The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-11
tes and Mining Stocks

clared that he was not able to say just
what the development amounted TO,
and would not know until he had
heard from Mr.. Swindler.
The report is that a cross-cut north
easterly from the 1.S25-foot level in the
big triple-compartment shaft has cut
no less than three assures. and that in
the last one there Is now exposed a
full breast Of high-grade silver-gold
ore such as has made the Centennial
Eureka. adjoining on the north, about
the richest mine in the state of Utah
If not in the entire west. The strike
was made on Wednesday, and 1T is
declared that the ore is now being
followed In both directions from the
point where the ledge was opened.
Significance of the Strike.
There is tremendous significance in
this strike for the reason that it has
occurred at a great depth beneath the
surface and at practically the point
where it was expected to have been
made before a pick had been struck in
the ground. 1t is not often that a
company is organized and a three
compartment shaft is sunk 1926 feet
without a stop or the opening Of a
level en- route and then start after an
ore body and get it, as has been the
case here. But there has never been
a doubt on the part of the manage
ment of this proposition that conditions
would be found just as they are turn
ing out to be, so it is not strange that
predictions are being made that this
property is destined to make another
great bonanza mine, with every prob
ability that 1t will rank with its
neighbor, the Centennial-Eureka.
which adjoins il on the north, and in
which it is now claimed by excellent
judges there is at least 500, 1000, 900
worth of ore in sight.
Business From the Start.
About one and one-half years ago
the Opex company was organized with
a capital of 1000 shares to take over
the old Opex group and other property
adjoining the Centennial-Eureka on
the south. A triple-compartment shaft
was started about fifteen or sixteen
months ago. and just as soon as posi-
BILE ii was equipped with hosting
works capable of operating at a depth
of 1000 feet or more. This shaft was
located on ground only a few hundred
feet south of the Centennial Eureka
end lines, and work has been crowded
from that day till now. 1t was orig
inally intended to go to the 1.500-foot
level before doing any cross-cutting
or development work and prospecting
but when the stringency came in the
money market the plan was modified
and the assures it was considered GER
tain would be cut were reached for. 1t
is now stated that three of these have
been so far encountered; that two of
them show ore and that the last one
contains the real goods.
Property Large-The Big Owners.
The company owns a stretch of
ground that will permit it to prospect
in a southerly direction for a mile and
a half, and long before that distance
has been covered it is expected that
several of the lodges which have made
famous mines in the camp, aside from
the Centennial Eureka vein, will be
encountered. This is not all guess
work, either. For several years before
the organization of the company now
in control Engineer p J. Donohue was
trying to convince capital that what is
now happening would surely result
from the proper development Of the
territory described, and when the
present company was formed Mrs. Do
nOhue, who owned the OpeX group,
was quick TO see the advantage and
went into the corporation for a goodly
interest with her ground.
Elmer B. Jones, the president of the
company, and Frank 2. Swindler, the
general manager, and men who round
ed up the proposition, control the pro-
position, while Samuel Newhouse, F.
A. HeinZe and the Donohues are large
owners of the stock With the excep-
ton of Mr. Heinze's interests, practic-
ally all of the stock is held right here,
and when the mine has turned out as
everything now indicates it Is going to
do the diNidends will he va 10 l,ln fnr