Show ontario antar 0 silver sol i ver s annual report the annual report of the ontario silver mining company of park city utah for the year 1919 was sent out during the month the report shows that operating profits for the year amounted to and that general expenses including a dividend of totaled the financial statement is summarized as follows RECEIPTS cash and bonds on hand jan 1 1919 ore sales rents and royalties interest and dividends miscellaneous receipts total disbursements mine labor and salaries supplies and powder general expense taxes and insurance no 2 tunnel expense dividend no assessment new quincy mining alining company total cash in bank bills receivable stocks and bonds as follows new york city as chicago milwaukee st paul general mortgage 41 as As 53 chicago milwaukee st paul convertible as so southern pacific convertible as consolidated gas company convertible 7 per cent baltimore Dalt imore ohio general mortgage as liberty and victory bonds W 1000 shares copper company total cash assets january 11 1 1920 total tal miscellaneous sevenths interest weber coal company torn one third interest Nail Nall driver mining ining Nr company pan y one third interest silver lake water company qu seventy five thousand shares of new mining company stock general managers report general manager ernest Bam bergers rew to stockholders is as follows your attention is called to the fact that the he stocks and bonds listed in the financial cement are carried above the present value lue A dividend of was paid ld during dg the year out of the profits ruing froni from the operations of the erty forY or the during t the he year 1918 the operations PG prop lo 10 year 1919 sow showed a loss due to the grade of the ore higher costs of minand and SI sr to nelter estment treatment eat ment charges freight etc the 1 ins I tz the he interruption eption up tion of operations dur labor strike Eten extensive live the development is planned but ath general labor shortage aee is seriously af our I 1 lo 10 after fter operations opening of the avels has la Is belie proved profitable and it ved atoll of that the tae reopening and exten its e the 2 foot level will show re 1 ally as favorable arable or able the report of details alls anyon t general superintendent gives interest berest ue rest the men in charge of our various operations deserve commendation for their zealous loyalty under trying conditions superintendents report during the year exploration work according to the report of superintendent N A dunyon consisted of 2866 feet of drifting feet of raising and feet of sinking this development has resulted in the opening up of several bodies of ore the most important of which is the no 8 raise on the 1700 foot level which encountered a good body of ore forty feet above the 1700 foot level A raise was put up through this ore and it was found to continue to the 1500 foot level however there were places in this raise where the grade of the ore had materially decreased this ore body should be productive during the coming year it is the intention at the present time to start another raise some feet east of this no 8 raise with the hope of cutting this ore shoot at this place since the last report an incline has been sunk from the 1700 foot level to the 1800 foot le a point approximately 1200 feet west of the main shaft at the bottom of this incline drifts have been run both east and west and toward the end of the year a good body of ore was encountered at a point feet east of the bottom of the incline which has been fallowes fallowed fall faIl owed some distance easterly while the ore here does not seem to make in large bodies it is of a good grade and seems to be going down the west drift is being run to get under the large body of ore encountered on the 1700 and 1600 foot levels on the 1700 foot level a raise no 19 9 was put up 1900 feet west of the shaft which has developed a very large body of low grade ore and it is hoped that this westerly drift on the 1800 foot level will catch the downward extension of the above with the further hope that the ore in question will be of better grade development on the 1800 foot level has been most encouraging and it has tended to prove that the values at this depth do not diminish on the 1600 and 1700 levels raise no 19 as above referred to shows a large area of but the grade is such that it is not profitable to ship testing for milling plant several tests have been made on the ore and efforts are now being made to develop a method of milling considerable study is being given to this question as the quantity justifies every effort to develop some means of treating this large amount of low grade ore due to the encouraging development work during the year on these lower levels it is recommended that the 2000 foot level of the property be opened up and that drifts be run easterly and westerly to try to pick up the lower extension of the ore bodies developed during the past year this will necessitate a considerable amount of new equipment and a considerable outlay of money but I 1 feel that our present showings warrant this work the work of the past year has largely been done below the 1500 foot level which is the main drainage tunnel of the property necessitating the pumping and handling of a large amount of water it must be realized of course that this is an expensive operation but it is gratifying that the results obtained in opening up these lower levels has more than ju justified stifled the expenditure made on the 1300 foot level the old workings east of no 3 shaft are being reopened for the purpose of developing the country east of what is known as the great fault with the hope of finding the extension of the ontario fissure on the east side of this fault 0 operations pe rations of leasers leaders Lea sers certain portions of the upper workings which were worked years ago by the former management have been operated under lease these leasing operations have proved very profitable to the company due to the fact that the lessees lessels are able to operate profitably under conditions which would be prohibitive to the company the company itself has done considerable work in the upper levels with satisfactory results fillings out of old are being drawn as it is now possible to market them on account of the high price of silver the companas comp anys work in the upper levels shows on the union tunnel level the development of a small seam of very high grade ore and though this ore is not extensive on account of its grade it can be worked very profitably in conclusion it is recommended that active development work be carried on devoting the greatest attention to the lower levels and the opening up of the 2000 foot level while this will entail considerable expense in equipment and operations it is felt that the results which were shown by the opening up of the 1600 1700 and 1800 foot levels in previous years more than justifies this work 0 |