Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-07-20

Mention was made in these columns the
other day that Mr.. William Fraser, of
Taos county, was in the city for the pur-
pose of closing an important mining deal
with representatives of wealthy English
syndicate. The gentleman called at the
New MExIoAN's editorial room this morn
ing and made the pleasing announcement
that the deal was closed In manner salts
factory to all concerned.
The transaction is one of the largest
and most important mining deals ever
made in New Mexico. By it's terms Mr..
Fraser transfers to the syndicate named
the Fraser group of copper and gold
mines, consisting of ten claims, situated
in the Rio Hondo district, near Amizett,
Taos county, for $l25,O0O, 100000 in
cash and $25,000 in the syndicate's stock.
The promoters of the trade we're
Messrs. W. B. Cameron and W. f. Smith,
of Cripple Creek, who operate in mining
properties on large scale, and Mr.. T. B.
Gillespie, of London, represented the
purchasing syndicate. The gentlemen
named have all been in Santa Fe for sev-
eral days and have most favorably i'm
pressed all who have had the pleasure of
meeting them.
Mr.. Smith resided in South Dakota for
years, was the first treasurer of that
young and prosperous state and turned
over to his successor Clay lor) the 100000
in cash that the latter afterwards appro-
priated to his private uses. Mr.. Giles
pie is very influential man in the invest
ment circles of London, places English
money all over the world and it is conf
IDENTIFY expected that he will do much to
promote the prosperity of New Mexico.
The group of mines sold is pronounced
by the experienced and capable experts,
who have devoted year to investigating
and testing them for the purchasers, to
be among the most valuable mining
properties in the United States. They
were located by Mr.. Fraser in 1877 and
his extensive development work includes
a 7O0foot tunnel tapping the mineral
mountain from near the base. The
mineral belt is about 1000 feet wide and
can be distinctly traced for three miles.
The formation is volcanic, quite similar
to that at Cripple Creek, and the great
mother vein shows succession of craters
filled with mineral and the intervening
spaces are also we'll mineralized. Indeed,
Mr.. Fraser describes it as "a mountain
of mineral that can be quarried out in
almost unlimited quantities."
Mr.. Fraser figures the values in copper
and gold about equal. On the surface is
found free gold ore, which he profitably
worked with arrastras for three years, TAX
ing out about $4,000 in the yellow stuff,
but, while the ore increases in gold as
depth is attained, it becomes refractory
and will not yield it's values by means OF
the arrastra or other free milling pro-
cesses. Fifteen hundred pounds of the
top ore produced one pound of almost
pure gold and many assays as high as
thirty i've ounces in gold have been had.
II is the intention of the purchasers to
form two companies and to operate the
properties on an extensive scale. To this
end 100000 reduction plant, capable
of treating 500 tons of ore daily, will be
erected at the mines. II will be equipped
for concentrating, smelling and refining.
Probably the cyanide process will be put
in.
Messrs. Fraser and Smith left for the
mines this morning and Messrs. Cameron
and Gillespie will remain in Santa Fe for
number Of days to complete some ar
ranRements connected with the future
operations Of the syndicate. Then Mr..
Gillespie will 20 to London and perfect
the organization Of the proposed COM
panies. Preliminary work win be begun
at the mines at once and operations on
large scale will be commenced in Septem-
Der or October.
Further details touching the matters
above recorded will be given in these
columns a. they are disclosed.