THE MOUNT MORGAN MINE

Te Aroha News, Volume VII, Issue 435, 8 January 1890, Page 2

THE MOUNT MORGAN MINE

At the annual meeting of the shareholders of the Mount Morgan Gold-mini lg Company, he'd at Bibb ne on December 17th. the report and balance-sheet of the Di-edors was adapted, It showed that for the past year the expenditure had been L 227,769, Dividends had been paid to the amount of LI,IOO, 000, and L 23,573 was caviled fovwa'd. The mine had produced t 23,5-!2oz of gold, for which L 1,331,484 18s 5a was received, wbic , with a balance from last year, and the surplus and sundries, made a total for the year of L 1,351,343 16s 7d. The Directors bad overcome the difficulty ia regaid to the want of the chloride of lime, and now had over 1,000 tons on hand which was sufficient to keep the works goh'g 10 or 11 months. The Directo s stated that they had given much time and consideration to the establishment of a London board and register, which they trusted would soon be in woiking ordei. This, no doubt, wou’d ii a great measure p eventexi"eme fluctuations in the price of shaves that bad taken place during the past twelve months. ’ The general manager’s report states : “ I have to report for the year ending 30th November that we have kept the whole of the reduction works constantly running, and without taking into consideration the qpaniity of tailings treated we hr ve raised, crushed, and ireaied by chlorination 75,415 tons of raw stone, and retu ned 323,5420 z. of gold, equ.il to 4oz 6dwt 4gr per ton for the total amrunt of stone raised. I much regret not being able to complete the year by vailing in November sufficient stuff for the usual dividend, but shareholders must bear in mind that Mount Morgan is only a gold mine wonder fully rich i.i patches but subject to vicissitudes common to all mineral formation. The rich patch of golden stone cut out very unexpectedly in July last. I thought we should find it again under thei-onstone in the magazine face; but in these expectations I was di-appointed. Instead of the gold following down the dyke on the southern side of the mountain it shot off to the northern side, and we bad to drive 200 ft Mi rough the mountain before we came to the Lady Musgrave 'ode. This body of stone is 84. fc wide, with a b ick of 47ft. ard opens out a new feature in the Mount Mo’-gan. It carries an average of soz of gold to ibe ton. We ire now opening a big fa'l on it and judging from the outcrop of ami ferous honsione, the belt of go'den stone extends about 250 ft caßt and west.

“We have the freehold tunnel iuniting nearly east and west,. In driving the!’Behold tunnel we pissed th- ough 70ft payable stone, averaging 2oz 18dwt of go'd to the ton. and we have, since my last report, driven south along gold-bearing stone 172 ft. “At I34ft south of the freehold tunnel we have again driven east and west, and proved the gold-bearing stone at this pomt io be 105 ft wide, Jius proving that rhe golden stone of Mount Mo gan does go down. “ We are also carrying in the Sunbeam tunnel ; it is comingin from the west side of the mountain, and it is now driven 753 ft. and wi" strike the main pass 89 feet below the 'evel of the freehold tunne'. “I have a'so started a tunnel on the south east side of the mountain. This will strike the Lady Musgrave Beef 85ft below the cross-cut io the freehold tunnel. “ Should we strike the gold ei this depth; even if it only averages 2oz to the ton, there will bo a great futme for Mount Morgan, which will probably wa”ra it a-> extension of the leduction woiks. An addition to the wo ks opens up the very grave question of fuel. We have increased our stock of firewood by about 20,000 tons, but 4.000 tons per month will soon exhaust the bush round Mount Morgrn. “ The question of lajlway communication is becoming every day of more vital importance. If tne Government will not make a railway the company must do so, if it is possible to get the sanction of Parliament.”