The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-15
CAPITAL FOR STATE MINES.
NOT ALL INVESTMENT NOyEX % CO.
ING TO THE Yukon.
lifasts Syndicate Gets n Interest IN
the EN- Greek Basia-Read TO BE
Haflt Froa Index 20 tsaiena-Cest

That all the capital available Cor min
ing investments is not going into AiaskA
properties. but thar Washington Is gst-
ting share, il proved by an important
deaa which was closed yesterday A te1-
egram was received by F. r To~nsies,
president OF the Elk Greek Mining ana
Milling Company from F. l. Fehrsn,
secretary Of the company, stating inai
he had received the first payment on a
contract for the purchase OF certain
proportion OF the treasury stock for w.
ss By an Illinois syndicate. This money
Is to be expended ia developing the conn
pauy's mine tn Elk creek basin. build
ing road from the mine 10 Gaiena ana
repairing the present read from Gaiena
to Index. The deal was made on favor
able report on the property from r. ii.
Stretch. the mining engineer.
In speaking Of the plans OF the COM
pany. Mr. Towusiey said last night.
The property Is the Homeslake group
OF five claims or the left bank OF Elk
creek, a tributary Of the Sultan. Lear the
head Of the basin. Three claims are On
one ledge. on which two tunnels have
been driven 100 feet and seventy feet. re-
speetively. one being sixty feet vertically
a5ove the other. This ledge is nine TO
twelve feet wide. and shows pay streak
throughout the tao tunnels ten 10 twen-
fy-souf inches wide. The ore Ii galena
and copper gisnce. and ranges from so
TO 400 ton liz gold, silver and lead. and
averages fully $lsa. In fact, ore can be
taken from the pay streak without sort
ing that will run s1I.
a wagon road viii be made from the
mine through Salmon creek pass 10 Ga
Ina 4 distance OF four miles. AT Gee
lena Il viii connect with the county road
along the north fork OF the Skykomish
TO Index, distance of nine miles. This
road has been allowed TO get out of re-
pair and needs bridges at several points.
IL VIII De repaired SO that We can haul
ore In wagons 10 the Great Northern
railroad AT Index. We have a very easy
route. for the Salmon creek pass is no
higher than the mine or Mineral City,
on Sulphur creek.
I'VE have made seven miles of trail
down Elk creek and shall complete il to
connect with the Sultan river trail. Should
the Seattle * International Railroad Com
psny extend branch through the Pill
chuck pass into the Sultan basin, we
shall build a wagon road over this route
a distance OF twelve miles, with an easy
grade. in order 10 have the means OF
shipping over either railroad.
We intend TO begin development on the
mine as soon after New Years as We can
get in men and supplies. and shall start
work on the road when spring opens
The news that the road from Index to
GaIena Will be built will be welcome to
all those who have mining property on
Silver. Trouble Howard. Lost and
Trout creeks. for il viii SO greatly re-
duce the cost of transportation as TO en-
able many of them TO ship ore at a prof.
An extension of the road from GaIena to
Mineral City. a distance of four miles.
would then suffice 10. bring much of the
Silver creek ore into the market and
would be within the power Of those in
terested, IL they could be induced TO
combine forces on II. The lack of such
road has been the principal obstacle
10 development Of the large ore bodies in
this region.