The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-04-29
WALLACE MEN PREPARING TO TAKE OVER
ANDDEVELOP PROMISING MONTANA NINE
SPLENDID SHOWING LEAD SILVER SEVERAL
HAVE sHlPPEo-PLAN OF DEVELOPMENT


A new mining company Is now In
process OF organization in this city
which will have for its purpose the
taking over and development of a
group of claims known as the Lead
King, located In Powell county, Mon
tana, about thirty miles east of Mis-
sotla and about seven miles from Bon
tia, station on the Northern Pacific
and Milwaukee railroads. The organi~
cation OF the company has been &C
complIshed by George Austin, Of this
city, who holds an option on the prop
erty and who has enlisted the support
of a number of local citizens In the
enterprise. The new organization viii
be called the Mammoth Mining Com
pany and will be capitalized for 1850
900 shares The plan Is for twelve men
will receive 100000 shares of the cap
ital stock, which will be the first pay
ment to the owner. They will also
have an option on 100000 additional
shares. or the remaining 100000
shares, 100000 will remain in the
treasury, $4,000 will go to the original
owner OF the property who agrees to
hold 1t until the property developed to
a paying basis.
Seven Subscribers Now Secured.
Seven citizens of this city have al
ready subscribed $500 each and the
other five will no doubt be secured
within few days. They become the
absolute owners Of the stock the only
condition being that all the initial
stock be pooled in order to protect the
market for treasury stock. The men
who have now subscribed are Sidney
j.. Shonts, Herman j. Rossi, A. II
Featherstone. Jesse Freeman, DR.. w.
A. Smith. Abe Wyman and George
Austin The original owner of the
property is D. J, Heyfron of Missoula.
The purchase price Is not made pub
lie, but 1t ls known that it Is not high
when considered In connection with
eral character of the deposit.
Present Stage Of Development.
The main development II such II
may be called consists Of a shaft So
feet deep and one S5 feet, from which
two cars of ore have been taken and
shipped. A short distance below there
Is an open cut to the vein upon which
a drift has been run about ~ feet.
From here an incline shaft has been
sunk 25 feet, showing four feet of ore
that viii average % per cent lead and
which with little sorting can be
brought M to from IS to 40 per cent
This ore also runs from to IL ounces
In silver.
II Is the plan Of the new company
as soon as the details of organization
are completed to offer large block of
the treasury stock of the company to
the public for which there Is certain
TO be an active demand, in view Of the
exceptionally fine showing made on
the property and the character Of the
men who have already put their money
into It, The first move In the way of
permanent development will probably
be driving a tunnel about 800 feet be-
low the present workings. The prop
erty Is about seven miles from the rail-
road and connected by good wagon
road with uniform down grade.
{ Union Of High Authority.
An examination of the Lead King
was made by j. p Rowe. Of the Mon
tana school Of mines, and from whose
report few extracts are here taken:
"ln the lower tunnel there are tons
Of ore in sight and several tons al
ready mined and ready FOR shipment
AS stated before, the exact size and
richness of the vein could not be de-
termined owing to the lack OF proper
development. However, enough iS
shown in the various shafts, pits and
tunnels to warrant a systematic and
thorough development
Much Of the ore mined from the
upper levels could he hand sorted and
shipped direct to the smelter. There
is plenty Of good timber upon the
claims for all mining use.
Had this pnrperty been In the
Occur dAlenes 1t would never have
laid idle as 1t has, but to the contrary
wonId have been thoroughly developed
some time ago Therefore, without GO
ing into detail as to its merits, II Is
safe to say that this property is very
promising and warrants careful de-
velopment. 1t Is also the writer's opin
ion that If the property is properly de-
veloped 1t will make mine"