Seeking The Real Lode
pp. 22-24 · Read in the full issue
Gold Mines of Papua to Carry on
THE Sydney gold-mining company, Gold Mines of Papua Ltd., which is oper ating a large establishment on Misi ma Island, Eastern Papua, will not dis continue operations, as was announced by some of the newspapers in Austra lia. It will carry on with operations at the mine, and will intensify prospecting operations in its locality, in the hope of picking up the lode on which Cuthbert’s very prosperous gold mine is situated.
Gold Mines of Papua Ltd. was formed several years ago, out of the wreck of Misima Options, Limited. The well-known Pratten group got behind G.M.P., the ground was very carefully examined, and a large milling and recovery plant was placed in a selected part. The company had an extraordinary amount of ill luck, with accidents, sickness, and bad wea ther. but finally it got into operation early in 1938. Everyone believed that the mine was on the rich Cuthbert lode.
All examinations and assays up to that time supported that view. But when operations were commenced it was found that there was an extraordinary percent age of silver in the metal recovered, and a corresponding reduction in the amount of gold, with the result that it
was found almost impossible to make the returns pay the cost of operations.
It soon became obvious that the mine was not on the Cuthbert lode at all, but on a much poorer formation. It was thought likely that the company then would cease operations altogethe: before finally the directors decided that betoie they abandoned the enterprise they would make a determined effort to find the Cuthbert lode which, they are con fident, extends into their lease.
The company’s shares are nominally
worth 5/-. At one time (in April, 1937) they were as high as 17/6. To-day they are quoted at a few pence.
Mr. G. Maunsell Turner, of the Crown Law Office, Rabaul, arrived in Australia on holidays by the June “Tanda” from New Guinea.
Mr. R. Sutherland, who for many years was in the Adminstration service in Western Samoa, has been appointed lo cal government auditor at Norfolk Is.