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January 17, 1995.]
THE PUNJOM MINING COMPANY, LIMITED.
The third ordinary general meeting of the shareholders in the Panjom Mining Co., Limited, was held on §. Monday at the offices, Connaught House. There were present Messrs. Mr. J. Orange (Chairman), D. Gillies, G 10. Fenwick, R. Showan, J: H. Lewis (Directors), A. O'D. Gourdin (Secretary), S. B. Bhabha, A. Tillett, R. Cooke, A. dos P. da Costa, T. F. Daver, M. B. Polish walls, George Holmes, R. Wilcox, G. C. Anderson, E. Burnie, J. 8 Terry, J. R. Michael, S. 8: Benjamin. Andrew Johnston, W. Shewan, J. M. Machado, J. Carvalho, O: Wegener, E. F. Alford, G. C. Cox J. Kirkwood R. Mit chell, R. M. Mehta, S.-I. Danby, and F. E. C.
Danby Georg.
The SECRETARY read the notice calling the meeting, ..
The CHAIRMAN said—Gentlemen, with your permission I will take the report as read, and before asking you to pass the report and accounts I wish to make a few remarks on the work done. A report was - received from Mr. Blamey by last mail, dated 26th December, giving a review of the work done daring the past-year, and I will now read it; the report will be printed and sent to each shareholder ::
"I beg to hand you ing report on the operations carried on, and the results obtained for the year ending to date.
"And in doing this I wish to remark that, although the success we had all hoped for has not been realized, we have put forth strong efforts to deserve it. Of course I need not t ll you that at the beginning of the year we were
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CHINA OVERLAND TRADE RE ORT.
ther test the refs by putting in a level midway | their old workings work there was discontinued" between the 110 and 200ft. levels, and early in and the men put to drive a tunnel on the other the mouth of September the drive now known side of the hill and at a point about. 44 feet as the" Intermediate" was commenced. Special deeper. It was in this latter tuonel that the inducement in the shape of a bonus was offered discovery was made which caused the telegrama to the contractor for this work, and by the end of the early part of this month to be sent you. of October we had driven 87ft. through blasting I need not tell you I look on this discovery ground and struck the east and west reef. I re- as a most important one. This is the same re. gret to say the ore here, to, was very poor, as that seen in the Kladi tunnel, and at th Drives were at once commenced east and west on point, too, is riddled with old workings, the course of the reef, but these, although showing the reef to be strong and well de-closed within nice clay slate walls. It is to tap "Its bearings is about N. 10* West and is er fiued, and occasionally giving small patches of this reef that we are continuing the east crossout payable ore, have not shown anything of real at the 200ft. level, August shaft, and referred to value. The east drive here will be continued in an early part of this report till we are sure that the course of the north and 260ft. north of the Kladi has been commenced A new tunnel south reef has been reached, when a drive will be to go out and still farther test this reef at that commenced to go south to intersect the ore point, and as pieces of good ore have been found ground referred to in au earlier part of this in the surface débris I have great hopes of soon report and when dealing with the soath drive seeing payable ore found there and the line of at the 200 ft. level Knowing that the main reef fully 800 ft. in length opened. crosscut at this" intermediate” level had not yet reached "Phillips's" leader, which gave such good results at and above the 110 ft. level, it was continued a further distance of 28 ft. and the leader intersected.
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“Here again we were met by disappointment, the ore, although of fair grade, not being nearly so good as we had hoped for and had good reasons to expect. Drives east and west have been started on the course of this leader also, but up to this time the quality of the ore does not seem to improve. A wings to go down on the course of this lealer from the bottom of the 110 ft. level is now being sank and should connect with the west drive at the intermediate in a few day. The ore got in sinking is of fair grade and will pay to stop. The size of the leader varies from about 2 ft. to a few inches only. I may mention here that a winze has been sunk on
2. the course of the east and west reef from the 110ft. level to the" intermediate" and so secured good ventilation. The depth of this wing is 53ft. 6in. At this 110 ft. level the old south crossout has been cleared of mullock and repaired and is now being extended in a south easterly direction, reef at a point immediately nader where fairly with the object of reaching the north and south good ore was got in the early part of the year and which could not well be worked, owing to the heavy influx of surfac, water and the banu. blesome nature of the groun
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Milling. This has been carried on during 296. days, crushing 12,050 tons of ore, yield- ing 5,138 oz 11 dwt. of melted gold. I may re mark here that included in this tonnage is about 2.000 tons of headings the value of which is abʊnt 2 dwts. per ton.
have been prepared and many of the timbers for Cyanide Works.-The excavations for these the building are in position, is on the mine and the balance is in exc Much of the plant gedown at Panjom river. The laboratory has been completed, and the chemist is now busy at work preparing his samples. Owing to the very wet
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weather we have had retarded, but now that the monsoon seems to here, all surface works have been greatly have broken, I am hoping to see much better progress made and the cyanide plant at work lifts have been taken out of the August shaft within three months. The old 8 in and 6 in. draw and replaced by the 12 in. plunger lift, thus doing away with a great deal of trouble and ex pense in keeping the mine clear of water. The old winding gear has been removed and replaced by one of Langy's, which is now steamed off bench has been put up and is now being used for the boiler of the Robey engine. The saw eatting the planks, &c., as required here. The main dam has been put in thorough order and three new bridges built to replace those wasbed away on the Punjom road in October. These have been substantially built and are now quite reef at any time. At a point about 60 ft. east built of corrugated iron and a Pelton wheel and 30 ft. north of the August shaft a winse made here and put in position to run the neces has been commenced to go down on some goldsary lathes, &c. Two hydraulic rams (auto- bearing ground on the north and south reef matic) for supplying the cyanide plant with and so further prove this point. It is showing ore water have also been made here and are ready of fair grade and promises to open up fairly for use. The centrifugal pump has been fitted good stoping ground. The No. 1 north level has up and is now engaged lifting the whole of our
now in tailings the required height been re-timbered throughout and is really good order.
