I found the Jiffy Ice Auger home site had both 40:1 and 24:1 listed as acceptable oil/gas ratios. I asked Jiffy via e-mail to comment on the discrepancy.
The response was that 40:1 is OK and they are going to eventually change the instructions from 24 to 40:1.
This makes sense only if you using a very good grade of 2 stroke oil. Mixing SAE 30 oil? stick to 24:1
Hope that helps