MINING

Hokitika Guardian, 4 March 1933, Page 2

MINING

OKARITO GOLD DREDGING COY. The steady returns from this Company are proving up to expectation and as the dredge is working its way back 'to the country tor which it wa s designed and it should he in land similar to where it was previously working and where a weekly return of 60oz was considered a disappointing return. The working expenses of the dredge are in the vicinity of £l2O per week and returns warrant another dividend of Cd per share which was payable to the holders of shares on March 3rd. Business on the Stock Exchange, Christ- j cJlurch, buyers 9/1 cum. divd. POINT DAVID SLUICING COMPANY

This company gives evidence of steady improvement in the workings as last week’s washing up resulted in 28oz for 11 days’ working and should from now on improve as on further opening out the face, steady work can be done and more goldbearing work dealt with. Quotations on Stock Exchange, sellers 5/-. , BELL HILL SLUICING. DEBENTURES TAKEN UP. Debentures of the Bell Hill Gold Sluicing Company, Limited, Ahaura, Nelson Province, were taken up at the annual meeting last week. Mr W. J. Mcllroy, chairman of directors, said that damage to the dam owing to recent heavy rain on the coast hud prevented sluicing operations from proceeding, and the finances of the company required further capital. Those present were asked to tako up debentures. After a canvass of shareholders at the meeting the debentures required were taken up with promises that more would he taken if necessary.

Seldom does cue see in a prospectus that the estimated amount , 0 f gold to be covered is shown as fine gold. Fine gold represents that from which all impurities, yucli as copper, lead, tin and ether minerals have been extracted, the result being pure gold. The standard by winch pure gold is represented is one thosand. No alluvial gold taken from the 'West Jcast will stand to one thousand without purifying. The average assay of West Coast gold is from 950? to 965. Taking fine gold at £6 per oz., gold assaying 950 would! show a loss of o per cent pure or 6s per oz. Some gold on the Coast lias assayed as low as 850 to the oz. At £8 per oz fine, such gold would return, only £3 18s per ecu For the six months to October 31st Paddy’s Point won 3580 z odwt, the melted weight of which was 3430 z °dwt. The difference looz 3dwt at the average value obtained for the gold £6 4s 3d represent quite an appreciable item.

For 75 years from 1857 to 1931, gold to the value of £23,543,887 has been won from the West Coast. Last year’s return being 40,7710zs out o? a total of 6,e64,3080z5.