The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1918-03-09
REASON NATIONAL
LEASERS STOPPED

1t was announced in last weeks In
dustrial and Mining Are that the Ma
tional Leasing Company had suspend
ed operations on its lease on the prop
erty of the Charleston Hill Gold Min
ing Company. adjoining the famous
National mine at National, Nevada,
and that a new company would be
formed to take over bond and lease
on the Las Palmas silver-gold-lead
property, situated within a few miles
of the LampaZos silver zines in So
nora, Mexico. 1t was stated that Ma
tionai Leasing shareholders would be
given an opportunity to exchange
their stock for stock of the New Ma
tional Leasing Company on an equit-
able basis. On the strength Of this
news National Leasing stock advanced
on the curb during the week from
three cents to high sales at seven
cents. and had a final at the top.
The same publication now makes
the official announcement that the
title to the bond and lease on the Las
Palmas has Just passed to the Ma
tional Leasing Company and that the
project of forming the New National
Leasing Company to take over title
and then exchange some OF its stock
for National Leasing has been aban-
doned.
The following report of Engineer
C. S. Herzig gives his reasons for the
abandonment of the lease at National !:
To the President and Directors,
National Leasing Company,
New York City. N. Y.
Gentlemen:-It was with regret
that / telegraphed you, after making
| an examination of your property at
National. Nevada, to abandon devel-
opment work at the property. Re-
gardless of the fact that your company
very apparently approached the prop
osition in the hope of developing an
oreshoot similar in character to the
famous bonanza adjoining, reported to
have produced in the neighborhood of
$7,O00,000, l was forced to the conclu-
sion that the chances of success did
not warrant further expenditure.
In the National mines adjacent, the
ore was always associated with a par
ticular kind of quartz, which is easily
identified when seen. The quartz dis
appeared in the workings Of the Ma
fional mine during the latter part OF
the operation. as also did the vein.
which faulted. After prosecuting Is
feet the vein was picked up and no
quartz whatever was encountered, al
thought the drift was continued for so
feet ON ii.
Further. in the National mine itself,
the tonnage of ore which is RESPONSE
BILE for the output of some millions of
dollars is so small, on account of the
extreme richness of the ore itself, as
to make the chances of getting more
of it extremely remote, unless the
vein conditions are identical with
those which were found in the vicinity
of the pay ground.
These identical conditions were not
found in any of the work done, either
in your own ground or in approaching
it through the National Mines Com
pany property. The question may
arise whether raising or sinking on
the vein at any point would have re-
vealed body of pay-ore. This mat
ter received careful consideration, but
there was no place in the workings
which indicated that a successful re-
suit might be obtained.
l felt that the company could get a
very much better chance of successful
result with the expenditure of the
same amount OF money on some other
property, and for that reason l am
assured that the wisdom of ceasing
operations at National cannot be