The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1919-10-18

ion at these mines the quartzite was
exposed and the ore vas mined
from the surface in the assures
down to great depths.
At the Prince mine where the
;quartzite has 1850 feet of lime and
shales everything, the assures were
| evidently much stronger, as they
broke through to the surface and
made channels through which the
solutions assembled and formed the
large beds of ore. These assures in
the underlying quartzite give every
promise of becoming an important
ore producing section of your prop
erty.
In order that you III have a
better understanding of this work,
a statement of geolofic conditions is
necessary, and the accompanying
section is furnished to show the po-
sition of the beds of ore, assures
and location of water levels as
proved by development. and the
lower ore bodies as demonstrated
by diamond drilling.
The Prince mine is a typical ex-
ample of replacement ore bodies,
the result of ascending Undertaking
solutions through the assures, and
large and extensive bedded ore de-
posts were formed wherever these
solutions came in contact with rocks
favorable for the precipitation OF
their values. /,
Since the enrichment of the
Prince lower ore beds was from
the same source as those above
water level, it is possible they will
prove to be fully as extensive. and
in this connection it is well to bear
in mind that the upper beds have
produced tt date 659,853 tons OF
ore.
The conclusion seems to be amply
Justified, from all the facts at hand,
that the Prince ore bodies below
water level, containing a much bet
ter quality of ore, should yield net
profits many times greater than
anything heretofore produced from
your property.
While this development work is
being carried On regular ore ship
ments to the shelters, under con
tract, will be maintained and it is
expected that the profits arising
therefrom will be sufficient to cover
the entire cost of the present un-
dertaking.
1t became necessary in July. 1918,
owing to the failure of the Mer-
chants Bank, to borrow money to
complete the purchase of new prop
erty. and for mine improvements
sinking to the 400-foot level. These
obligations were paid and the work
completed July 81, 1919; the fol
lowing brief statement of the re,
suits of operation during that per-
iod will show the present financial
condition of your company.
The figures given herein should
not be taken as an operating state
ment, simply a condensed memoran-
dunn of the actual amount of cash
coming into the hands of the com
pany during the period mentioned,
showing the source of the receipts
and indicating the disposition that
was made of that cash.
During that period the operating
receipts we're ~$8S,972.G3; miscel-
laneous receipts from transactions
before, and cash on hand at the be-
ginning of that period, $1S,904.6o;
in all, $107,S77.23. We paid for
the Davidson claim. 100000; for
liquidation of bills payable. $500;
old. accounts payable, $13,S24.7S;
miscellaneous supplies. $~2,074.5S.
and for contemporaneous develop
ment and improvements. $22,972.95,
in all, $106 .372.31, making a cash
gain of $1.5O4.92. Our quick liquid
assets, after depreciating the
Lamount on deposit in the Merchants
Bank to the amount we will likely
receive in dividends are, as of this