Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1898-12-02
NEWS OF PRECIOUS METALS
ITEMS FROM THE BIG CAMPS
Mining News From the Pacific North
west--End of the LIE Roi Struggle
Reached Mt Last-Strikes and Div
tden ds-Quick Work on Tunnel
General Mining Notes.

After almost year of dickering the
British America Corporation last week
closed the deal by which it will become
absolute master of the LIE Roi mine in
Rossland. The Turner stock passes into
the hands of the corporation to the extent
of 100000 shares. The price will be $7.25
per share, or 81, 4s6,25O in money, and the
vendors of the stock will be allowed the
cleanup at the smelter, which it is vari-
ously estimated will net from $4,000 to
100000. 1t is considered safe to say
that the price adj told will be So net to
the members of the minority faction.
Reorganization of the directory of the
lie Roi company was effected, and the
British America Corporation is now in
control of the property. At the meeting
of the trustees the designations of the fol-
lowing members of the board were pre-
scented and accepted: Valentine Peyton, J..
N. Peyton, j. M. Armstrong, w. j. C..
Wakefield and d. M. Henley. They were
all members of the majority, or the Pey-
ton faction as it was known during the
most stormy period of lie Roi history.
They did not resign office at the time OF
disposing of their stock to the British
America Corporation, it being understood
at that time that they would continue to
serve until it suited the interests of the
British America Corporation to have
them resign.
In the stead OF the gentlemen who re-
signed the following were elected: G. FL.
Macintosh, T. Mayne DAILY and Edwin
Durant of Rossland and w. B. Hepburn
and George Turner of Spokane. The other
members of the board holding over are
w. j. Harris, w. w. d. Turner, Frank
Graves and w. M. Ridpath. The board
as reorganized will remain in office until
the annual meeting, which takes place
January IL, 1899.
An Idaho Strike.
The Mascot Mining Company, operating
on Gold creek, in the Pierce district, Ida
no, has struck it rich--a mill test of 40
tons netting 27s ounces of gold, which
was brought to Kendrick by Captain j.
f. Rodgers, manager of the company. The
results have elated the operators, and
work has been commenced on a 200-foot
tunnel, which win open up large body
Of ore. The company has a sawmin and
an amalgamator at Kendrick and will
push the development work all winter.
Captain Rodgers showed sample of the
ore that had been subject to test that
showed considerable chloride of gold, an
element that was not known to exist in
the ore of that district in paying quanti-
ties.
Rapid Work on Tunnel.
The Bunker Hill and Sullivan's Kellogg
tunnel is making more rapid progress
than any tunnel has ever made in the
Occur diAlenes. 1t is now in over a mile
and is adding IL feet to its length as reg
ularly as each day comes around. No
very hard rock has been encountered
thus far, nor has there been any sign of
mineral wealth. 1t was commonly ex-
pected that blind leads carrying ore
would be cut before going as far as they
have already gone. The surface OF the
ground thus far has been generally COW
cred, and nothing known of what was in
the formation. although several claims
have been located on it at different times.
Another Dividend Payer.
Another famous old dividend payer has
swung back into line. The Tiger-Poor-
man Consolidated Mining Company last
week declared dividend of $4,000. 2
cents per share on the capital stock OF
100000 shares, payable December 20. In
their day the two companies, before con-
solidation, paid dividends of half mil
lion dollars each. The property of the
company is on Canyon creek, in the Occur
d'Alenes. S. S. Glidden, president of the
Old National bank of Spokane, is presi'
dent, and Frank Culbertson is secretary
and general manager. Mayor E. d. Ohm
sted of Spokane and H. L. Frank and
John Noyes of Butte are the other di-
rectors. The stock is held almost exclu-
sively in Spokane and Butte Barring un-
foreseen accidents, or lack of water from
severe weather and the freezing up of the
sources in the hills, the company expects
to pay $4,000 regularly every 60 or 90
days.
Gold Quarts vein.
E. G. and Fred Ellis, George Lennstrand
and Harry Dame have discovered true
assure gold bearing quartz vein, which in
creased in width from less than foot at
grass roots to five feet in width at depth
of 81 feet, which assayed from rs cents at
uncovering to $52 at depth of so feet
The claim was discovered on Three Mile
creek, overlooking old Alder gulch, which
yielded over $l50,OOO.0OO in gold, and
within three miles of Virginia City, Mon
tana.
A Grub Stake Suit
The Big Buffalo claim, the original To-
cation which caused the stampede and
excitement in the Florence district of
Idaho last August, is to be the subject Of
a grubstake lawsuit ]. N. Rice OF Flor
ence was in Spokane few days since,
and engaged the services of w. B. Hey
burn to bring suit against Rigley, one of
the locators of the property, claiming
that he is entitled to half of Rigley's To-
cations during 1898 through having grub
staked the prospeetor. He claims to have