The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1900-04-27

: WEEKLY Current ropic,>
{ MINING. RE- In the I
VIEW. Iron World {
A~~<n~
The. ..Brodie'' iron ore proper.
ty on the Mesaba range, situated
on the line of the Eastern Minis
esota between Hibbing and
Mountain Iron, has been sold to
John r. Jones and his associates.
The option that Mr.. Jones holds
for the property will expire to.
morrow and the details of clos>
ing matters up were in progress
yesterday. It is a $50, 900 deal
and involves a transfer of the
fee. There are 16O acres IN the
Brodie tract and the Eastern
Minnesota road runs across it.
The property is about half way
between Hibbing and Mountain
Iron IN sections II and 2O-58>19.
A man familiar with the proper
ty SAID yesterday that this prop.
erty has turned out surprisingly
we'll and that Mr.. Jones and his
associates have made q very
good thing in taking 1t at the
consideration mentioned. At
the time the option was given
three months ago it was known
to all parties concerned that
there was a deposit of ore about
20 feet deep, and under it was
taconite. After Mr.. Jones had
begun exploratory work he put
a drill through the taconite aud
found 100 feet of ore there.
The drill was still in ore after
putting it down that distance.
The taconite layer was six feet
thick. The ore under the rock
was revealed after the option
had been given. The ore found
on the property is described as a
good grade of coarse Bessemer.
The discovery of the ore under
the layer of taconlte was discov~
cred very recently and seems to
be the big end of the ore propo-
sition on the property. 1t is
supposed in iron ore circles that
Peter L. Kimberly, of Sharon,
Pa, is interested in this deal. A
mine that will ultimately be a
big shipper will be developed on
on the property described. The
prospective new mine will be a
stripping proposition. One Of
the interested parties ssys Tn55
THE. property contains fully 49,
0oo, 600 tors and probably more.
The fee of the 100 acres is
owned principally by Duluth par
ties. Robert Whiteside owns a
one-fourtn interest. L. M. Ben
jamin owns a three~eighth inter-
est. The Rouchleau-Ray inter-
terests are also represented. w.
B. Ardouin of Duluth has a small
interest in the property.
A lease of the Jones forty, ly-
ing just north of the Franklin
and joining the Commodore on
the east, has been secured by
the Union Ore company, a cor
poration controlled equally by
the American Steel Hoop and
Republic Iron & Steel companies,
The lease runs from Peter L
Kimberly, of Sharon, Pa, te
the Union Ore company, and i
is provided that for q considera
ton of 500, 900 the leasee may
mine and remove 666, 667 tons o1
ore. In addition to the royal
ties under for lesses the lessee
agrees to pay Is cents a ton TO-
all ore mined in excess of tn
quantity above named Until sui
ficient ore shall have been mlnet
to pay the lessor the sum o
$390,00 in addition to the 800,
600 already paid. when Kimber
ly's rights shall cease. The de
ferred payments draw 4 per cen
Interest. The property is de
fscribed as the northeast quartz
of the northwest quarter of sec
ton 9, 58~17. The la0d wa
leased in 1892 by the G.. N. Mel
son Lumber company to A. E
Humphrey, and by him to th
Wyoming Iron company, who il
turn leased it to John T. Jones
The Ohio Iron company, in 189:
became the owner of the Jone
and Wyoming lrou company in
terests, which were subsequent
acquired by Mr.. Kimberly. Th
property will be opened and dc
lvelopad this season. under th