Bisbee daily review., 1913-04-06
GOLD REED co.
|. IN GOOD SHAPE

The Gold Reed Mining and Milling
Co.. OF which Robert Sasse, w. Fl.
Kingston and n. C Bledsoe are the
active officers and in which the stock
held is almost entirely in the hands
Of Bisbee people. has just issued an
interesting statement of conditions a,
and progress made with the. develop
ment OF their property at Oatman,
near Kinkman in the Tom Reed min
ing district ana on the general strike
=. 'ne 40. nAatlOn OF lual famous gU.u
sIolucIng property.
Once lne issue Oh tne statement O.
eHe need Aiming, unuer uate OF tas
Isst OF MarCn, contract mas ueen IL.
20 J.Ck bIclyers 10 SINK the Jupne.
lain snaIt 10 Ieet below as presen.
Aeptn OF zz5 Ieet. Al 500 feet IL 4
eApecJed TINS snaft viii nave enCers,.
tne ore bouy. II. Ii. ShuIK mas Deea
a"aTded Contract- TO sInA- the MAY
lower snaIt tlom It's present depth
OF 90 teet. Both MIR. Newer and Aif
-hGcK are Wen Auown warren uIstrIe.
AIlners, experienced ana capaUle. Iue
need aiming people are na.urdIy
-IiuCh pIeased wl1n the OUTLOOK Luey
now have Tor obtaining e-Iy resuI,s.
/ ney are optimistic as 10 the tuLaIe,
an altitude that the vicinity IN wnIul.
ehey are operating justlues.
A gasoline hoist outut similar u
,Har recently installed on the JupIts4
as now being hgared on tor the sIa.
mower ana VIII pioDaUly be insI..IIe.
al early cate, step that VIII enaD.e
mach more RAPID progress with ae
VelopmenJ OF this properly. Inc 10
port or March says in part
On the Jupiter claim the work ma
oeen progressing satisfactorily, the
SHAFT which is being sunk 10 cut tAe
big ledge al 800 feet now being dow l.
225 feet. Seventy-five feet more IL.
depth viii undoubtedly cut the ledge
IT a point where two smaner veiLs
junction with the Jupiter ledge. As
the Jupiter ledge dips 10 the north "a,
an angle of So degrees, the shaft l.
not Icing put down on the IeQse Du.
is being driven vertically 10 inueIseCI
the leGge at depth OF approximately
300 feet. The last % Feet OF TIA.
snaIL mas shown a uecIdta change IL
The formation, the rock having De
come much softer with q seepage o.
Water in the drill holes, although no,
enough to bail. We deem IL no.
! amlss at this point to give brief ue-
sCrIpllon OF the Jupiter ledge for the
| benefit of those stockholders wno
nave not been informed as 10 the mag
nitude and naturalization of this vein.
This ledge is a strong one, vary ING IL.
width from 16 to 30 feet Ind outcrop-
ping strongly Tor nearly $1,000 feet
II is minerailzed throug hout It's Length
and on samphng returned an ayera5e
value OF Sl1.00 per ton in gold. Inc
| character Of the vein matter and the
| formation is practically the same a.
/ that of the Tom Reed which is only
/ three-quarters of a mile distant anu
| is one Of the largest producers OF goIu
/ in the state. The God Reed company
| is planning the installation of an e4el-
I tic hoist and two electric drills as
! soon as it is practicable after the com
pIetion of the present contract, ar.
rangements having been made win
/ the Tom Reed company for the neces
| sary power at reasonable hgur
/ There IS little doubt that with deve!-
! opment, this vein will furnish la >.
/ bodies of commercial ore, and is con.
! ceded by experienced mining men Il
/ be a most promising prospect.
On the Mayfiower claim a shift has
/ been sunk to a depth of Sc feet on a
5-foot vein of gold bearing quartz.
This IS the second highest grade ledge
in the district, careful sampIying
| showing an average value of 10000
per ton gold. Negotiations are now
under way with S-n Francisco people
/ for a 10 horsepower gasoline engIne
and hoist, together with a full equip
ment for opening this vein. As soon
as installation is complete, a con
/ tract will be awarded for sinking thy
| shaft to a Cevth Of 200 feet. Drifting
and Stopping from this level will be
! commenced as soon as possible. Sat
! isfactOry arrangements have been
/ made with the Gold Roads people for
/ treating this ore until such a time as
| the company deems it expedieRt :.
/ install a reduction plant Of their own,
ample TO meet all expenditures neces-
/ sary to develop the property and tia.
after the proposed issue of 1900
[ shares OF stock at soc per share, il
/ viii be unnecessary to dispose Of any
more treasury stock for this purpose.
] The directors Of the Gold Reed com
plny have recently authorized the IS
suance of $1,000 shares of treasury
stock at soc per share. There is a
balance on hand OF s6,65O.40 and with
the 100000 from the sale Of $1,000