Mining News

From Papua

Papuan Apinaipi Petroleum Co., Ltd.

THE Board is advised that prospects gener ally are more favourable to-day than they have ever been of obtaining oil in commercial quantities,” said Mr. W. M. Marks (chairmant at the annual meeting of Papuan Apinaipi Petro leum Co., Ltd., in Sydney on November 25.

A major drilling plant, worth £40,000, was hired from the Commonwealth Government and operations commenced at Oiapu on March 15 last. After examining cores from the well, which reached 2,764 ft., the Commonwealth Chief Geological Adviser (Dr. W. G. Woolnough) and the Co.’s own geologist (Mr. G. Barrow) advised the removal of operations to a site three miles south-east from the present location. The new hole would save about 2,500 ft. of drilling. It is believed that oil is lying, and being retained, under a cap of igneous rocks on which drilling operations will be made. Transfer of equip ment, etc., will take about nine weeks. No. 1 hole has been cased to 2,555 ft. and can be returned to at any time. If the Co. makes use of casing from an old bore, abandoned many years ago, a saving of £lO,OOO will be made.

The Commonwealth Government has advanced £20,000 to the Co. Mr. Marks said that the Co. had enough money in hand to put the new well down; and added that ‘‘big financial in terests overseas” had approached him and showed great interest in the possibilities of future operations. Shareholders would be con sulted if and when any offer was made.

Oil Search, Ltd.

Oil Search, Ltd., in its report for the year ended June 30, states that drilling of the first test well in Papua by the Australasian Petro leum Co., Pty., Ltd., is expected to commence in January at a site on the Vailala River, about 75 miles from the mouth. The decision was made after findings and recommendations of the field staff were reviewed by experts in London and New York. The bulk of the machinery has been landed at the site. Over £700,000 has been spent by APC Pty., Ltd., on surveys and drilling to date.

Mandated Alluvials, N.L.

For the year ended July 31, 1940, Mandated Alluvials, N.L., treated 5,018 tons of oxidised ore and 3,025 tons of sulphide ore for 516 tons of matte (containing 2,884 oz. fine gold, 7,820 oz. silver and US'.75 tons copper). Total value of

production was £39,560, and net value after re fining, £32,779. A net profit of £1,461 was shown after reducing mine development account by £5,000. A 3d. dividend in September, 1939, absorbed £1,250.

As the supply of oxidised ore from the various mines was rapidly diminishing, Mr. G. A. More was engaged to examine and report on the Laloki mine, which had previously been ac quired. He pointed x»ut that above the present

adit level, there was approximately 150,000 tons of ore, sufficient to keep the enlarged plant in almost continuous production for more than three years. The quantity of ore below this level would depend upon the depth to which it persisted and on whether the base continued as now, or widened.

Mr. More estimates that, when in full pro duction, the enlarged plant will show in the three and a half years’ treatment of ore above the adit level only, a working profit of approxi mately £41,000 a year. It had been hoped to pay for work incidental to the new plant out of current revenue. Decline in oxidised ore and delay in delivery of certain plant made this im possible, and the board therefore considers that some arrangement may be necessary to bring the mine to full production stage.

Cuthbert’S Misima Gold Mines, Ltd.

Early this month the directors of Cuthbert’s Misima Gold Mines, Ltd., declared an interim dividend (No. 13) of 1/- per share out of the cunent year’s profit earned wholly and ex clusively from gold-mining operations. Payment will be made on December 23; books close De cember 16.

November production compares with September and October as follows; —

From New Guinea

New Guinea Goldfields, Ltd.

r T'HE latest report issued by the Mining Trust, -I- Ltd., consulting engineers for NGG, Ltd., compares October production with August and September as follows: —

*Low tonnage due to water entering the Karuka workings. Mill resumed full production on October 14 after pumping out of workings. (Loss.

Bulolo Gold Dredging, Ltd.

Bulolo Gold Dredging, Ltd., reports that October production from the Co.’s dredges in New Guinea compared with August and Sep tember as follows:

Estimated working profit for October, 8,066 oz. of fine gold.

For the five months ended October 31, the dredges handled 8,145,000 cubic yards of gravel, and recovered gold valued at 2,700,390 United States dollars (about £A843,872).

Placer Development, Ltd.

Placer Development, Ltd., a Vancouver com pany with large holdings in Bulolo Gold Dredg ing, Ltd., New Guinea, made a profit of 1,100,660 Canadian dollars (approx. £A314,474) for the year ended April 30. This compares with 976,625 dollars (£A305,195) for the previous year.

Sandy Creek Gold Sluicing, Ltd.

November production at Sandy Creek is com pared with August, September and October as follows:

Enterprise Of New Guinea Gold And

Petroleum Development, N.L.

