THE MYSORE GOLD MINE.

Hauraki Plains Gazette, Volume XXXIX, Issue 5354, 21 November 1928, Page 3

THE MYSORE GOLD MINE.

A WONDERFUL RECORD.

DIVIDENDS AMOUNT TO £10,000,000.

We have received frcjtn Mr A. EArgali, of Paeroa, a copy of the “Mining World,” published! in London, which has an article on the Mysore Gicfld Mine, in India, and furnishes interesting, reading. Mr Argali, who has had extensive experience in many mines throughout the world, was at one time connected with the Mysore mine. The “Mining World” article is as follows

“Gold: to t'he value of £25,000,000 has been prc;duc,ed by the Mysore mine since 1884, and the. Hon. Lionel Holland mentioned at the .meeting yesterday (April 20', 1928) that since it distributed its first dividend; in 1886, it has paid in (dividends the magnificent sum df £10,000,000. This is the result of 43 years of industrial activity and progressive policy under tile guidance of men with practical mining experience, who applied themselves keenly and 4 cleverly to every problem as it prose. It may be commented that 43 years ig a vqry considerable life for, any gold mine, and so it is. But the Mysore mine to-day holds a position of wonderful stability, with apparently many years of profitable; life before it. For reasons mentioned at the meeting last year’s dividend of 22% per cent, was 2% per. cent, less than for the three preceding years, but Mr Holland pointed out that in no ether resoect was reason to be dissatisfied with the results of the year’s operations. To some extent the reduced dividend is attributable to an increased and more vigorous programme of development work, this being rendered desirable by 'the renewed promise of the mine at depth and the discoveries at mor® shallow levels to the epst.’ “For.something, like eight years the company has been, sinking through a comparatively poc>r zone with small encduragem'qnt, yet with) patience and confidence, in the knowledge that impoverished zones had been encountered and passed through previously, and that in the neighbouring, Champion Reef and Ooregum mines ‘remakes’ of high-grade <>re had occurred at lower depths than those reached in the Mysore mine. This perseverance seems now on the point of being rewarded —‘not .that as yet,’ to quote the words of the chairman, ‘we have encountered any recurrence of c*re shoots comparable to the deep discoveries in the Ooregum and Champion Reef properties, but already discoveries at depth—some 5600 ft below surface —have begun to Contribute their quota to our payable reserves, while, during the financial year under review, in the southern sec.tion off the mine, a winze was sunk from' the 70th level, in the; vicinity of Rowse’s NO;. 2 auxiliary for 223 ft on ore averaging l%ft in width and 2oz Bdwt in value, and the intermediate level was driven over 260 ft on ore from Ift to wer 2ft in width and from loz 3d)w,t to loz 12d ; wt in value.’ “This, however, does not exhaust all the good news, for Mr Holland was able to point to a new discovery (the result of diamond drifting underground) to the east of the former workings cm Tennant’s shoot, which was one, of the richest shoots ever opened up in the mine. Quartz has been located at the 360 ft and at the 1750 ft levels,, and at the former, for a length .of 185 ft driven, the; value has been 2oz 6dwt over a width of 2ft 9in. A ! rise disclosed values up to 3oz 15dwt over a widith of Ift. This, in all probability, is not a, parallel lode, but a portion of the lode formerly workedi upon, which may have been broken away, or displaced, in the volcanic period. Anyhow, it is evidently" a valuable discovery, and one that is likely to bring considerable ‘grist’ to the Mysore mill.”