The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1884-03-21
PHILIPSBURG MINES.
Annual Report on the Hope and Granite
Mountain Properties.
Splendid Showing of Two Leading Companies
Inter- Mountain, 18th.

Inter-u0untdtn, lJth.
The first annual report of the President of
the Granite Mountain Mining Company has
been issued. The company owns eleven
mining claims, aggregating 1855 linear feet,
in the Flint Creek mining district, four miles
east of Philipsburg The development work
en- the Dist of November last, consisted, ac-
cording to the report Of the President, J. II.
Licnberger, of 25S feet OH tunnel No. l, 99S
feet on tunnel No. ., $50 feet below No. l,
and J07 feet on No. 3, 140 feet vertically be-
low No. .. Nos. / and 2 are connected by n
vertical shaft. The principal discovery of
ore was in No. ., S58 feet from the mouth,
the rich chimney continuing 100 feet, varying
in width from to feet and averaging 200
ounces In June last contracts were entered
into with the owners of the Algonquin mill
and a run of 500! dry tons yielded $780, 90,
and Il second run of929! tons gave sls7 1911,
an average of S19O.SG, all from No. tunnel.
Mr.. Frank l.. Perkins, the superintendent,
reports that the company has now No.
Burleigh compressor, three Burleigh drills
and n Diamond drill, used for prospecting
He proposes 10 drive Nos. l and tunnels, to
develop the ore body struck in No. 2, and
recommends the driving of II fourth tunnel
the company for the period from September
8, 1881, to December l. 1888, shows its receipts
to have been Sal ,GOO10, raised by loans; $780,
246J9, proceeds of stock sold at 81 per share !;
and S273, 1897 81, the returns for 1854 ounces
of fine silver at New York. The company
has repaid the loans with S2,39049 interest,
has expended S6i 2l634 for pay rolls, supply
bills and freight; paid $40 1886 for milling !;
s25, 431. 10 for real estate purchased sl2,9O3.22
for supplies, machinery and freight bills ;
So, 40214 for express charges, and So, 2636 for
express on bullion. The company has in
vested surplus of $4,000, and has cash
balance in the bank at st. Louis, the home
Office, of $50, 1887. The company Is man.
aged in a sound, conservative manner.
THE HOPE COMPANY REPORT.
Mr.. Frank L. Perkins, superintendent OF
this company, reports that the ore bodies in
the Hope, Comanche, and Emma mines have
been exhausted, and thus far his prospecting
work has not developed ore bodies except on
the Potosi claim. During the year the COM
pany drove go feet OF shafts, 461 feet of tun-
| nels 965 feet of levels, 55 feet of wines, 151
feet of rises, 1852 linear feet of slopes at a
| cost of s45,14750. The mill ran 1873 days,
crushing per stamp in "a hours 2.45 tons of
ore, or an aggregate of 1879 tons with an av'
errge assay of 1896 ounces of silver. The
average yield was 80. AL per cent; 42i tons OF
| tailings were also worked, carrying 2l554
ounces of silver per ton, yielding 65.9s6 pei
cent. The total cost of milling was s;9, 242.O0
so that the cost per ton was 1888.
As in the case of many other Montana
mines, the cost of salt was n heavy burden
| the present stock, tho cheapest used, costing
s55 per tor. The opening of railroads has
however, given relief, and salt can now be
obtained from three competitive sources, de
livered at Drummond station, IL miles from
the mines, at s25 per ton. A very interest
ing series of figures is given by Mr.. Perkins
on the cost of working the diamond for pros
pecting. Boring 2,7s4 feet and scanning 3Ss
feet cost s2,7513S, or S6.7 cents per foot The
actual running time was 5S0.5 hours, and the
average feet run per hour, therefore, 5.9S
The company paid four dividends, aggrega
ting SO, $40, and has a balance Of cash II
bank at st. Louis of $50, 234.62.