Bisbee daily review., 1904-03-10

The fourth assessment of $1 a share has just been paid into the treasury of the Mitchell Development: company The capital stock consists of 30.0OC
 shares. 1,250 of which are full paid and non-assessable. All stock is is sued. Therefore the $1 assessment
 lust paid will give the company $2S,. 800. The 1.250 shares of full paid stock were issued in payment of all
 ees and commissions when the option
 Dn the property was taken, and no ash whatever was expended for this purpose. The remaining 2S.500 shares have each had s4 paid in. showing that s114.000 has been received into the
 Mitchell treasury to date.
 Although no positive action has been taken in the matter, it is quite gener- lily understood that the Mitchell De velopment company will organize a uining company from a portion of its property some time next fall, says the Houghton Mining Gazette The showing already disclosed in No. 2 shaft of the Mitchell group in the Montezuma canyon of the Huachuca mountains of Arizona has been highly encouraging, and it is felt that a mine nay soon be made of that end of the claims.
 The purpose of the management, as
 indicated by its policy, is to prove up
 n extn ..
 eady made. It is understood that
 he values are sufficiently high to sat sly the company that a mine can be developed from the property if the roper depth can be shown to the ore 'ody. The grounds upon which the dea is based that a mining company nay te organized next fall is that it yin probably require the greater part ,f the coming summer to give ade- 1uate development to the openings now uucer way. If these develop ments show satisfactory values, the setting aside of a portion of the Mitchell property for a mining con- pany is virtually certain.
 The sinking of the shaft was tenn 7orarily discontinued at depth of $50 eeet, while drifts were being started in two directions After these had progressed short distance, it was the intention to resume sinking. Word has not yet been received that this has been done. but it is believed that sinking is again under way, or will be started very soon. One of the drifts from the 350-foot level is now in 46 feet to the west, while the other is in 4o feet to the southeast. Captain Piper, the superintendent of the prop erty, has recommended diamond drill explorations, but the directors have rot yet taken action on this matter.
 Summary of Development.
 The principal shaft, No. 9, entered a body of very encouraging ledge ma terial early last December, at a depth O. about 2S0 feet. Many assays were taken while this material was being penetrated, and the copper values were shown to run from 3 to 10 per cent, Increasing in richness with depth. There was also the customary gold and silver values in the ore.
 After going through almost fifty feet of this ground, which was so soft that 1t could be operated largely without explosives, the shaft ran into harder ground. The ore material which was penetrated was made up of lime DOT phyry, copper glance, silver glance, peacock copper, copper pyrites, cop- per suiphides and specks of native copper.
 After passing out of this good-looking material, much harder ground, which constituted the fcotwall in the vein, was encountered. The drifts which have already been meg tioned were