East Mindanao prepares to plunge for a big mill

Title

Language

English

Source

The American Chamber of Commerce Journal Volume XVI (No. 1) January 1936

Year

1936

Rights

In Copyright - Educational Use Permitted

Fulltext

20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1936 East Mindanao Prepares to Plunge for a Big Mill Tests indicate a cyanidation plant for SurigaoJ pioneer and farthest advanced lode project Donald G. McVean, the Cebu lawyer who as seeretary of the East Mindanao Mining Company is among the active pro moters of that enterprise, retired from the directorate at the annual meeting Monday, December 23, and was succeeded by Franco T. Rosado of the Bais Sugar Company in Oriental Negros. Attorney McVean is going to the United States to enjoy a vacation this year. Meantime the company prepares to plunge for a 100-ton mill. This, for a new mining region, is a considerable leap; though the company’s yearly report shows it is not a leap in the dark, nevertheless it reflects the mettle of the enterprising men of the southern Philippines who are East Mindanao’s moving spirits. H. Gasser is the president, C. J. Martin vice president, Franco T. Rosado secretary, A. A. Brown treasurer, Lionel D. Hargis the fifth director. Richard Koehler is the chairman of the executive committee, and J. B. Knaebel the manager. But once you know what to expect you can become an expert in the fine points of White Horse. First “nose” the rare and subtle aroma. Then taste the peat and heather flavour and note the exceptional smooth ness. You will realise that you are enjoying whisky equal to a fine liqueur—Real Old Scotch at its very best. WHITE HORSE WHISKY lUF HANSON, ORTH & STEVENSON, INC. Sole Importers East Mindanao has Pl,000,000 capital in 10-centavo shares. In October some 1*400,000 of this capital had not been issued, but then P200,000 more was prorated among the shareholders to buy a 300-horscpower diessel and other equipment urgently needed, all suited to use in the completed plant. Now, for the mill, it is planned to issue the remaining 1*200,000 of treasury shares. To have a 100-ton mill operating in Surigao will establish that mining field definitely. (We can say this. One of the original partners in IXL, whose shares at the end of December were more than 4 times par in the market, after prospecting during 3 months through Surigao and Davao pronounced that cordillera the richest in gold, in his judgment, of any section of the Philippines. At that time he was familiar with the Baguio and Masbate districts). East Mindanao has 47 lode claims and 3 placers. The yearly report says: “Most of the area, and practically all of it having known mineral value, is..........secured to the company by outright title or long-term leasehold of the surface rights.” The report covers 13 months during which 17,444 feet of development work were effected, such work now standing: Drifts and Crosscuts........................................ 6,597 feet Small Crosscuts................................................. 600 feet Raises.................................................................. 1,006 feet Shafts.................................................................. 480 feet Winzes (shafts not connected with surface). 156 feet Total............................................................... 8,839 feet Adds Manager Knaebel: “Most of the development work was done in the Briggs and Horseshoe-Mindoro veins above the lowest tunnel levels, respectively about 40 and 60 feet above sea level. This work resulted in a fairly complete blocking out of the ore in these veins above the lower tunnels.” Estimates of values are asserted to be conservative “since intimate experience with the local geology had shown the ore bodies to be spotty and erratic within the veins, both as to values and widths.” Total value, As of September: Pesos (gold @ Tons P70 per ounce) Developed Ore. . . . Probable Ore........ Ore on dumps.... Total Assured Ore Possible Ore.......... 13,958 380,989.70 19,680 394,679.00 4,000 49,000.00 37,638 824,668.70 11,027 255,927.00 Grand Total............................... 48,665 1,080,595.70 Average value per ton, 0.330 ounces; P23.10 Average vein width, 5.8 feet The report says work since September has developed an appreciable amount of additional orc; drifting and raising have shown that the ore has a greater length along the vein strikes than was first calculated, and Manager Knaebel thinks a minimum of 15% has been added to the available tonnage. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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