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Show COBALT CAMP MARCHES STEADILY TO SUCCESS Trlppe & Co.. of Now York, have Issued a statement regarding the NIplssing mines, In which Is considerable Interesting Interest-ing data of the Cobalt section. In part this statement Is as follows: The NIplssing was practically the first property to "start regular shipments from tho Cobalt district, and from 1904 10 August Au-gust 1. 1908, has produced G, 757.971 ounces of sliver, yielding gross smeller returns of S3.730.17G. In addition to this, there has been produced 497,927 pounds of co-bnlt. co-bnlt. Prior to tho forming of the Nipisslng Mines company In April. 1906, $400,000 was paid in dividends to the original owners. Since tho organization of the present company, at which. time the stock of the NIplssing Mining company, or tho operating company, was taken over by tho NIplssing Mines company, $1,860,000 has been paid In dividends, making the total net disbursements to owners to date of $2,2G0.000. For the past two years there has been paid regular dividends at the rate of 12 per cent annually, and In addition two extra dividends of 2 per cent each. The operating company has on hand at this date approximately $850.-000, $850.-000, which Includes cash In bank, silver bullion on hand, ores at smelter, in transit tran-sit and at the mine ready for shipment. The management now estimates $1,017,-000 $1,017,-000 In developed ore. Scarcely four years have elapsed slnco the world was astounded at tho fabulously fabu-lously rich veins of silver discovered In tho Cobalt district. 300 mlle3 north of Toronto, Canada. To a person who has not visited Cobalt since the early days a different aspect presents Itself. Forests For-ests have been cleared, and here and there shaft houses have risen, marking tho' places of the former open cuts and the passing of the windlass. Central power plants have supplanted the small boilers and efficiency of operation Is being be-ing considered, mills are treating the low-grade low-grade ores and the shipping of concentrates concen-trates has begun. It Is safe to say that within this silver area of two and one-half one-half by four miles, more than fifty shafts havo attained a depth of over 100 feet, several 200 feet and two over 300 feet, the latter both encountering rich silver ore at this depth. No longer is the silver sil-ver extracted as soon as exposed, but tho oro is systematically blocked out and there is today more oro developed lu Cobalt Co-balt than at any time In the history of the camp. Slnco Its Inception and to January l.i 190S. Cobalt has produced ?U, 672. 250 worth" of silver and Is today capable of supplying all the world's requirement of cobalt. It Is expected that the output of the district will yield between $7,000,000 nnd $8,000,000 In silver and cobalt this year. Jn 1907 the Cobalt camp alono produced pro-duced mo;c than 7 per cent of tho total silver production of North America, and It Is expected that It will exceed 19 pet-cent pet-cent in 190S. The Cobalt district, unlike tho mountain regions in which most of the precious metal mines havo been found, Is a low rolling country covered with several feet of moss and decayed vegetable matter, abounding in lakes, rivers and numerous swamps. This ha3 made prospecting extremely difficult and rather slow, as all surfaco work had to bo done by trenching. Onco tho debris la removed, tho veins are easily found and almost Invariably when an ore shoot is located, rich sliver is encountered at the 'surface. The NIplssing company hns done miles of trenching during the past few years, but tho greater portion of Its territory Is still unprospectcd. Even In tho partially par-tially trenched area rich veins are still being encountered. The new Kendall vein, discovered among the camp houses, may be cited as an example of this, for this vein was no.t found until three years after prospecting had begun. It may be stated that this summer 120 men aro engaged In this prospoctlng work alone, with tho result that several new veins havo been found already and no doubt others will be discovered before snow falls. During the first two years at the mine, most of the work was done as In other parts of the Cobalt district, by open trench mining. Progressive development de-velopment work by shafts and tunnels was started two years ago, which lias resulted in tho opening up of good sliver sli-ver values for a considerable depth In several veins. Over 100 veins, not all silver bearing, havo been, discovered to date. Tho encountering in thu past month of a four-Inch vein of COOO-ounco ore on tho 105-foot level of Famous No. 49. below where the values were supposed to havo cut out, is probably one of the most Important Im-portant and far-reaching discoveries inado in the Cobalt camp, |
