progress at the Loch Fyne was a bonus for me. Historically this mine was as rich as Morning Star and A1, much more interesting than the Rose of Denmark.
My history book " Recollections of Early Gippsland Goldfields" by Richard Mackay claims 4,800 ounces was recovered from 1200 tons in 1867 with the odd 30 ounce to the ton crushing. There was couple of decades of inactivity then a big revival in 1895 when another rich lode was developed. This started a wild speculative Loch Fyne mania in Melbourne at the time , in the words of Mackay
" all round the hills in the vicinity ( of the Loch Fyne) new claims were pegged out, and wild cats screamed through hundreds of elaborate prospectuses, setting forth the absolute certainty of large fortunes for investors who had the good luck to secure script amongst first holders"
nothing changes it seems
The lode ran out eventually and new capital was raised for tunnelling and construction of a cyanide plant, this to failed, an attempt was made to fleece London investors but to no avail.
Mackay was a very astute observer of the times and he believed the mistake the last directors of the mine made was the failure to explore deeper via sinking shafts
But there is a serious issue with this mine, its in the catchment of the Thompson Reservoir , Melbournes water supply, and I had decided it was in the to hard basket, but lo and behold it looks like we will get back in there and do some trial mining. That seems to imply that if a payable lode is proved up the authorities will allow it be trucked out and milled at Woods Point.
MCO Price at posting:
33.0¢ Sentiment: LT Buy Disclosure: Held
