From New Guinea

Bulolo Gold Dredging. Ltd.

PRODUCTION of Bulolo Gpld Dredging Limited’s dredges in New Guinea from December to February was:—

Day Dawn South (N.G.) N.L.

Shareholders in Day Dawn South (New Guinea) N.L. have approved of the appointment of Mr.

N. M. Barrel!, chairman of directors, as liqui dator, to wind up the Co.’s affairs.

Answering a shareholder at the recent extra ordinary meeting in Sydney, Mr. Barrell said that the directors felt that if there had been any possibility of gold being in the lower levels of the mine, the Co. would have had no hesi tation in resuming operations. Inquiries from reliable sources in New Guinea had shown, how ever, that there was no justification for allow ing expenses to continue.

Sandy Creek Gold Sluicing, Ltd.

Early in April the mine manager of Sandy Creek Gold Sluicing, Ltd., New Guinea, reported that the last four yields compared as follows: —

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports that the clean-up for March yielded 100 oz. of gold.

During that month 57,184 yards of over-burden were removed from No. 4 elevator site, and put through the boxes.

Sluicing of over-burden at No. 5 elevator site is now in operation, and may be completed dur ing the present month, after which the elevator will come into operation on the lower gravels.

Returns should then become normal. This is the most economical method of working the deep ground on the eastern section of the property.

With the arrival of pipes on the field, the pipe line will be extended across the bridge to work the terrace gravels simultaneously with the ele vator.

Bulolo Deposits, Ltd. In Liquidation.

A meeting of shareholders in Sydney in Bulolo Deposits, Ltd., on March 29, decided to put the Co. into voluntary liquidation. The Co.’s leases on the Morobe goldfield, New Guinea, have been sold for cash to New Guinea Goldfields, Ltd., and the latter entered into possession in Novem ber, 1938. Shareholders expect to receive lid. for each 2/- share.

New Guinea Goldfields, Ltd,

A progress report for December to February has been issued by the Mining Trust, Ltd., con sulting engineers for New Guinea Goldfields, Ltd.:—

Enterprise Of New Guinea.

Accounts of Enterprise of New Guinea Gold and Petroleum Development N.L. for the six months ended February 28, disclose a loss of £5,052. At the date of balance, current assets amounted to £5,704, including cash, £1,813.

Creditors were set down at £966.

A report issued in March said: —Surprise

Dec.

Jan.

Feb.

Edie Creek mill— Gold, oz., fine .. .. 1.171 944 852 Silver, oz., fine .. .. 4,312 3,730 3,365 Ore, tons 3,600 3,011 3,011 Alluvial — Gold, oz.. fine .. .. 993 1,217 1,035 Silver, oz., fine .. .. 722 908 766 Golden Ridges mill— Tons treated 2,329 2,136 2,426 Gold, oz., fine . . 943 938 1.012 Silver, oz., fine .. .. 1,229 1,228 1,379 Operating profit— Edie Creek, £ .. 3,525 2,069 680 Alluvial, £ 2.960 3,884 2,644 Golden Ridges, £ .. 1,514 1,832 2,540

Dec. tJan. Feb.

Cubic yards .. .. 1,302,000 1,196,000 1,136,000 Bullion, oz 27,116 17,778 14,848 Gold, fine, oz. . . 18,709 12,268 10,246

Value—

Aust. currency* .. £163,704 £107.345 £89,652 Value per c. yd. .. /30.1 /21.5 /18.9 Working profit .. £111,851 £75,810 £63,376 •At £ A8/15/- per fine ounce. tNo. 1 dredge closed down 3 weeks for installation of new digging ladder.

Dec. Jan. Feb. Mar.

Cubic yards . . 17,206 14,196 16,482 17,834 Gold, oz 486 293 445 463.1 Per cubic yard 4/2% 3/1 4/0 Vx 3/10 Vs Working cost .. 1/4V 2 1/5V 4 1/5 1/5

Creek.—Large amount dead work been necessary in clearing a channel, and in constructing a diversion wall to turn Watut River through old workings. River now flowing through diversion channel. Sluicing and hydraulic elevating under way in dried river bed. Edie Creek mine.—Nos 1 and 2 parallel lodes: Nos. 6A, 7 and 8 pros pecting adits cleaned out and retimbered. Large tonnage profitable milling ore probable in these lodes. Compressed air plant out of commission severa! days recently owing to broken crank shaft steam engine. Replacement installed and operating. All works proceeding satisfactorily.

From Papua

Papuan Apinaipi Petroleum Co., Ltd.

Dapuan Apinaipi Petroleum Co., Ltd., Re

r ported late in March that the No. 3 Oiapu bore had continued trouble-free and had reached a depth of 733 ft., with traces of oil throughout.

The bore will be sunk as deep as possible.

It is reported that drilling conditions in this bore have been almost ideal, which is a good augury for major drilling operations, the strata encountered being similar to that in No. 1 Oiapu bore, which is close to the site selected for the first major well The Co. has made a call of 1/- per share making 3/6 paid, payable on April 24.

