Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-03-19

rectors think it only right, and particu-
larly in the interests of the new share
holders to recall some of the past MS
tory of the mine. Up to the year 1886.
from the surface to the 400-foot level
the mine was very productive; the ore
chutes were regular in occurrence ana
of high grade. AS development proceed
ed below the 400-foot level the ore bodies
became irregular in occurrence ana the
average value of the ore decreased great
ly: when the 800 foot level was reached
il was found that many of the oriSlhai
ore chutes ceased to exist ana that
those which continued to the SO0-foot lev
ell were practically barren. On the LOCO
and !. 20O-foot levels. between Nos. l and
shafts. some profitable ore bodies were
developed. but they never approached IN
value the grade of the ore bodies worked
above, and for all practical purposes 1t
may be said that the ore discovered be-
low the LOCO foot level has been too low
grade for profitable treatment In the
mills
At the time when the veins became
impoverished in the S00foot level, the
directors took the opinion of the late
Professor Clayton, who stated in effect
that so far as his observations led him
to conclusion, there was no chemical
or mechanical reason why the vein
should not be mineraliZed in depth, that
apparently a barren zone in the vein
had been reached, and that it was pos
sible the vein might become productive
at greater depth. He informed the d.
rectors that what that greater depth
might be he could not say, and it was
\ III. 9Nfn 1tp,NT
by further sinking. In pursuit of Pro-
fessor Clayton's opinion. the directors
decided to sink No. l shaft with all pos
sble speed. and it was carried to a depth
of 1900 feet, with the result that extern
sive developments carried out on the
intermediate levels failed to reveal any
productive ore bodies. and proved that
the vein between the 1000 and 1600-foot
levels was practically barren. When the
1600-foot level was reached, the directors
informed the shareholders they consid-
cred it was not prudent. in their inter.
ests, to go any deeper. but they ex-
pressed their determination to explore
that level to an extent which would re-
move the possibility of any productive
portion of the vein having been over
looked. Pursuing this policy, they have
carried out in levels, cross-cuts and up
raises on and from the 1600-foot level.
fully 5000 feet of development work, and
they submit that these extensive oper-
atoms have fulfilled their determination
not to leave any productive portion Of
the 160o-foot level UNEMPLOYED.
The directors do not deny the POSSIBLE
ity that at sill greater depth, the vein
might again prove to be mineraliZed, al
though, in view of the expert and scienti-
fic advice they have received, they con-
slider it most improbable, but as trustees
for the shareholders. it is only right to
say that in their opinion it is not bust
nesslke or prudent mining to continue
sinking tha No. l shaft on the off chance
that the vein may become minera]iZed
in depth. for the reason that it has been
getting steadily barren for the past 500
feet in depth. and does not present any
indications whatever in the 800 feet lev
ell. that any improvement would be met
with within the limits of practical min
ing.
The directors desire to suggest to the
shareholders that the knowledge they
have gained of the structure and MINER
a izati of this vein renders their opin-
ion drained upon observations and add
vice of eminent engineers who have ex-
years. of more value than the opinion Of
shareholders who oppose their policy,
and whose recommendations are based
merely on theoretical grounds. If, on
the ether hand the majority Of the share
holders are determined to eXpend further
moneys on What the directors believe TO
be usel> SIS development, it is clearly with
in their right to do So but the directors
with the knowledge in their possession,
are not disposed to associate themselves
With such policy. In their opinion, it
would be a hazardous and reckless ex-
penditture Of the companys funds, which
| might be much better utilized in acqulr-
| ing new property. For this reason they
| now advise the shareholders that if the
| contemplated work in the 1900 feet level
| which will be completed in about three or
| four months. does not expose a payable
ore body in the vicinity of No. 3 shaft,
| the operations in the mine below water
| level (Which for the purpose of this re-
| port may be taken a the 1000 feet leveD
| should cease and the pumps withdrawn
| in or Ter to preserve them. This will per-
nit active developments to be carried on
at both ends of the property, above water
level. in virgin ground belonging to this
company on much more economical lines
| than can be done at present. The profit
| to be derived from the tailings will more
than provide the necessary funds for this
work. It will be for the shareholders to
decide at the forthcoming meeting
whether they will support the directors
in this policy OR not.
Mining and Mining Operations.
Mr.. BurreH's report says: AS shown in
this statement Of production and expen-
diture these operations resulted in a
profit of $12, 3S9.s5, but in addition to the
regular outlay for working and extran-
eous expenses, consisting of insurance
taxes, scouting ETC., We have expended
for prospecting, operating shafts and de.
velooment work further sum of ISL, 4S2,
%, the result being that there was de-
| Gl.ia Or loss of $40 ll42 22 equal n