Islands Mining
pp. 63-65 · Read in the full issue
News
From Fiji
Loloma (Fiji) Gold Mines, N.L.
LOLOMA (FIJI) GOLD MINES. N.L.’s financial year did not close until July 31. but pro duction for the four weeks ended July 12 completed the returns for 52 weeks. In that period the mill ran 7,694 hours, treating 27,767 tons of ore for a return of 37,254 oz. of gold, an average of 26.8 dwt. a ton. In addition. 7,770 oz. of silver were recovered, equal to 5.6 dwt. a ton.
For comparison, from the end of September, 1937, when treatment operations began, to July 13, 1938, 18.036 tons of ore yielded 22,074 oz. of gold (24.6 dwt. a ton), and 5,589 oz. of silver (6.2 dwt. a ton). Net profit for the year ended July 31, 1938. representing 10 months’ operations, was £83.793. and two dividends of 1/- a share, absorbing £82,500, were paid. In the current financial year three dividends, each of 1/- a share, requiring £123,750 have been distri buted. Another has been declared, payable on September 8.
Tonnage treated and gold recovered in the four waeks ended July 12 are both records for the company. Recent returns are compared be low: —
Mount Kasi Mines, Ltd.
Latest yields from the Mount Kasi mine at Vanua Levu are compared in the following table:—
Empefror Gold Mining Co., Ltd.
The financial year of Emperor Gold Mining Co., Ltd., ended on June 30. In the 52 weeks to July 12, 178,164 tons of ore from the Co.’s mine at Vatukoula, Fiji, were crushed for a return of 52,371 oz. of gold, a grade of 5.9 dwt. a ton.
Treatment operations in the last two financial years are compared hereunder:—
The Co. has declared a dividend of 6d. a share, payable on August 31. This is the Co.'s fourth distribution. It will absorb £47,500 and bring total payments to £237,500. Other divi dends have been: 1938: November 10, 1/-. 1939: February 24, 6d.; May 31, 6d.
Treatment results for the four weeks ended July 12 show v that recovery of gold improved, with a corresponding drop in the assay value of residues. Returns for the last three four weekly periods are compared in the following table:—
From New Guinea
Sandy Creek Gold Sluicing, Ltd.
AT the annual meeting of, Sandy Creek Gold / \ Sluicing, Ltd., on August 1. the chairman (Mr. H. B. Jamieson) said that it was impossible to estimate the life of the Co.’s holdings, but the board considered that, within three years, a considerable reduction in gold recoveries might be expected, due to the lack of workable ground in the present property. They were, therefore keeping a reserve of readily available cash, and were seeking opportunities to extend the Co.’s activities. The investment of £l,OOO in Gold and Power, which had been ratified at the last general meeting, should prove profitable, and the
estimated life of the working was 10 to 15 years.
During the year boxing operations at Poverty Creek became unpayable, and the equipment was transferred to Upper Sandy Creek, where the working was made more economical. The mine working cost had now been reduced to 1/3 'A per cubic yard.
A shareholder suggested that the capital of the Co., which was at present in 2/6 shares, might be consolidated into units of 10/- or £l.
The chairman said that if the board decided that the proposal was desirable, shareholder:, would be called together further to discuss the matter. A reduction in the number of the Co.’s shares might permit a more regular pay ment of dividends.
Figures for the year ended April 30 are com pared with the previous year in the following table: —
At April 30 current assets and investments, including cash £10,044, stood at £13,655, com pared with £3,868 in the previous year. After writing off £l9O for the year, preliminary ex penses appear at £2,400.
A dividend of 3d. per share was paid in
1938. 19-30. £ £ Net Profit .V 5,689 19.172 Div. per share 3d 6d Div. amt 7,750 15,500 Forward 3.384 7.057 Depreciation, etc 3,969 4.804 Treated, c. yd 196.500 206,751 Gold, oz 3,271 4,979 Value £24,057 £38,733 Per cub. yd 2/5'/a 3/9 Working cost l/3 3 / 4 1/3 V 4
May 17.
June 15.
July 12.
Mill ran, hours .. .. 643 569 Vi 649 Ore treated, tons 2,390 2,244 2,548 Head value, dwt. 27.7 27.7 27.7 Gold, fine, oz 3,172 3,007 3.408 Dwt. a ton 26.6 26.8 26.7 Silver, fine, oz ♦ 657 580 905 Residues assay, dwt. . 1.15 0.9 0.95
Four weeks ended Apr.
May June July 19. 17. 14. 12.
Ore, tons 2,826 2,893 2,355 2,662 Gold, fine. oz. . 633 669 592 622 Value, £ A .. . 5,538 5,854 5,180 5,442
1938. 1939.
