The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-26

a mining
Grafton was $4,000, says the Denver
News, was completed in this city and
in Telluride yesterday. Two highly
promising properties of the San Juan
region change hands and English cap
ital becomes interested in the develop
ment Of the mine.
For five weeks past three English
gentlemen have made their headquar-
tiers at the Brown hotel The visitors
were usually non communicative, but
it leaked out gradually that they were
engaged in a large mining deal, the
exact nature of which, however, was
not given out for publication. Yester-
day the veil of secrecy was for the first
time removed. The three gentlemen
are the president, engineer and ana
metallurgist of the Anglo Continental
gold syndicate, limited, of London,
England The special object of their
trip to Colorado was to make a thor
ough examination of the Terrible and
Butterfly mines near Telluride. If the
examination proved satisfactory the
president OF the company was author
lied to purchase the properties
Negotiations and experimental runs
Of ore concluded yesterday and the
deal was closed by the payment of
$4,000 upon q total consideration of
$l9O,0 Orders have been placed for
a mill and the contract provides that
the plant shall be in operation within
four months. The experts estimate
that 900 tons Of ore can be reached
through three tunnels in the properties
and they viii be greatly disappointed
if the mine Goes not prove a Treadwell
or a Homestake.
We have gone over the ground
carefully said President c. Wich-
a "a al 10 1ir1cr
and we feel convinced that the in
Vestment is a good one and will bring
large returns. Not satisfied with small
mill runs, we have taken so tons from
three tunnels 1000 feet long and the
result has more than met expectations.
We viii proceed to develop and mine
the properties on an extensive scale,
but viii not place any stock on the
market until the properties become
regular paying investments"
c. 7. l. Nautin, the metallurgiSt, and
Charles Roepel the engineer of the
syndicate, We're with President Wich-
mann and expressed themselves in I'M
qualified terms concerning the proper
ty. They have been especially i'm
pressed while making examinations
with the facilities for conducting the
mine on an economical basis.
The properties are located in the
Trout Lake mining district and for q
by Is. Benson, who was the vendor in
the transaction yesterday. The sale
was negotiated by Harry Il. Adsit, late
general superintendent Of the Tomboy
Gold Mine company, and it is under
stood that he recently signed a con-
tract to act as general manager of the
Terrible and Butterfly for a period of
two years.
Two hundred and forty-eight thou
sand feet of lumber were contracted
for from q local lumber company, which
VIII be utilized in the construction of
large mill building in close proximity
TO the mouth of the lower working
tunnel. The mill viii comprise 80
stamps with the necessary VannerS
ana COMMENTATORS, and the order for
the machinery has already been placed.
These properties were on the verge
of being sold at several different times
during the past summer once or twice
TO the London Exploration company,
owner Of the TOmboy mines. but the
sales miscarried, it is said, on account
Of an unfaVOrable report
For the past six or eight years the
properties have been undergoing svs-
tenat;c development SO that they are
now extensively opened up. showing
many thousands Of tons OF ore in sight,
The vein averages from to Is feet
in width, and mill runs OF the entire
matter between walls have yielded
from $3.50 to $11 per ton on the plates.
besides giving a comparatively large
quantity OF concentrates which carried
handsome values in gold and silver. 4
large streak of the vein is high grade
and Mr.. Benson has regularly been
shipping this portion to smelters to nav
the expenses of development.
However, the proper way to work
the mines is to treat the entire vein
matter, and by so doing they would
soon prove a large concentrating prop
osition.
The sale is the most important that
has been contaminated in San Miguel
county this year, and from present in
dications large amount OF money will
be spent in the near future on i'm
proyements. The purchasing company
viii open Offices in Denver.