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Show REPORT OF CHIEF CON. IS ISSUED Surplus Increased by Close to Fourteen Thousand Dollars Dol-lars in Year. FUTURE VERY BRIGHT Elusive Bodies of Tintic Ore Being Opened by the Company. The annual report of th" Chief Consolidated Con-solidated Mining company has been Issued. Is-sued. In which President Walter Fitch goes into details regarding the year, supplemented sup-plemented iry an extensive report of mine, ! conditions bv Superintendent Cecil Fitch. The financial statement follows: Receipts. Jan. 1. 1911. balance on 1iaiid..$ I5.5H9.4 Dec. :M. 1911. ore sales 104.522.41 Replacement reserves ........ 10.78n.i9 Total $l'JU,S77.t".6 Disbursements. Eureka Citv .Mining Co $17,300.00 Mlnlncr claims S.21S.M New hoist and eoulpmoni .... 22.810.09 Total mining costs 90,592.90 Houghton office expense I.i2n.51 Total 5135.fi47.30 Ra lance on hand 22.230.3(5 Grand total 5h50.S77.tjij! Summary since organisation. February j fi. J903, ; Receipts. S.ilcs of 249.1 S3 shares of stock ' 522R.H0.00 Ore sales 312.S93.S1 Replacement reserves 12.396. -PJ Total 55D3.4j0.27 Disbursements. Little Chief company 5 32,071. 21 Kureka. City Mining Co 50.SOO.00 Mining claims 93.217.22 Buildings and equipment 95,314.45 Total mining expense 244.37K.38 Houghton expense i.437.l5 Total $331,219.91 13a lance on hand 22.230. 3G Grand total 5553.150.27 The capitalization of the company la 1,000.000 shares of stock, of which S7I.-3S4 S7I.-3S4 shares aro Issued and 12S.G1G shares still unissued. J Report of President. j After calling attention lo the fact that with the ore now In slg'iit It Is reasonable reason-able to expect a. substantial addition to the cash balance from month to month and that the company has no indebtedness, indebted-ness, President Walter Fitch says; "Referring to tho failure to win the returns anticipated In (ho last, annual report. re-port. II is well that the stockholders should know that in I'ne Tin tic. mining district there exists. In mining operations, opera-tions, greater uncertainties and difficulties diffi-culties and that the ore is more irregular irregu-lar In Its disposition than s generally tho case In other mining sections, but that as an offset, for these disadvantages the ores when found are of remarkable richness rich-ness and profit and can also be depended on for continuity, though I he- ore channels chan-nels may at times be found faulted or the mineralization diverted, aa sViown in our recent experience. "The mines of this district have nearly near-ly all yielded very large profits, and those that hae done 30 are not the exception hut Iho rule, ay their published pub-lished record of dividends will show. Taking Into account (hat the character of ore produced from your mine Is equally as good as that produced by Its neighbors and that Its occasional rich shipments have only exceptionally been surpassed by them. It is fair to assume that lis possibilities. In the way of profits, arc the equal of these other mines and that on account of its largor holdings of mining ground and (he consequently con-sequently greater opportunities thus presented, its earnings aro likely to be much larger than many of them. "The opening of this property has really re-ally been attended with less expense and delay than was the case with many others oth-ers in the district. There can be no doubt as to the ultimate success of the enterprise " Superintendent's Report. Superintendent Cecil Fitcli reports the total work done during the vear was 3300 feet, of which 2t3S2 feet were drifts, 519 feet raises and 99 feel winzes. The property produced 6703 ions of ore yielding yield-ing net after tho payment of smelting, transportation and sampling charges 5101.522.14. This ore contained 322 ounces gold, 265,332 ounces silver, and 707,512 pounds of lead. The average gross value per ton was 525,55 and net $15.59, averaging 0.04S ounces gold and 39.58! minces silver per ton, and 5 277 per cent lead. The net profit for the year, after the payment of all charges, was ?1 3.929.51. The superintendent's report then says: "Drifting was done on th ore zone both north and south on the 1100 level and similar work on the 1500 ami lUOO levels ami from these short crosscuts were ilrhen, raises put up and winzes sunk, at intervals, lo develop the ore channel and ore. The work proved, early In the. year, that a. faulting had occurred mi the south end of the workings work-ings which has evidently carried the ore to greater depth, and on the north end, of the ground previously sloped, a cross-break cross-break had diverted the mineralization. I.toth of these occurrences were developed devel-oped at about the same time and seriously seri-ously affected the production of ore and left us dependent, for the time being, on the lowr gi-adc ore remaining in the. stopes from which tho previous "product had been derived and such new leads as could be found, with the result that the production both as to quantity and quality qual-ity was very much Impaired. Much time and labor has been expended In the search for the extension of the ore in Its course in both directions. Prospect for 1912. "On the south It has been necessary to follow the "drag" ore downwards bv winzes: this has been difficult on account of necessity of continually changing the direction of these. This work has been carried down from the point of faulting to a short distance above the 1600 level. A small product of fairly good ore Is gained from this. As this work has continued con-tinued downward the ore has been gaining gain-ing In quantity and quality, so that ther Is the quite certain Indication that the point is lmliig approached where th ore will be found making to the south on It regular course. On the north the ore has recently been successfully picked up again, after long searching, and It is now being followed In the ground underlying the town of Kureka. where an excellent grade of ore Is being stoped. So far, on that end of the workings, no evidence of lateral faulting bus been observed, the. ground therefore In that direction gives good promise of uninterrupted work for the following year. A product is now belli" made which is yielding considerable con-siderable prollt and all Indications point, nt this time, to a much larger and better production for the ensuing year. "Considerable progress has been made In drifting east and west under the town In the effort to develop other ore zones. The western drift la now within few hundred feet of the neighboring mlnejr, which ai -working on an ore zone entirely en-tirely independent of our own, and should when it has covered that distance, bo able to develop ores In that locality. The dlrtf to the east has been extended 1000 feet In that direction, but has developed nothing of Interest. It wjll be continued at a reasonable and economical speed. "The. new machinery bin been of great assistance to the work and has proved both efficient and economical." |
