in
bulk alone can demonstrate the true value of the reef as a whole; and
even then, I strongly suspect that variations in richness will be met
with. Nevertheless, if, as Australian experts tell us, an average
yield of three pennyweights to the ton of quartz * will pay expenses,
our shareholders have but little reason to fear the test of wholesale
crushing. Judging from the various assays which from time to time have
been made by independent authorities, there should be ample margin to
cover even heavier working charges than occur in Australian mines, and
a tolerably fair balance would still remain for dividends. This, at all
events, is the freely expressed expectation of men on the spot, whose
opinions are those of practical gold miners, experienced in Australia,
Brazil, and California. More than this, I think, cannot reasonably be
expected at the present stage of our operations.
Whilst
on the subject of these two reefs, it will be interesting to observe
how they have disproved a theory that has been advanced by more than
one recognized authority. These have declared that all true auriferous
reefs have a direction a little west of north and east of south. If
this be the general rule, we have here two notable exceptions. The
bearing of our reefs is a trifle north of west and south of east; and
they can be traced for a considerable
* Three pennyweights is equal to 10s. 6d. the ton. Our gold is estimated to be worth from 70s. to 72s. the ounce.
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