The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-09-11
REPORT OF NATIONAL
IS NOT ENCOURAGING
Directors Say Fur
ther Work not
Justified
HAVE NO FIXED PLANS
Company Has Over $4,000
in Treasury and Other
Cash Resources
HAVE NO FIXED PLANS


the period from November, 1917
to July 3d. 1919, was this week
mailed to stockholders. The report
consists of letter from Charles Nc
Kinnis, secretary treasurer and man
ager, addressed to August Paulsen
president, in which the operations OF
the company are reviewed with COM
mendable candor but which fails to
convey any encouragement to the
stockholders with respect to the fu-
ture of the NINE The letter from Mr..
McKinnis is followed by one from
the directors transmitting the report
of the manager and financial state
ment to the stockholders. This letter
is signed by August Paulsen, presi-
dent; A. p. McRae, vice president;
Charles McKinnis, secretary treasurer,
and James F. Mccarthy, director.
This is followed by production, op-
Grating and financial statement,
which covers all ESSENTIAL details in
an unusually lucid and intelligent form,
nomic data in connection with opera
tions. A full page picture of the mill
is also a feature of the report There
are many stockholders who will doubt
view taken by the directors, and who
will probably insist that further ex
ploratory work be undertaken by the
company before the surplus in the
treasury is absorbed by fixed expen-
ses in connection with maintaining
the property in idleness. These will
probable be heard from after the
stockholders have had time to analyze
the report, and in the mean
time conditions will probably
be more favorable for under
taking mining development. The re-
port follows:
Report From Manager Mckinnis
Herewith is submitted a report OF
the. operations and financial transac-
tons since operations were last re-
sumed on our property.
'"The shaft was unwatered in March,
1917, and deepened from the 1900 to
the 1900 level. Stations cut and drifts
run on the 14O0 and 1900 levels. The
mill repaired at a cost Of about $500,
and milling commenced in November
Of that year.
Slopes were opened on 1900 level
100 feet long; 400 level 80 feet long;
1900 level two slopes with a combined
length of 22O feet; 500 level two slopes
227 feet long.
"A winze was sunk from the 1900 to
1900 and 227 feet of development done
One raise was driven through the 1900
and two part way No ore of CONNER
cial grade was encountered below the
1900 level, as the Snow Storm fault
ends the National vein short dis
tance below this horizon.
'sThe 1900 stope was carried through
to the 1400 level where 1t became too
narrow and low grade to mine. The
1400 stope started in fair ore but in
short distance developed large barren
and leached zones. A raise was
driven through to the 1900 and this
stope abandoned. The 1900 stope con-
tanned large punches Of good ore in
termixed with barren, leached zones.
The good ore was mined up as close
to the tunnel level as was practical.
The 500 above the tunnel was about
the same as the 1900 stope with less
barren and leached zones and con-
tanned higher values. This, shoot
must be cut off before the 500 level
where several hundred feet Of devel-
opment work failed to locate pay ore.
I'VE began operations with 1870,
and assessments 16 and II produced
$4,000 This was all expended before
milling was commenced and 1t was
necessary to borrow money to oper-
ate on. There is now in the treasury,
as per detailed statement attached,
$51,205.73. As shown by inclosed re-
port, 105,129 tons Of ore were milled
having copper content Of LOS per
cent and 1927 ounces silver; producing
1891 tons concentrates with a net
smelter value of $500 per ton. The
mill extracted "A per cent Of the silver
and SO per cent of the copper, milling
III to 1.
%Since starting the above work 1920
feet of drifting and prosecuting and
42O feet Of shaft work has ben done.
The ore developed running IS to q per
cent copper and 1 to 2 ounces silver,