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BOULDER PERSEVERANCE, LTD.
ANNUAL REPORTS.
The following report of the Direc
tors was submitted at the Fifth
Ordinary General Meeting of the
company held in London on .Decem
ber 20. 1928.
I "During the year under review,
6 10,017 tors of tributer's' ore, 5078
tons from outside sources and
47,501 tons of company's ore, mak
2 ing a total of 62,626 tons were treat
ed producing 46,384 oz. of fine gold
n and 7324 oz. of silver of the realised
- VaTue of £197,528 16/9.
"The profit after deduction of the
n cost of ore purchased from tribut
5 ers, treatment charges, administra
tion charges in Australia. amounted
Sto £25,914 4/5. The expenditure
I during the year on development and
diamond drilling amounted to
£t £8315 8/, which, in accordance with
the procedure adopted by the direc
eltors last year as being more usual,
e has been written off to revenue.
Further deduction for London ex
penditure, depreciation and provis
in in for Income Tax amounting to
£4,434 3/10 leaves a balance of
£13,164 12/7.
e "The amount brought forward from
the last account was £626 5/8. Add
ing the above balance brings the
total available for distribution to
£13,790 18/3, out of which it is pro
I posed to pay a dividend of 10 per
cent.-£12,479 6/7 (subject to deduc
tion of Income Tax) carrying for
a ward £1311 11/8.
"The General Manager's Report
on operations for the year is at
t tached.
t "Captain H. F. Jackson is the
- director retiring in accordance with
the Articles of Association, and,
being eligible, he offers himself for
re-election.
General Manager's Report.
S General manager reported as
follows on operations for the yearj
ended 30th September, 19W8:
Mining.-The development and ex-F
ploratory work during the year was
as follows :-Driving, 1081 ft.; wih
sing, 3968 ft. ; rising, 691 ft. ; cross
cutting. 108# ft. Total. 1655k ft.
Our operations embraced work at
the 2050 ft., 1750 ft., 1300 ft., 1200
ft., 1000 ft., 900 ft., 700 ft., 500 ft.,
400 ft., 300 fL, and 100 ft., and thei
IX," and other lodes.
Results have neen encouraging at
a number of points fully justifying
Sthe prosecution of exploratory and
development work to the fullest
economic extent possible, there be
ing several sections of the property
where much work must be done ,to
prove their value.
+The acJmpanying memorandum
gives particulars of progress made
at various points worked. 4
Ore production.-During the yeair
quantity of ore worked was as fol- i
lows :-JFy company, 74,457.7 t ns;i
by tributors, 10,047.1 (milled) tons. I
Total, &4,504.8 tons. 1
. These figures indicate a marked
increase in tonnage of ore broken
by the company during the year; a
copsiderable portion of this ore lies
in shrinkage stopes, and is not yet
available for milling.
Tributing Operations.-Tributors'
ore milled shows a reduction in ton
nage of 30 per cent., and decrease
in grade of 1.5 dwt. per ton. It is ap
parent that tributing is on the
wane so far as the Perseverance)
mine is concerned.
Diamond Drilling.-Total distance
drilled, 440 ft., covering eight bore
holes at various levels. This work j
has not yielded any positive resulti:
this year, its main interest being
that .it indicated points where we
cannot expect to find good ore
values.
Re-conditioning the Mine Work- 1
ings and Underground Plant -and
Surface Equipment.-This work has
called for continued attention and
expenditure, very much has been
done, but much remains to be done
before we can get full benefit of the
expenditure on the work already
carried out.
Ore Treatment. - Metallurgical
section of the work received closest
attention and good results were obh'
tained, notwithstanding that some,,
sections of the treatment equipment 1
do not operate efficiently. We made i
important additions during the year I
and made preparations for others.
Under instructions froni Dr. K.
B. Edwards, experimental work on a
'Bromo method of treatment of our
ore was continued, and the results
obtained will be used to guide us in
nakin'a arrangements for treating
ore on a considerable scale.
The followingo table gives tonnage
and grade of ore from the different
sources treated during the year :
Company's ore worked, 47,501.443
tons; grade, 14.450 dwt. Persever
ance tributors' ore, 10,017.065 tons;
grade, 17.528 dwt. "Perseverance to
tal and average, 57,548.508 tons;
grade, 14.987 dwt. Outside ore,
5,077.518 tons; grade, 23.317 dwt.
Total and average, 62,626.026 tons;
grade, 15.663 dwt.
Average grade of Perseverance orec
treated was .078 dwt. lower than for
the previous year.
Equipment-Treatment Plant.
*We have installed two new pule
classifiers of modern design, a res,.
dues sluicing plant, a small air com
pressor for'filterpr' ss work, and
meters for measuring quantity of
compressed air used in major ope
rations. Further, our laboratory
has been fitted with testing appli
ances necessary for carrying out re
I search work in connection with ore
treatment.
Underground we have introduced
the latest type of jack-hammer
water drill, keeping well abreast of
latest practice.
General.-We were not able to
prosecute development and explora
tory work to the extent anticipated
owing to continued shortage of
machine miners.
At the 1750 ft. norizon the "A"
drive intersected the Australia-East
lode channel. At this point. good
grade ore was found, but values did
not persist on continuing driving on
same; in development work below
the level good grade ore occurred.
We shall shortly be able to complete
the necessary work here to enable us
t'o proceed with development work
at this point.
At the 1,200 ft. random, Lake View
lode, we are prosecuting exploratory
work towards the points where geo
physical survey work indicated that
good grade ore should be found. We
are very hopeful of good results
here.
At the 900 ft. level horizon we
have found good grade ore in the
"X" and "B" lodes.
At the 500 ft. level horizon driv
ing on the "B" lode` has given most
promising results.
We have devised and adopted in
our mine development work a satis
factory method of using ice for con
diti;oing the air at the working
"faces" in the mine.
We suffered considerable loss
through a cyclone, experienced here
in February last, causing the com
plete stoppage of mining and treat
ment for two weeks; thereby our
costs and output were seriously pre
judiced.
There has not been any improve
ment during the year in the econo
mic conditions prevailing on these
fields.--(Signed), Ernest Williams,
General Manager.
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