The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-18

The most important development
at the annual stockholders meeting
of the Nevada Consolidated Copper
Co, held at Portland, Me-, on Tues
day, was the submission of the fig
ures and the report on the ore
reserves of the property by Pope
Yeatman. The tonnage in sight Mr..
Yeatman's report stated, including
the development blocked out by
shafts, levels, raises and drill holes,
shows 14,432,962 tons, with an
average copper extraction of 40
pounds ton and some gold and sill
yer, for which he allows a sum of
Is cents a ton. Out of total of
100000 shares of stock, 100000
shares were voted and the present
board of directors was reelected.
James Phillips, Jr., the president of
the company, in his report to the
stockholders, said that as good as
Mr.. Yeatman's report seemed, the
development to date represented only
25 per cent of the company's hold
ings. TERRITORY contiguous to our
ground" he added, has been pros
pected by drill and gives indications
of equaling the ore already shown
up"
"The copper ORE" says Mr.. Yeat-
man in part, occurs mainly as chal-
cocite in a secondary enrichment;
this chalcocite, in the form of specks,
veinlets and punches, being in por-
phyry, of which there are large
intrusive masses in both the Eureka
and the Ruth groups. Besides copper
in the form of chalcocite, there is
also some chalcopyrite. Iron pyrites
is associated with both minerals. The
ore bodies in the Eureka and Ruth
groups have been developed and show
ore blocked out by shafts, levels,
raises, and drill holes, aggregating
4,432,962 tons, with an average cop
per extraction of 40 pounds to a
ton, and some gold and silver, for
which an extraction of Is cents ton
of ore is allowed.
"Outside of the developed ore
bodies there are great possibilities.
These are indicated first, by the typi-
cal porphyry groupings; second, by
underground workings, which have
not yet been carried out beyond the
limits of the ore; third, by develop
ment by means of drill holes, which
have penetrated ore bodies. The
most important of these possibilities
are: A new ore body in the Ruth
section, promising because of the fact
that the cross cuts of the Ruth are
still in payable ore; large mass of
copper-bearing porphyry, a portion
of which has been prospected by drill
holes, showing ore averaging about
per cent; the extensions of the
Eureka, where borings with the
diamond drill have disclosed con-
| siderable bodies of good ore; and,
probably the most important of all
these possibilities, an ore body, lying
adjacent to the main Eureka ore
body and opened UP by drill holes,
| which shows thickness of ore av-
eraging 142 feet, a possible length
of 1900 feet and an average assay
value of 2.42 per cent copper"
The company presents the follow
ing balance sheets as of June 80
1907:
Cost of mine, including
development and con-
StructiOn ........ SO $50, ,241
Par value of investments
in other companies, in
Guiding Steptoe Smelt-
ing company ........ 3,O5O,O ,OOC
Trusted capital stocks.
100000 shares ..... 100000
Accounts collectible -. 3,25t
Cash and call loans -. 1904:
! Total $S,644,4 ,43E
Liabilities
10000 shares $4,000, 90,
Premium on sale of stock 961 so;
Par value of investment
securities in excess of
par value of company's
stock issued therefor. =. 100000
Accounts payable .... 1912
: Interest on bank deposits. 1880
Total ...... $S, ,644,4 ,43i
= Tbpca who arn ah1p IN dO SO ar