The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-01-15
PLACER CREEK MINE I
may BECOME SHIPPER
COMPANY HAS NOVEL PLAN TO
START WORK ON CASTLE
ROCK NEAR WALLACE.

A mining promotion of more than
ordinary interest to the people Of
Wallace was naugurated last week.
land financial support The basis of
L the project is the acquisition and de-
velopment Of the Castle Rock, a
property located about three miles up
Placer creek, and upon which con-
siderable development work was done
many years ago The property is to
be taken over by the Idaho & New
ada Exploration company, corpora
ton organized for the purpose of ac-
quiring and developing mines. and
the stock will be offered on a different
basis from that usually followed by
promotion companies. The plan is to
issue 100000 shares of the 100000
capitalization to subscribers free un-
der an agreement that the subscribers
will pay assessments, not to exceed
one mill per month, payable every two
months. These assessments will sup
ply the working capital Of the COM
pany and it is proposed to begin work
on the property Just as soon as the
required number Of shares are taken
No Promotion Stock.
Ln =
for handling the stock and no promo
ton stock. Every shareholder will
receive his stock on identically the
same terms. and hes.wil hold his stock
subject to the payment of assessments
Just the same as stockholders in other
companies. More than 100000 shares
have already been taken, and the pro-
moters believe that the entire issue
will be taken in Wallace and vicinity
The proposition should appeal strong
~ to the people of this city, for in ad-
dition to the established merits of the
property, to be developed. their sup
port will give substantial assistance
to opening up most promising terri
tory tributary to this city.
Big Showing Of Low Grade Ore,
The Castle Rock vein is cut by
arosscut tunnel 400 feet in length At
this point the vein Is said to be 95
feet wide A drift following the foot
wall has been run 100 feet and Is in
ore all the way In fact the entire
width of the vein shows ore Some
time ago the owners of the Castle
Rock sent sample Of ore such rs
they regarded as a sample of what
they could ship in quantity to the Ia
coma smelter An analysis Of the
sample by the smelter showed the
following: Gold, .o2 ounces; silver. 22
ounces; copper 4.S per cent; silica, 9,4
per cent; iron. 26.9 per cent After
enumerating various conditions under
which the ore would be handled, the
smelter people stated that the mini
mum charge for treatment would be
nothing and the maximum So per ton.
It was also stated that If the company
was in position to contract to furnish
100 tons per month more favorable
maximum rate could be made. The
freight rate to Tacoma is SO and pos
sibly $3.50 with regular tonnage as
sured.
A Local Company.
The owners Of the Castle Rock are
Alex Livingston, James Graham and
a party In Spokane who is represented
by f. W. Hand. These with w b.
Lively and Otto A. OLSON have inau-
gurated the enterprise and they feel
very confident of making It success,
The fluxing qualities Of the ore make
it highly desirable to the smelters.
and the large body insures sufficient
shipments to secure very low treat
ment charge. Unless the owners are
mistaken in their samples, it seems
almost certain that the ore can be
handled at profit. Altogether the
proposition is one that should receive
liberal support from this city.