The Western news. [volume] (Libby, Mont.) 1933-current, 1935-10-03
Glacier Mine Would
Make Stock Assessable

An attempt will be made at the an
nual meeting of the Glacier Silver Lead
Mining company. to be held October
IA, to change the company from a
on-assessable to an assessable basis.
The comapny has bonded and float
ing Indebtedness of s2a, 1882 This is
past due except that an extension of
time until November 10 has been OBJ
| tanned on 40 per cent of the bonds.
Taxes amounting to $4,000 are also de-
| linquent and letter to the stock
holders says that If the taxes are riot
satisfied before December next, title
to your company's property will be
lost"
Consent to change the company's
stock to an assessable basis must be OBJ
tanned from the owners Of rs per cent
of the stock. If this consent is OBJ
tanned, the directors say "it would
permit immediate levying Of a small
assessment to partially liquidate our
most pressing obligations and give us
time to complete further financing"
Another letter to the stockholders
says, in part:
Your directors are now able to ad-
wise you of the conclusions concerning
it, arrived at by two distinguished New
York mining engineers uninfluenced by
local preiudices or interest.
Harlan II, Bradt, under date of
June S, summarizes his conclusions as
follows. You have Nancy advantageous
conditions to exploit, such as (a) a
developed mine, (b) a flotation plant
(c) hydro-electric power plant and
(d) cheap and fairly efficient labor and
favorable natural conditions.
He bases these conclusions on the
following reasons, among others, THE
faulting scheme appears to have been
solved. The mining operations con-
Quoted by Mr.. Lee appear to have been
in a leaner area than is indicated either
to the north or south of the slopes
worked by him. naturalization to The
south Of these slopes worked by him
seems to be dominantly silver, 10 The
north dominantly gold Lees mining
and milling operating costs were ex-
ceptionally low under $500 per ton.
His metallic recoveries in the mill are
also very low, averaging around so
per cent These recoveries should be
increased by at least one-third The
results Of sampling by Mr. Newton in
dicate better grade of ore can be
mined if skilful mining is controlled
by consistent sampling and assaying."
Mr.. Bradt therefore recommends:
THAT you proceed with mining and
milling operations at the property,
which can be resumed at comparatively
small expense, that YOU engage as
manager an experienced engineer who
Ills versed both in economic mining
methods and flotation plant practice and
that you supply such engineer with
the assistance Of a business man who
will look after disbursements and the
general business conduct Of the COM
pany.'
Edmond Newton made an exhaustive
examination of the mine last April mis-
report being based on the result Of 80
average samples taken over all ex-
posed workings in the mine. These
samples averaged 029363 gold, 8.15
ounces OF SHVers and 45o9b per cent
lead per ton. Later these results were
checked by the taking Of 81 additional
samples.
Mr. Newton saws, in his report.
There is direct evidence that the areas
stopped in the Lee period were be-
| tween a possible richer lead-silver
ore shoot to the south, and a richer
gold shoot to the north The north
ern hypothetical gold shoot area seems
most attractive. A relative few
thousand dollars intelligentlv expended
should indicate these possibilities.