The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-07-07
NEVADA EXPERT
TALKS ON COBALT
w. B. Holman Thinks Camp
Has a Splendid Future
Mines at Depth.
GOLDFIELD A LIVELY CAMP
MINE PRODUCTION INCREASES
AT RAPID RATE.

William B. holman of Goldfield. one of
Nevada's best known mining engineers,
is in Salt Lake City on his way back
from a trip 10 the Cobalt district in on
tario. Mr.. holman also visited New York
and other eastern cities. He is enthusiast
tic over the development Of Cobalt since
he last visited the district, about a year
ago. Mr.. holman believes strongly in the
future Of Cobalt. too. and yesterday ex-
pressed the opinion that it will produce a
vast amount Of wealth.
Among the properties visited by Mr..
holman was the King Edward. the des-
TIMES OF which are guided by Jasper Nc
Csskell. as consulting engineer. and
George McCaskeu as superintendent.
Jasper McCaskell is well known in Utah,
he having been for some time in charge
Of the Daly-West at Park City. Il feel
that too much cannot be said in praise
of the intelligent manner in which the
King Edward has been developed said
Mr.. holman.
McCaskeIPs Good Work.
George McCaskeH took the property as
superintendent when it was anything but
8 promising proposition, and he is open
ing IL up in thoroughly minerlike man
wards of $4,000 worth of high grade ore
that has been taken out and sacked in
the course of development work and ap-
proximately sl.500,000 worth of ore has
been blocked out in the mine. A cross
cut tunnel has been bored $50 feet into
the hill and a big three-cOmpartmen
shaft, which is TO be sunk to a depth
OF LEGO feet. has attained a depth of 115
feet
There are three distinct veins in the
tunnel that carry argentite, cobalt, wire
and leaf silver, and the values are in
Creasing as depth is attained. The three
l1-f1 CHI he
let for the ores. The company has
cleared a considerable area Of ground
which was covered with decOmpOsed veg
citation and thus uncovered number of
promising veins independent of those in
the deep workings. The property IS ad-
mirably ana completely equipped with
modern mining machinery, 1 believe that
King Edward will ultimately become one
of the most productive properties in the
camp
The Cobalt Contact is another promis-
ing proposition l examined this prop
eTty a year ago and outlined the work
TO be done on 1t. On my second visit l
found conditions to be most satisfactory.
The company has a shaft down 10 feet.
and three drifts are being run on the
ore. A vein averaging one and one-half
feet In width and carrying per cent CO.
halt wire silver and argentite has been
encountered. At the 65-foot level a true
contact vein that gives great promise for
the future of the mine is being opened
up. The property is being equipped with
all the machinery necessary to explore
1t at great depth.
'On the Nipissing deep mining is being
done and some splendid results are being
attained. There is. too, a great showing
on the surface. sixty veins having been
disclosed. although the company has
cleared less than forty Of its 500 acres
OF ground"
The Nevada Situation.
OF the mining situation in Nevada Mr..
holman spoke with the greatest Opti-
mism. The recent slump in Nevada min
ing securities, said he is by no means
an indication of a decrease in the in
trinsic value of the mines. The financial
history OF the nation teaches us that
when there is a tightening of the money
market speculative stocks are first to feel
the effects. And mining stocks. particII-
laTly among eastern investors. are con
sidered the supeTlative degree Of specu-
latfve stocks. Therefore the Nevada
slump was natural enough.
. 4 have the utmost faith in the future
of Nevada. The labor situation is we'll
IN hand now. No more serious labor
troubles are anticipated and production
will increase at a rapid rate. l consider
Goldfield TO be on a more permanent
basis today. than at any period of its
history Proof Of this is found in the
increased tonnage Of the older mines and
the rich discoveries in the Jumbo Elk
tension, Mohawk Florence and Little
Florence leases.
The enormous amount of work going
On III the camp uldkGS more Tor DeTrnQ-
nency than any rise or fall in the value
OF stocks, for the price of a mining stock
IS not an accurate indication of the value
OF the property. The GOldfieId mines and
mines in Nevada generally are passing
out of the hands of the stock manipula-
tors and into the hands of mine makers
men who depend upon dividends. rather
than uDOn initiation. for their profits"
Mfr. Holman leaves for Goldfield bv
way Of Los Angeles and San Francisco
this evening. Upon his arrival at the
great Nevada camp he will begin work
on a two years lease he has acquired
on the Lucky Boys mine located to the
west of VindicatOr mountain and east
OF Columbia mountain. A shaft has al
ready been sunk on this property to a
depth OF Pile feet. with values every
foot Of the way down. The shaft is tim
bered to a depth of l25 feet with bv
timbers, and all the machinery necessary
for working at depth is on the ground
The two years term Of the lease does
not begin to run until September but
Mr. holman IS going TO lose no time in
exploring the ground He is confident
that at depth he viii find himself in pos
session of a real bonanza, for the gcologi-
cal conditions are all in his favor