DREDGING RETURNS

Evening Post, Volume CXV, Issue 144, 21 June 1933, Page 12

DREDGING RETURNS

' The Okarilo Five Mile Beach Gold Dredging Company, Ltd., has reported to the Stock Exchange Association a return of 00 ounces 1(5 dwts for 12-1 hours' dredging lust week. Freshiord' Gold .Dredging Co., Ltd., reports tliat tlie wasli-up for 140 hours' Working was 13140z. Tlie dredge has been working down. tho\gu]Jy dredging twothirds tailings and one-third solid, and it id expected to reach the- original starting point, where good wash was handled, within a week's time. ■■ ■ JJell,- Hooper, Cromwell Gold, Ltd., reports that 70 yards of wash treated during last week returned 370z 3dwt of gold,. Central Shotover Gold Mining Co., Ltd., reports that sluicing.- operations on the: claim acquired adjoining the Sugar Loaf claim on JJig Ueach commenced on Tuesday, June 6. ■ Ihiring last week, Golcouda Miuc completed the holing through to the iootwall and the ha'ngingwall winzes, and the men have been transferred to the 70ft to work the mine more economically. A small break wa.s met with and disturbed the reef. It is reported that there is now one portion runningl into the I'ootwall, and one into the hangiugwull; each is about 2ft wide, carrying silica, zinc blende, and iron pyrites. The country rock is of a poor description,-but when away from the influence ot' the break good values should be obtained on approaching the main slide. ... . ■ ! The following report has been supplied by Mahara Keefs, Ltd.:—A shareholders' meeting has been held to consider the results of recent trial crushings from . Nos: 1 and 2 levels. The results" are as follows:— Sample from No. 1 level (a general bulk sample from the reef)': Five hundredweight of ore, dry weight, yielded lOdwt of melted bullion, which at an approximate value oE £3 per ounce, equals £9 12s per ton, with fine gold at £4 per ounce. Sample No. 2 level (also a general' bulk sample from the reef): Five hundredweight of ore, dry weight, yielded lOdwt of melted bullion, which, at an approximate value of -£3 per ounce, equals £11 8s per ton. with fine gold at £4 per ounce. The average approximate value per ton for the two samples is £10 10s. It was .decided to exercise the optioij over Messrs. Trainer and Ferguson's ■property, and to further develop the newly discovered reef by driving two additional levels at 150 ft and 3ooft respec-tively-below, the present No: 2'level. To facilitate this authority was-given to increase the capital-of tlie company by the creation of 0000 additional shares of 10s each, and to offer for subscription immediately 4000 of such shares. This new' capital will enable the employment of additional men.on the property. A directors' meeting was hold immediately after to allot shales applied for. .As .there.was an oversubscription for the shares allocated, the lists were closed after the applications in hand were dealt with.