MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21358, 6 December 1932, Page 5

MINING NEWS

OKARiTO WASH-UP 34 OUNCES FOR 107 HOURS The Okarito Five-Milo Beach Oold j Dredging Company, Limited, which is operating in South \\ ostlanrl, reports a wash-up of 340z. 6d\vt. for 107 hours dredging. MOUNT DAVID SLUICING DETAILS OF ACCOUNTS The second annual report ot (lie- directors of .Mount David Sluicing Company, Limited (near Reefton), shows that the debentures and creditors have increased j from £652.1 at April 8. to .€8079 at Sep- | (.cmher 30. The difference, about £ISOO. is [ accounted for by the money spent on the j race. Over and above this sum (lie com- | panv incurred a liability of £324 for in- i tr-re'st on the debentures issued, and a J contingent liability of £.1131 in the shape j of bonus to be paid to the men who j worked on Ihe race, from the net gold : taken from the claim. This bonus is a | first charge, upon the net gold won alter j all expenses inclined in connection with ! the winning of it have been paid. The fine, gold won to d. a totals approximately 1790/.., which, valued at £(> an ounce, equals £1.074. At November 29 f.he position approximately was that gold on hand (included in the above 179»z.) when realised at £6 an ounce, would yield about £SOO. This amount, after wages nowdue and some accounts bad been paid, would leave a reasonable sum for working expenses. TAS MANI AN MIN ER ALS SEPTEMBER QUARTER OUTPUT During the September quarter £2*18.837 worth of minerals was won in lasmania. Copper accounted for £109,678; cement, 1134,644; tin. £29.1.71; coal. £23,673; carhide'. £1.4.856; silver, £10.99.1; gold, £9859. The Electrolytic Zinc Company recovered 13.232 tons of zinc, valued at £235.963. and 45jj tons of cadmium, worlh £6405, from other than Tasmanian sources. REPORTS OF MANAGERS (Jolconda (Thames). —During last week o n the south end, the crosscut was advanced 10ft., a tofal of 60ft. We, passed through a smaller leader about 3J,in. wide, dipping on the proper underlay. The country rock is of a rather firm character, but appears to be improving as we advance, and is interlaced with black mineral seams. There is a fair amount of water percolating through. On the north end the crosscut was advanced lOf t., a total of 68ft. There Ins been a big improvement in the country rork, and it. is interlaced with ribs of quartz and quartz stringers. Colouis of gold have been seen in the stringers, which shows that we are in gold-bearing country.