The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-02-02
SHARES SENT STOCKHOLDERS

Continued from Page OneD
lar masses, along the contact be-
tween granite-porphyry and lime
stone. The larger bodies of lower
grade, partly oxidized, pyrite ore,
are found in the limestone adjacent
to the contact. The extensive con-
tact metamorphism, the association
of ore and garnet and other contact
minerals, and the close resemblance
Of the structural conditions to those
prevailing at the Copper Queen
mine and the mines at Morenci, Ari-
IONA, seem to prove that the ore de-
posts have a similar genesis.
The contacts between the gran
ite-porphry and limestone are ir-
regular and jagged, vertically and
horizontally. Frequently it is hard
to recognize the contact under
ground, both rocks being highly ST.
Iicified. Ore stringers varying from
mere films to several inches thick
very often lead into valuable ore
bodies.
The development work on the
property when taken under option,
one year ago. was limited. 1t now
totals an approximate amount of
$500 feet. A portion of this work
was done by leasers, but the greater
amount was performed on company
account. Four shafts have been
sunk, three of which have connect
ing cross-cuts and drifts.
The fourth shaft is now 245 feet
deep, but has not reached a suffi-
cient depth to intersect the contact.
These shafts were located at GER
tain points with a view to proving
the extent Of the ore zone. All COM
pany work was planned for deep de-
velopment and not for the immedi-
ate production of ore. The results
of this WORK to date are entirely sat
isfactory.
The total production of the
property since date of taking option
is 1888 dry tons, having a gross
value of $6S,297, and a net value OF
$1,000. OF this amount the leas-
ers produced 1890 dry tons, having
a gross value of $5S,744 and a net
value of $28,42S. The company
produced 248 dry tons of a gross
value of 1888, and a net value of
$1,000. The royalties paid by the
leasers are credited on the purchase
price of the property. In consider
ing the company's production, /
must be remembered it came from
development work only.
On account of the cost of haul
ing to railroad high freight and
treatment charges and smelter de-
auctions it is impossible to ship ore
running less than six per cent cop
per tat the present price per pound)
at a profit. In the course of the
production of the shipping ore by
the leasers and company a large
tonnage of material assaying from
three to five per cent copper was
left on the dumps and exposed in
the workings.
1t is impossible to ~ca'ouaate this
amount on account of the character
of development work, and as this
work proceeds and the production
of shipping ore is continued this
amount will be greatly enlarged.
The lease having the largest produc-
ton, known as lease No. /, was
purchased by your company about
Nov. /, and the majority of the 9TH
er leases have expired. allowing the
company to work upon and extract
the lower grade ore left by them.
While the development work to
date warrants the belief that your
property will produce a large ton
mage of shipping grade ore, it also
warrants the opinion that the larger
production will be made from the
lower grade ores. These low-grade
ores must be treated on the ground
to be profitable.
The result of the company's de-
veuopment work to date, and the
work done on the lease blocks, war
rants the erection of a mill having
a daily capacity of so tons. Units
of SO tons each can be added as de-
yelopment justifies. The mill grade
ore being composed of copper X
ides, carbonates and sulphides. l
would advise that exhaustive flota-