| Show PRINCE CONS REPORT the prince consolidated mining smelting smelling Sm elting company operating at pioche nevada has issued its report for 1918 it shows tons of ore shipped with an income of profit and loss of 78 and cash in banks the assets are placed at which include the following items mine property tram road surface improvements bullionville Bulli onville mill notes receivable supplies and stock account the liabilities include capital stock 2 reserve for de depreciation notes payable mill fund liability and a surplus of A comparative report is given with the productions of 1917 1915 and 1916 in 1917 there were tons of ore shipped and the bofis aroa ro fis f q from operation were in 19 1916 1 16 ilg W tons of ore were shipped and profits totaled while in 1915 tons were shipped and profits amounted to no dividends were paid in 1918 but in 1917 they totaled in 1916 and in 1915 they amounted to I 1 the report of general manager M C godbe says in part the demand for our ore was greater in 1918 than in any year previous so in april it was decided to sink and equip the property with a new shaft and develop other ore bodies the shaft was put through to the surface approximately feet new hoisting equipment was installed other equipment moved to the new shaft buildings and trestle to the ore bins erected this work was slow and expensive greatly interfering with our regular ore extraction and added to the cost of the ore actually extracted the work is now completed and in satisfactory operation I 1 actual mill runs have shown that the results expected as determined by laboratory tests before the mill was built will not be attained but it can be profitably operated and such profits should repay the original investment and when all the material has been put through t chmill the tailings will be in one pit containing approximately tons they will be free from any foreign material and can be cheaply recovered for treatment by cyanide they should assay about 8 ounces in silver in gold and 3 per cent lead since the last report two more diamond drill holes no 3 and no 4 were put down from the sixth level these were intended to check results in holes nos I 1 and 2 which were approximately feet deep and also to continue to the underlying quartzite in hole no 3 at feet a bed of oxidized iron manganese ore 10 feet thick was passed through assaying 25 ounces in silver and in gold at feet a bed of ore 11 feet thick was found on the contact tact between the shale and underlying quartzite this was almost a clean zinc sulphide black jack and contained no le lead ad or silver this bed when opened up should produce ore assaying better than 30 per cent zinc hole no 4 was put down feet across the channel from hole no 3 and satisfactorily checked no 3 results president A H godbe says in his report regardless of unprecedented war conditions along with scarcity of labor and exorbitant prices for supplies much development work was carried on and large bodied bodley of ore of a much better grade than heretofore mined have been developed the continuity of the prince ore bodies for a distance of over feet farther to io the south has been proved and there is enough ore in the blocked out and partially developed to insure a steady output for many years to come to say nothing of that which is known to exist to the east and in other portions of the mine with reference to this development work your attention is called to the general managers report concerning the important disclosures made by the prospecting done in sinking diamond drill holes below the water level by which two beds of ore were found it is estimated that the ore from the first bed should yield a net profit of 15 per ton while that of the lower bed being an exceptionally tio nally good quality of zinc free from iron pyrites lime or other impurities should yield a profit of approximately 20 per ton the geological section showing the position of these beds relative to the ore bodies above water level together with the letter from dr frederick J pack of the department of geology university of utah will not be without interest the davidson claim on which ore bodies were known to exist has been owned three fourths by your company and one fourth by outside interests an option of the one fourth interest was taken in february i u 1918 for six months the purchase price being As profits from ore shipped from the davidson claim during the life of this option were to be shared in proportion to the ownership of the claim it was our desire to determine as quickly as possible the value of the claim development work was carried on extensively for five months and with gratifying results in july the purchase was completed and was paid the litigation with adjoining mining company has been settled agreement was entered into by both sides defining ore bodies by vertical lines thereby preventing all possible future litigation A profitable contract was obtained from the virginia louise company to transport their ore from the mine to pioche over the prince your company is in a far better position today with regard to new and better grade of ore developed economical mining with larger prospective profits indicated from high grade ore found at depth than at any time imeln in its history it is expected that circumstances will favor faaoi an ea early aly resumption of shaft sinking to these promising resources below the water level |
