The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-08-23

NV signalized his return to
" the Coeur d'Alene dis
trict by taking over the
Carbonate Hill and Idaho Giant, two
we'll known and valuable groups of
claims about three miles above Mulan.
according to information received by
the Miner yesterday. /, The Carbonate
Hill Mining company is Incorporated
for 100000 shares and the Idaho
Giant Mining company for 100000
shares aggregating 2,500,000 shares.
According to the agreement entered
into with Mr. Greenough, he will at
once organize a new company having
q capital stock of 100000 shares.
Stockholders of the Carbonate Hill
and Idaho Giant will exchange their
holdings in the old companies for
stock in the new organization share
for share, and Mr.. Greenough agrees
to take over the remaining 100000
shares on basis of S cents per share,
fund of $4,000 to be used in the dew
elopment of the consolidated property.
The stock in the new company will
be non -assessable, the financing of
the company devolying upon Mr..
Greenough. He also agrees to take
SO per cent of the stock in the new
company held by old stockholders at
the rate of II cents per share, the
sale of the stock being optional with
the stockholders
Deal of Great Importance.
The acquisition of these two pro-
perties by Mr.. Greenough is regarded
as one of the most important trans
actions that has been consummated
in many years In the vicinity of Null
Ian. The property is not new to Mr..
Greenough, for during his long resi-
dence in Mullan he had abundant OPP
portunity to become familiar with their
merits. The Carbonate Hill consists
of seven claims lying south and west
of the IS" bridge, joining Carney Cop
per on the east. The Idaho Giant lies
west of and adjoining the Carbonate
Hill and presumably covers the same
vein. Development on Carbonate Hill
has disclosed large bodies of both lead
which a shaft has been sunk 80 feet in
ore which has also been explored to a
considerable extent by drifting from
the bottom. The lead and zinc ap-
pear in two separate shoots in the
great vein, and 1t is stated that the
lead shoot shows a full face of prac-
tically shipping ore.
The main development of the Idaho
Giant is drift that has been followed
on the vein for several hundred feet,
showing more or less ore, and which
shows every indication of coming into
an ore shoot.
Plan Of Development.
While no announcement has been
made by Mr.. Greenough as to the plan |
for developing the consolidated proper
ty, it Is believed by those familiar
with the situation that the tunnel will
be continued from the Idaho Giant,
WHICH Will pIOudDly uloSipSC q ioi 90 |
ore body in that ground as~well as
explore the known ore bodies in the
Carbonate Hill at great depth. The
site of this tunnel has the advantage
also Of being free from danger from
snowslides which last winter proved
so disastrous on Willow creek, where
the works of the Carbonate Hill are
located.
Mr.. Greenough is well known in this
district, having resided in Mullan
where he was engaged in mining and
mercantile business. Since leaving |
here he has been manager of the Atlas
Mining company, an English orgarhza-
tion, the property of which is located |
near Whitehorse, Yukon territory.