The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1916-04-08
PIONEER CON. REPORT
Continued from Page Ore,

continued from rage OEe'
and partly in the Richard tunnel,
the principal work being a cross
cut driven in a northwesterly Iii
rection from the 75-foot level in the
been extended 80 feet and is being
driven to cut the ore exposed on the
surface, west of shaft.
Other work at various points on
the surface of the property amount
ed to so feet, making a total of
903 feet during the year. To this
can be added more than $50 feet
of development work by lessees on
the north 600 feet of Bi-Metallic
No. 8 claim, which is now being
worked under the leasing system.
The lessees already report open
ing quartz showing small values.
Their aim is to open shipping ore
and if successful in doing So, the
producing area of our property
would be greatly extended.
No underground work was done
during the early months of the year,
work having suddenly ceased ON
Dec. "a, 1914, at which time a
cave-in took place in the Bonanza
stope, which destroyed the timber
ing and nearly resulted in the
death of some of the workmen,
including one of your officers.
When work was resumed during
the month of May, your manage
ment was face to face with some
rather serious problems; the mine
was then in a dangerous condition,
requiring the retimbering of the
Bonanza stope, which was very haz-
ardous work and called for the
expenditure of considerable money
before the stope could be again
placed in a safe condition to permit
OF operation.
At that time your company had
bills payable totaling $4,000; $l7,-
032.57 of this amount was for mon
ey advanced the company during
the years 1918 and 1914, appearing
in the annual reports of those years.
This amount of indebtedness, OF
$~17,032.57, which was borrowed
principally for mill and other sur
face equipment, was settled in full
for treasury stock of the COMPANY.
We began to receive returns from
our mill during August, and &c.
403.11 was received from the mint
during the last four months of the
year, the average value of ore
milled being Sc per ton. This
amount about equalled the cost OF
e development, Of account of the
fact that much work was carried
en- at many places, with a view OF
developing ore in UNEMPLOYED ter
ritory.
Patents were received during the
year for the Mutual, Penn Mutual,
Bankers Life, Prudential and Bluff
mining claims. We now hold u. s
patent to eight claims out of the
IL owned by the company. At pres
work more vigorously than has
been attempted at any time during
the past few years. New up-to-date
machine drills have been ordered to
replace some of the older machines
now in se.
We now have, at two points in
the mine, ore showing high values,
which will be developed with all
possible speed in order to deter
mine the tonnage at those points.
Encouraged by the recent good oie
showing, your management has
inaugurated a campaign of develop
Eient that will surpass anything
undertaken on company account dur
ing the past.
Our work has been somewhat
handicapped at various times oL
account of the lack of sufficient
funds in the treasury to carry On
development as fast as is justi-
fled by the showing in the mine. II
is very pleasing to note, however
hat in the neighborhood of -
600 feet of underground work has
been accomplished to date On youl
property, and more than 80 pei
cent has been paid for by ore
taken out of the mine.
We now have the advantage OF
II properties being patented. The
patenting has entailed a large
amount of work and expense, made
necessary by the immense amount
of litigation directed at those prop
producing several thousand dollars
daily.
Being nearly out of debt, as you
VII see by the accompanying re-
port, our efforts can now be directed
at pushing development work with