The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-01-12
GRANDMA BUYS SUNRISE
CONTINUED From Page one)

south in the Velvet claim of the
Jumbo Extension, where q single
orebody, opened In the vein above
and found extending along the sur
face of the shale, yielding high
grade ore to the value OF over s2,-
100000.
West of the Grandma shaft a dis
lance of less than a claims width,
ore OF high grade has been exposed
by the Kewanaa company, in pros
pecting the shale contact zone, and
the general trend of this ore-chan-
mel along the shale's surface appears
to be toward the point where the
Grandma shaft will reach the shale.
Work on this ore was suspended
for a time by the Kewanas COM
pany, owing to lack Of mine ventila-
ton, but is now being resumed with
most encouraging prospects for
early production.
Adjoining the Grandma property
on the south, important develop
ments have been made in ground of
the Spearhead company, both in the
shale contact zone at depth and in
the separate vein that extends in
to Grandma territory. Pay ore has
been found in the Spearhead prop
erty under conditions that afford
convincing proof of the value of the
Grandma company's ground. and the
prospective value of the latter is
augmented by the position Of prov
ed ore-channels at the west.
In sinking its deep shaft the
Grandma company has accomplish
ed its work with the highest degree
of economy and has succeeded in
holding its costs down to a low fig
ure, its administrative expenses hav-
ing at all times been 81 small as to
be negligible. Sinking has been for
the most part in hard rock and
therefore necessarily slow, but there
has been no interruption from water
and it has not been found necessary
to install pumping equipment.
Late in 1916 the Grandma COM
pany concluded arrangements by
which it took over control of the
Goldfield Sunrise Gold Mining COM
pany, owning ground adjoining the
Grandma property ON the east. By
this agreement the Grandma was to
acquire, including stock remaining
in the treasury, approximately SO
per cent of the Sunrise company's
stock, and has since accepted owe
167 900 shares in exchange, on the
basis of one share of Grandma for
two of Sunrise stock. Payments ag-
gregating $4,000 we're to be made
by the Grandma at the rate of ST.
900 monthly.
At a meeting of directors of the
two companies in December, the fl
nal payment was made by the
Grandma company, when admins
trative control of the Sunrise was
surrendered to the Grandma COM
pany and thereafter a new director
ate was elected for the Sunrise COM
pany. composed OF the directors OF
the Grandma company. Stockhold-
ers of the Sunrise have been ac-
corded the opportunity to exchange
their stock for that of the Grandma
company, two shares for one, and
it is planned ultimately to wind up
the affairs of the Sunrise company
and terminate its existence.
Acquisition of the Sunrise ground
practically has doubled the area
owned by the Grandma and this ter
! ritory apparently embraces the ex-
tension of the ore-channels already
covered. Having completed pay
ments on this ground, the Grandma
company will now be enabled to de-
vote all its funds and energies to
the exploration of its ground on
deep levels. That this work will
prove successful the best mining
authorities do not doubt.