Salt Lake Tribune | 1914-10-11 | Page 34 | Iron Blossom Posts $100,000 Dividend

II BLOSSOM POSIS S10D,000DsVIDEND Development Work on 1900 Foot Level Brings Favorable Favor-able Indications. DRAGON MILLS ORE Management of the Knight-Christensen Knight-Christensen Mill May Put j on Third Shift. J " ' i i Directors "of the Iron Bloom Mining! company met in Provo yesterday and ; posted the regular quarterly dividend; of 10 cents a share, the same payable; September 20, to shareholders of record September 17. This distribution will amount to $100,000 and of the opera-! tions at the mine the Eureka Reporter, ' says that the development work at a depth of 1900 feet is being continued, according to Manager Prank Birch a crosscut is now being sent out from the main drift. Indications have been exceptionally ex-ceptionally favorable at this depth for the past week or two and it is almost certain that commercial ore will be found. The crosscut will open some of the parallel Insures in which the ore mav possiblv be found. Iron Blossom is sending out the usual tonnage of oro and the mine's earnings arc entirelv satisfactory, being more Than sufficient to cover the dividend requirements. re-quirements. May Change Equipment. It was stated that the low-grade ore now being treated at the Knight-Chris-tensen mill at Silver City was being taken ta-ken from the Iron Blossom mine, but reports from the mill today indicate tbat this is a mistake. All of the ore that is being seut to the milling plant is coining from the south end ot the Dragon mine, where a tunnel has fol-owod fol-owod one of the large veins for a dis-:;inT dis-:;inT ot several hundred feet. The new mill has been running without with-out interruption during the past few davs. two shifts being in use. Some important im-portant changes have lately been made in tlie mill machinery and the superintendent, superin-tendent, who is in active charge of the plant, believes that no more extensive changes will be necessary. If the mill continues to operate in a satisfactory manner a third shift will be put to wnrk. Gold Chain Mine Shipping. Whib then is no good market for its cupper ores the v.oM Chain Mining company's com-pany's Ouk'iats are devuting their attention atten-tion to the mining of a product that carries good values in the throe other metals lead, silver and cold. W. .) Loose, the assistant manager of the mine, states that the ore that is now boin sent out is-comiug from the 1000. 1100 and 1200 levels. This ore is worth in the neighborhood of $2-3 per ton and while the mine's output is not heavy it is bringing in a turiicient amount of money to meet th-1 operating expenses. On the Too level an important piece of prospecting is under way. a drift being be-ing driven on a stringer of copper ore which is expected to lead to something good. Some ore is being piled up as this work progresses, but it will be held at the mine until there is a better market. mar-ket. Addie Closed Down. Ueurgc W. Silks of the Addie Mining cum pa ny wa out from Salt Lake during dur-ing the early part of the week and while here he made arrangements for the closing of the property, lie states that work couid out be continued uur-;ng uur-;ng the cold weather without the erection erec-tion uf buildings and that the directors at' the company decided to suspend work until spring, at which time tney hoped 10 have ample funds for a much more extensive campaign of development which will be carried on with the aid of mu.ii-rn equipment that is to be pur-ciia-.ed. When work wa stopped a few davs fo the shaft had reached a depth of 1 W K-et and in view of the fact that the lu-t round or two of holes had opened an entirely different formation. -, kirh has all the earmarks uf being a capping to an ore body. Mr. Silks was ioth to suspend operations. He savs that he will get buy again earlv in the pnng and tnere are reasons to believe "iat next -f-a -on's work -honld re-ult in the opening of an oro bodv.