The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1919-08-16
and in one place IL feet of $500

This work was discontinued for
the time on account of more i'm
portant work to be done in develop
ing the main vein.
AS each level was opened up the
burden on the gasoline equipment
became greater and 1t was decided
in September. 1918. to install cleo
trio power. An electric power line
was strung from Tonopah to the
mine, a distance of approximately
5h miles. Three 5O-K. w. trans
formers, an electric hoist. one $500
and 1 1200-foot-compressor installed.
An assay office was built n
equipped. Camp facilities were in
creased to accommodate about 100
men and in general small equip
ment was installed to facilitate the
work at the mine and add TO the
comfort of the camp. AS soon as
the installation of the electric, power
had been completed, preparations
were made to start shipments of
ore, and on October 18th 1918,
shipments were started to the mill
ing plant of the Goldfield CONSOLE
dated Mines company. Shipments
to the Goldfield Consolidated Mines
company were continued until Janu-
airy, 1919, at which time the ore
was diverted to the milling plant of
the Tonopah MacNamara Mining
company and shipments have been
continuous TO that point up to the
present time.
From October 18th, 1918, to July
LIST. 1919. there has been shipped
1904 dry tons of ore of a gross
value of s24.SS per ton AS there
has been very little stopping in the
mine. most of. this ore came from
development work throughout the
mine. 1t represents a very fair
average of the ore the mine may be
expected to produce. The average
of all samples taken across full
widths OF the vein indicates average
width of the vein to me 21h feet
and the average value of the ore to
be $3.50 e ton.
The question will naturally arise
as to the probable tonnage the
mine may produce and the value of
the ore: to this question l would
reply that the mine has not been
sufficiently developed to measure
the ore reserves, but as a matter
of speculation, the openings now ex-
listing in the mine if taken to rep
resent the true average over q
width of 211 u feet a length of 400
feet and a depth of 500 feet would
produce $4,000 tons of ore and If
the value as indicated by sampling
is taken as $27.6O per ton the mine
could be expected to produce So
10000 gross from the present
workings. However. it is not from
the present workings that h full
value of the mine may be expected,
as the appearance and size of the
vein surely indicate that the ore
bodies will persist to great depth;
in addition to the portion of the
vein now developed a length of ap-
proximately 500 feet to the south
east and approximately $50 feet to
the northwest along the trend of the
vein before the boundary lines of
your property would be reached.
Also there are great possibilities
in the Gold Vein" and other known
veins on the property.
Report OF the Secretary-Treasurer.
At this date the issued stock OF
the company is ~1.010,S00 shares,
leaving unissued 239.200 shares out
|of a total authorized capital of l.
100000 shares.
The stockholders at their last
meeting moved forward the date OF
their annual meeting from June 9TH
to the first Wednesday in March
and the fiscal year of the company
was changed to coincide with the
calendar year, January 1st to De-
cember 31st. These changes were
made primarily to issue to the stock
holders an annual report. immedi-
ately after the stockholders meet
ing. based upon the preceding years
operations. also to have the reports
agree with those submitted to the
local and federal IA authorities.
For this reason the balance sheet
and production and expense state
ment transmitted herewith are for
the full calendar year, 1918, with a
supplementary report for the SIX
months ending June 80. 1919.
Balance Sheet, December 81, 1918