Ore crushed, tons .. .. 128.008 178,164 Gold, fine, oz. .. .. .. 52.371 Grade, dwt 6.2 5.9
Crushed, tons .. ..
May 17.
June 15.
July 12. 13,912 14,162 13,971 Head value, dwt. 6.61 6.86 6.64 Yield, oz. (est.) 4,033 4,103 4,104 Dwt. a ton 5.8 5.8 5.9 Residues, dwt 0.55 0.71 0.46 Concentrates, tons .. 28 38 8 Containing oz. (est.) 180 266 112
December, and a dividend of a similar amount was payable on August 12, absorbing altogether £15,500, leaving £7,057 to be carried forward.
Production figures for July compared with the three previous months as follows; —
Sunshine Gold Development, Ltd.
The clean-up of Sunshine Gold Development.
Ltd., for July yielded 271 oz. of gold. The plant worked 636 hours, treating 22,000 cubic yards.
The yield for the previous month was 357 oz.
New Guinea Goldfields, Ltd.
A progress report issued on July 17 by The Mining Trust, Limited, consulting engineers to New Guinea Goldfields, Limited, compared the production and profit for March, April, May and June, as follows:- —
April production at all centres was affected by the Easter holidays and by heavy rains. The Edie Creek mill loss in May was due to low heads. Other operations were affected by heavy floods. Loss on alluvial in June was due to low value of the gravel treated.
Bulolo Gold Dredging, Ltd.
Production of Bulolo Gold Dredging Limited’s dredges in New Guinea from April to June was:—
From the Solomons
Solomon Gold Mines, N.L.
SHAREHOLDERS of Solomon Gold Mines, N.L., at an extraordinary meeting on July 21. unanimously agreed to a resolution providing for the voluntary winding-up of the Co. Mr.
Haddon A. Smith was appointed liquidator, sub ject to the supervision of the directors as an advisory board. Directors were authorised to dispose of all the assets of the Co. and to destroy the books and documents relating to the Co. after a period of 12 months.
Assets consist of cash and shares in Valikorta Gold Ridge. After this latter Co. has been placed in liquidation, Solomon Gold Mines will be in a position to make a distribution of ap proximately 20/- a share to shareholders. It is expected that payment will be made in two months’ time.
From Papua
Yodda Goldfields, Ltd.
yODDA GOLDFIELDS, LTD., made marked • improvement in the year ended April 30. operations resulting in a profit of £2,118, against a loss of £405 in the previous year. Two dividends, each of /I per share, were paid during the year, and a final dividend of /3 per share, requiring £1,093, is recommended.
Gold produced during the year amounted to 834 ounces, valued at £6,542, against a return of £3,640 in the previous year. The yield was obtained from 34,766 yards, averaging 3/9 per yard, compared with 41,010 cubic yards, aver aging 1/9 per yard, in the preceding 12 months.
The annual report states that the present stocks methods of working the field with boxes and sluices is proving profitable. Total yardage blocked out for future work is approximately 364,100. of an estimated value of £57,820. It is anticipated that, in the current year, about 1,000 ounces of gold, valued at £B,OOO, will be produced. It is pointed out that, at this rate, yearly, the life of the mine, with the estimated yardage blocked out, would be seven and a half years.
A statement issued early in August showed that the amount of gold won during July totalled 70 ounces 2 dwt.
G.M. Of Papua, Ltd.
Gold Mines of Papua, Ltd., announced in mid-August that because of the continued deterioration in value of the ore treated it had been decided to cease milling operations on August 19.
Prospecting work will be continued with a limited staff.
July production is compared with the pre vious three months in the following table:—
Papuan Apinaipi Petroleum Co., Ltd.
Papuan Aplnaipi Petroleum Co.. Ltd , iias been advised by the Commonwealth Oil Advisory Committee that a drilling plant for deep boring on the Co.’s area in Papua will be made avail able on certain conditions which govern land ing and insurance. The Committee pointed out that the question of providing the plant with diesel engines will need further consideration, since this involves the expenditure of a con siderable sum of money. The recommendation that a plant be lent to the Co. involves ac ceptance by the Co. of conditions specified under the Petroleum Oil Search Acts, 1936.
The Co., in July, reported that No. 4 scout borehole at Oiapu had reached a depth of 434
April. May. June. July.
Cubic yards .. .. 15.609 13,343 21,201 24,443 Gold, oz 310 153 228 279 Per cubic yard .. 2/11% l/8V 2 1/71/4 1/8V 2 Working cost ... 1/4 1/- 1/- /lli/ 2
Mar.
