MINING.

Star (Christchurch), Volume LXVI, Issue 20480, 5 December 1934, Page 9

MINING.

Reports and Returns on Operations. GOLCONDA HOLDINGS. A net profit of £1507 is shown in the accounts of Golconda Holdings, Ltd., for the first year of operation. The directors state that the property at Thames on which the company was formed was still undeveloped, but it was hoped to deal with it at an early date. The adjoining property had been sold to a subsidiary company, Moanataiari Golconda Consolidated, Ltd., for £3500, and this amount had been carried to reserves. Work was continuing on the Mahara Reefs development at Tapu, “ e ® r Thames, but it had been decided to abandon the Black Sands Sluicing proposition near Charleston, West coast. The whole of the development expenditure on this claim had been written off and provision also had been made for unprofitable work on the Mahara Reefs property. A subsidiary company. Mataki Junction Gold Dredging No Liability had been floated in Sydney to acquire areas at Murchison, while an option was at present being negotiated for the Mataki No. 2 area. Bell Hooper Cromwell Cold, Ltd. The Bell Hooper report for the period ended November 30 is as follows: No. 2 Mine Area. —No. 3B north drive was advanced 6ft; total 20ft north of the west cross drive. Values are low and work has been stopped. A prospecting drive to the south of the west cross drive was started at 193 ft west. An advance of Sift was made for low values. No. 4 North Drive Workings.— No. 1 East Drive: This drive was advanced Oft, total 75ft east. The mudstone slip in. the face has replaced all the wash except a small band on the floor and the main body near the roof of the drive. A crosscut to the north was started at 70ft east, and was advanced 17ft. The mudstone slip cut out after going 10ft and payable values were obtained. The bottom was dipping below water level indicating the close proximity of the deep channel. When this crosscut is finished the main east face will be continued and no crosscutting done to the south at the present time. No. 1A East Drive: This drive was advanced 20ft, total 36ft east. The bottom has been slowly rising for the full distance, except for a small gutter near the face. Values have been maintained till the gutter was passed. They now "show a tendency to become lower. No. IB East Drive:' This prospecting drive was started at 120 ft. north of the west cross drive. An advance was made of sft. Values so far are low. General.—Two of the directors visited the mine in Friday and Inspected the mine and plant. , _ The return for the week was ISoz ::dwt lfigr. New Cornish Point Mines, X.td. The New Cornish Point mine manager reported as follows for the week ended: December 1: For the past week the east level has been advanced a further distance of 40 feet and timbered, making the total distance 390 feet from the south level. Crosscutting north from this point has been commenced. The country driven through in the level was of a fairly loose gravel, it being more solid near the bottom. The bottom is eighteen inches below the floor of the level. With the use of a hand pump near the face it has been prospected, but the values show little improvement. Glenroy Gold, Ltd. A report on operations at the Glenroy Company’s property states that Mr RT. Stewart had been at the claim for a little less than a fortnight, and was at present engaged in reorganising work. ’’ One of the principal things to he done is the installation of the stoneremoving plant, and this will be erected within the next week or ten days, and while this work is being done the box lines are being lifted and relaid, and general alterations to the lay-out to suit Mr R. T. Stewart’s methods of working are being completed coincidentally with the erection of the stoning plant.” They had secured the services of a man experienced in the operation of a similar kind of stoning plant, and confidently expected that when the plant was assembled and in full working order a vast improvement in the hourly output of spoil would be achieved. “Within approximately ten days,” the report adds, ” everything should be in readiness for a fresh start to he made, and within another fortnight the claim should be in full operation.” In spite of the verv dry spell of weather being experienced, the company’s water supply continues to be adequate for all re-Mocmlight-Nelson Creek. The first annual meeting of shareholders in the Moonlight-Nelson Creek Sluicing Company was held in Dunedin on Monday, tlie chairman of directors (Mr J. A. Neilson) presiding. Moving the adoption of the report and balance-sheet, the chairman said the directors regretted not being able to report the results which had been confidently expected. This was due to unexpected delay and the failure of the company's financial resources. The heavy stones encountered were delaying operations, and it had been found impossible. owing to the severe weather conditions, to work three shifts. They were now working on virgin ground, however, and the next wash-up was expected to be much better than previous A shareholder asked if the £11,250 shown in the balance-sheet as purchase money had been actually paid to Investigations, Ltd., and if more than the £B3 7 shown as borrowed from Investigations, Ltd., had been obtained. The chairman said that the whole of the purchase money had been paid out, and about £I3OO, received from Investigations, Ltd., had been spent to date. A shareholder asked if the directors were satisfied that the values were as the engineer had stated, and if the company had sunk further shafts to check the area. The chairman replied that it was difficult to say whether the values would bear out the engineer's estimates. No further shafts had been sunk to check up the claim for the reason that it wae easier and cheaper to go on sluicing than to sink shafts. The report and balance-sheet were adopted. Messrs J. A. Neilson and C. J. Kerr were re-elected directors. At a meeting of directors held after the annual meeting. Mr L. A. .Seaife tendered his resignation, and Mr R. 3. Frapweli was appointed to fill the Cromwell Operations. There is renewed activity in prospecting by boring on the Nevis field, reports (lie Cromwell representative of the “Otago Daily Times” One drill is at ship and Schoolhouse Oreeek, and a crew has also gone out to the drill near the dredge at Upper Nevis. The Austral Malay Tin. Ltd., has commenced active operations on a wide area on the Clutha, above and below Lowburn. One drill, completely overhauled. has commenced work above Lowburn, and a new one. of the latest design, from America, will be delivered below Lowburn this week. Advice has been received from a reliable quarter that work in the low level tunnel at Bendigo will be resumed at an early date, all necessary financial ar- j rangements being completed. 1

