8/15/per fine ounce.

Sept.

Oct.

Nov.

Dec.

Cubic yards 19,644 16,073 19,154 17,206 Gold, oz. 359 368 445 486 Per cubic yard 2/9 3/51/4 3/6 4/23/4 Working cost .. 1/0 Va 1/2 «/ 2 1/3 1/41/2

The last production

report issued

on December 19 showed: — Sept.

Oct.

Nov.

Alluvial — Pine gold, oz. .. 785 863 849 Pine silver, oz. .. 572 636 612 Edie Creek Mill — Pine gold, oz. 1162 870 1129 Pine silver, oz. .. 3734 3781 4679 Golden Ridge Mill — Pine gold, oz. 401 554 879 Fine silver, oz. .. 542 647 928 Alluvial profit .. £2391 £2957 £2633 Edie Creek profit .. £3071 £743 £3257 Gold Ridge loss . . . . .. £300 £222 — Gold Ridge profit . . — — £ 1302

and a credit balance of £5BO brought forward is converted to a debit of £671 carried forward.

The net value of gold won from the Bulolo Terraces, Morobe Alluvials, and Morobe Deposits properties was £6,873, and mine expenditure was £7,129. From June 30 to November 3, when

the properties were handed over the treatment of 47,300 cubic yards yielded 641.05 oz. gold of a net value of £2,933. Cash items at June 30 were £722.

Placer Devei/Opment Ltd.

Placer Development, Ltd., showed a profit of 956,493 dollars (£A.251,709) for the year ended April 30, 1938, after providing for income tax and 101,488 dollars for property inspection and testing expenses. Dividends absorbed 876,000 dollars, leaving a credit balance in profit and loss of 1,309,574 dollars, as against 1,229,081 dollars at the beginning of the year. The Co.’s major shareholdings are a 30 per cent, interest in Bulolo Gold Dredging, Ltd. (New Guinea): 41 per cent, in Asnazu Gold Dredging, Ltd.; 35.93 per cent, in Pato Consolidated Gold Dredging, Ltd.; 64 per cent, in Rutherglen Gold Dumps Ltd., and 83.33 per cent, in Gold Dumps, Pro prietary, Ltd,

From Papua

Oil Search Ltd.

"T HE directors of Oil Search Ltd., believe that 0 the recent formation of Australasian Petro leum Pty., Ltd., means that the search for oil in Papua and New Guinea will be pursued with out interruption until finality is reached In their annual report they refer to the formation of Australasian Petroleum to acquire the in terests of Oil Search, Ltd. The shareholders are, indirectly in each case, Anglo-Iranian Oil Co., Ltd., Standard Vacuum Oil Co., and Oil Search. In the event of Nominated Holdings Pty., Ltd., a subsidiary of Oil Search, being in vited to subscribe additional capital in Austra lasian Petroleum, the directors of Oil Search, Ltd., believe that shareholders of Oil Search would be glad of the opportunity of supporting the company.

Expenditure of Oil Search, Ltd., during the

year ended June 30 amounted to £36,788. Ad ministration account now stands at £58,374, and field operation account at £118,013, Cur rent assets are £29,969. Licences and concessions are valued at £lOO,OOO. Creditors are owed £2,410. Paid-up capital is £331,809, including £lOO,OOO of vendor shares.

Yodda Goldfields, Ltd.

The management of Yodda Goldfields, Ltd., Papua, reported early in January that the yield for December was 62 oz. 3 dwt. gold.

Cutiibert’S Misima Goldmine, Ltd.

Figures for the monthly clean-up on December 23 from Cuthbert’s mine on Misima Island.

Eastern Papua, compare with the previous two months as follows:

Oriomo Oil, Ltd.

The directors of Oriomo Oil, Ltd., which, through its shareholding in Oil Search, Ltd.| is interested in Australasian Petroleum Co’ (Papua), state that they believe that the value of this holding has been considerably enhanced by the arrangement. The directors state that the shareholding in Oriomo Explorations, Ltd., is not likely to prove productive owing to the failure of the operations of Hill End Alluvials (Pty.), Ltd.

Papuan Apinaipi Petroleum Co., Ltd.

The Papuan Apinaipi Petroleum Co., Ltd., re ports that the new issue of 150,000 contributing shares of 5/- each has been fully subscribed, bringing the total issued capital to 250,000 shares.

Mr. Launcelot Owen advised by radio on January 10 that the No. 2 Oiapu bore had reached a depth of 377 ft., and that continuous traces of oil were struck at 330 to 372 ft. Casing had been set in formation at 356 ft.

Gold Mines Of Papua, Ltd.

Comparative monthly returns from Gold Mines of Papua, Ltd., Misima Island, show: —

Mandated Alluvials. Nx.

Mandated Alluvials, NX., reports that owing to shortage of coke during November, due to the Australian strike, the sixth shipment of matte from Papua was much reduced. The seventh shipment has now been made, the com bined contents, subject to check assay, being: Fine gold, 468 oz.; silver, 800 oz.; and copper, 15 tons. The total value is expected to exceed £4,800. A reserve of coke is now being ac cumulated.

Oct. Nov. Dec.

Treated, tons 2,895 2.900 2.90C Bullion, oz 2,575 2.609 2 850 Gold, fine oz 782 799 779.5 Silver, fine oz 1,723 1.738 1 987 Est. value at £A8 .. .. £6,345 £6,493 £6,354 Value per ton ,. .. 43/10 44/10 43/8

Sept.

Oct.

Nov.

Dec.

Crushed, tons .. 2,750 2,540 2,378 2,003 Gold, oz. fine .. 396 334 316 281 Silver, oz 1,749 1,220 997 929 Value £3,620 £3,050 £2,925 £2,625 Residues, gr. .. 7 6 6 6