The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-02

lHSic rs no lille VI UuSiieSs tHS
world where greater differences Of
opinion are found than in the calcula-
ton Of prospect. This is due moi
only to the lack of definite information
on which the valuation can be based
but also to differences in the exper-
fences and attitudes of the different
cnes making the valuation.
According to II. C. Hoover, in his
excellent work entitled Principles o.
Mining" the calculation Of copper
gold, silver, tin, lead, zinc lode mines
are dependent upon the following feat
ures !:
Ia The profit that can be won
from the ore exposed.
% The prospective profit to- be
derived from extensions Of the ore be-
yond exposures.
(c) The effect of a higher or lower
price of the metal Except in gold
mines).
(d) The efficiency of the manage
ment during realization.
The first of these may be termed the
positive value and can be approx
mately determined by sampling or test
treatment runs. The second and
third may be termed the speculative
values and are largely a matter of
Judgment, based on the geological evil
dence and the Industrial outlook The
fourth Is a question of development,
equipment and engineering method
adapted to the prospects of the en-
terprise, together with capable execu-
tive control of the works,
Defining in the mining world, pros
poets are usually newly discovered
properties or reopened old mines
where there is very little if any posi-
tive or developed ore lore ex-
posed on all four sides in blocks Of
reasonable size) or very little If any Of
the so-called blocked out ore lore ex
posed on three Sides all of these sides
being within a reasonable distance
from each other.) Therefore a pros
pect usually has no tonnage of ore on
which an estimate of assured profits
can be based. For this reason sub
division (a) of Mr.. Hoover's table
plays very little If any part In the
valuation of a prospect which, there
fore, is dependent on the speculative
divisions (b) and (c) and the last sub
division (d) in the table.
Since this is the case, and as no
man can look very far into the ground
the only factors upon which the valu-
alton can be based are the geological
evidence and the industrial outlook
presented Here is where the expert
ence and personal attitude of the diff
ferent ones making the valuation
come in We find for the same pros
pect many valuations, ranging from
that given by the optimistic prospec-
tor or owner, who Is positive that he
has a million dollar proposition, to
that of the prospective purchaser
whose engineer has inspected the
property and has either found very
little data on which to base an opin-
ion, or who may believe in giving
very conservative opinion, In order to
sdestep his responsibility to his en-
ployer or, as he may suppose, to pro-
tect his reputation. Both of these ex
tremes are naturally undesirable, since
either one will produce inaction, the
result being that nothing Is done with
the property. If the owner were
more experienced he could easily see
that with the data available on which
to form an opinion. the property
would not bring his price as gamble,
to say nothing of a fair business prop
osition, On the other hand, If the
engineer had taken into consideration
other factors available, his opinion
may have been more favorable the
two parties to come to terms and
perhaps permitting of the active dew
elopment of producing mine.
The qualifications for man in this
line of work are very broad. He
should have thorough theoretical
training as well as practical exper-
fence in mining engineering, and
should also be familiar with geologi-
cal, metallurgical and electrical en-
gineering. In addition to this he should
be wide awake business man, with
good hard, common sense, one who
makes up his mind and forms definite
opinions from the facts available, and
who will allow no personal feeling or
sentiment to bias him in his final
judgment of the case,
launches" are commonly supposed
to- be the basis for most opinions on
a prospect, and to the uninitiated it
often seems that they are responsible |
for the purchase of certain properties +
which have turned ont to be big pay
ng propositions. Luck is also credit
ed with a great deal of this success.
but in most cases where the lunches
u luck has turned out to so good ad-
vantage it is noticeable that the man
who did the buying with these factors /
n his favor was usually thoroughly Il
experienced man, with keen perception
md good judgment who knew the ear
marks of a mine when he saw them.
He is usually one who has spent years |
n and around mines, and had made {
rood use of his time and eyes in OBJ
erving the points which go to make {