MINING NEWS.

Auckland Star, Volume LXIV, Issue 172, 24 July 1933, Page 4

MINING NEWS.

ALEXANDER MINES, LTD,

DIRECTORS' ANNUAL REPORT,

In their nnni'.al report the directors of Alexander Mines. Ltd.. state that mining an ore extraction for the whole year were eonliiied to liie McYioar reef section, which had shown considerable faulting. . The location of the ore body, after tlie faulting, proved a most <1 i(lieult problem. It was realised that the amount of ore available for extraction in the block was almost Quito recently there had been a most satisfactory development in the No. 3 level north, In a crosscut driven out easterly from a point 382 ft north of the main crosscut. After.driving 12ft, stone 3ft in width was exposed and driven on for TSft. The ore body was lengthening fast and going northward, and may pass overhead of the prospecting previously carried out north. The lode'was improving fast, with ail average width of Oft. A second slope, over the level, exposed a reef Oft to Sft wide. The mine manager leports that it Is a most promising development. The ore body is opening up well, and an effort is being made to trace the continuation of the lode to the new No. 4 level. A contract has been let for driving the new No. 4 north for 200 ft. Considerable attention has been given to gold saving methods in the battery. The results have been satisfactory. Concentrates saved by the NVilfley tables are very valuable, carrying values ranging from £37 to £45 a ton. The battery crushed 5300 tons of ore for the year, and 355S tons of sands were saved and treated by the cyanide plant, being 67.5 per cent of the tonnage crushed, and comparing favourably with other mines on the Rccfton field. The gold has been sold abroad, chiefly In London, the price realising from £5 18/7 to £0 4/2 a line ounce. The output for the year realised £29.194. .and the premium on exchange was £4557 10/1. A dividend of 1/ a share had been paid, representing a total distribution of £22,500 to shareholders, free of income tax. Government taxes were considerable. In income tax £221 tin<l been paid, and a further £1329 had accrued. Lease rents and rates and the gold duty were £S9B. The balance-sheet shows subscribed capital at £00,050. and flic credit balance on May 31 was £1909. Assets included mining property £31,000, equipment and development £10,028. and gold in transit £2734. The balance at the bank was £848. The total expenditure was £21,213, and tlie revenue £31,410.

BRIAN BORU DREDGE,

(By Telegraph.—Press Association.) GREYMOUTH, this day. The Brian Boru dredge return last week was 320z for 82 hours.

OKARITO RETURN.

(By Telegraph.—Press Association.) DUNEDIN, this day. The Okarlto Gold Dredging Company's return for 121 hours of dredging was S4 ounces 8 dwts.

GOLDEN TERRACE.

(By Telegraph.—Press Association.) DUNEDIN, this day. The Golden Terrace return shows that 36 ounces of gold wove obtained for last week's working.

MINE MANAGERS' REPORTS.

Golden Dawn. — The superintendent reports that in No. 3 level south, In cast crosscut, n reef 2ft wide has been intersected heading towards Farmer's workings, and looking well. Dawn of Hope.—Report for the week ending July 22: We have extended the crosscut to a point G7ft out from the Golden Age reef, through a splendid class of country rock. At a point <>4ft along this level we have passed through another leader from lin to 2in in width, and the quartz broken showed gold freely, a little of which was picked stone. This is the third leader Uitc vitli in the level, the last two carrying th» best values. We have decided not to work on this leader at present, as this is untested country and we are anxious to push the level along, witli the object of intersecting the Dawn of Hope and Reuben Parr reefs. Golconda.—Work was continued In the east drive on the reef. The reef Is a compact body of ore. and is over sft wide in the floor of the drive. Colours of gold have been seen in the ore, which is well mineralised, also carrying silica and zinc blende. Wo started to crosscut west, through the break, which cut off the main reef at this point, and we are in good blue country. We have got the north face on the branch reef north ready to start at any time. Next week we will try and get the stopes working on the branch reef south, where the good ore was got in the previous crushings. and work was suspended temporarily. Crushing is still proceeding.