Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1902-10-01
GILT EDGE
PROPERTY
The Great Northern Mines Changed
Hands Today and Are Now Own.
ed by John A. Drake.
MILLING CAPACITY INCREASED
Tanks Enlarged and More Ground
Opened up-New Boarding House
Plant Being Erected.

The transfer of the Gilt Edge
mines, of the Great Northern Mining
& Development Co, has at length
been made according a. agreement
and today the property Is turned over
TO Mr.. j. X. Mckenzie. the represent
tative of John A, Drake,
Two installmcnts OF $4,000 have
been made during the past three
months and the final payment was
made in New York City on Monday.
Though no direct information as TO
the amount OF the purchase price can
be obtained, il Is rumored that the
final payment made "a in the neigh
borhoOd OF nalf a million OF dollars.
The original option on the property
was secured by A. ii. s.. Bird and A.
5, Wright and It is to these gentle.
men that the credit OF the transaction
Is due. Mr.. Drake has thoroughly in
y~cstlgated the property, both person
ally and through expert agents. and is
satisfied that there Is a great future
before 1t and will inaugurate man.
improvements both in the general
plant and at the mill, the capacity Of
which will be increased to more than
double its present capacity.
The property consists of some 20
claims, which are grouped around the
original Gilt Edge mine and form as
rich a piece OF cyaniding ground as
there Is in the state of Montana, and
under the able management OF L. w.
King, the retiring superintendent, has
proved a paying proposition. The ore
runs from 81 to Sl2 per ton and has
been worked heretofore by a mill with
a capacity of $50 tons per day; this
capacity will be raised TO 300 tons un.
der the new management.
Several fractional claims which
were adjacent to the property have
been purchased by the new company,
which trades under the name of the
Gold Reef Mining Co, incorporated
under the laws OF New Jersey. A deal
was concluded today whereby the
Shea property, which Is contiguous to
the Gilt Edge property, is turned over
to the new company and several other
small properties will be turned in the
near future.
Roasters will be put in to treat the
refractory ore and a ten drill Rand
compressor will be put in operation
for the purpose OF opening up new
ground Immediately. For the pres,
ent the tank capacity only will be in.
creased as there is sufficient crushing
capacity to meet all demands.
j. II. Mccormick will act as super
intendent, while Mr.. Mckenzie is gen
eral manager and consulting engineer
Mr.. Mckenzie Is a mining engineer
of much experience and ability ant
has long been a member OF the wei
known firm of mining engineers. Dick
man, Mckenzie a. Potter of Chicago
A commodious and up-to-date board
ing plant is o being built and will
of Denver, who have had considerable
experience in in that line and will nc
doubt give entire satisfaction.
The headquarters OF the company
will be at Chicago. but Mr.. Mckenzie
will spend a large portion of his time
at the mines. Mr.. Drake. who is In
reality the whole company, will visit
the mines this fall n pass upon in
tended improvements.
The company will not confine it'
operations to the Judith mountain:
but has already negotiations in pro
gress for the acquiring of propert,
in the North Moccasin.
The capitalization of the Gold Rec
Mining Co. is in the neighborhood o
81 100000. The management has pur
sued a very conservative policy in tn,
giving out of figures for publication.
Del o.