The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-10-30

NNNia VI me Mofnlus NINE can DE
readily extended into the Star ground
In January, 1918, an agreement was
entered into with the Star Mining
company and certain of its stockhold-
ers, whereby Federal has acquired an
option on 969,450 shares lover SO per
cent? of the stock Of the Star Mining
company at Is cents per share, | cent
per share of which was paid down at
The time of signing the option. 1A
cents per share being payable Janu-
airy ], 1914. 2 y cents per share Octo-
Der l, 1914, and 70 cents per share on
July 1, 1915. Federal company has the
right to extend its No tunnel leve!
into Star ground under the ore shown
in the Star drift above. an estimated
distance of 100 feet westerly aud
500 feet northerly If ore is encoun-
tered in satisfactory quantity and
quality, the drift will be continued
through the entire length Of the com :
mercial ore body. Federal will also
upraise on the vein from the No. 5
Morning tunnel level to the Star drift,
approximately 400 feet above.
Work is now proceeding on the No.
5 tunnel level which has now been al :
vanced 1852 feet, to August 81, 1913.
In driving through the Iron Crown
claim of Federal on Morning vein,
some favorable ore ground was passed
but nothing of commercial value dis
closed The showing is SO favorable
as TO warrant extensive prospecting
During the life of option Federal
pays all taxes and does all assessment
work and has the use of all the Star
company's plant and equipment
/ In case Federal does not exercise its
option, Star company has the option
for six months after lapse of Federal
option of access through Federal
ground for the purpose of exploring
Star ground by diamond drilling.
/ Subject to certain conditions Fed
eral agrees, SO long as the Morning
mine is in operation, to haul ore, waste
and supplies to and from Star mine
through it's No. tunnel level at 26 Ia
cents per ton for ore and waste ham
died, this arrangement to become eff
fective in two years or not at all.
This company also has the right Of
extending it's No. level into the Star
ground, and of connecting it up. Its
No. level should reach the estimate d
position of the Star ore shoot some
time in the month of November, bar
ring accident, and before making the
payment due on January !, 1914, we
will have some idea of whether. the
ore found above continues to depth.
We will also, If it seems wise to make
the payment due next January, have
ample time to do additional develop
mcnt work to demonstrate the value
of the mine before having to make the
remaining payments.
Flynn Group Mining Company.
In December 1912, an agreement
was entered into whereby Federal Oh
tanned an option on 100000 shares of
stock of the Flynn Group Mining COM
pany, being 81 per cent thereof, al
the price of 20 cents per share, for
S43,S59 shares of treasury stock, pay
able as follows; December 81, 1912
10000 shares; December 81, 1913, TO-
600 shares, and until December 81.
1914, to take up the balance, and 35
cents per share for 1914 shares Of
personal stock payable as follows;
December 81, 1919, 10000 shares, and
balance on or before December 1, 1911.
With moneys received from Federal
out of treasury stock, development is
to be carried on in Flynn ground ard
prospect work Is now proceeding.
Flynn territory extends from the Fris-
co ground on Canyon creek to The
Star ground on Grouse creek of tho
South Fork: the Star property adj
Joining the Federal's Morning mine.
Development work in the Flynn deep
ground can be prosecuted advantage
ously from the Frisco workings.
Phi Kappa.
In October. 1912, bond for 49,
1866 was taken on the Phi Kappa
group in Custer county, Idaho This
ia low grade d-zinc property
which has surface promise of making
large bodies of ore, So far as we
know if carries about ounces Of sill
yer to the unit of lead. A TUNE. was
started to cut the vein at depth OF
200 feet below the surface. Develop
ment Is being pushed. If an evtcnsi III
of the bond can be secured, sufficient
work will be done to determine Wfe-
ther the value Of the property VIII
Justify it's purchase.
Page Group.
Expenditures during the year con-
sisted Of $7773.4O on account of pros
Meeting and assessment work on the
west group, $56.2S for taxes ana
1898. 50 for abstracts and surveying on
account of patent application, making
a total of $S629.1s.
Black Hawk Mining & Developing
Company, Ltd.
No work was done on this property
during the year. the only expenditures
henp s1O.22 for taxes and recording.
Wyoming Mining g. Milling Company
81