The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1919-11-08

company, mas duthoi-
lied the following statement re-
garding the affairs of the company
Mr.. Darcy and H. G. Mcmahon, sec
retary and treasurer for the De-
company, are now en-
route to Goldfield from New York,
where, according to the statement
of the former, they have arranged
the necessary new financing which
will permit the carrying out of the
full program as outlined"
The statement in full follows:
The Goldfield Development COM
pany was incorporated under the
laws of the state of Nevada and is
capitalized for 2,5OO.00O shares of
stock of a par value of cents. A
lease was obtained on all the prop
critics of the Goidfield Consolidated
Mines company, consisting of all
the mines in the Goldfield district
and the 1000 ton mill owned BY
the company. These mines have 6
gold production record of approxi-
mately 500, 900. .O00l gross.
The idea of the new company in
taking over these mines was en-
braced in the fact that the low
grade ore in them had. never been
mined and it was believed that a
scheme could be devised, which
Z has since been thoroughly worked
out, whereby the cost of mining
and milling would be materially
decreased and the properties oper-
ated profitably on the low grade
tonnage of ore available in the
mines.
To this end the mines were thor
oughly sampled. Approximately
1000 samples were taken. princi-
pally from the Combination and
Red Top mines. They were all
large samples and averaged about
i0QA pounds. The result of this
sampling showed 100000 to o.
100000 tons of ore of an average
value OF $500 per ton available
in the mine down to the 3SO-foot
level
The "reject" from this sampling
was saved for purposes of making
milling tests and showed that we
can expect by simple cyanidation
process 92 per cent of the gross
value of this ore.
The next problem to be considered
was the manner in which the ore
should be handled SO as to be
profitable. The physical condi-
ton of the vein in the Combina-
ton, where the greatest tonnage
is exposed, being almost vertical.
averaging approximately SO feet in
width and containing low grade
ore to depth of $50 feet. adapts
itself to the caving system.
The first item of reducing expenses.
therefore, suggested itself in the
discontinuance of the old square
set method of timbering used pre-
viOus to this time and the intro
duction of the caving system.
Work was at once started on
kaulage way on the 3S0-foot level
and system of raises through the
orebody to be caved.
The process consists of drawing on
the ore through these raises to the
3SO-foot level and sending it by
underground electric haulage loco
motive to a shaft which has been
prepared 800 feet east of the vein.
This shaft is of three compartments
and was sunk 500 feet during the
period of early lease operations in
the Goldfield district, prior to
1907. The shaft is situated on
the Goldfield Combination Frac-
ton. The Goldfield Development
company also owns lease on the
property of Combination Fraction
Mining company which runs con-
currently with the lease that it
now holds on the Goldfield Con-
solidated mines.
It will be at once apparent that the
cost of mining will be greatly re-
4 duced by using the caving instead
of the square-set system. on &C.
count of the reduced cost of labor,
no timber being required and the
greater capacity which /. can be
gained per man by this methcd
over that of the square-set method
This reduction in operating costs
will be about 50 per ten.
Estimates as shown by metaliurgi-
cal tests indicate that on a basis
of 1000 tons per day the total
milling charge will be $l.G1.
The total cost OF mining by the