The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-05-15
MAJESTIC MINING CO.
AGAIN ON ACTIVE LIST
VEIN LOOKS FINE IN LOWER
TUNNEL - WILL OFFER
TREASURY STOCK.

Work started on the Majestic a few
days ago. the property having been
idle since last November Develop
ment has been carried on chiefly
through the sale of treasury stock and
the company has plans for continuing
on this system. Sufficient funds are
on hand to carry on the work until
some time in June, when a meeting of
stockholders will be held for the pur-
pose Of acting upon the proposition
to decrease the capital stock from ST.
000,0 divided into 100000 shares of
the par value of 81 each to $375,O0O di-
vided into 100000 shares of the par
value of 25 cents. This proposition
will no doubt receive favorable action
and will result in placing 500, 900
shares in the treasury. With the eX-
cellent showing that had just been
disclosed a short time before the work
was stopped it is believed that there
will be no difficulty in finding a mar
ket for the treasury stock in such
amounts as the company finds 1t ne
cessary to offer. James Dunno, pres
ident and manager Of the Majestic
Mining company, is now at the prop
erty and will continue to give his per-
sonal attention to its development.
The present showing is described in
the following extract from a circular
letter which has just been mailed to
stockholders by Therrett Towles sec
retary and treasurer:
Vein Improves Rapidly.
"At the time work was discontinued
on the property last November the
vein in the crosscut which was being
driven in a northeasterly direction
commencing at a point about 500 feet
from the portal of the tunnel, finally
pinched out after 211 feet had been
driven on it and the men working on
the property under the charge OF
James Dunno, our president and man
ager, went back and started on an
other vein which was suddenly dis
covered after picking down a slab OF
rock This vein is located alongside
Of the other vein in the crosscut men
toned above and when first found
was only about 6 inches wide. After
only s feet of work had been perform
ed on it the vein broadened out to
feet at the time work was discontin-
ued, and Is mineralized throughout
being filled with lead carbonates ant
quartz About two feet seems to be
more in place than the rest of the
vein and carries better values. The
vein is well defined and the grount
breaks more easily in this than in th'
other vein so that we hope better pro
gress can be made on it. Mr.. Dunno
the manager, Is quite confident tha
this vein as exposed Is the main veil
on the Majestic property and that th'
other vein in the 211-foot crosscu
was feeder to this vein.
"For the small amount of worl
performed on this new showing a
this time. the geological indication
now are very promising that we viii
make a mine and the management /
very anxious to see further develop
ment work performed at this point a
the earliest possible date"
| Ground All Patented.
The Majestic Mining company own
1S patented claims about a mile an
a half northeast of Burke. stron
vein has been definitely located on tn
surface and a shaft some 20 feet dee
shows good values in lead and silve
The showing described above indi
Gates that the vein has been cut at
depth of several hundred feet belo'
The shaft and the outlook for enter
ing an ore shoot at an early dat
seems very promising.