For the reasons given above it is impossible to go into this qu proper degree of exactitude. The following figures I think will prove to be a very conservative estimate.
Above 200" lev:
Dam; Broken in Stopes No. 1 Ve Every foot we go south from No.3 shaft adds very largely to this reserve and at present we have absolutely no data as to the limits in that direction.
It is a very noticeable feature of our development that whilst we had only about 100 ft. of ore on the 100' level, we have already passed through 270 it. of ore on the 200', and I can at son why a. further improvement the 300. 'The yo git ote for 9 mouthy milling, and as within 2 months' we should be breaking ore on the 300' and within 8 months on the 400, it looks like we should be able to the mill busy for some time to hear.) 'So that the quantities of ore git ry hope for the tutu and in my interview with Mr. Cole, our new manager, he entirely confirms all 'Mr. Verschoylo has written and says ho himself is satisfied that we have a largo' quantity of ore that we shall be able to put through our mill, That is the subject of the quantities of our oro; we shall come to their values later on.)
VALUES, The report proceeded Since we have a considerable tonnage of both very low grade and high grade oro it is obvious that we can. mix them to produce almost any grade required. As Our reserves are not your possible should hi low a grade: ore as possible, at least for the first yeat, The cost of mining and treating ton of ore, if arrived at caro-fully, will give a basis for calculation. In my May report I gave the following figures and I can see no ranson for alterig them at present.
0 ing (Me, development) $1.00 (gold), Gpaniiog (See below) 20 General 50
$2.73 (gold)
I admit that it will require close management to reach this figure, but at the same time I am confident that a lower figure can be reached and therefore I think $2.78-can be taken as a basis for figuring.
Any ore worth over $2.73 will pay to put through. In three months from now it will be easier to judge what can be done. The dump has been roughly sorted and careful sampling gives $5 assay value. If there are values going out on the waste dump this is too closely sorted, and on the other hand if ore is coming in well on the 300 and. 400 it might be politic to sort still closer, and send in $6 or $7 oro
Text read from the printed page and cleaned; old type leaves the occasional error.