The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-04-10
REPORT OF INTERSTATE.
CALLAHAN
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pile which had been accumulated at
the mill. However, this concession
did not satisfy the metal company,
which later insisted upon further al
lowances. Realizing that we could
not afford, in the interest Of our
stockholders, to make any further
concessions, the controversy over the
ore contract was finally compromised
and adjusted by this company can
ceiling the ore contract in considera-
ton of the metal company turning
back to it all the stock of this COM
pany owned by the metal company,
which amounted to 145,097 shares of
the aggregate par value Of $1,450,970.
This settlement was thoroughly ex-
planned to the stockholders in our cir
oular letter Of october 2, 1918 and al
SO in the report for the third quarter
OF 1913. Suffice it to say that by this
settlement this company has reduced
it's outstanding capital stock to 319,-
purchased outright 1850 shares of its
stock owned by individuals connected
with the metal company, at a cost Of
80 per share. This company now
stands absolutely divorced from any
afiiliation with the American Metal
Company, Limited
Ore Contracts.
HSince the cancellation of the con-
tract above referred to, this company
has closed a contract with the Gras-
selli Chemical company, of Cleveland,
Ohio, which provides market for its
zinc output until July l, 1919
AT the close of the year covered by
this report the company was shipping
greater tonnage of leadsilver ore
than ever before In its history, and all
indications point to continual in
crease in this product Under a five
year contract made in 1915, our lead
silver ore Is going to the Ohio & Col
orado Smelling and Refining COM
pany, at Salida, Colo.
Underground Development.
During the period covered by this
report the three compartment shaft
was sunk to the No. 8 level, and de-
Velopment work was carried on at this
depth, which added considerably to
the ore resources of the mine, and
proved that the lower levels still
maintain their splendid quality of
high grade zinc sulphide ores,
"As stated in the accompanying re-
port of the mine manager, the crosscut
run from the lower levels of the In
terstate across the Silver State prop
erty and into the Nipsic, opened up a
new lead-silver ore body of good
promise on the lower levels Of the
company's Nipsic claims. Develop.
ment work will be continued on this
lead-silver vein during the coming
year.
General.
1.-THE mine is in splendid condition
for future heavy shipments, The orr
reserves in the property and in thu
stock pile are equivalent to abou
three years ore supply at the presen
rate of shipment. The mill has beer
brought to high point of efficienc!
in the separation of the lead and zin'
ores, and with normal conditions tn,
Interstate Callahan should again IL
the very near future take it's plac
among the regular dividend payers o
the Occur d'Alene district, and con
tinue to be the principal source Of zin
ore shipments in the state of Idaho"
Managers Report.
Manager Newton reports the shat
having been sunk 10 feet during thu
year, giving it a total depth of llO'
feet below the main working tunnel
He describes in detail the develop
ment accomplished on the various
levels of the Interstate vein, beginning
with No. and ending with No. 8, tn,
lowest working level, all of which ha'
resulted in largely increasing tn!
available ore reserves, OF the Gala
han vein he says:
''No further development work ha'
been done on the Callahan vein, will
the exception of a raise that is beins
started on the vein from the No.
level This raise will be continued
through on the shoot of ore that II
now being stopped on No. level, Flu
ture development work on this veir
will be done below the No. level t
prove the downward continuation o
this vein, as development work on tn,
Interstate vein has given us ever.
reason to believe that the callahan
and Interstate veins do not merge oil
the dip. The ore that is now being
mined in the Callahan above the No
level is a good character of zinc
with an average lead content"
Total amount of development worl
during the year, $3.50 feet; cuttins
station and skip chutes, 1000 cubi,
feet
Ore Reserves.
Mr.. Newton makes the following
estimate:
"An estimate of our ore reserves
made on January l, 1919, showed
total Of approximately $4,000 tons
This total tonnage represents block
of ore that would show the average
grade of ore that is being mined a
the nresent time Besides this, Their