A £2,000,000^ VENTURE
MOUNT MORGAN SUBSIDIARY
(By Telegraph—Press Assn.—Copyright.) . CANBERRA, February 17. An expenditure of over £2,000,000 for the development of mineral resources at Tennantv Creek, Central Australia, is contemplated by a new company, entitled Morgan Tennants, Ltd., which has just been registered at Canberra. The company is a subsidiary of the Mount Morgan Gold Mining Company, Ltd. ■ Senator McLachlan. Minister of Development, is hopeful that it will be the forerunner of large-scale mining activity in Central Australia.
A geophysical survey has recently been completed for the Commonwealth, Queensland, and Western Australian Governments of a large area on Tennant Creek. Bores taken showed that ore bodies exist to a depth of 450 ft, and a sulphide zone begins at a depth of 100 ft. Rich patches had been met with in oxidised ore. Assays of cores were 15 grains to 17dwt, and between 136 ft and 176 ft a sample gave 21 grains of gold.
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Bibliographic details
Evening Post, Volume CXXIII, Issue 40, 17 February 1937, Page 14
Word Count
155A £2,000,000^ VENTURE Evening Post, Volume CXXIII, Issue 40, 17 February 1937, Page 14
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