The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-10-21
PAYMENT OF $4,000 MADE ON COONEY
GROUP YESTERDAY BEGIN WORKAT ONCE
THE PROPERTY is OWNED BY is BONDED FOR
$1soOoo-AcTVE DEVELOPMENT STARTED TO EXPLORE
GROUND AT DEPTH-N BURKE ORE BELT

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Mark Cooney, pioneer of the gold belt
and also of the South side, has held
what is commonly referred to as the
Cooney group, situated in the rich
Burke section, east Of and adjoining
the Marsh. The claims were patented
In 1901 and the last work on the prop
erty was done several years prior to
that date Several years ago Mr..
Cooney received a comfortable fortune
from the sale of group of claims ad-
Joining these and he evidently looked
forward with confidence to the time
when the second group that bears his
name would make substantial addi-
ton to his fortune His Judgment has
just been handsomely vindicated. Yes
terday M. w. Neary of Spokane hand
ed him draft for $4,000, the first
payment under bond on his property
for $15O,OOO. The next payment viii
be $4,000 and will come due in one
year and the final payment of $4,000
viii come six months later.
well Located Property.
The Cooney group consists of four
claims located end to end and cover
the vein for a distance of 5000 feet.
The bond includes these and half
interest in three fractions lying along
the north line. The Gertie tunnel cuts
the vein at a depth of about 400 feet
and shows a clean cut vein with much
oxidized iron. In gulch east of
where the vein is cut by the Gertie a
tunnel has been run on the vein 900
feet, which looks promising, but shows
no commercial values. The best show
ing and the one which is responsible
for the deal is toward the east end of
the group on the Mississippi and Ne
vada claims. The dumps Of two old
tunnels long since caved In attracted
the attention of Ed Ehrenberg and he
was sufficiently interested to open
them up and see what they disclosed.
He found in each of them about seven
feet OF carbonate of iron which car
rled considerable values in lead and
silver. He was much impressed with
the showing, which was not more than
60 feet from the surface, and was con-
vinced that 1t was the Gaping of
large ore body. Mr.. Ehrenberg Is a
man whose judgment in mining mat
ters always commands respect and II
was through him that Mr.. Cooney and
Mr.. Neary were brought together and
the deal was closed under which the
first payment above described was
made.
Begin Development at Once.
No time will be lost in getting ac-
tion on the Cooney group Within the
next few days arrangements will have
been completed to start crosscut
tunnel that will cut the vein at a depth
of 900 feet, which will be accomplished
by running 1900 feet Arrangements
viii be made for a compressor, and
the matter Of securing electric power
Is simple one, as the lines of both the
Washington Water Power company
and the Montana Power company
cross the Cooney ground. Mr.. Neary
states that the money is available to
prosecute developfent vigorously and
his confidence in the great value Of the
is supported not only by the
opinion of Mr.. Ehrenberg but that of
other expert and practical mining men
of the district. The development of
the property will be under the per-
sonal direction of Mr.. Ehrenberg.
A Strong Company.
M. w. Neary, the man who holds the
bond on the property and who made
the payment yesterday to Mr. Cooney
makes his home in Spokane F,r
good many years he has been actively
engaged in mining in Montana. He Ia
the head of the Montana Placer com
pany, which is carrying on extensive
placer operations near Libby, Mont.
and he is also heavily interested In a
mine at Philadelphia, Mont.
adjoining the famous Granite Noun
tain. This is his first appearance in
the Coeur d'Alene district a fact which
he regrets since he has had an oppor-
tunity to see the wonderful achieve
ments In mining operations here. In
the Cooney group he says he has
associated with him number Of
strong men financially, and while every
effort would be made to open up a
mine, he felt justified in saying that
the payments under the bond would be
met regardless Of the success of his
efforts.