The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-02-21
THE MINES Of MONTANA,
The Elkhorn Company and the
Dividends II Has Paid 10
Date.
Tho Lost Channel Abandoned and
Archie McHregor Now Hunt
ing Quartz.
The Satellite Lead Being Devci0ped--Lat-
est News from Castle, PhiIipsburg
and ORC Elmo.

Captain John W.. Plunimer, general man.
ager Of tho Elkhorn mines, 10 In the city.
Some controversy has existed ~ to tho
amount of dividends paid by this company
since the English people, through Henry
Bratnober, acquired it. Captain Plummer
said tho company paid during the first nine
months of operation $225,0OO, and will pay
$780, 600 at the end Of this month. He
also says the company will endeavor
TO declare regularly quarterly dividends.
Tho now hoist will soon DC ready to start
and will have = capacity for going down
5000. The Hotter mine IL already opened
LOO by An moline shaft and sinking will be
pushed with the new hoist.
The Elkhorn Is one Of the bonanza
properties of the state and Is a striking IL
lustration Of what competent management
will bring about. Before the present COM
pany purchased the property, It paid over
100000 in dividends and was then only
worked spasmodicaIly.
Archie McGreeor, the sage Of Diamond
City, is in town again. lie is out Of the
sheep business now, and 10 devoting his
whole energies to mining for quartz. He
has abandoned the search for gold in the
famous lost channel on Gravel.y range
He was willing to give IL up six months be-
fore work was stopped, but his associates
in the enterprise felt they had gone too far
to stop at that stage Of the game. For
twenty-five years that lost channel was
pTospected and it is estimated that 500, 900
VAS sunk in it's development. There were
visions Of great wealth when the supposed
reservoir OF gold would be uncovered that
-nr1d 0rn1v rAorvnpopaa than fnY thu
great outlay of time and money. by means
Of artesian we'll appliances holes were bored
| along the surface OF the range at every
100 feet for q distance Of nearly half a mile
and u n to bedrock. At the deepest point
= tunnel was started and pushed to the
the cores that were taken out by the drills,
not q trace Of the yellow metal was found.
MI. McGregor gave the subject considera-
BILE study and has agreed with an eminent
scientist and g%eologist that no gold is to be
found in the underground channels formed
in ancient times: it Is his belief that this
channel was made before the gold period Of
the world.
Nj. McGregor is now hunting for quartz.
He has formed a company which has ample
funds. for the development of the Satellite
lode. This is n Of the Oldest quartz locas
tions in the Confederate RuIch district, and
is just below the town of d smond. 1t is nts
the mouth Of Boulder and . short distance
below the rich bars Of Confederate gulch,
and oId-timers are strong in the belief that
it is the mother lode from which all the
rich diggings of Confederate gulch were
worked. Some very rich gold quartz has
been taken from the Satellite lead and Mr..
McGregor has some beautiful specimens
with nm. He has started u tunnel at the
foot of the hill, at a point about 800 feet
from the old prospecting shaft, which il
sixty feet deep. The tunnei WAS in 26S feet
when Mr.. McGregor left and work is beine
vigorously pushed. He is eiated with the
prospects and hopes from the Satellite tt
regain all that he invested in the lost chan
mel scheme. He certainly has encouraging
prospects, and his many friends will re-
joice when the tunnel strikes the supposed
rich gold lead.