The news & observer., 1897-01-29
THE SPENCER MINE
THE PROPERTY BOUGHT BY BOs-
TON CAPITALISTS.
A Large Experimental FIant to be
Shipped to the Mine at
Once

Boston, Mass, Jan. 2S.- (SpeciaD-A!-
though nothing has as yet been issued re-
garding the new gold discovery in Ran
doIph county, Of which exclusive notice
was given in Tuesdays News and Obser-
yer, l am, in addition to my telegram at
that time, able to give the following facts:
Several months ago the Spencer prop
erty in Randolph county was brought
to the attention of Emery & Tucker, of
Boston. These gentlemen are bankers
and being members of the Boston stock
Exchange, can command unlimited capi-
tai. They sent mining experts to make
tests, from which they became satisfied
as to the ultimate intrinsic value of the
property. The specialists reports must
have been tlattering, in order to interest
this most conservative firm.
| called at their offices to-day and view
ed samples Of the one which carries both
gold and silver in proportion Of S15 to 6h
the preponderance being Of gold. Form
ed, as it is on the surface beneath a small
strata Of oxide and iron, it closely re-
sembles a conglomeTate. Easily mined,
the question of treatment is Of the great
est Importance, so as to secure both the
gold and silver
Yesterday these gentlemen gave Fraser
& Chalmers, Of Chicago, an order for a
large experimental plant to be shipped to
the Spencer mine. 1t viii have a capac
| ity of thirty tons per day, so as to estab-
lish, beyond all doubt, the character and
yield of the ore body.
eve shall offer no stock for sale in this
property" remarked Mr.. Emery to the
writer until the mill runs have estab-
lished it's worth. We are not developing
the mine as a Western wildcat" scheme,
and would not, under any consideration,
accept q cent of North Carolina capital.
We have started the investigation upon
/ our own responsibility, because we have
great faith in the venture, and should it
not prove equal to our expectations, no
one else viii be loser. Should the depOs-
its Of ore be sufficient to warrant devel-
Oping, after our thirty days test, we will
establish the largest enterprise Of the kind
in the South. There is no doubt whatever
as to the quantity Of the ore. but the
hest authorities agree that only a CON
tinuous mill run Of a month is a reliable
test upon which to base the future Of the
enterprise"
A correspondent writes: '"The Spencer
property is, without doubt, one Of the
| most extraordinary pieces of mining
ground ever discovered in the South. il
! the present outlook will hold good"
In the history of North Carolina en-
terprises this is the first and only instance
| can recall of a firm going to the expense
of thousands Of dollars to prove the value
Of property so as to be i'm a position to
thoroughly recommend it in the future,
or to drop it entirely and pay their losses,
If the business is unsatisfactory.
The Spencer mine is located between
High Point and Randleman. In this
section are located several mines of more
OF less value. The Hoover Hill mine,
seventeen miles south of High Point. has
shaft $50 feet deep, from which is tax
en- ore worth upon an average Of SO
per ton. Considering the availability and
ease with which it is produced, makes it
one of the best paying in the State. 9th
er mines in Randolph are the Winning
ham, keystone, Loftin, Slack, Davis
Mountain, Uwharrie, Winslow and Saw
yer
The vein upon which the mine is situat-
ed is about twenty-five feet wide at the
surface, and is supposed to be a contin-
uation of the celebrated East and
West veins which run parallel about
2S feet apart. Readers will recall that
upon these two veins is situated the Sill
yer Hill mines, in which the gasson was
worked for gold, while below the water
level ores became a mixture of silver,
bearing sulphurets, mainly galena and
and zinc blend.