MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21263, 17 August 1932, Page 5

MINING NEWS

SAILORS' GULLY COMPANY

PAYMENT OF DIVIDEND

The directors of the Sailors' Gully Gold Mining Company (Waitahuna, Otago) have declared a dividend of Is a share. The total dividend declared from the company's gold production of the first six months of the current year is Is '3d a £1 share. The secretary reports:—"Forsome considerable time past the company has been treating only, the surface stratum, i.e., the top 60ft. (approx.) of the Waitahuna basin of the great Tuapeka conglomerate deposit. The method employed is the ordinary hydraulic sluicing process. The conglomerate is not of. such tenacity or hardness asjto offer any great resistance, and is therefore amenable to treatment by water under the high pressure that the company has at its command." The Sailors' Gully Company is one of the two companies which alone for some years have been operating exclusively in the conglomerate deposits of the Tuapeka district. The other is the Golden Crescent Sluicing Company, Limited, the property of which, recently acquired by Industries, Limited, in conjunction with an adjoining property, is now being floated as a large and partly developed proposition under the name of tho Wetherstones Gold Mining Company. AUSTRALIAN PRICE OF GOLD FURTHER RISE IN VALUE The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended August 5, was at the rate of £6 15s 5d a standard oz. (22 carat) and £7 7s Bjd a fine oz., as compared with £6 13s 3id a standard oz. and £7 5s 5d a fine oz. during tho previous period. The premium was 73.9 per cent. NUGGET WEIGHING 3LB. AUSTRALIAN DISCOVERT A nugget of gold weighing 31b. (troy weight) was recently discovered at Wed* derburn, Victoria, at a depth of about lift, on a field where many rich finds have been made in the past. The digger was a married man, with a family, and had been out of work for., two years. QUEENSLAND PRODUCTION LARGER MOUNT ISA OUTPUT The production of silver-lead at Mount' Isa has bean largely responsible for an appreciable rise in the value of mineral production in Queensland. The production of minerals, other than g°ld or precious stones, for the quarter ended June 30, 1932, was valued at £W5,190. This represents an increase of £149,704, compared with the quarter ended June, 1931. NEW DREDGE NEAR GREYMOUTH [BY TELEGRAPH —PRESS ASSOCIATION] GREYMOUTH, Tuesday The pontoons of the Brian Boru dredge near Nelson Creek, the first to be started since the gold revival in the Grey district, were launched to-day. Production will begin this year on an area of about 400 acres. The dredge will be driven byelectricitv and have a capacity of 16,000 to : : 18,000 cubic yards weekly. _ Nelson Creek is about 19 miles iron? g| Greymouth. . .