still busy at work sinking the Angast shaft from the 110ft. to the 200ft. level, with the object of testing the east and west and aorth and south reefs at the lower point. The re- quired depth having been reached, a crosscut was commenced to go north to intersect the former of these, and at a distancs of 128ft. from shaft we came up to the foot wall of it. On piercing it we found the reef to be strong, but I regret to say the ore was very poor indeed, henge my telegram of the 16th July. We had then driven about 6 ft. into the reef and had not reached the hanging wall. Driving was con- tinued, and at 14) fest from shaft we struck the hanging country rock, thus showing the reef to be 23 ft. wide where passed through."
No improvement had taken place in the valne | Angust, shaft and may be expected to strike. the safe. New workshops for the fitters have been
of the ore. A drive was then commenced to go east on the course of the reef, and after driving 29 ft. fair grade ore was met with; in fact, a
small patch of specimen ore was got. But this did not last, the ore on further driving again be. coming very poor.
Crosscnts north and south to the hanging and footwalls of the reef were put out at this point, bat without finding anything of value. The main drive was then extended east, and at 59 ft. from the main crosscut we came up to the
“This crosscut is now out 178 ft. from the
Various small drivages have been made here, too, to fully test doubtful points, but as they failed
ourse of the north and south reef. Here again | to show anything of real worth and are of minor | April to date is 103 inches.
a alight improvement in the value of the ore was noticed, but on opening out on the course of this reef the value dropped off to such an extent as to The make it too poor even to save for the mill. south drive was continued through ore of very low grade, and has now reached a point 80 ft. south of the vast drive on the east and west reef. We shall continue this drive still further in the hope of getting into the chute of golden ground known to exist in the bottom of the 110 ft level.
A drive has now been driven west on the course of the east and west reef in the hopes that better results might be got in that direction, but here, too, we have been disappointed, as after driving 40ft. without finding anything of value the reef bec me broken and unpromising in ap pearanc Work there has now been discon tinued, for the present at least. The east drive on the course of the east and west roof having passed through the north and south reef, it necessarily became a crosscut for anything still further east. so it has been continued for reasons which will be given in a later part of this report. But I may mention here that its entire length from the main crosscut is 137ft., or 78ft. east of the north and south reef. I may also remark here many sinail dr.vages have been made at this level to the more fully prove that nothing of value had been missed, which I need not particularise far. ther in this report Having failed to find pay. able ore at the 200ft. level, we determined to fur
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"New roads into the jungle for bringing out firewood and other timber have been made and the old roads repaired. The rainfall from 1st Labour is fairly importance we need not further consider them plentiful and the health of the camp improving." here. The upper stopes have continued to give By letter Mr. Blamey has advised us that with their usual quantity of ore for the mill and regard to the Mill Gully Reef, the drive going should do this for some months to come. The south broke into old workings and that the drive value of the ore has fallen off, but it is still going north has met with a big dyke formation payable. I estimate the reserves here at 2.000 which has thrown the reef out of its proper tons. About 150 ft. sonth-west of the west course, but he is certain that this disturbance is end of these stopes a shaft has been sunk only temporary, as evidenced by the old work- 40 ft. and a crosscut is now being driven outings going further north, proving the con- to the footwall of the east and west reef to see tinuation of the reef. if we can trace the chate of gold seen in the that these changes, while not lessening" the Mr. Blamey regrets upper stopes still further west. Four small value of the discovery in his estimation, will trial shafts have been sunk south of the August greatly interfere with the output of gold ex- shaft, the combined depth being about 220 feet. pected for December, and I must admit that I Ore of fair quality was got in nos. 2 and 3, but had hoped for a good outturn for December, and as the surface water caused a deal of trouble we were all somewhat exercised to account for and made working very costly they were dis the result until we received the explanation I continued, as mentioned when dealing with the have just given you. The proving of this new
south-east crosscut 110 feet level.
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The tunnel diren through the heap of old headings for the better handling of same has been completed and samples of the beadings sent to the mill, but this will come before you under the bead of milling. The length of this tunnel is 140 f et. At a point about 600 feet north of the mill and near our Kladi dam a tunnel bas been driven into the bill on which the manager's house stands, and a reef of very promising appearance found. The old workers (probably jamese) had been there before us how. ever, and removed almost all the ore of value, and as we were continually breaking through to
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lode is of very great importance to us, and the crosscut from the 200 feet level and the new North drive will be watched with great interest. The value of the ore mined during the year in- eluded in the accounts averaged 11 dwts per ton as against 17 dwts for the previous year, and in spite of this reduction in value we have made a profit on the working of about $45,000 as against $25,000 last year. But we have not got this amount as cash in hand, for we have been obliged to spend the greater part of the money earned in payments which properly belong to capital account. These payments are approximately as follows:-
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