Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1906-08-11

pah nearly six years ago the district
has made remarkably rapid strides in
the development of its ore bodies. The
estimate of 5000, 900, 900 in sight in all
it's mines is not considered excessive
when the lower grades Of ore, which
cannot be realized upon until mills are
built to treat them, are included. The
mines comprised in the estimate are
capitalized at a total of $40, 900, 900,
and their aggregate market price is
about $45, 000, 900. The area in which
underground exploration has disclosed
pay ore extends for a distance of about
5000 feet from east to west and 5000
feet from north to south. With this
area the above mentioned ore reserves
have been developed by the exploration
Of less than one-twelfth of the acreage
on the strike of the known veins.
The camp has just reached the period
Of the building Of local mills for reduc-
ton of its ores. These mills will en-
able the companies to recover the
values from the higher grades of ore
at cost of from $40 to SIS a ton less
than the present method of shipping to
the smelters of Utah. This means an
average saving of about 20i per cent
Of ore values. But even more i'm
portant is the fact that the mills will
inaugurate productions from the great
ore bodies of lower-grade rock, on
which the present excessive freight
and smelter charges are prohibitive.
The oldest and most fully developed
mine is that of the Tonopah Mining
Company. 1t has underground work
ings of about four and one-half miles
in extent, and is estimated to have $685.
900, 600 worth of ore in sight. The
company ha~s7disbursed over SO, 900, 900
in development and equipment, $780,
600 in retiring an tissue of preferred
stock and 81, 500, 900 in dividends. All
this has come from the profits on the
company's ore. A 100 stamp reduc-
ton mill is now being erected by the
company at Miller station, u miles
from Tonopah, at a cost of $500, 900.
The mill will be in operation about
September l. 1t will use a process
adapted to the ore, arrived at after ex-
haustive tests made in a small mill. 1t
is believed that the plant will.save two
thirds of the present process and in
crease net earnings by about 81, O00, 900
a year. The company is controlled by
wealthy banking interests of Philadel-
phia. The stock, which a few years
ago sold at its par value, 81, is now
selling at about $40 a share.
The Tonopah Extension has developed
an ore reserve which, according to the
most conservative estimates, is worth
$ls, 600, 900, while some place it as high
as $50, 600. 900. This reserve has been
developed by two miles of underground
workings, the greatest depth of which
is about 600 feet. The ore body is the
most persistent and continuous thus far
exposed in the camp and is from 10 to
SO feet in width. The property is con-
trolled by Charles M. Schwab and is re-
ceiving the talented management which
obtains in all his enterprises. The
stock, the par value of which is 81,
sold at 10 cents a share about two
years ago. 1t sold at SIS last February,
and has recently declined to S4 on re-
ports of a disagreement in the
ment.
The Montana ,Tonopah has two miles
and a half of underground workings, in
which ore has been exposed to the
amount of about SIS, 000, 900. The mine
has been managed in a conservative
manner, the shipments to the smelter
being ~confned.to the richest ore, while
tests are being made on lower grades
looking to the erection of a local mill.
After three years spent in making
these ore tests, two processes have
been arrived at which will save about
% per cent of the assay values, and
bids are now being asked for the cree
ton of the plant. The mine is cap
itallzed at 81, 900, 900, and the 81 shares
Of the company have ranged around SO
Tor the past six months. A sinister re-
port was recently telegraphed to the
company's stockholders predicting a
heavy decline in the stock, due to sup
posed labor troubles. The report was
promptly d~iscredited by a rapid advance
OF 70 points in the stock.
The Tonopah Belmont mine is esti-
mated to have about SIS, 900, 600 of ore
IN sight, and has been explored to a
depth of $50 feet. Many of the mining
experts familiar with the various mines
OF Tonopah believe that this will even
tually make the greatest mine in the
camp. 1t is largely due to this antici-
patton that the stock is now selling at
a valuation of $40, 900, 900 for the mine,
higher price in proportion to ore in
sight than obtains in thu othar etool,e