At our last annual meeting I informed you that a scheme had been. drawn up to systematically prospect, our areas for Gold. During the year under review one of our engineers has done a considerable amount of work with the object of locating areas containing coarse gold. The. old recovered from our present diamond working is extremely fine, and the value per cub. metre has not come up to expectations. The en-Kineer detailed for this work has now definitely located coarse gold nan. area beyond our E. boundary. The Prospecting was held up for some time owing to our having no rights over this area. It was necessary to correct survey before apcould be made on behalf of for the sole rights of wer these new areas. am glad to repost that a few months ago sole prospecting rights over approximately 10,000 hectares, or 25,- 000 acres were granted by the Royal Netherlands East Indies Government, and we are still expecting further areas to be granted. Should we be fortunate enough to obtain all we have applied for, the total will be 28.285 hectares or about 70,000 acres.
We are now boring in a part of this new area. The results up-to-date justify further prospecting. Our engineer has reported to us that in certain area he has located a gold bearing stratum thirty centimetres in thickness which is covered by 415 metres of overburden, and by hydraulicing, a test "clean-up" proved the value of coarse gold in the stratum to be Glds 3.80 per cub. metre. We have no information as yet regarding the extent of the stratum.
Text read from the printed page and cleaned; old type leaves the occasional error.