Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-12-16
Owned by salt Lakcrs.

Dickson & Ellis, and oMeara &
Lynch Of Salt Lake were the owners OF
the Lucky Jim claim. which formed the
basis OF The Org 3nization and they be-
camc heavy stockholders in the cont
pany. In August 1902. Mr.. Knox fin
any succeeded IN launching the conf
pany, which had capitalization OF
N,0O0009 divided into shares OF the paw
value Of 81 EACH and 1000 shares Of
this was put into the treasury for work.
ing capital, with WV. Morris Of Pony,
Montana, Mr.. Knox took 100000 shares
or the treasury stock at 80 cents, which
IS all that has ever been sold. lie had
faith in the future OF the property al
though on The surface OF the claims he
had acquired there was nothing to in
dicate the great wealth that has been
since developed i'm the mine, With Geo.
f. Badsett. to whom MI Knox gives
most of the credit for the success OF
Montann-Tonopah, he had made care
ful study Of the Mizpah property which
adJoins the Lucky jim, and had dis
covered Oh IL small ledge cropping
to the surface with high values bend
ing toward the Lucky jim, and
also there was an indication in lease
% OH the Mi2pah OF a north and south
speaks of Charlie knoxs luck In get
ting ore In the Montana-T onopah, but
his luck was n good deal like John Nc
kane's in the Tonopah Extension. They
each concluded, that the ore must be
there and went after 1t.
When Ground Was Broken.
on Aug. %, 1902, ground was broken
for the commencement of the shat and
the site selected was a point about
where the lodges mentioned on the
Mizpah should come together. Sub
sequent developments proved the Wis
dom OF the selection. Mr. Badgett
claimed that the ledge would be cut at
S75 feet and ut $40 feet 1t was found.
AT 440 feet a second vein was cut and
at sos feet third was encountered. The
Montana was now mine, its stock went
skyward ana 1t was demonstrated
that the opinion OF a famous expert
who had reported on Tonopah, that II
was one-mlne camp, was somewhat
of. Crosscutting to the lodges was soon
commenced and the ore bodies opened.
up. They We're found TO be different
from the ores OF the Tonopah company
In that they were sulphide ores, yet the
values were high, in many places, bor-
be unnecessary to go into details Of the
development Of the mine up TO the pres
Ent time more than TO say that up to
Oct. II of this year 1t had opened up
through five levels the deepest being
165 feet, the ore being found on every
level, ana altogether 1851 feet OF drifts
crosscuts, raises and wines have been
run. There are three large veins that
tfayers the property known as the
Martha A. b. X. and Mcdonald, so far
most OF the work having been done on
the latter In some places ii has reach
ed width OF 50 feet, all OF which was
of good grade. Several other smalle,
lodges have been opened up which have
not yet been developed and recent pros
pecting with diamond drill has proved
the existence OF ore bodies outside OF
opened up during the coming year and
before another Christmas rolls by the
story Of the Montana will be one OF
greater wealth and still greater posi-
bilities. At the last annual report of
the manager the estimate OF the ore |
reserves were put at 1000 tons of ship |
ping ore. which now averages $50 per |
ton. This did not take into consldera- |
ton the large bodies OF milling ore |
which will average s25 per ton. OF this |
character OF ore there Is now on the |
dump about $4,000 tons.
Two Big Dividends.
Two dividends amounting to $4,000 !
have been paid by the company and 4 ,
large reserve Is always maintained In |
the treasury, During the coming yeas