Lincoln County record. [volume] (Pioche, Nev.) 1900-1905, 1901-11-08
HOW TO VALUE A MINE.

With the news that John HAY
Hammond proposal to take charg
OF the Independence gold mine ha,
been accepted by the London owner
came the report that the mine ha,
been worked out" This statemen
had been made many times before
and much doubt existed in the mind
OF interested parties when Mr.. Ham
mond's latest report was received
says the New York Tribune. Thii
document showed that the property
which for long time yielded AZ
per cent dividend on a large invest
ment, was still rich in ore, and cap
able of producing large profits. Mr..
Hammond said that the "ore in
sight" warranted him in guarantee
ing dividend of ten per cent or
4S8, 200; and that would leave about
100000 out of the years deposits
to be used toward the further de-
velopment of the property and iocat-
ing new ore beds.
The phrase "ore in sight" is one
that is well understood by people
who are interested in the mining
business, but is misunderstood by
the average layman. The ore is not
"in sight" on the surface. but its
existence is established by series
OF operations which are in many in
stances exceedingly difficult, expen-
sive and laborious.
Speaking ON this subject, DR.. A.
r. Ledoux said: "There is DO way
to determine the existence of gold
ore, its quantity, quality, or any
thing about it unless one gets on
three sides of the deposit, and even
then there is an element OF un-
certainty about it. Ore in sight is
what has been found after blocking
out a certain section of ground. The
blocking is accomplished in various
ways in keeping with the nature OF
the ground. Thus, by sinking a
shaft of 20 feet in width 100 feet
into the earth and then running a
level from this, say 200 feet, to an
other shaft the same depth and
width as the first, and then taking |
of the ore or rock from all
parts of this block one would have a
good idea Of the yielding qualities of
that particular block. This block
would be 100000 cubic feet, or
about 10000 tons, and the assays
from the four sides, the two shafts,
the tunnel and the surface would
be the gold in sight. The center
of the block, which cannot be
reached until actual operations are
begun, might yield much more than
the assays indicated. and, ON the
other hand,it might be found worth
less or barren rock. In cases where
the block of 1OOx20Ox2O feet would
be deamed insufficient for determining
the value of the mine, another block
of similar size may be laid out below
or beyond the frst,and by this series
of blocking the value of the mine as
q gold producer is estimated. 1t Is
a we'll known fact that gold is often
deposited in shoots that are IN
oblique and tortuous direction from
the surface, and one must be posted
on the geology of the country to
rriye at correct estimate OF the
value Of the land that has been
locked out. A shaft, for instance,
NAV run for 100 feet through rich
ore and another parallel shaft zoo
feet away may not strike any ore
until depth of 100 feet or more mas
been reached. The next shaft 2oo
feet away may have to be sunk still
further before the valuable rcck is
reached and this would indicate that
the shoot runs diagonally from the
surface. This is only one OF the
many benomena in the matter o.
gold veins that present themselves
to the miner, and no set rule car
be followed in order to locate tut
valuable ore or to determine its OK
tent. But the term gold in sight
or 'ore in sight is usually appliee
to the block or to the series OF olocK
which has been examined and as
sayed on three sides"