Mining Notes

From Fiji

Emperor Gold Mining Co.. Ltd.

Emperor gold mining co., ltd., Tavua, Fiji, reports that figures for the last three production periods compare as follow: —

Mt. Kasi Mines, Ltd.

The expectation of a dividend within the next 12 months was mentioned by the chairman of Mount Kasi Mines, Ltd. (Mr. E. J. Coote) at the annual meeting in Sydney in May. “Recent development work had brought in sight at least six years of probable ore”, he said. “During the past year we have devoted profits to the im provements of the mine. Immediate require ments are now almost satisfied”. Mr. Coote stated that mine conditions had improved in every way, and that, although the top of the ore body only had been scratched, the new plant would facilitate a more intensive development programme.

A director (Mr. R. J. D. Richardson) said that the possibility of a prolonged breakdown of the treatment plant had been obviated by the in creased stock of spare parts.

Replying to a shareholder. Mr. Richardson said that if a large ore body should be discovered in the lower level, plant would be duplicated at an approximate cost of £15,000. “So far, how ever”, he added, “testing of the lower level values has been hampered by lack of power. A new compressor has now been installed”.

The chairman said that nothing had yet been done about diamond drilling, due to a lack of power.

Following the resignation of the mine manager (Major A. J. Peterson) for health reasons, Mr.

C. M. Willington has been appointed.

The Co. showed a net profit of £11,647 for the year ended December 31, 1938, compared with £8,046 for 1937, and a loss of £2.795 for 1936.

The figures are expressed in Fiji currency.

Results for the year, with those of the pre vious year in parentheses, are:—Ore treated, 38,420 (33.232) tons; value a ton, 5.06 (5.41) dwt.; recovery. 8,363 (7,497) fine oz.; residues, .71 (.9) dwt.; working costs, 21/- 9.25 d. (24/- 2.75 d.) a ton.

Recent yields from the Mount Kasi mine at Vanua Levu are compared in the following table:

Loloma (Fiji) Gold Mines, N.L.

The last clean-up from Loloma (Fiji) Gold Mines. NL.. for the four weeks ended May 17 compared with the two previous yields as follows:

tNo old residues were retreated pending the installation of a larger pump.

Progress Report, June 2.—Main shaft, 224 ft. level, main South drive advanced to 1,107 ft, average value from 1,103 ft. to 1,107 ft., 17.3 dwt’ per ton over width of 121 in. Theodore shaft; Advanced to 291 ft. from surface. Influenza epidemic easing, 17 per cent, of labour available mill working.

In the six months ended January 31, Loloma of £97,698, after providing £4,331 for Fiji income tax. For the year ended y 31 > 1938 ’ covering productive operations for 10 months, profit was £83,793. * n o\ he * last six-mon thly period one dividend i no. 3) of 1 - a share was paid on December 8 requiring £41,250. Two further dividends of 1/hay c since been declared, making total declarations 5/- a share, equal to £206,250.

Since July 31 the Co. has treated 22,975 tons of ore for 30,839 oz, of gold and 6,285 oz. of silver. Total production from the mine is 52,913 oz. of gold and 11,874 oz. of silver from 41,011 tons of ore, equal to just on 26 dwt. a ton.

From the Solomons

Australian Gold Development.

SHAREHOLDERS in Australian Gold Develop ment, N.L., at an extraordinary meeting late in May passed a resolution increasing capital from £25,000 to £50,000 by raising the amount of existing shares from £5 to £lO each. The chairman (Mr, E. A. Wisdom) said that it was only intended to call up 10/- a share to cover existing liabilities at present.

Mr. T. R. Victor, the Co.’s engineer, had proceeded to Guadalcanal Island, in the Solo mons, for Solomon G.M. and Valikorta in which A.G.D. has share interests. There was a possibility that he might also acquire a property for A.G.D.

Guadalcanal, Ltd.

The directors of Guadalcanal, Ltd., in their report for 1938 (just issued), state that no active operations have been undertaken, and little expense has been incurred. No expense on any proposition submitted to the company will be undertaken unless the possibilities are con sidered attractive.

Charlton South. N.L.

