GOLD MINING

Grey River Argus, 2 October 1934, Page 8

GOLD MINING

GILLESPIE’S BEACH DREDGE. (Our Own Correspondent.) WEHEKA, October 1. Gillespie’s Beach dredge obtained a return of 350 z lOdwt of gold for 172 hours’ work last week. At the annual meeting of Gillespie’s Beach Dredging Company, last Thursday, at. Dunedin, the Chairman of Directors, Mr. J. Fowell, reported that nine months’ dredging had proved that from the ordinary close-boring tests, returns from the claim would not be guaranteed. This was accounted for by the fact that the leads were very narrow, and one bore would show exceptional value, and another bore sunk a few feet away might be poor. One satisfactory feature was that our of all the bores sunk there was not one that did not show values. For the first six months’ dredging, if good time had been worked, with the average yardage expected. the return would have averaged about 75 ounces a week. The dredge was being brought up to an efficient working stage, which must show to a great advantage for future operations, especially as the ground ahead was clear of growing timber. Working eight months only 8 1-3 per cent, was paid in dividends, and when operations were commenced the debt amounted to £lOOO so the dredge’s record, although not up to expectations, was not altogether unfavourable. They were looking forward to much better working conditions and returns. The prospects were very good, and they expected to get good, steady returns. To ensure a good supply of water into the paddock another 10 inch pump had been ordered, and when this was installed there would be an ample supply of water to meet all conditions.

Mr. M. Sullivan, Weheka, said the Chairman’s report covered the position, and confirmed his report. Improvements had been made to the dredge during the last few months. This made the dredge more efficient, and shareholders could expect better returns. There was no timber on the surface of the ground. The improvements made at the claim included a new drop chute, which was giving very good service. Mr. N. K. Sligo said he inspected the workings. He was quite satisfied with the way the claim was being worked. They had quite a number of difficulties to contend with, ami these entailed fairly heavy expense. The whole of the claim was black sand, and this meant a larger spread of tables. The dredge was now getting into the good ground, and he felt confident they would get returns which would be entirely satisfactory to the shareholders. The report and balance sheet were adopted. Messrs M. Sullivan and N. K. Sligo were re-elected directors. The remuneration of the directors was fixed at the same amount as last year. Messrs W. E. C. Reid and Company were reappointed auditors. BELL-KILGOUR CLAIM. The Bell-Kilgour wash-up for tho week ended September 28 totalled 20oz I4dwt. GOLDFIELDS DREDGING. DUNEDIN, September 28. The Secretary of the Goldfields Dredging Company, Ltd., reports that the return for the week ended September 28th was 290 z 7dwt for 128 hours’ dredging. QUOTATIONS. Waitahu —, 4s sd; Worksop Extended 2s Id, 2s 3d; Argo Gold Dredging 54d, (id; Nokomai 3s, 4s; Moon-light-Nelson Creek 2d, —; Mossy Creek Is 6’.<l, Is 7d; Okarito 8s 6d, —; Skippers 7d, 7Ad; Stafford Sluicing —, Is ?d; Alexander —, 18s fid; Alexander (14s paid) 14s 9d, I6s 6d; Bell Hill Is, 2s 6d; Bell-Hooper —, 4’.d; BellKilgour l:]d, 2d; Big River 1s 7d, Is 74d; King Solomon 3s 7hl, 3s 9d; Law soil’s Flat 2 : }d, 3d; Maerewhenua 34d, sd; Mahakipawa 10Ad, lid; Mahakipawa (pref.) Is 3d, Is 4d; Blackwater —, 33s 3d; Brian Born Is 2d, Is 3d; Deep Lead Is Bd, Is lOd; Gillespie’s —, Is 9d; Glenroy —, Is Id; Golden Point —, 2}d; Goldfields Dredging lid, 114 d.