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Show I GUFET IIS El I Salt Lake and San Francisco Talent Take Over Black H Hole Property. . ALSO GOLDEN BELL AND OTHER PROPERTY I Neiv Company of Strong Men Will Start With. Two Splen-H Splen-H did Mines. 1 An organization to be formed nn- H der the laws of the state of Xevada is in process of formation by Salt . H Lake and San Francisco mining men H , and capitalists which will' be Imown as H the CHafey Mines company. Tho capi- H talization will be ciJ .000,000, divided H . into 1,000,000 shares of stock, par v'al- uo SI each. Out of this. 200,000 shares H will be retained for the treasury, There H will be 50.000 shares of this treasury H stock placed locally, and it will bo is-j is-j sued under the guaranty system, by HI ; which tho purchaser oveutually will bo j able to secure his purchase price back in case ho so desiros. H This organization has taken over the H famous Black Hole mine of tho Chafe district, one of tho greatest discoveries H of 190S in Nevada mininp. and pro-H pro-H jj nounced by innumerable Salt Lake vis-Hj vis-Hj in itors to bo one of the good gold mines H I of the state. This property was owned H I by tho Chafcy-Sims company, an or-H or-H I ganization also owning the Golden Bell j property, which comes into the now or-Hj or-Hj ganization. In addition to Mieso twd H mines-, there are two other groups of HJ 1 Chafey propert included among the HJ assets of the Chafey Mines company. HI The Black Hole mine has produced HI in the neighborhood of $200,000. and H is in shape at present to whip out an Hi average of $1000 worth of gold bullion HI a day. The mine' has been developed Hj by means of a shaft to tho 150 -foot Hj level and by a -ISO-foot tunnel. On H the fifty-foot level from the shaft, there HJ has been a total of 335 feet of work HJ done, and 200 feet of work luis been HL driven on the 100-foot level, all in 6re. Hi The ore. occurs in a contact vein, rang-Hh rang-Hh ing from four to twelve feet in width, HB the values of which, as shown by the HK mill assav sheets for a long period past. HB average "better than $30 por ton. The Hb mine is equipped with a 100-horsepowc-r HM boiler, a forty-horsepower steam hoist, HB a two-drill compressor and all the build-Hl build-Hl ings essential for mining purposes. Hn Owned by the company is the forty; Hj ton mill, and it is within the scope of Hf present, plans to install another mill 1 with twenty stamps, a tramway from the mine to the mill sites and a power Hl plant. Hl The Golden Bell properlv has been Hl opened by leasers. .A tunucl has been HH driven for 600 feet into the hill, the HJ last 360 feet being on the same vein Ht developed in the Black Hole mine. A H crosscut tunnel has also been driven. H and drifts run both. ways. on tho ore HI for a distance aggregating 300 feet. HM Three shafts have 'been sunk, all being H in ore. One shaft is down 200 feet, the HI second 1G0 feet, and tho third eighty Hftfl feet. Across the two properties the HH Black Hole ore has been developed on HH the surface for 2300 feet, and that the HH vein does extend to depth has bcn HH demonstrated beyond all doubt. The HH other two group's owned by the com- HH pany have not been treated to a very HH extensive amount of development work, HH but the surface showings arc described HH as being all that could be desired. There have been only (wo officials HH agreed on up to date, these being . S. HH Chafey, tho discoverer of the district, HH who will serve in the capacity of presi- HH dent, and Harry Oatter. who will be HH secretary. It is not often that a now HH organization is launched with two HH well-developed mines among its assets, HH and the Salt Lakers interested are be- HH ing congratulated over their success in HH rounding out this deal. Chafey as a HH camp has been one of the main tea- HH tures of Xevada mining since last June, HH and the camp has been extremely well HH patronized by Utah capital. It was the HH Black Hole mine which made the camp HH possible, and there arc few mrncs in HH the country which can show a net pro- HH duction of $2003000 before the expira- HH tion of three-quarters of a year from HH .discovery, and then leave a full year's HH supply of ore blocked out in tbe' inine. HH Arrangements have been made to list HH the Chnrey mines stock in San Fran- HU Cisco and Salt Lake City, while it will HH be deajt in on the New 'York curb. |