At the statutory meeting in April last the chairman stated: “We have the proud distinction of owning the property from which the first shipments of tin were made—not only that, but one of the richest out there, and I am quite confident this company can look forward to a very successful career. The extent of our property is four square miles, one mile only of which has been thoroughly prospected, and calculated to contain 10,000 tons of tin oxide. At the present market price of tin this should yield over £500,000 profit. Our engineer tells me that up to the present time every acre of ground so far treated has produced tin to the value of £3,000, whereas in other countries, such as Australia and Malay, £1,000 per acre is considered phenomenal: therefore, I consider we can congratulate ourselves upon being interested in such a unique proposition.”
As an indication of what may be expected when improved working methods have been introduced, Mr. C. G. Lush states that thirty men and one plant will be able to produce as much and even more tin than is now being obtained with three hundred men. “If we put only one plant on the property,” he says, “it will take us, perhaps, a hundred years to work it out, but there is no reason why we should not have four or five plants, and work it out in a lifetime!” In Australia, Tasmania, and the Straits Settlements 1½ lbs. of tin per cubic yard is considered very good, but Mr. Lush is of opinion that in Naraguta the ground will give fully 5 lbs. of tin per cubic yard; in fact, 10 acres have already been treated, and have given that result, which can be taken as “a very fair prospecting whole.” All that is necessary is to get the plant there as soon as possible.
In Mr. Frank D. Bourke the company has an excellent and indefatigable manager, and recently the directors engaged the services of Mr. A. F. Kitto, who left on October 12 to assist Mr. Bourke in the management.
LUCKY CHANCE MINES, Ltd.
Capital.—£75,000 in 300,000 shares of 5s. each, all issued and fully paid.
Directors.—Mr. S. R. Bastard (Chairman), Mr. F. N. Best, and Mr. Oliver Wethered.
Secretary.—Mr. Newman Ogle.
Offices.—Friars House, New Broad Street, E.C.
This company owns the following properties:—
(1) Dubbo.—A property in Bauchi, Northern Nigeria, consisting of 632 acres. This property is under the charge of two engineers.