The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-03-19
ELY'S MINES
ARE SIZED Up
George F. Walker Talks Fig
ureS on Nevada Con. and
Cumberland Ely Mines:
T0NhAGES AND COPPER
LIKELY MAKE BULLION AS
cHEAPLY AS BINGHAM.
ToNNAGES AND COPPER

Nevada Consolidated stock became very
active and showed great strength imme-
diately after the subscription to it's bond
issue closed, says George f. Walker in
the Boston Commercial. Stockholders
took more than 80 per cent of the $SOOO.O 900
of convertible bonds, and underwriters
VIII get less than 5 per cent. AS the
bonds yield per cent and are convertible
Into stock at $40 at the option of the
holder, there were naturally a great many
investment holders who sold their stock
'eX-rights." bought more rights and sub
scr1bed Tor bonds. The support given the
stock was excellent.
A week or two ago a financial publi-
cation stated that the Guggenheirns had
caused the ore bodies of the Nevada Con-
solidated 10 be reSampled and had found
that the average copper contents of all
the ore was not ~ per cent, as previous
~ stated, but rs per cent. The state
ment was not correct. Its basis is the
fact that the company has developed
about $4,000 additional tons of ore in its
Eureka property during the past year.
which averages IL per cent. This ore
lies near the surface and can be mined
with steam shovels at "a very low cost.
1t is therefore commercial ore. and should
yield a profit of SIPS to 81 per ton, de-
pending upon the selling price of cop
per.
When the Nevada Consolidated company
was organized il had 2 10000 tons of ore
exposed in the Ruth and 100000 tons
blocked out in the Eureka The former
sampled PC per cent copper and the lat
ter % per cent, an average of about "a
per cent copper. This result was OBJ
tanned from sampling which was con-
Quoted very cOnSerVatiVely, all the points
in the nlfne where the ore looked espec-
tally rich being avoided. One of the en-
gineerS who conducted the sampling
stated that he had reduced the average
results actually obtained "A per cent for
ma
ferred to the company now has 12.OO0,0O
tons blocked out, which averages better
than per cent and in addition tens of
millions of tons which have been wholly
or partially proven UP by churn drilling.
Ely Ores Easy to Concentrate.
1t is the popular impression that Ne
Vada Consolidated and Cumberland Ely
ores Will not concentrate as well as those
of the Utah Copper and Boston Console
dated companies. While it is true that
they viii not concentrate as many tons
into one. there being considerable more
iron in the Ely ores, the belief that they
will not yield up as large proportion of
their values is an error. I asked D. c.
lacking, general manager of the Utah
Copper company. about this, and he
stated that the Utah Copper cOmpany'S
ore presented much more difficult con-
centra ting problem than the ores of Ely.
Nevada. He said that the fact that the
Ely ores were much softer and the occur
segregated would be very much in their
favor. The Utah Copper ore has to be
ground exceedingly fine. This grinding
is expensive, and after it has been accom-
plished ii is difficult to separte the min
eral from the rock. Both the grinding
and separation Will be easier and less
expensive in the case Of the Ely ores.
It may be expected, therefore, that Ne
vada Consolidated Will be able to mike
copper from its II per cent ore at cost
of cents, and from its "a per cent ore
at a cost of less than S cents per pound.
The Utah Copper company is making
copper from 10 per cent ore at cost Of
: cents Comparatively few people real
lie the magnitude and Importance of the
copper producing industry which is being
developed in the Ely district. AS knOwl-
edge of it becomes more widely extended
there Will be a greatly increased buying
demand for Nevada Consolidated and
Cumberland Ely stocks.
Riches Of CumberIand-EIy..
Cumberland Ely interests have recent
" summarized all of the samples ever
taken in its Veteran workings. They find
that the average of the assays is $40 per
cent copper. This includes many samples
taken in drifts which extended beyond Inc
limits of the ore body and contained al
most no copper. The average of the en-
tire area which Will be mined and treated
is better than per cent.
Cumberland Ely ore runs high in iron
half tons into one. 1t is probable that
considerable areas of the higher grade
ore viii not go through the concentration
but will be smelted direct in the blast
furnaces. On account of the high aver
age grade Of its ore. Cumberland Ely
should make its copper at a very low
cost. The high percentage of iron viii
keep smelling costs low.
All of the Guggeaheim copper mining
companies have been financed now, boIh
Nevada Consolidated and Utah Copper
having successfully flOated their bond
issues. Cumberland Ely has the advan-
tage that il did its financing eighteen
months ago by selling 100000 shares of
new stock at $3.50. 1t has all the money
81 will need. and has no bonded indebt-
edness.
The cloud which has been hanging over
Cumberland Ely stock is dissipated py
the financing of Nevada Consolidated
The work on the concentratOr and smell
ter being erected by the two companies
70iDf1V W be rushed IN couu'laffosa royu