The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1902-02-07
Sell Cbeir Tease.
Eastern Parties Buy the Big
Ore Find in Section
81, 57-22.

81, o/-ZZ.
CONSIDERATION $4,000.
The sale of the Kinney Hawkins
Crosby mining property, which has
been pending for some time, has
been closed, says the Herald. None
of the parties will diseuss the mat
ter, but it is learned that the con-
sideration for the transfer of the
lease is $4,000, and the purchasers
are Eastern parties.
The mining rights were owned by
Senator E B. Hawkins, O. D. Kin
ney, George H. Crosby and Capt. J.
H. Pearce, the majority INTEREST," be-
ing held by the first two named.
Their lease, which will be assigned
by the cousummation of the deal,
is based on 20-cent royalty, and
the transaction involves complete
sale of this lease, the royalty re-
naming on the 20-cent basis, and
running direct to the fee owners.
The sellers simply receive their
consideration and set over the
rights guaranteed by the lease.
which calls for a minimum output
per annum for thirty years of 1OO,.
600 tons. The transaction is in the
nature of an option to purchase,
the purchasers reserving the right
to prove up the estimates of the
sellers, similar to the details of
many large deals of this kind.
The property is situated in sec-
tions 81 and 81. township 81, range
%, and about six miles from
the great Stevenson mine of Corri-
gan, Mckinney & Co. The sellers
have, it is said, shown up in their
exploration operations, through
the medium of pit sinking. bodies
of ore estimated to contain more
than 100000 tons. About 100000
tons of this are said to assay 60 per
cent in iron. About 100000 or 49,
100000 tons are put at 58 per cent
iron, and all of it, with the excep-
ton: of the 5000, 900 tons Of excep.
aliy.sai grade - estimated:
to run So per cent and better in
iron. In respect to quantity of ore
shown up, this property is said to
rank fourth among the great mines
on the Mesaba range, and to run
about two points lower in iron
than the average of the other three.
The others are the Mahoning,
which is accredited with having
100000 tons of ore, and the Fayal
and the Mountain Iron, with about
5o!Oo0,0oo or 60,O00,O00 tons each. The
ore body is on four forties, and it is
covered with fifteen to forty-five
feet of surface, which will have to
be stripped before shipping begins.
The ore body is said to run from
80 to 25O feet feet in depth. The ex-
ploratory operations have been
conducted under the direction of E.
J. Longyear.
The transfer of this mine places
in producing hands the last, 50 far
as known, of the great open pit
mining properties on the Mesaba
range. OF course, it is quite within
the range of possibility, even of
probability, that other great steam
shovel mines will be discovered. So
many big discoveries have been
made on the new range, and on the
Older ranges as we'll, after it had
been thought that all the ground
had been gone over and thorough.
ly prospected, that subsequent rich
finds on we'll beaten ground have
come to be not such great surpris-
es. But it is said that no other
mines of the Kind are in discover
err. hands. even propectively. at the
present time.
1t is expected that the purchasers
will immediately take steps to
prove up the amount of ore on the
property, and that development
work will begin as soon as possible.
First, however, before much pro-
gress can be made in developing
the property, a track will have to be
built to the location, which is three
or four miles distant from the East
ern Minnesota line running to the
Stevenson mine.
Internal Revenue Collector Mar
tin, during his visit to the range
last week, nailed a Sparta saloon
keeper for having failed to cancel
revenue stamp on whiskey barrel.
1t cost him $50 for his oversight.