Show ALASKA GOLDS FIRST ANNUAL 4 statement of famous low grade gold mine MI received with interest e A 0 the first annual report of the alasta gold mines company operating on last gast au channel alaska is of much interest 1 10 cally it is stated that active mining and aija milling operations should begin before m 1915 charles hayden president says in his re marks to stockholders the company was organized in august 1912 with authorized capital of shares par 10 of these shares there were issued and outstanding on dec 31 1912 auly paid shares and subscript sub subscript scrip tion receipts for shares on which 5 per share had been paid the fully paid shares issued and those for which subscription receipts were outstanding depre represented dented a total of shares leaving shares there are outstanding at the date ot this report fully paid shares and the subscription receipts as above stated representing a total of shares and leaving shares which may be issued from time to time in connection with the acquisition of additional outstanding bonds and stock of the alaska gastineau mining company your company owns bonds of alaska gastineau company of total issue of and also owns par value of stock of said company of total issue of upon the organization it was estimated that would be required for equipment of properties of alaska gastineau company and that amount of money was provided for there was paid to treasury of alaska gastineau and a little less than one half of the latter sum remained unexpended at the close of the year when balance of 5 per share is paid july 1 1913 on subscription receipts for stock of your company there will he be in the treasury of your company plus interest earned this latter sum will be loaned in accordance with original plan to alaska gastineau for development and equipment purposes vice president jackling says during D 1912 the alexander level was extended to a total length along the vein veil of about 2501 2500 of 0 intervals feet crosscuts cross cuts being driven at writ 19 about feet at the time of this report may 1 this level has a length len of over feet nearly all of the extell ex for the last year having b been een to the east and ore bodies of normal size charac cna dis disend eOd ter and grade having been ore or de of throughout although the grade 5 by the more recent exten extensions extension ext ensio rather higher than normal j f i aront the working shaft alrea already ay existing the su i to the alexander or main level is being enlarged and it is also being sunk from the alexander level to the level of the sheep creek tunnel feet below this main level is still being extended in both directions and raises are being driven at suitable intervals from the main level to the surface the sheep C reek tunnel which will serve as the main outlet of the mine for the delivery of ores to the mill at tidewater was started late in 1912 and is advancing at a rate of about feet per month which will complete it to the point of connection with the perseverance shaft and workings early in the year 1914 at the date of this report the sheep creek tunnel has reached a total length of approximately feet or over one third of the total distance to be driven power and compressor plants necessary for development have been provided at both the sheep creek and perseverance sections last year over tons of ore were broken in the of the perseverance vein and tons were milled the total amount of ore mined milled and sampled from the perseverance vein since it was opened on the present main level has been about tons of this amount tons have been milled towards the end of the year 1912 the stamp mill which had just been closed down for winter was destroyed by fire its operation during the summer and autumn months resulted not only in a profit but gave from experimental work a large amount of data useful in the determination of designs and methods best suited for the new plant sufficient data is already available to permit final designs and progress with construction for those portions of the new plant which will require longest to build the work of the year 1912 fully substantiated in all respects the estimates and predictions of the engineers examining and reporting on the property both as to the size character and value of the ore bodies and the rate at which development could be executed in preparation for operation on a large scale designs for a ton concentrator are under way the site for this plant has been cleared and active construction work will begin during the summer of 1913 the narrow gauge railroad connecting the plant site with the entrance of the sheep creek tunnel a distance of about two miles is being relocated located re and during the year 1913 will be reconstructed and laid with heavier steel this railroad will be operated electrically tri cally the same equipment being used for underground haulage in the sheep creek tunnel all development and construction work planned has advanced at a rate that gives every assurance of beginning of active min illg and milling operations before dec 31 1914 and barring delays which cannot now be foreseen a portion of the new mill should be in operation prior to that date all the estimates of tonnage which have been referred to in this statement have been made in consideration of the so called perseverance vein only this vein has an average width so far as proven of about 70 feet and has been developed to a greater or less extent for a length of about three miles on the alaska gastineau and adjoining properties until lately the deepest workings on this vein were those at the level of the alexander tunnel about 1600 feet from the surface recent developments on neighboring claims have cut this vein at a depth ot of about 1000 feet below the alexander level and the values there are said to be fully as high as those of the alexander tunnel this disclosure in a measure bears out the predictions and reports made and published by the engineers of the united states geological survey some years ago to the effect that in all probability the veins in this belt extend to very great depths developments of the past few months in the perseverance section have confirmed the existence of another vein which is much larger than the perseverance vein and in a general way parallel to it A mill run of several hundred tons from this vein demonstrated an average value of about per ton this development taken in connection with the very satisfactory extensions of ore bearing zone in the perseverance vein afford positive assurances that the tonnage of the property as ultimately developed and worked will be very much greater than the highest estimates on which the capacity of the facilities and equipment now being installed were based it is probable therefore that by the time the mill now being constructed isfan is finished the development of ore reserves will warrant a much larger capacity than tons per day |