MINING NEWS.

Auckland Star, Volume LXVII, Issue 206, 31 August 1936, Page 4

MINING NEWS.

ALEXANDER MINES. PAST YEAK7S OPERATION S. NO DIVIDEND RECOMMENDED. "Operations during the year were not sufficiently profitable to enable any dividend to be jjaid to shareholders, but It is expected that dividend stage will again be reached during the present year," state the directors of Alexander Mines, Dtd., in their report for the year ended May 31. The total gold production for the period is valued at £11,525 16/6, from which i £861 7/7 was paid in gold duty taxation. The company has paid £5401 6/8 in gold duty taxation since the tax was instituted. All the gold produced has been sold in London and realised prices from £6 IS/6 to £7 1/6.

The hydro power plant, states the report, is working satisfactorily. The results obtained from roasting concentrates recovered from the mill wore fairly satisfactory when only the coarse concentrates were treated. When the fine concentrates were roasted results proved unsatisfactory, ' chiefly through dusting, and it was decided to close the furnace down. Due to some refractory mineral in the concentrates, returns were never as satisfactory as waß originally anticipated. A considerable amount of research work has been done to try and improve the extraction and i.samples were sent to the Imperial Chemicals metallurgical works at Blllingliam, England, for testing and experimental purposes. Their report on those experiments has just come to hand and it is hoped that it will to some extent be helpful, although it has to be recognised that through some extremely refractory mineral in the ore the recoverable percentage of extraction will not be as high as was originally expected. A programme for further experiments has now been mapped out and until the result of these is definitely known the coarse concentrates which are being produced in the mill are being shipped to Tort Kembla, Xew South Wales, for treatment and sale.

"The development of the ore body between No. 4 and' No. 5 levels lias recently shown a very marked improvement, and this bears every appearance of being maintained as the ore body is more extensively developed. The full length of the reef towards the north has not yet been proved. The length of lode in No. 4 intermediate level north has been proved for lGOft, with reef, of an average width of sft of clean, solid ore in the most northern face. This face will be extended on reef as required. The full length of the ore body in No. 3 level has yet to be proved. As reef is proved to the north, in both these faces, then the ore reserve will be steadily increased. Generally, the future prospects of the mine wear a very healthy appearance." LATER REPORT. Since the end of the financial year a supplementary report has been supplied by the mine superintendent, Mr. J. Bolitho, which states as follows :—"No 5 level was extended to 240 ft, 90ft of this distance being on stone from 3ft to 6fc wide. A leading stope has been risen for and shows reef 10ft in widtli of clean, solid ore. A fair amount of flne gold can bo seen In the stone. A rise also has been connected with a winze sunk below No. 4 intermediate level and proves reef for a height of Sift. The lode varies from 3ft to Git in width and is of fair value. The above developments have opened up additional ore reserves of 3110 tons, this amount being added to every day. No. 5 level continues on reef. The mine generally looks exceptionally well, No. 5 level showing promise of producing a considerable quantity of ore." The balance-sheet shows paid capital £75,000, bank overdraft £4705, gold in transit £4045. OKARITO DREDGE.

The report of the Oknrito Five Mile Beach Gold Dredging Company, Limited (West Coast), shows a net profit of £2203 for the nine months' period ended June 30, against £SSGO in the corresponding period last year. Overhead charges amounted to £«>U> and the profit is equivalent to 0 per cent on the paid-up capital. A dividend of 10 per cent was paid in December, leaving £41!) to be carried forward after providing for income tax. The directors regret that the results disclosed are not as satisfactory as in former years. Throughout almost the whole of the past year the dredge has been in comparatively poor ground, and although at times there have been Indications of improvement, the weekly returns have shown a general tendency to fall. In spite of the poor returns throughout most of the year, the weekly average has been 2'.ioz. At the present price of gold this is a payable figure, though not a highly payable one. i The dredge continued southward on the lagoon side of the claim, but the decreasing returns and the changing nature o,f the ground led to the decision to turn the dredges north on the seaward side of the claim. The turning of the dredge took place in March, but, as the returns have not. improved at all in this section of the claim, every effort is being made to get the dredge northward as quickly as possible on a narrow cut. It will take several months yet before the dredge reaches the vicinity of the area which proved to be the richest on the claim. During the first vear's operations the dredge left behind ground at the north end of flic claim which was producing 40 to 50 ounces a week, hut which was not then considered very attractive with gold at the low price it was then. YIELDS OF COMPANIES. Maori Gully.—24oz odwt for 132 hours Golden Sands. —21oz Odwt for IS shifts Argo Dredge.—G4oz, 14,000 yards, 133 hours. Nemona (West Coast).—This week, 790z 2dwt for 13,500 yards and 105 hours. King Solomon (Gore).—This week, 350z lSdwt. Nemona.—72oz 2dwt, for 105 hours. Okarito.—lSoz lOdwt, for 120 hours.