VJvtakl Hrturn. The Mataki Gold Dredging, Limited, reporting on December 4, give the following as the official return: Yield 22 ounces; hours, 137; yards, 14,000. placer development, Ltd. Mr Fred G. Dunn, attorney for Clutha Development, Ltd., has received the following report-regarding Placer Development. Ltd.:— “ Cabled advice has been received that at the annual general meeting of Placer Development, Limited, all resolutions *• Regarding the final BulowatBurnside purchase consideration, the chairman, Mr C. A. Banks, stated that the company had been offered by Bulolo Dredging. Ltd.. 20.000 fully-paid shares in that company as a final payment for the Bulowat-Burnside areas, which offer had been accepted by Tlacer Company. He stated that the 20.000 fully-paid Bulolo shares being allotted as final payment for the above areas, was less than previously contemplated on account of the development of the large volume of deep gravels in the original area.” Bulolo Gold Dredging, Ltd. Mr Fred G. Dunn, attorney for Clutha Development, Ltd., has received the following report regarding Bulolo Gold Dredging. Ltd.:— ’• Cabled advice has been received that at the annual general meeting of Bulolo Gold Dredging, Limited, all resolutions were passed. The chairman. Mr C. A. Banks, stated that the company had offered Placer Development, Limited. 20,000 fully-paid Bulolo »hares as a final payment for the Bulowat-Burnside areas, and that this had been accepted. He also stated that, subject to the approval of the shareholders of the two companies being obtained at general meetings to be held at an early date. Placer Development, Limited, had agreed to transfer to the Bulolo Company the whole of the Arnold property in consideration of allotment of 6006 fully-paid Bulolo shares. Mr Banks stated that the new 4000 horse-power hydro-electric plant had been completed. The directors and staff were congratulated by shareholders on the progress made.” Central Shotover. The Central Shotover return for the paddock (approximately J-acre) com pleted on November 30 was lOoz sdwt. PRICE OF GOLD. (Received December 5, 1.30 arm.) LONDON, December 4. Gold is quoted at 140 s 6Jd a fine ounce, Other gold quotations this year have been:—

December 1 Ter °d. October 11 (record) . . 1 4 3 3 Hi January 2 . 127 0