The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-03-08
HECLAM|N|NG COMPANY PAID sl550,000|N
1876 TOTAL PAYMENTS Of M|NEs5,30
PRESIDENT AND SUBMITS REPORT LAST YEAR
HAS LARGE ORE INDEPENDENT NEW
vElh-ARRAY OF INTERESTING FIGURES


president and manager of the Heela
Mining company. for the year ending
December 81. 1915. embodies in addi-
tion to an illuminating statement py
the manager. the details of develop
ment work accomplished, a profit ana
loss statement. a tonnage and cost
statement and comparison of pro-
duction, assays and prices. 1t is alto
gether a most comprehensive report,
containing in condensed and intelligi-
BILE form all information desired by
stockholders covering the operations
of the company during the period 1t
is such reports that inspire confidence
in mining and it is a matter OF regret
that all companies do not adopt the
same policy of publicity. The report
is here given in full
Manager Mccarthy's Statement.
Il submit herewith report of the
statement of financial transactions for
the fiscal year ending December 81,
1916.
"The development work for the year
is represented by advances of 6420
feet. "Details omitted)
The 1600-foot level is still the deep
est level in the mine This level was
opened two years ago. Only the ola
ore body from which practically all
of the production has come is opened
Ant n
ploratory work for the past year has
been confined to higher levels on the
old ore and to sections which have
heretofore received little attention.
The East Vein.
ION the east ore we are making
raise to the surface from No. level
This ore is remote from natural VEN
tilation and not much can be done in
the way of production until ventilation
is provided. 1t requires raise OF
approximately 400 feet to reach the
surface. One thousand feet of this
raise is complete and we should reach
daylight in April We have undercut
this ore on the 900 foot level which
is 2300 feet below the surface and have
drifted on it about $50 feet. SO far
as one can Judge from this small de-
yelopment the ore is narrower than
1t was above and contains somewhat
lower value in silver. Further work
will have to be done to determine its
value and extent on this level.
Ore or Mo- Go Vein.
What is probably the most impor-
tant piece of development for the year
is the discovery of vein of zinc-lead-
silver ore which. we have called the
Ore or No-Go because of its occur
renee in claim of that name. This
vein was first noticed as stringer
leaving the 900 slopes in the old body
"Crosscutting on the 300-foot and
600 foot levels located it farther west
"The ore contains sufficient zinc to
make it worth saving and on that
account cannot be mixed with ores
from other parts of the mines as these
contain little or no zinc.
I'VE have only one shaft on the prop
erty and If production was to be made
without mixing it with other ores an
opening had to be made above the
shaft collar. Crosscutting from No
2 and No. adit levels discovered this
ore and comemncing with the first of
the year a small production will result
from the ore produced by development
work on the two levels named
increase Milling Capacity.
I'm June to take advantage of high
metal prices we leased mill from
the Federal Mining and Smelling COM
pany and were able to increase our
output of milling ore to the extent or
300 tons daily. While we occupied
this mill we increased the capacity or
our own mill so that we could crush
an additional 300 tons. BY the time
our own mill was ready to take the
/ increase. the lease on the Federal mill
was cancelled by the owners.
"We have made arrangements with
the Marsh Mining company to use their
min at Black Cloud for concentrating
the zinc-lead ores from the Ore-or-
No-Go vein. This mill has a capacity
OF 200 tons daily Our tenancy is linn
tied and may be terminated upon 80
days notice. Comemncing with Janu-
ary first we will operate this mill on
ore taken from the development work
on this vein. We. will crush 80 tons
daily which will gradually be increased
to 200 tons. which maximum we hope
to reach by April first.
Ore Reserves.
sour ore reserves are estimated at
296 900 tons. This estimate does not
include any tonnage from the Ore
or-No-Go vein as the work has not
progressed sufficiently to make such
estimate.
"This years production is highest IN
the company's history in tons Of ore
and metal produced as well as in the
prices received.
Dividends for the year We're ST.
$4,000 and total dividends to the
end Of this fiscal year amount to So
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