This story is set in the goldfields. The speaker is using slang for the type of gold digging that is being done. My interpretation is that he is requiring the other person to make a larger hole or pit in a watercourse, above a subsidiary of that stream, next to a construction called "the slide". He wants this because he panned forty cents' worth of gold in his shovel when working there. But creating a pool, he hopes more gold will be deposited.
nb: Please do not type in capital letters. It is regarded as shouting.
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