Apr.
May.
June.
Edie Creek mill— Ore, tons 3,443 2.769 3.269 2,973 Gold, oz., fine .. .. 1.111 795 803 787 Silver, oz., fine . . . . 4.143 4.062 3.979 3,751 Alluvial— Gold, oz., fine .. . . 969' 836 1.201 653 Silver, oz., fine .. .. 716 572 857 463 Golden Ridges mill— Tons treated . . 2.804 2,597 1,723 2,995 Gold, oz.. fine .. 1.015 947 778 999 Silver, oz., fine . . 1,545 1,435 1,121 1,222 Operating profit— Edie Creek, £ 2.523 *189 *865 *765 Alluvial. £ 1.918 1,428 1.927 *699 Golden Ridges, £ 1,627 1,555 176 1,556 *Loss.
Cubic yards treated *April.
May.
June. (four dredges) .. 1,777,000 1,329,000 1,255,000 Bullion, oz Containing fine gold 15,526 19,902 17,129 oz 10,713 13,732 11,819 Value of production £93,739 £120.155 £103.416 Value, per c. yd. .. /19.1 /21.7 /19.7 (Working profit . . £54,127 £79.222 £65.686 4 Two dredges were in low grade ground that had to be dredged as reached. tBased on gold oz. at £8/15/ - (Australian) an
April.
May.
June.
July.
Crushed, tons . 2,616 3,007 2,850 3,067 Gold. oz.. fine 339 323 253 246 Silver, oz. . 1,076 1,100 1,142 1,059 Value £3,150 £3,000 £2,400 £2,300 Residues, gr. .. 7.5 8.0 8.0 8.0
ft. in easy drilling mudstone. The strata be came more sandy below 351 ft. Traces of oil were continuous below 182 ft., and these were stated to be more pronounced than in any of the previously drilled boreholes.
Another report, early in August, stated that a pocket of gas showing a pressure of more than 250 lb. per square inch was struck at 439 ft. Four-inch casing was set below this, at 444 ft., and boring continued to 581 ft.
It was further announced on August 8 that the borehole had reached a depth of 585 ft.
Drilling was temporarily suspended while the hole was cemented. Arrangements are being made for the landing of the major drilling plant.
Borneo Options, N.L.
An agreement had been entered into for the working of the manganese ore deposits in Papua of Borneo Options. N.L., the chairman (Mr. M.
Finkelstein) told shareholders at the annual meeting on July 18. A Co. was being formed to carry out the agreement. Under the agree ment, a minimum of 7,500 tons of ore a year must be mined, and the royalty for 5,000 tons payable to Borneo Options was £2 and 307over that amount.
The Co. would be known as Papuan Minerals and had no connection with Borneo Options.
The area in Papua, covering 125 acres, was estimated to contain 50,000 tons of high grade ore and up to 100,000 tons of lower grade.
Mr. C. W. Herriot, solicitor for Papuan Minerals, said the new Co. would have a capital of £15,000. A total of 8.000 or 9,000 shares of £ 1 would be issued either in cash or for con sideration. A' cash guarantee of £3,000 had been made.
Mr. Finkelstein said that the agreement be gan from January 1, 1940, but mining might begin before then.
Cutiibert’S Misima Goldmine, Ltd.
Figures for the July clean-up from Cuthbert’s mine on Misima Island, Papua, compared with the two previous yields as follows:
Development for June was: 382 ft., 535 tons of ore won from development, 2,475 tons from sloping, total 3,010 tons, average assay gold 5 dwt. 13 gr„ p.t., silver 37 dwt. 19 gr.. p.t.
Mandated Alluvials, N.L.
Mandated Alluvials, N.L., reports good pro gress in the preparatory stage of development of the two properties recently acquired, and it is anticipated that these will be brought into production at an early date. As part con sideration for the purchase of these and other interests, there has been allotted and issued to Dominion Gold, Ltd., 2,000 fully paid shares. All debentures of the Co. have been repaid.
During July there were two further shipments of matte, Nos. 14 and 15, amounting to 76 tons.
The preliminary assays show approximate con tents as 604 oz. of fine gold. 1,545 oz. of silver, and 23 tons of copper, the net value of which is expected to exceed £6,000.
May.
June.
July.
Mill treated, tons . 2.698 3.010 3,107 Bullion, oz 2.525 2.793 2.998 Gold, fine, oz. 617.6 770 800 Silver, fine. oz. .. 1,840 1,956 2.125 Estimated value £5.052 £6,275 £6.525 Value per ton of ore *37/5 41/8 42/tonnage rains and sickness. and grade. caused by heavy