COMPANY MEETINGS WILUNA GOLD CORPORATION, LIMITED
AN EMINENT GEOLOGIST'S RECOMMENDATIONS
PRESIDING at the annual general meeting of Wiluna Gold Corporation, Limited, held in London on December 13th, Mr. John A. Agnew (chairman), in moving the adoption of the report and accounts, said that as the subsidiary company (Wiluna Gold Mines, Limited) had paid no dividend in respect of the year to March 31st last, the Corporation was similarly unable to make any distribution. Operations of the Mines Company had shown a net profit for the year of £267,846 (Australian), which had been absorbed by expen- diture on new plant and development. The main factor was the diminished size and progressive impoverishment of both the east and west lodes. These tendencies had now persisted over so great a distance that their significance must not be minimised. He stated that the ore deposits at Wiluna had presented unusual features from the first. It was unusual that a lode like the east lode, presenting such strong and well-marked shearing over great distance, should prove so erratic at depth. It was also unusual that the large west lode No. 2 ore-body had not come within 300 ft. of surface and had been encountered unexpectedly. This analogy alone indicated the strong chance that in the large unexplored area especially to the south of the main workings other lodes existed, possibly of equal or greater value. They considered the chances sufficiently good to warrant intensive exploration.
He pointed out that the present ore reserves gave them a life of approximately four years, they had a good plant and that smelting indicated a higher gold extraction. During that period such propor- tion of the working profit as was deemed necessary would be devoted to intensive and exhaustive exploration.
He added that Dr. Connolly, an eminent geologist, had just com- pleted an investigation and a cabled summary of his report contained recommendations for an extensive drilling programme in favourable areas, and it was satisfactory to note that there was a possibility of a recurrence of values below the present zone of the main workings.
Dr. Connolly pointed out that the present ore structure bore no relation to the surface which may have been thousands of feet above the present surface, and that the Wiluna ore-shoots, which had produced 5,300,000 oz. of gold, were once deep-seated. This gave more than hope of a recurrence of the lodes at still greater depth. The programme of exploration recommended coincided with their own views and they proposed to proceed with this work at once. • The report and accounts were unanimously adopted.
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