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Show REPORT GIVEN BY 1EJMSP1TII Listing" of Issue on New York Exchange Has Been Arranged. TWO MILLIONS IN CASH Company Well Provided With Funds for Putting in Big Concentrator. President William B. Thompson of tho Inspiration Consolidated, in connection with the listing of $20,000,000 stock on the New York Stock exchange, says of the property: Tlie committee on stock, list of Ihe :New York Stock exchange has admitted to the list $20,000,000 Inspiration Consolidated Consoli-dated stock. Stock to the amount of $14,452,160 is admitted to list at once with authority to add ?4.S00,0(K of stock on official notice, of Issuance In exchange for outstanding convertible bonds and $747,840 of stock on official notice of Issuance Is-suance and payment In full or on official offi-cial notice of issuance in oxchange for outstanding stock of tlie Inspiration Copper Cop-per company, making the total amount authorized to be listed $20,000,000. The company's balance sheet submitted sub-mitted to the stock exhange, as of March 31, 1912, follows: Assets. Accounts payable Mines and mining claims, bldgs.. mach., etc J14.019.S20. Sundry debtors .? 37,877 Accounts receivable 2nd instal. of company's compa-ny's 1.0-yr. 6 per ct. bonds, duo Sept 1, 1912 1,447,119 3rd Instal. to company's compa-ny's 10-yr. 6 per ct. bonds, due March 1, 1913 1,44)2,362 4th InstaJ. to company's compa-ny's 10-yr. 6 per ct. bonds, due Sept. 1, 1913 ! 1.SST.806 4.244.064 Supplies and merchandise on hand , Cash in banks 3.1p8,606 Total $20,437,311 liabilities. Capital stock Authorised issue l.oOO.OoO shrs. par value $20 $30,000,000 Less. res. for bds. r.onv. 240.000 shrs.S 4.500,000 Less In treas. unissued 537.392 shares ... 10.747.S40 15,547.840 Total issued 722.60S shares. . .$14,452,160 10-vr. conv. bonds due March llj22 $ G.OOO.OOO Sundry creditors ? 30,400 Payroll labor 14,653 Unclaimed wases ... 6K 4d,161 Total $20,497,311 AU bonds have hecn subscribed for. The greater part of the exposed Schist area, shows only meager mineralization, but near the Inspiration and Miami mines there is a belt in which the Schist lias ben highly sillclfled and mineralized. This belt Is about two miles long In an east and west direction, and from 1000 to 2500 feet wide in a north and south direction. Tn this mineral belt, ihe structure struc-ture and composition of the Schist has been so altered that the rock now consists con-sists principally of quartz, and itu original orig-inal character is frequently recognized only with difficulty. Mineralization Given. Tho mineralization consists of a, uniform uni-form dissemination of copper minerals through the mass of the sllicified rock, and of small seams and vcinlets running run-ning In all directions. . The genesis of tho ore deposit Is similar simi-lar to that of the disseminated copper deposits of Bingham (T'tah), Ely (Nevada) (Ne-vada) and Ray (Arizona). The surface is much stained by iron and tlie rock shows small cavities or vugs which were formerly filled with sulphide sul-phide minerals. For a depth varying from 50 to S00 feet, and averaging 351 feet for the Inspiration section, and 435 feet for the Live Oak section, the sulphides sul-phides have been oxidized and leached out. This oxidized zone is known as capping. cap-ping. The copper was ro-deposlted at a lower horizon in tlie form of chalcocitc, producing an enriched zone which forms the commercial ore body. This zone averages av-erages 112 feet in thickness for the Inspiration In-spiration section, and 114 feet in thlck-nesB thlck-nesB for the Live Oa"k section, and is underlain by the primary ore zone, carrying car-rying copper in the form of cupriferous pyritc. Over forty thousand feet or approximately approxi-mately seven and one-half miles of underground un-derground development work 1ih3 been driven on tho property, divided as follows. Shafts 3,220 fcot Raises . . 4,037 feet Drifts and tunnels .....2,76l feet This work has exposed the main Inspiration In-spiration ore body for a length of 3500 feet and tho maximum width of 1600 feet. The Inspiration transportation tunnel has a length of 2075 foet and laterals from this tunnel intersect the Joe Bush shafl at a 'depth of 270 feot, the Scorpion shaft at a depth of 265 feet, and tlie Colorado Rhaft at a depth of 43 feet. The main tramming level for the extraction of the ore will bo driven approximately 220 feet helow the transportation tunnel level. The Joe Bush and Colorado shafts have already been sunk to below this level. Tjyo shafts have been sunk In tiie Live Oak Bectlon of the property, 142 feet and 928 feot deep, respectively, and drifts have been driven from these shafts. Chum drill holes have been located regularly reg-ularly at tlie corners of squares, with sides .200 feet long. 226 holes have been drilled, hiivlng a total rootage of 120.S31 feet, and an average depth of 535 feet-Roads feet-Roads aggregating over miles in length hav'o been built for the churn drill operations. opera-tions. Developed Resources. The ore reserves have been divided into in-to two classes, namely: Developed and partially developed. All developed ore Is bounded either by drill holes or underground under-ground workings, not In excess of 200 feet apart. In areas not yet completely drilled, the ore has been classed as partially par-tially developed. In blooits where drll' holes and underground development o;;-Istcd o;;-Istcd values have been averaged In proportion pro-portion to tlie lengths sampled. No block of ore averaging less than 1.50 per cent copper has been Included In the estimate. The accuracy of the ohurn drill sampling samp-ling has been checked by drl Ing 625 feet of raises alongside of the drill holes, and by the general undergiound development work. At different times, drifts and croHS-cuts, aggregating 21590 feet In length, have been resampled. confirming the accuracy ac-curacy of the underground sampling. The assaying of the samples Is being continually contin-ually chocked by sending composite samples sam-ples to Independent assaycrs. The ore reserves of the Inspiration Consolidated arc estimated to he as follows: fol-lows: Touh. Av.p.c.con Developed i 42,050,000 2.01 Partially developed .. 2,950,000 1,85 Grand total 45,000.000 2.00 Extension of the Live Oak or bodv to the Houtliwest and extensions of the" Inspiration In-spiration ore hody may be expected to ultimately add considerable to the ore re-sei-vcs, but theso possibilities have not been Included In the present estimate. The total area developed and partbillv developed is 1)8.1 arros, and the avetaci number f tons of ore per acre Is 158.700 tons. |
