MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22596, 8 December 1936, Page 5

MINING NEWS

MOUNT MORGAN LODE LARGE DEPOSIT OF ORE A report issued by the directors of Mount Morgan, Limited (Sydney), Inst week stated: —"A development of major importance has taken place in the mine at Queensland, where a large deposit of dense gold-bearing sulphide ore lias been opened up. This body of ore, which samples show to be highly payable, is situated outside tho ore reserves, and there are no workings of the old company above, below, or near this area. "it is too early to say the extent of this new ore or its exact relation to the main body, but an active programme of development has been laid down by the general manager for this purpose." They add that the oxidised ore treatment plant is nearly completed." BRIAN BORU'S FURTHER LOSS A loss of £3132, following a loss of £2172 in the previous year, is shown in the fifth annual accounts of Brian Boru Gold Dredging Company, Limited (Greymouth) for tho year ended October 31. Tho report states that the cost of reconditioning the dredge, approximately £IBOO, is charged to the year's account and operations had been resumed only a few weeks before the close of the year. In the course of a very short time the wash ran out but appeared to be making again. It would be known whether payable ground could be reached within a reasonable time at the annual meeting, when the future of the company could be decided. There is a debit of £5284 in the appropriation account.

YIELDS OF COMPANIES Mataki (Murchison). —340z. for 134 hours and 8500 yards. Stafford (West Coast). —Three weeks ended November 28; lloz. from 45,000 yards tailings. Emperor (Fiji).—Four weeks ended November 28: 10370z. from 2215 tons crushed, head value of 10.25 dwt. North Broken Hill (New South Wales).—Four weeks ended November 21, with figures for the previous four weeks in parentheses:—Crude ore treated, 13.6 (14.8) per cent lead; 8.2 (8.7) oy. silver a ton; 10.6 (10.5) per cent zinc; lead concentrates, 6660 (5160) tons; zinc concentrates, 6520 (4600) tons. The decreased production in the previous four weeks was due to operations being suspended from September 30 to October 6, owing to industrial disputes. MATAKI JUNCTION YEAR For the period from February 1, 1936, to July 2, 1936. Mataki Junction Gold Dredging X.L. (Murchison) showed a net surplus, before providing for depreciation, of £4969, of which £4900 has been transferred to, general reserve. During the period the option given by the company over 50,000 shares at par was exercised, but the total capital issued was insufficient for tho completion of the dredge and the provision of adequate working capital. Burma Malay Tin, Limited, advanced £6700, and at July 2 the loan had been reduced to £5500. Since the closing of the accounts it has been reduced to £5200. Including initial dredging by the contractor, the dredge ran 2412 hours, 374,500 yards being treated, for a return of 1564.740z. gold. The mine profit was £6305, and mine costs were thus 3.5 d a yard. It is believed that about 90,000 yards a month can be treated at about 3d a yard all-in cost. A further 20 acres, containing 600,000 cubic yards, of an average value of 4.3d a yard (gold_ at £4 an ounce), was acquired during tho period.

UPPER WATUT PROGRESS Upper Watut Gold Alluvials N.L. lias received advice that the No._ 1 pontoon, on its property in New Guinea, is operating satisfactorily and is working three shifts. A further clean-up from ground sluicing operations gave a return of Boz. of gold. ELECTROLYTIC ZINC OUTPUT Production of the Electrolytic Zinc Company, Limited (Melbourne and Tasmania) for the four weeks ended November 18, compares as follows with the four weeks ended October 21:— Zinc. 5392 (5440) tons; of which used at works, 90 (90) tons; silver-lead product. 170 (175) tons of lead and 27,000 (25.000) ounces of silver. The West Coast mines figures were: —Ore treated, 12,518 (11,063) tons; lead concentrates, 727 (657) tons; zinc concentrates, 3812 (3643) tons. MOSSY CREEK DIVIDEND The Mossy Creek Gold Dredging Company, Limited (West Coast), has declared a dividend of Id a share, payable on December 18. This is tho ninth distribution of Id since July last year. REPORTS OF MANAGERS Big River meefton).—For week ended November 30: No. V level—Filling in completed in the south stopc and new; stope started. In the centre stope the hangingwall section of reef was sloped for 14ft. when stone cut out. Kising for a new stope in mil in section now in progress No. ;> level— Crosscut was advanced '2oft., makinpr the total distance of 311 ft. from the main shaft. Commenced driving south on reef track lit. wide, carrying a few small boulders oi quartz. Main crosscut went through 25ft. of disturbed reef truck, carrying irregular seams of ore. The last 7ft. were in country rock with traces of stone running in north side of crosscut. In the faulting, the reef appears to have been thrown on north side of the crosscut well to the east, while on the south side seams of stone appear to be converging to a common point which may lead on to the permanent ore body. A total of 'JIVa tons of stone wns delivered to the surface bins. Talisman Dubbo (Karangaliako). For period ended November 2*: Dubbo level— Sloping from 33(ifl. to .'tKifl. north the ore averaged very irood values, width 7in. 11l the slopes from "(i'JOfl. to (i.Vift. north the lode is l-.'in. wide, value very good. Talisman No. 1 level—Sloping from the main rise to (iOft. south the lode is small and irregular in width, averaging (Sin. The assays averaced very good. From I'JOft. south to 110 ft. south the' ore is Din. wide, value very good. Talisman No. 'J level—The ore obtained from the slopes assayed good values for tho average width of 'JOin.

Mount Lyell (Tasmania). —Period ended November '25: N. Mt. Lyell, tons extracted .>">'2B. Ro.val Tharsis, tons extracted, IMS. W. Lyell, tons extracted, 14,075. Prince Lyell, tons extracted, 3800. Lyell Conistock, tons extracted, 'lOlO. No. 8 level, main crosscut to 157 ft. through ore and mineralised schist: main shaft, to 100 ft. below No. 8 lovel through porphyry; 1858 tons refinery anodes made current year. Concentrator treated 28,010 tons ore, producing 2024 tons concentrates; 510 tons cathode copper produced period, total fvr current year '2012 tons. FIJI OPERATIONS Koroere (period ended November 30).—N0. 6 tunnel: No. 1 AV. crosscut extended to 110 ft. in decomposed andesite, no value; stopped. Cardigan lode, south drive extended to 15.5 ft.; 2dwt. East crosscut at 115 ft. extended to '2oft.; traces. West crosscut at 145 ft., cut footwall at 18ft.; low value. INCREASE OF CAPITAL In regard to the increase of capital of New Auckland Laundry, the additional amount authorised was £15,000 beyond the registered capital of £45,000. Of the new capital, £'sooo was held in reserve and £IO,OOO issued, the latter amount being overscribed within a month.