MINING

Press, Volume LXXV, Issue 22804, 1 September 1939, Page 13

MINING

SULPHIDE CORPORATION Directors of Sulphide Corporation, Ltd., notify that owing to the gradual depletion of ore reserves and to rising costs, the central mine at Broken Hill will cease operations permanently on November 30, unless unforeseen circumstances arise. ALEXANDER Alexander Mines, Ltd., produced gold to the value of £ 14,726 in the year ended May 31, 1939. The balance standing to the credit of the profit and loss account over the year’s operations is £I2BB, to which is added £2013 brought in, making a total of £3301, less £26 over-estimated on concentrates. This leaves, a net credit balance of £3205. No dividend is recommended, the balance being carried forward.

The directors report that a large amount' of prospecting has been carried out in and from' No. * 6 level, but a considerable amount of faulting was shown to exist between the intermediate level driven mid-way between No. 5 and No. 6 levels, and No. 6 level. The development of another low level (No. 7) has been suspended in the meantime until more information is available of the downward continuance of the reef below No. 6 level. The uncertainty of the company’s future as-disclosed up to the present in the operations in No. 6-level has lead the directors to decide to conserve the company’s funds as much as possible for the development of the mine. Gold tax during the year took £llOl, making a total,of £10,179 since 1 the tax was instituted. The mine report for the week ended August 24, is:— ,No. 6 Level—South drive advanced 7 feet making a total of 31 feet south of rise. The quartz driven on averaged 12 inches wide, the reef and the country rock being very hard and dry. Stoping the north end of this block of stone shows little improvement from- last week. ' ' , Stoping—Has been in progress above No. s‘lntermediate, average width of stone on all faces being worked is 3ft 6in. During the week 80 tons, of stone were sent to the battery. RIMU ■ ■ The return of the Rimu dredge on Monday was 1990z 19dwt from 47,248 yards dredged in 125J hours. OIL SEARCH AT TOTANGI GISBORNE,'August 31. The New Zealand Petroleum Company announces that the Totangi No. 1bore has reached a depth of 4779 feet. The drill is passing through hard shale.