Charlton South, N.L., of Victoria, advises that the Company’s representative has cabled from Tulagi (Solomon Islands) as follows: “Secured

Four weeks ended Mar. 22. Apl. 19. tMay 17.

Ore treated, tons 14,750 13,650 13,912 Head value, dwt. .. 6.31 6.5 6.61 Gold. oz. fine .. .. 4,188 4.023 4,033 Residues, dwt 0.5 0.47 0.55 tConcentrates stacked, pending further treatment, totalled 28 tons, estimated to contain 185 oz. of fine gold.

Four weeks ended Feb. 22. Mar. 22. Apr. 19. May 17.

Ore. tons 3,554 3.310 2.826 2.893 Gold. fine, oz 712 652 633 669 Value, £ A .. 6,230 5.705 5.538 5,854

Pour weeks ended Mar. 22 Apr. 19. tMay 17.

Tons treated .. .. 2,355 2.185. 2,390 Gold, oz. fine .. .. 3,210 2,944 3.172 Silver, oz. fine ... 563 510 657 Residue, dwt 1.07 1.23 1 15

working option for company next to Solomons Gold Co.’s property”. Arrangements are being made for an inspection.

Pacific Gold, N.L.

? a fSv probably 5>- a a share. Their engineer, E J R Victor and his brother, Mr. T. R.

Victor, are at present investigating properties in the Solomons

Break Of Day Syndicate, N.L.

The Melbourne management of Break of Day Syndicate. N.L., early in June, received the following cable message from its mining en gineer (Mr. A. J. McGeorge), from Tulagi, British Solomon Islands ;-Finished inspection Some possible chances. Not any hurry. Great caution necessary. Arranged for option alluvial area 1,000 acres. Details my arrival Melbourne, June 19”.

From Papua

Papuan Apinaipi Petroleum Co., Ltd.

Papuan apinaipi petroleum company, LTD., reports that Mr. E. A. Kodyen ar rived on the field on May 20 to commence his investigations on behalf of the Commonwealth Government as to the best type of major drill to be used.

The Co. further advises that the No. 3 Oiapu bore has been completed at 892 ft. Drilling conditions were ideal. The first showings of oil were struck at 140 ft., and were almost con tinuous throughout a depth of 700 ft. Gas appeared with the oil at 786 ft., and continued to 791 ft. The nature of the oil shows that it has been forced from depth through restricted channels. That oil in commercial quantities exists, however, can only be proved by deep drilling on the Oiapu structure. The drilling plant is being transferred to the site of the No. 4 Oiapu bore, the site having already been prepared about six miles north-west of the No. 3 bore.

Cuthbert’S Misima Goldmine, Ltd.

Figures for the May clean-up from Cuthbert’s mine on Misima Island, Papua, compare with the two previous yields as follows;

Interim Dividend No. 10 has been declared payable on June 23—1/- per share. Books are closed from June 17 to 24 inclusive.

Total Development for April, 423 ft.; 500 tons of ore won from development; 2,556 tons from stoping; total, 3,056 tons. Average assay gold, 5 dwts. 18.4 grs. p.t.; silver, 37 dwts. 8 grs. p.t.

Gold Mines Of Papua, Ltd.

Returns for the past four months from Gold Mines of Papua, Ltd., at Misima Island, in Eastern Papua, show:—

Yodda Goldfields, Ltd.

The monthly statement issued by Yodda Gold fields, Ltd., reports that the amount of gold recovered during May totalled 96 oz. 2 dwt.

From New Guinea

Guinea Gold, N.L.

AN increase of £964 is shown in net profit of Guinea Gold, N.L., at £46,807 for the year ended February 28. Dividends of 1/10 per share of 2/- require £45,833. The balance of £974 is transferred to reserve, which appears at £396,583. During the year, 1,020 shares in Bulolo Gold Dredging, Ltd., were sold for £7,151, in reduction of the overdraft. The total reduction on the year was by £8,016 to £24,806. The Co. now holds 66,825 Bulolo shares, standing (at market valuation) at £471,341.

New Guinea Goldfields, Ltd.

