The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-04-01
Ed. S. CHAfEY'S
NEW COMP ANY
Famous Black Hole Mine and
Other Property Taken Over
by Big Corporation.

The first mCve in the promised big do
ngs for the camp Of Chafey. New. has
just been made and everything is tC be
made to hum from now on Ed s Chafey
IS Just in from a trip 10 san Francisco.
where he purchased the interests of his
partner William NJ Sims, in the Black
Hole mine, and TeOrganlzed the COM
pany. He announced yesterday that the
Chafey Mines company, with a capital
OF 100000 in 81 shares. had been organ
lied, and that articles of Incorporation
would be filed with the secretary Of state
Of Nevada yesterday. Mr.. Chafey is
president Of the company, and H g cast
Ter. manager of the mines. is secretary.
The rest Of the board OF directors is
made up Of San Francisco and Salt Lake
mining men VINO have joined MI. Chafey
in the enterprise.
"The reorganized company" said Mr.
Chafey during the afternoon, has deter
mined on the doubling of the capacity OF
the milling plant, the building of an
aerial tramway over which to handle the
ore and the equipment of the entire
proposition I'm a manner that cannot fail
to secure the best results in the future
To meet this expense the company has
set aside 10000 shares of its stock. This
stock viii be handled by T. W Kelly
and John O. CritchlOw, Of this city who
have taken an option on the entire block.
We are going TO list the stock Of the
company on the Salt Lake and San Fran
cisco exchanges at once, and 1t Will also
be dealt in on the New York euro. In
ether words. the Chafey Mines company
is going to be a live issue from this time
on.
In addition TO the Black Hole prop
erty. the new company takes over two
additional groups Of claims, both of which
have the Lodges and the ore developed
to a greater or less extent one Of these
groups. the Golden Bel, stands second
in Importance to the Black Hole mine. 1t
Is opened Up through three shafts.
e FaAH in n apF
and the other 81 feet. with a total OF 500
feet of drifting. This property is now
being operated by leasers and great deal
of fine milling ore, with not a little first
class has been developed custom
milling plant is being built at camp and
il IS safe 10 say that it will get a large
percentage of its ore from this prop
erty.'
From the day that Chafey and Sims
secured the Black Hole property it has
paid its own way, and. since the build
ing of the mill. last fall. has been con-
slant contributor to the salt Lake ore
market The ore that has been miiled has
been running from 81 to S35 ton III
gold and silver. and from . to - tons
q day has been going through the mill
Last weeks average assays on the rock
as it went into the mill showed an aver
age of So per ton and the declaration
is made that no other mine in the COuu-
try excepting the Goidfield Consolidated
supplies product that averages so high.
The average of the famous Camp Bird
in Colorado is under So a ton, and It
was counted as holding the record I'M
I'll The Goldfield Consolidated brushed its
record aside The Chafey Mines COM
pauy's chief property has been the won
der of Nevada since development COM
menced and the fact that the ledge has
been prospected and has proved to carry
nothing less than fine milling values for
a distance Of more than 900 feet Is evil
dence that the mine is not small one in
any sense of the word It has / zen opened
10 A depth that guarantees its perma-
nency and the ore bodies are so large that
a comparatively few men are required
to keep the fifty-ton milling plant going
fun tilt The time for expansion has
come and Mr. Chafey declares that when
the enlargement of the mill and the in
stallation of the tramway has been COM
pleted the mine will be in trim to make
everybody sit Up and take notice