Cuthbert’S Misima Goldmine, Ltd.

A net profit of £43,701 was earned by Cuth bert’s Misima Goldmine, Ltd., Eastern Papua, for the year ended December 31, 1938. This profit is shown after providing £2,791 for deve lopment, £1,500 for a bonus to staff, and writ ing £670 off plant. The 1937 profit was £33,481, after £3,388 development and £1,500 staff bonus had been provided, and £411 written off plant.

Two dividends of 1/- each (making 20 per cent.) were paid, absorbing £30,000—the same as for 1937.

Mining operations compare:—

Despite the year’s treatment, positive ore re serves have increased by 4,405 tons, and prob able ore reserves by 4,929 tons. The ore mined was obtained from the Southern section. This is well opened up, facilitating the supply of 40,000 tons, which is the designed capacity of the treatment plant. A shortage of native labour for underground work prevented the capacity tonnage being reached last year.

A little development was carried on in the Northern section, the ore body of which will not be opened up until the latter part of this year. No work has yet begun in the sulphide zone.

Assets included cash £9,877, bullion in transit £6,900, debtors £75, prepayments £2,000, and stores £7,302. Creditors and provision for taxa tion are £8,377.

The last monthly production figures showed the following comparison with the two previous periods:—

Misima North, Limited.

Misima North, Ltd., Misima Island, Eastern Papua, reported on March 22, that on the Patricia lease, which is one of the original leases, dish samples show a free gold content of 2 to 6 dwt. a ton. Two samples were taken across the face of the lode, and gave a gold content by assay of 12 dwt. and 24 dwt. a ton respectively. On the new leases, an open cut has been put in 40 ft., and a tunnel is being driven. The tunnel is in 50 ft., and the engineer expected to strike the lode at the 200 ft. level about the end of March.

1936. 1937. 1938.

Ore mined, tons . 21,707 26.119 33,521 Head assay— Gold, dwt. to ton 6.5 6.37 6.25 Silver, dwt. to ton 53 47 35.71 Oosts — Mining (inc. dev.) 13/1.2 13/6.7 14/2.8 Treatment, ton , , . . 7/4.4 7/9.1 7/10.4 General .. .. /7.5 /9.7 /4.8 Production— Gold, oz. .. ., 6,375 7,407 9,537 Silver, oz. .. . 19,008 21,387 20,707 Gold price, stg. oz. 7/0/3 7/0/9 7/2/6 Ore reserves— Positive, tons . . .. 145,500 190,091 194,496 Probable, tons . . .. 107,200 112,925 117,854

Jan.

Feb.

Mar.

Treated, tons .. 2,641 3,031 2,850 Bullion, oz 2,589 2,788 2,701 Gold, fine, oz. ..

Silver, fine, oz. .. 672 808 757 1,852 1,915 1,878 Est. val. (at £ A8 oz ) £5,490 £6,574 £6,166 Value, per ton .. 41/7 43/5 43/4 Total development for February; 511 ft.. 467 tons ore won from development, 2,564 tons from stoping, total 3,031 tons, average assay, dwt., 20 gr., silver 26 dwt. 3 gr. per ton. gold 5

Australasian Petroleum Co., Pty., Ltd.

Results so far obtained by Australasian Petro leum Co., Pty., Ltd., warrant the expectation of a drilling recommendation in Papua within the next few months, said the managing director of Oil Search, Ltd. (Mr. E. F. Griffin), early in April. He said that Papua Oil Development Co.’s abandonment of its oil prospecting permit had no bearing on the activities of Australasian Petroleum Co. in Papua and New Guinea. The permits originally granted to Oil Search, Ltd., in Papua, and subsequently transferred to A.P.C., were being thoroughly explored, with a view to an early beginning of a drilling campaign.

The Anglo-Iranian Oil Co., Ltd., for several years made geological surveys in both Papua and New Guinea, on ground later taken up under special permits by Oil Search, Ltd. With the knowledge so obtained, the Anglo-Iranian Oil Co., Ltd. agreed to join the Vacuum Oil Co., Pty., Ltd., and Oil Search, Ltd., to form Aus tralasian Petroleum Co., Pty., Ltd., which estab lished its field headquarters at Port Moresby.

In addition to its Papuan permits, A.P.C. also holds 20,000 sq. miles in New Guinea, where in vestigations are being carried out as quickly as possible.

Yodda Goldfields, Ltd.

A statement issued by Yodda Goldfields, Limited, reports that the amount of gold won during March totalled 91 ounces 19 dwt.

Gold Mines Of Papua, Ltd.

Returns for the past four months from Gold Mines of Papua, Limited, at Misima Island, in

Eastern Papua, show;— Dec. Jan. Feb. Mar.

Crushed, tons .. 2,003 2,612 2,728 2,754 Gold, oz., fine 281 329 367 374 Silver, oz 929 992 938 1,050 Value £2,625 £3,000 £3,275 £3,400 Residues, gr. .. 6 6.2 7 7