GOLD MINING

Grey River Argus, 10 September 1940, Page 9

GOLD MINING

GILLESPIE’S BEACH. The eighth annual report for the year ended June 30, stales: —During the year the dredge treated 712,07.1 1 cubic yards, yielding 1,523 ozs. ci gold, which’ realised £14,704 16s 5d after paying realisation expenses £195 19s 9d. The amount deducted from the market price of gold under the Gold Tax Regulations totalled £1,883 9s Id, equivalent to £1 4s 8d per ounce of gold won. The nett profit for the financial year amounted to £3,596 5s 2d. One dividend of one penny per share, equal to eight and one-third per cent., has been paid. Values throughout the year have been consistently poor, but with a tendency to improve as the dredge works southward. During the year one bore was sunk to twice the depth the dredge is capable of dredging to, without locating payable values below present limits. Three others were sunk on previously dredged ground, locating values left undredged which may prove profitable at a later date in conjunction with adjoining virgin ground. Another three were sunk on the seaward side of the present cut, and were of low grade. BLACKBALL CREEK. — The Blackball Creek dredge did not work last week, on account of repairs being made to the ladder. The dredge resumed yesterday. ALEXANDER. Alexander Mines report for last week was as follows: No. 6 Intermediate Level: This fac e has been extended 10 feet making a total of 114 feet north of rise. The reel' shown in back of this level coming down to one foot below the level caps, but at this point, reef is fanned and displaced into the eastern side of the level. Reef 5 feet in width, is showing and promises to open up unto a fine body of ore. Solid Stope Drive Off No 2 Rise: A small amount of work has been done here, the lod e ma’intaing its width of loins Stoping: Stoping has been carried on in No. 1 and No. 3 stopes above the intermediate, th e lode varying in width from 3 to 4 feet. Above No. 5 intermediate, on ( . slope only _ is being worked and in places very little stone is obtained owing to being in faulted country. There was 55 tons sent to th e . battery. < ARGO Argo Dredge return for the past week was 30 ounces, for 132 hours from 10,500 yards.