The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-12
Jay P. Graves Organizes Company
in Eastern Canada.
SCHEME STRONGLY FINANCED.
VIII Treat Ores Of the Old Ironsides
wood Camp-W0rk to Begin Early
In the Spring-Plant to Have .
roo T0ns-Sp0kane Mans Fortune.

SPOKANE, Dec, ia new smelter with
daily capacity OF from go to 500 tons
IL to be erected on Kettle river, near Green
wood camp. for the treatment Of ores from
the properties OF the Old Ironsides and
Knob Hill companies. in the Boundary
creek district. The capital for this new
enterprise has all been subscribed. as the
result Of the efforts Of Jay p. Graves. OF
Spokane, who organized a strong company
for this purpose in Montreal Plans for
the smeiter are being prepared and the
preliminaries viii be gotten out OF the way
this winter and work on the erection OF the
plant will be begun early In the spring.
Mr.. Graves Is said to own a fourth IN
terest IN each Of these two mines. and has
other extensive interests OF great value in
that section, so that the results Of his
mining deals have made him very wealthy.
The Old ironsides Company Is capital
tied for Loco go shares and the Knob Hill
for 100000 shares, and this gives Mr..
Graves 10000 shares In one and $4,000 in
the other. His interests in these mines
alone are worth over @600, 90. and the indi-
cations are that they will become more
valuable. The Old Ironsides is pretty sure
to become the greatest mine In British Coz
iumbia.
o. G. Labaree. who owns 10000 shares Of
Old Ironsides stock, has received an offer
from Montreal of s. 10 per share for his en-
tire holdings. Knob Hill Is quoted in Mon
treal At from 70 TO 50 cents
Mr.. Graves Good Luck.
Mr. Graves good fortune is the talk OF
the mining world In Spokane He came
to Spokane about ten years ago, and quick
Iy took rank as one OF the leading dealers
in real estate. In that business he amassed
q small fortune. but it was swept away by
the panic Of 1883 He then turned his at
tention to mining. and was successful in
No Of
Boston and Philadelphia capitalists in the
big lodges Of the Boundary creek section
For the past two years he has been man
aging the properties acquired by these in
vestors.
The ere Of the Old Ironsides carries gold
and copper. The ore chute Is probably
the most remarkable on this continent. 1t
has been crosscut for more than $50 feer.
showing gold ore which is said to average
about $50 per ton.
The principal stockholders in the Old
1ronsides and Knob H.ll mines have sub.
scribed the capital for the smelter These
include the Gaults, Of Montreal: s. II. c.
Miner. OF Sherbrooks, Canada: ]. p, Whit
ney and associates, o: Philadelphia, and
Boston capitalists. Arrangements have
been made with the Canadian Pacific for
the necessary spurs and trackage.
Two Famous Claims.
The Old Ironsides and Knob Hill are adj
Joining claims on the same ledge In Green
wood camp about six miles from Green
wood City The claims were located under
the old mineral act and are the same size
as American lode claims. 1900 by 800 feet.
Both are crown granted The Knob Hill
was the first location In Greenwood camp.
having been staked by Harry White in
1881. Its tremendous surface showngs have
made 1t famous throughout the Northwest
ana It's development has added to its fame,
which Is shared by its sister property.
Development started on the Old Iron
sides in the spring of last year. A double
compartment shaft was started. which is
10 by In the clear. This has been sunk
TO the 2o0-foot level. This shaft was In
ore for the first eighty feet at which depth
the ore lefs the shaft, which was being
sunk perpendicularly. At the 100 and go
foot levels crosscuts have been run 10 and
across the ledge. At the lowest depth the
ore body showed strongest and most val
liable, being ever eighty feet In width and
showing values as high as $50 per ton,
The claim Is further developed by a sixty
live foot prospecting tunnel at the south
end OF the claim. which shows the ledge I'm
good and strong with copper pyrites in
spar and magnetic iron, giving excellent
values.
Extensive Development Work.
The Old Ironsice was equipped with tho
!fsa sttam ptant IN the camp in Septeyu-
Der, 1897 This comprised a sixty horse
power boiler steam hoist. pump and
two drills. This spring there was added
ten-driil Rand duplex air compressor.
which Is used to supply power for both
Old Ironsides and Knob Hill mines
The great ledge shows stronger on
Knob Hill than upon GA Ironsides The
claim probably has the largest open cur
surface showing OF ore on this continent.
= feaf
long and all in ore averaging about $50 per
ton. The ore Is magnetic iron. heavily
impregnated with copper pyrites The
deeper workings OF the Knob Hill show
the magnetic iron replaced by hematite
The most remarkable development upon
the property Is the long tunnel which has
been run across the ledge for more than
30 feet without encountering a pound of
waste.
The ore from both properties Is said TO
be Of excellent smelling quality, carrying
its own huxes