The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-25

most talked about of any in the district
1 and il is believed that il was on account
OF its character and formation that the
! Guggenhaims relinquished their option. It
| Is the widest and at the surface the rich
| est ever discovered at Cobalt Starting
| with a width of about twelve inches, II
| widens, at depth of a few feet to
! fOrtyeight inches. and ASSAYS shovel
/ better than 2.0G0 ounces across the face.
I Ihe width does not diminish with depth.
nut the values at thirty feet under ground
show a decided decrease. Latest reports
state that native silver is becoming more
| plentiful.
The ground has been stripped for about
10 feet and the vein stopped by the under
nand method. going down in three steps
The mineral portion of the vein consists
of smaltite containing native silver and
black oxide of cobalt and some decom-
posed calcite. The fact that silver values
| have fallen away at a depth of only
thirty feet is not necessarily proof that
the vein has ''petered out" Other veins
in the district have experienced similar
conditions. The La Rose, it is stated,
practically lost silver in its vein and re-
covered the values within fifteen feet. II
may be found. as sinking progresses, that
the vein Will regain some if not all of Its
former richness
other Rich Veins.
Vein 40 has been described at length be-
cause it is the most important from the
view point Of a mining engineer II viii
throw considerable light upon the prob
able future of the workings at depth
and. considered with the deeper workings
at the La Rose mine. will aid in predict
ing the life of the camp. If silver values
are regained at 49, and if the La Rose
shaft continues in ore at increased depth
the fear that silver would he found only
in shallow fissure deposits will be con-
sideTably relieved
The other veins at Nipissing which are
given in the order of their importance
are Nos 80. 10. % q. "a. -. 10 and To-
These have all been worked by open cut
and the openings in some cases have been
miners. II is customary to Law canvas
and blast down vein matter upon it
Prospecting.
The veins on the Nipissing property
have been discovered either by trenching
or by means of the hydraulic plant. No
other mine has tried this method of pros
pecting and the Nipissing management
has met with fair success considering the
inadequate pressure. BY this method a
stream of water is thrown on the surface
and the soil is washed away, exposing
the bed rock and any veins which NAV
exist at that point. Several veins were
discovered in this manner.
The Boom in Nipissing.
The exploitation of Nipissing stock was
conducted by a New York and Boston
brokerage house and was placed before.
almost from obscurity the name 'Nips-
sing became a byword and upon per
sistent reports of the richness of the ore
and upon a substantial dividend declara-
ton the stock was soon dealt in to the
extent of thousands of shares daily and
advanced rapidly from par value 1851 to
$40 $15 and $40 Then came the report
that the Guggenheim Exploration COM
pany had an option on 10000 shares for
SO. 000.000. This was incentive enough to !
advance the price to $40 per, share: az
came the statement from Il Broadway
that the Guggenheims had abandoned
their option, would pocket a loss of ST.
10000 and would protect their associates
from any loss by -reimbursing them out
of their own pockets.
The Guggenheims have steadfastiy re-
fused to make known their reasons for
throwing over their option, and even the
directors of the Nipissing company did
rot know the cause. Later DEVELOPMENTS
at vein 40 go to strengthen the idea that
depreciation in silver values was the main
factor in determining the step which
was taken. The result of this action Is
too well known to require any mention
What will be the outcome under the re-
organization of the company remains for
the future to disclose.
Newhouse Plans A. proved.
II is stated that from now on the prop
erty will be run a mine and not as
e quarry ana TINS sentiment Will DO
seconded by all who have seen the mine.
OF the SAG acres only about fifty acres
have been prospected, and nearly 500
acres are absolutely virgin territory
Those veins which have been found have
been worked in oesultory manner and
yet, in spite OF this and vastly made
dUate working force. the mine has pro-
duced upwards of 100000 according to
the new company's statement. With the
new regime il is TO be hoped that shaft
sinking will be pushed as rapidly as nos
sibe and that frequent 'crosscuts will be
run which will undoubtedly disclose
blind" veins which do not reach the
surface. BY systematic prospecting and
development the company should he able
TO increase its output and decrease the
production cost of 500 per ton of ore.
NI AOnAIM o llIEoHEnM.o