At the annual meeting of Enterprise of New Guinea Gold and Petroleum Development, N.L., in Melbourne, on December 3, some of the shareholders criticised the Co.’s policy in re gard to the search for oil in New Guinea. The general manager in the Mandated Territory (Mr.

H. Taylour) said that until “uncontrolled” areas were made available for search, little could be

Sept. Oct. Nov.

Mill treated, tons .. .. 3,210 3,340 3.110 Bullion, oz 3,402 3,455 3,214 Gold, fine, oz 780 802 760 Silver, fine, oz 2,538 2,568 2,338 Estimated value .. .. £6,343 £6.508 £6,160 Value per ton of ore 39/6 39/- 39/7

Aug.

Sept.

Oct.

Edie Creek mill— Ore, tons 3,105 *2,704 *2,299 Gold, oz., fine .. .. 918 845 688 Silver, oz., fine . . .. 5,713 4,040 3,537 Golden Ridges mill — Tons treated 2,616 2,420 2,418 Gold, oz., fine .. .. 1,184 1,052 977 Silver, oz., fine .. 1,350 1,429 1,396 Alluvial — Gold, oz., fine .. 1,335 1,528 1,629 Silver, oz., fine .. 988 1,155 1,150 Operating profit— Ecue Greek, £ .. . 2,019 1,537 131 Golden Ridges, £ .. 2,772 2,021 1,031 Alluvial, £ 5,120 6,885 6,022

Aug.

Sept.

Oct.

Cubic yards .. . . 1,613,000 1,790,000 1,765,000 Bullion, oz. .. . 22,304 22,574 23,731 Gold, fine oz. . 15,389 15,575 16,374

Aug. Sept. Oct. Nov.

Cubic yards .. .. 16,530 14,110 21,160 19,122 Gold, oz 258 243 265 346 Per cubic yard .. 2/6 2/9 2/- 2/10% Working cost .. .. 1/1 l/2»/2 9*/4 —

done. The chairman (Mr. E. Ward) explained that if a concession were granted in Papua, shareholders would have to be prepared to face considerable expenditure. Application for an oil permit was made in May last, and is still being considered.

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports that the clean-up for November yielded 56.3 oz. of gold. Little sluicing was done during the month owing to the removal of over-burden and re setting plant in the new paddock.

For the year ended September 30, the Co. earned a profit of £33,661, after providing £2,486 for depreciation, compared with £11,142 for the previous year. Three dividends, each of 6d. a share, absorbed £15,000; and a further distribution of 1/- a share has been made. A total of 404,712 yards was treated for 6,857.29 oz. gold, and tributors yielded 103.47 oz. Total value was £55,636. Mining costs were the lowest on record at 6d. a yard.

Directors state it is not expected that any further heavy outlay on plant will be necessary for some time. A new elevator has been erected on a fresh paddock to work the old river channel, which is about 500 feet wide, and when the paddock has been opened another elevator will be installed. The policy of re moving overburden before beginning deep sluic ing will be continued, and, although recoveries are expected to be relatively low during the opening out period, they should be augmented by gold from the terraces, which will not be affected by this arrangement.

Guinea Gold, N.L,

The directors of Guinea Gold, N.L., have de clared a dividend of 1/- a share, payable on December 19. Books closed December 12.

From Fiji

Emperor Mines. Ltd.

RESULTS from the Emperor Mine, at Tavua, for th« past four months compare as follows: —

tlncluding gold from concentrates.

Owing to the non-arrival of necessary elec~ trical starting equipment from Australia, it was not possible to start No. 2 mill at the end of October as anticipated. Temporary arrange ments, however, are being made for starting equipment in order to run in the new mill.

Loloma Gold Mines, Ltd.

Production at the Loloma mine during November is compared with the three previous periods as follows:

Mount Kasi Mines, Ltd.

December production at the Mount Kasi mine, Vanua Levu, Is compared with September, October and November as follows:

Four weeks ended Sept.

Oct.

Oct.

Nov. 4. 2. 30. 27.

Ore treated, tons . . 10,098 9.899 11,279 13,000 Gold, oz,, nne .. 3,653 3,026 4,029 15.062 Head value, dwt. ., 7.1 10.75 7.6 6.97 Residues, dwt. .. . 1.0 -1.1 0.67 0.51

Four weeks ended Sept. *Oct. Oct. Nov. 4. 2. 30. 27.

Tons, treated .. .. 2.527 2.628 2,612 2.585 Gold, fine. oz. . . 3.361 3,419 3,450 3,387 Head value, dwt. . 27.7 27.4 27.22 27.20 Residue, dwt 1.1 1.38 0.81 1.00

Sept. 4.

Oct. 9.

Nov. 6.

Dec. 4.

Ore, tons .. 3,360 4,040 3,104 3,881 Gold, fine, oz. . 693 853 615 733 Value, £ A ,. .. 6,930 8,530 6,150 7,330