Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-12-07
ON THE MOTHER LODE.
The Argonaut of California Making Big
Money for It's OMners.

Dh's hof h' cNhNiss
The Argonaut mine on the mother
lode near Jackson, Amador county, has
started up milling its rock with results
which indicate that 1t will be the third
and possibly the second. mine in gold
production in California. Since Janu-
airy, 1893, Its present owners have been
sinking a shaft that has now reached
depth of LOO feet, the ore developing
such richness that a forty-stamp mill
was erected. 1t was started up week
ago Monday and on the very first day
cleaned fifty pounds of amalgam, esti-
mated to be worth 81 200. When the
inside batteries are well amnlgamated
only about n third comes out, but at
first probably a half, so that u twenty
four hours product of $4,000 is counted
on, which In run of thirty days Will
amount to $4,000 n month. Only the
Utica and possibly one other California
gold mine are known to exceed these
great figures, so that the Argonaut
gives an almost assured promise OF
eclipsing all other competitors.
This wonderful showing comes after
the property has been under develop
ment for nearly FIVE years succeeding
long interval of nearly thirty years
of virtual abandonment The Argo-
naut was formerly known as the Pho
neer mine. and was owned by what
was commonly known as the "Old
Dutch company" II adjoins the ia
nous Kennedy. whose successful re-
opening in 1889 and the years succeed
ing attracted attention to the Pioneer.
w. f. Detert of jackson bought up
most of the stock at a nominal figure,
and VIM. j. McGee, the attorney, or
ganized the Argonaut company with
100000 shares of stock of the value of
81 share. The Pioneer property was
bought, 100000 shares of the stock be-
vi tn
sinking deep shaft and developing
the mine was begun. With the 500 900
obtained from the shares sold,
the shaft was carried down
to depth of about 1900 feet. Five as
sessments We're then placed on the en-
tire capital stock. From this $4,000
more was obtained, with which the
shaft was continued to 100 feet and
the forty-stamp mill was purchased
and erected. making the total outlay
for development and equipment $780,
900. At n depth of 300 feet the ore
ledge was crossed, but was very mar
row. At the 1200-foot level. however.
it Strengthened out to the angle of the
shaft and has since continued. A drift
was run at the 1200-foot level. the rock
from which. when crushed. produced
S1l per ton: other rock at the 1000 and
LOO foot levels ran sl2. and at greater
depth ore was found valued at S35 n
Ton. Ihen the stamp mill was erected,
and the practical test of the mine was
begun. which indicates rock worth SOS
n ton. Provided the present results
are maintained the Argonaut will pro-
duce at the rate of 5000, 900 per annum,
and the expectation Of the company Is
10 pay dividends of $4,000 a month.
About three fourths of the owners are
residents OF Jackson. Amador county:
the other quarter being San Francis
cans. At present a suit is pending in
the United States Circuit court be-
tween the Argonaut and the Kennedy
companies. The flrst-named corpora
ton claims that the second has en-
croached on this very ledge which Is
producing such great results. and asks
nerpetual Injunction and damages
In AOO,OO0.-San Francisco Chronicle.