The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1905-05-12
THE MINING NEWS
Strike of Very Rich Ore on the Palace Claim
Great Is the Combination.

The best strike that has been made in
the district of late was brought to light
this week on the Palace lode, situated
about one mile northwest of Diamond
field. At depth of % feet in the shaft
a streak of quartz inches wide fairly
plastered all over with native and rusty
gold was entered. Assays on good sized
samples of the ore show an average
value of $1,000 a ton. Picked sam
Piles of the rock would run as high as
$4,000. After sinking on it feet the
streak pitched out of the shaft. The
work of putting down the shaft was
started 30 days ago on the ledge which
crops out for some distance. This ledge
was not more than foot in width at
the surface but as depth was gained it
gradually widened out. The rock did
not assay only a few dollars until the
top of what appears to be the apex Of
one OF the richest ore shoots that has
yet been uncovered in the camp was
entered. 1t did not require the test of
fire to show what kind of stuff if was.
The shaft will be continued down to
the 50-foot point before crosscut is
driven to the ore body. Several sacks
of the high grade was saved. The prop
erty is owned by B. j. Reilly, L. Marks
and \. j. Polk. The owners did not
think highly OF the property and have
been offering it very cheap. Finding no
takers they started work with the above
result
Combination.
$4,000 was the value in gold taken
out in sinking by 6 foot shaft on the
Combination short while back, to
depth of 40 feet from the surface. 1t is
a worlds record and it is liable to re-
main one for an indefinite period. No
such ore was ever taken from shaft of
this size in the worlds history OF min
ing and it is safe to gamble from shaft
OF any size. 1t is truly marvellous but
wonders never cease in Goldfield. The
iitt,t shaft Was sunk on the ineW ore
shoe. some 200 feet south Of the main
workings The same shoot has been
encountered in drift extended south
from the old shaft at the 130-foot level
and the ore is fully as rich. With ore
being run through the company's
81 900 ton the Combination occupies
the center of the stage in Goldfeld just
at present. The tailings are dried and
shipped to the smelter and it is hard
work to keep them below the $500
mark. Above that figure the railway
rates increase rapidly. All ore running
over $500 is charged an additional three
per cent for excess values. For instance
Combination $500 ore would pay the
usual rate of $lS.75 and $l5 additional
for the five hundred over $500. Then
the smelters pay only $40 to $l9.75 per
ounce for gold. The mint pays $20.67.
The company is now working five
stamps on high-grade and the mill will
pay for itself in short order. The eighth
consecutive monthly dividend of $32,-
900 will be paid on the 18th OF this
month, which makes total of $3.50, 600
up to date. With an expense OF over
sS5 900 for the mill in the past few
months the showing is immense. The
Combination company is capitalized at
only 100000 shares, with $4,000 shares
in the treasury. A we'll known mining
man who was shown through the mine
recently said "The mine can pay the
present monthly dividend for the next
three years if no ore is found below the
present depth" Great is the Combi-
nation.
Florence.
The owners of the Florence decided
some time ago to incorporate their prop
critics and on the 5th the Florence-Gold-
field Mining company was born. The
company is capitalized for l,25O,OOO
shares 81 each. T. 6. Lockhart was