The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-12-17
HYPOTHEEk FINDS ITS ORE BODY ON
800 LEVEL--BEST ORE FOUND N MINE
c1RlKE DEMONSTRATES EXISTENCE GREAT BODY OF COM
MERclAL ORE AND MEANS A NEW MINE ADDED TO TIE
$50 LIST OF coEuR D'ALENE PRODUCERS
he most important mining news of .

The most important mining news OF
the past week comes from the Hypo.
theek, where last Saturday night the
crosscut from the shaft on the 900
level cut the vein at the identical spot
where the survey showed that ii
should be- The shots that broke into
the vein revealed about A feet Of car
Donate ore of better grade than has
hitherto been found in the mine 1t Is
estimated that 1t will run 60 per cent
lead Another round Of holes pene-
trated the vein an additional six feet,
and apparently in ore Of the same
character, but they were not fired on
account Of the large amount Of wa
ter that followed the break into the
vein and which would be increased by
extending the crosscut to a point that
would overtax the capacity Of the
pumps.
Finding the ore shoot at this point
is especially gratifying, for 1t would
not have been surprising if it had
been necessary to drift considerable
distance before reaching it. The point
of intersection is about 300 feet west
of the ore shoot on the 700, from which
It seems safe to assume that the shoot
on the 900 level is at least 800 feet In
length, with a strong probability that
1t is more, in view of the increased
length from the 500 to the 700
Powerful Pump to Be Installed.
Immediately following the strike
p. +. Rodgers, superintendent of the
mine, went to Spokane to secure an
electric pump of sufficient capacity to
meet the present and future require
ments. At the present time the
pumps, hoist and drills are all driven
by compressed air from the compress
or, which has not sufficient capacity
to meet the requirements. The new
pump will take the place Of four
small ones which are now handling
the water and will be operated by
electric power direct This will re-
lieve the compressor so that it can
for the present provide power for the
hoist and drills, but it is the purpose
OF the management later to use cleo
trio power for hosting also, when the
compressor will be used exclusively
for the drills A permanent station
is now being cut at the 900 level for
the new pump.
Plans of the Company.
Anticipating the continuation of the
great ore shoot to the 900 level, the
Hypotheek company. at a meeting of
the directors a few weeks ago, com
pleted the negotiations for the sale of
the bonds of the company to the ex-
tent of 100000, conditioned upon the |
development of a commercial ore body !
on this level, the money to be adj
vanced in exchange for the bonds at
such times and in such amounts as
the requirements of the company de-
manded. The strike just made prac-
tically makes this money available. Ii |
was stated at the time the bond deal !
was made that the purpose was to use
the proceeds for the erection of a mill |
and In otherwise equipping the prop
erty for production, and while no
statement has been made by the com.
pany since the strike was made, ii is
safe to assume that plans to that end
VIII be carried out as soon as practic-
able.
Stock Widely Scattered.
The stock of the Hypotheek COM
pany is widely scattered and in many /
hands, but the control is held in {
Aoosejaw, Saskatchewan. It's devel-
opment has been a severe test to the
assessment system, and the fact that
the property has finally been trans j
FORMED into a mine is substantial en- !
enlargement to many other struggling
companies. For many months an as
sessment of q cent share has been I
levied every so days with regularity
That tested the nerve Of many a stock
holder, and at times drew out severe
criticism Of the management. But
the end now seems to have justified
the means, and those who have stayed
IN the game can look forward to get