The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-10
REVIEW GIVEN Of
ELY CON. AFFAIRS
Shareholders Receive Report
Covering Eleven Months
of the Year.
SOME GOOD ORE FOUND
Company Confines Its Efforts
During Year to the Zack
Shaft Work.
SOME GOOD ORE FOUND

The Ely Consolidated Copper company
has issued a report TO stockholders. COW
erinS the eleven months ending Septem
bcr so. 1911, With this report is a map
OF the Zack shaft workings indicating
the operations OF the year, which. in ad
d'tion, arc clearly set forth by President
:. NJ. Levy in his detailed statement.
His report In part follows;
During this period the shaft was sunk
from the i6o-foot level TO the 6c0-foot
level, a level was run at the 500 STA
ton. as shown by the lnclosed map. AT
a point Just above this station In the
shaft, q nat layer OF sulphide ore. be-
tween five and six feet thick. WAS en-
Sountercd, two feet Of which avcrased
yer per ton. This ore was followed for
about thiriy-hve feet in the No. | west
drift. when II passed ont OF the bottom
/, Of tho drift on its dip 10 the west. The
south drift was extended about 100 feet.
where ore was encountered. For dis
! tance OF twenty-five feet to4s ore aver
aged per cent copper and 80 cents in
gold. The No. > west drift was started
In. this ore, and continued In the same
for twenty-five feet. when il passed into
limestone, and continues in the Same for
eighteen feet. when the ore again came
in. Followed this ore for about forty
Ave feet in a westerly direction. and
about the same distance In > southerly
direction. a crosscut was started west
Oily DeSf inc idCo OF these Workings, ana
continued in ore for thirty feet; when
the ore dipped westerly out OF tho bot :
TOM OF the crosscut. The latter work
insS are in o%idized copper ore that uill
average close TO per cont copper afi
s. in gold and silver However, there
are punches of orc in this as well as
other workings in the mine that con-
tain much better values than the aver
ages stated above The south drift was
continued In the limestone until the point
shown on the map as porphyry was
reached, From this point the level con-
rinued IN low-giade porphyritic copper
ore for ninety feet.
Ore Caught in Shaft.
''Tn sinking the shaf, a nat bedding
Of ore was encountered st depth Of 300
feet. This is heavy iron sulphide. and
for width ot nine feet contained an
average OF 5.S1 per cent copper and sloI
at the 500 foot station crosscut.
designated as No. ? west was run aoou,
$50 feet, when hat body of ore wss
encountered. which is probably the con-
,nustion OF lhe orc found at the $50
level In the shaft This ore wes followed
| in southcrly direction for eighty feet,
No. ? west crosscut was continued about
! twenty feet. when A strong vein was
opened. This vein IL also opened In the
No. west crosscut The values in This
dItIons on this level are good. The high
grade body OF copper ore opened up In
the No. west drift on the 500 level has
not been encountered on tho 500 level.
hut indica tions. however, arc very fay-
orable for opening it at an early date.
During this period IL became neces-
sary TO install new steam hoist and
cage, the gasoline hoist then In servic @
proving Of not sufficient capacity to meet
! tho service required,
''The physical condition of the property
is good. The water. which was giving
! some trouble during the sinking OF the
shaft, IL now being handled with ease.
From a standpoint OF development the
| result OF operations during this period
have been satisfactory.
The following Is q statement of assets
and liabilities:
Assets.
Mining property
Twenty mining claims, sp
proxmately go acres. SIC, ,S26 ,99I AZ
Surface improvements:
Machinery. tools. buildings.
office furniture and stable 2i.0s2 81
Mine development:
! Underground work and de
yeloping ore .....s....... i3oeo3 ~
Supplies:
Unused materials on hand. $40 %
| General expenses;
| lOf1ce expenses travelling
| expenses, organization OK
! peuscs, legal cNpcnses.
eessment expenses, secre-
! tarys salary. registrar
/ and transfer agents foes.
/ commission, L. S patents
insurance, taxes, etc.. 42.sso s.
/ Cash. notes and accounts
receivable -. ...,..... 2l,27S II
! Treasury stock:
ic3.5s5 shares capital stock
! in treasury al slo........ l.035 $50 no
stock discount.
Difference between par and
price or treasury stock
| SOld ..s,.,...s..s .s.-..... l,oo1 jol cl