MINING

Hokitika Guardian, 19 June 1930, Page 7

MINING

OKAIITTO FIVE-MILE BEACH

‘ The half-yea.rly report of the directors of tuo vAvarito Five-Mile Beach

ttold Mining' Company ntates:—•

During the greater part of last year, the abnormally ivet weather and adverse seas greatly hampered transport and the general progress of worn on the claim. When the annual report was issued to shareholders

the pipes for the pipe line were spread from Okarito township to the lql ( aini. 'Since the beginning of the year, weather conditions generally have been favourable to progress and (every advantage .of this has been taken by the engineer (Mr B. T. Stewart) and his staff, both in laying the pipe line and in preparing lor building the dredge. The work of bringing the v on to the claim has been an arduous one. It has entailed the 'ons'inotion of over a mile of corduroy track, the building of three bridges, several chains of trestling over the lagoon, and the man-handling of many of the pipes including all those at the Lake Alpine end of the line, In addition to this, much work had to be done in constructing the penstock at the outlet of Lake Alpine. The satisfactory progress during the last five months emphasises the delays caused by the prolonged spell of bad weather last year.

On receipt of advice of the completion of the pipe line and the start of elevating operations, throe directors visited the claim arriving there on May 25, It was found that a paddook had been opened up, the pump being sunk on the site of bore No. 7, which had given a negative result when the claim was prospected. This site had been chosen ns it was alongside the site on which the dredge is being constructed It is intended to launch the dredge pontoon into this paddock. The paddock is 'being worked in the direction of, and will include,, bores Nos. 5. and 6 both , of showed ' satisfactory' returns.' .

• - The material from . the paddock was being • passed over temporary, boxes provided with ripples and pw-tiitig; These . had ...been washed; up .tluLpre-. vious day and 'gave a return of 21ozs. of g>ld for. 105 hours’ work—a result which the directors consider .highly satisfactory. ;.' /■" ' ; ■ ’’ Since ' then, .' Mr Stewart, has completed his permanent boxes which provide a large /area of efficient gold say-; ing tables and all material; is h°w being passed oyer., these. An electric light plant has been installed and elevating operations are being earned on fqr 24 hours each day. The present: paddock/will be finished 'by the end of June “and a satisfactory, return is anticipated. • . . ■ . Though it -is intended that elevating operations will be carried on continuously; dredge is ready for operation, this will in. no way interfere with the: construction- of the dredge. The erection of the pontoons has been. commenced, and; a plentiful simply of timber being on hand, a shed' is being erected so that wet wea-

tlier will not interfere with the work, which will be pushed on as last as possible.

No concern need he felt as to water supply. Elevating operations require double the water necessary to work the dredge. In spite of the dry wea.tho experienced, it is satisfactory to r rt -that the level of Lake Alpine si’ .vs a rise. The present penstock provides iiv<j feet six inches storage, ibut is is intended to raise this to 10 feet, thus doubling the storage. After four days spent on the claim, the directors returned to Dunedin with a feeling of entire satisfaction with the position. Many difficulties, not anticipated, have been met and overcome. The success of the company depends almost entirely on the values contained in the ground. Elevating operations have not yet proceeded far enough for any definite statement in this direction to be made, Imt as far as they have gone, they indicate that the ground is quite up to the valuation, given in the prospectus.

The balance sheet of the company at March 31, 1930, shows that the total amount of available capital to complete the building of the dredge was £8391. Since March 31, this figure has been reduced to approximately £2400 after allowing for the payment of the final call on the contributing shares.

As practically all the timber and other materials for the construction of the pontoons have already been obtained, and the dredge machinery, with the exception of some of the heavier parts, is ready for assembly at the site where the poaitoons n.ro being built, the futuro expenditure necessary to complete the dredge will be almost entirely for labour, For this purpose the above sum. should be adequate, especially when the company is now producing revenue which, jt ii? expected will amount to a. substantial figure during the period in which the dredge is uhder construction.