The monthly progress report issued by The Mining Trust, Ltd., consulting engineers for New Guinea Goldfields, Ltd., on May 22. showed: —

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports a clean-up for May of 276 oz. 4 dwt. Yardage sluiced was 25,000, and hours worked 503. The yardage treated included some of the deeper gravels. Six days were lost owing to heavy rains and floods.

Sandy Creek Gold Sluicing, Ltd,

The manager of Sandy Ck. G.S. Co. reported in June that heavy rain in May damaged the Sandy Creek and Poverty Creek water races, causing a suspension of operations for two weeks while repairs were effected. For the re mainder of the month the Sandy Creek plant was engaged in treating a terrace deposit of comparatively low value as the constant flood ing of the watercourse made it impracticable to operate the elevator in the creek bed.

The low yield for May compares with the pro-

March. April. May.

Treated, tons 2,850 3,056 2,698 Bullion, oz 2,701 2,966 2,525 Gold, fine, oz 757 808 617.6 Silver, fine, oz 1,878 2,088 1,840 Est. value —gold at £A8 per oz £6,166 £6,591 £5,052 Value per ton .. 43/4 43/2 *37/5 tReduced tonnage and grade caused by heavy rains and sickness.

Feb.

Mar.

Apl.

May.

Crushed, tons . 2,728 2,754 2,616 3,007 Gold, oz., fine . 367 374 339 323 Silver, oz 938 1,050 1,076 1,100 Value £3,275 £3,400 £3,150 £3,000 Residues, gr. . 7 7 7.5 8.0

Feb.

Mar.

Apl.

Edie Creek mill — Ore, tons .. 3,011 3,443 2,769 Gold, oz., fine . . 852 1,111 795 Silver, oz., fine .. 3,365 4,143 4,062 Alluvial — Gold, oz., fine .. 1,035 969 836 Silver, oz., fine .. 766 716 572 Golden Ridges mill— Tons treated .. .. 2,426 2,804 2,597 Gold, oz., fine .. 1,012 1,015 947 Silver, oz., fine .. 1,379 1,545 1,435 Operating profit— Edie Creek, £ .. 680 2,523 •189 Alluvial, £ .. .. 2,644 1,918 1,428 Golden Ridges, £ 2,540 1,627 1,555 ♦Loss.

April production at all the Easter holidays and centres was affected by by heavy rains.

Enterprise Of N.G. Gold And

Petroleum Development N.L.

The general manager of Enterprise of New Guinea Gold and Petroleum Development, N.L. (Mr. H. Taylour) reports that possible ore amounting to 285,000 tons, representing a possible value of £769,500, may be developed above the No. 3 level horizon in the Edie mine.

He considers that assuming road transport be tween Salamaua and Wau replaces the aero plane, the ore can be treated at a good profit.

He recommends that underground development should be advanced as rapidly as the equipment now on the mine will permit, that plans should be prepared for power supply and treatment plant, while the Salamaua-Wau road is under construction, and that no further plant con struction be undertaken until a road is avail able. Reserves then would be blocked out several years in advance of milling requirements, and mining and treatment costs reduced to a minimum. Mr. Taylour estimates that freight costs between Salamaua and Wau will be re duced by at least £l5 per ton when the Government road is constructed.

Bulolo Gold Dredging, Ltd.

Production of Bulolo Gold Dredging Co’s dredges in New Guinea from March to May was:—

ductlon of the three previous months as follows: — Feb. Mar. April. May.

Cubic yards . , 16,482 17,834 15,609 13,343 Gold, oz 445 463.1 310 153 Per cubic yd. 4/0% 3/10% 2/11% 1/8% Working cost .. 1/5 1/5 1/4 1/-

March. April. May.

Cubic yards .. .. 1,275.000 1.177.000 1,329.000 Bullion, oz 16.686 15.526 19,902 Gold, fine, oz. . . n,5l3 10,713 13,732

Value—

Aust. currency* .. £100,739 £93,739 £120 155 Value per c. yd. . /18.9 /19.1 /21 7 Working profit £71,277 £54,127 £79,222 •At £A8/15/- per fine ounce.