The Grenada sentinel., 1895-09-21
NO SILVER BONANZAS.
s"'er Mining Not So Profitable % Foeu>es-
ly-Hunting the Gold

'"''r Mining Not So Profitable % FoFnse-
W., y-Hunttng the Gold.
while it is extremely probable tha,
oolorado e will produce this wear SEQ.
o'o,oo1 worth of silver at the CONNER.
eia' value OF G6 cents per ounce, it is
Saie 10 assert that the silver bonanza,
which was SO prominent a feature of
our mining during the years between
A's' ana 1893 has dropped out of sight,
ana Is not all likely to again become a
'eatnre In this state. Indeed, the state
.neht may be given much wider scope.
we are not aware of the existence at
.n's Time OF producing silver bonanza
IN any district in world,
AS heretofore pointed out. and as
may be CLEANED from the weekly re-
ports in the Engineering and Mining
journal the Comstock vein is no longer
aependent for its fair profits on silver.
Inc bulk OF the value at present ex-
tracted is in gold, and this seems to in
crease as development progresses. In
ola Mexico, where free coinage pre-.
walls, the silver mines are producing
literally. The great bulk of the prod
uct, however, is of medium grade. de.
pending for profit upon the use of
american methods in mining and ore
treatment, and upon the freedom of
the mints for the bullion, which when
coined is used in paying labor and other
expenses. We're it not for these favor
able circumstances it is safe to saw
that the silver output of Mexico would
be reduced one-half. As it is, these
methods will result in rapid working
out of the older mines-abandoned
years ago because they would not pay
and as prospecting is not energetic
In Mexico-where the government owns
all the mineral-the outlook for new
producers is far from cheerful.
In the early days Of the silver con.
troversy very much was published and
heard about the Broken Hill mines in
Australia. Some car loads OF this ore
were shipped to Denver last year for
experimental treatment 1t is exceed
ingly tough" and only fair in grade.
The bonanza levels, extending from
near the surface to depth of 400 feet
are about worked out. When this
process is completed the Broken Hill
property will be entirely divested of
its bonanza form, and if it continues
to pay the result will be traceable to
the successful treatment of its medium.
grade rebellious ores.
Silver shipments from South America
are insignificant. In fact, that coun.
try draws upon the London market for
so per cent. Of its coinage supply.
Hence the South American silver bo-
nanza is largely romance, to be dis
missed as more pleasant than danger
Gus.
The sale of Mollie Gibson stock at 6s
cents per share, with prospect for
lower figures, disposes Of the leading
silver bonanza in the history of this
state. Its near neighbor, the Snug
gler, which shipped silver by the car
load direct to the refinery in 1893. is
now producing some 200 tons per day
of low and medium grade ore, which is
handled at the company's conccntrat-
ing plant before it is forwardeg to the
smelters. The Argentum-,Juniata is
not on the list Of high grade PROPOSE
tions. 1t is paying fairly well, but at
Colorado Springs, where the condition
of the mine is we'll known, the stock
sold last Saturday, at 80 cents per
share, a drop of 5 cents for the week
The New York Chance people are
reported to have taken $1,000, 600 from
a small strip of territory on the
Amethyst vein at Creede, and to have
divided as much as $ls0,00O last De-
cember. But this is in the past. The
mine is now shipping its large dump to
the smelters, and has developed gold
values in its lower levels. 1t is a
property we'll managed and which
pays literally, but it is no longer a
bonanza from the silver standpoint
On the same vein the Amethyst is To-
Gated. This pays regular dividends of
SIS, 200 per month. But it takes close
management to produce this result, as
the ore-gold values included-aver-
ages some $40 per ton.
This casual review has no reference
to the gold-silver mines of the state, in
which the wealth is about equally di-
vided between the two metals, with
lead thrown in. In this class are the
Golden Fleece, the Rico-Aspen, the
Union, the Lamartine, and
the great bulk of the mines near Idaho
Springs, district which disputes with
San Miguel for fourth place in the
column Of precious metal production.
In considering the output of silver
in this state the reflex action of gold
mining must not be overlooked. The
product of the low grade mines at
Leadville-outside the gold belt-and
In other districts in the state is used in
the dry gold ores. For this
purpose the smelters handle the silver
pres ut very low cost, and the rail
roads, in order to assist the smelters
and the mines, have wisely reduced the
average cost Of transportation.
Leading authorities state that the