MINING NEWS.

Auckland Star, Volume LXX, Issue 190, 14 August 1939, Page 4

MINING NEWS.

MIKONUI DREDGING

• Th ,l- secretaries of Mikonui Gold Dredging Ltd.. advise that the company lias gone to allotment. CENTRAL SHOTOVER RESULTS. A loss of £36 was reported by Central Shotover Gold Mining Company. Limited for the year ended June 30. Gold won totalled I'lToz. realising f1747. less export duty ot £129. a net return of E11>37 Total . costs of the company were reduced during the year by £316 to £1674. MANAGERS' REPORTS. New Welcome Gold Mining Co.. Ltd ( Rei'fton i. —Progress report for July- At last report issued on July 10, the main crosscut had been driven 333 ft. Since then 4.iff has been driven, making total 3§oft. Driving was not so speedy owing to the country being harder, but the around lias now improved, and better progress will be made. The large reef intersected at the j -.2(.ft point, referred to in last month s leport, was sampled and assayed, but did not carry any values. This is an entirely new lode, lias a very promising appearance, and It warrants being driven upon both north and south later on, in the expectation that payable gold will make. Every thin™ else in connection with the driving of this crosscut is proceeding smoothly and satisfactorily. YIELDS OF COMPANIES. 1 Blackwater (Reefton) .—Return for Jul\ : Crushed, 4643 tons, yielding 2°oo tine ounces gold from all sources, including clean up of old battery, the value of | winch, taking gold at 148/ a tine ounce. forking expenses were 18823, leaving a working profit of £7434 Capital expenditure was £801, and develODment expenditure £968. ioflo? ona i (We ?, t ,„ Coast). —6ooz from 10,600 yards in 129 hours. Paddy's Point (Otago).—ssoz lOdwt in oli weeks' sluicing. Waitahu (Reef ton).—The first partial wash-up in Xo. 19 paddock resulted in a return of 260t 2dwt for 21 shifts of eight hours each. Elevating operations were commenced in this paddock on July 19. Rundi.—To August 9: 220z lSdwt 2 grains in 92 hours from 14.246 yards. Argo. 330z in 120 hours from 10 300 yards. Mataki Junction (Murcliison). — 51oz I nun 16.0illiyds in 122 hours. White's Electric (West Coast).—33oz in 119 hours. Worksop Extended (West Coast). —440z rrom 11.000 yds in 122 hours. ~.,H Os i v - Creek < West Coast). —330z from H.iyds in 130 hours. . Limn. 203.950z in 129 hours 40 minutes trom 45,333 yards. Mataki (Murchison). —30oz for 126 hours' work and 10,900 cubic yards dredged.