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Show DENVERCONFIRMS The Reported Sale of the Mercur Mine FOR A MILLION DOLLARS To aJLarse Syndicate of Colorado Capitalists Capital-ists Headed bv Hon. Henry B. Walcott A Check For $25,000 Was Given to Bind the Contract. Denvek, Jan. 22. It is reported on good authority that a Denver syndicate, syndi-cate, headed by Hon. Henry R. Wol-cott, Wol-cott, have purchased the famous Mer -cur mine, in the Mercur district, Utah, for a consideration of $1,000,000. The mine is located in a liniestome formation forma-tion and is a heavy producer of gold ore, ranging in value from $8 to $16 per ton, which is successfully handled by the cyanide process at an average cost of $3 per ton. A check for $25,000 was given to bind the bargain. From the very start Denver capital has been prominent in Mercur camp, which is today the most successful cyanide cy-anide dirtrict in the world, the limestone lime-stone ores being peculiarly favorable to this special process. Mr. Wolcott and a party of friends, who have been absent in Utah for over a week, returned re-turned here last Wednesday. The evening of that day Mr. Wolcott started for the east, for the purpose, it is presumed pre-sumed of closing the deal. The Lewiston district in which the Mercur mine is located, was worked as a silver camp in 1871. For a year or two the camp was quite lively, but when the surface ore disappeared the mines were abandoned. Four years ago a gold vein was discovered near the woiked out silver vein, and the miners gradually returned. The ore carried a large percentage of cinnabar. The vein ha3 been traced for two and one-half one-half miles and is described as both strong and certain. The Mercur property is a flat vein and is worked after the manner of coal mines. It is from eight to fourteen feet thick, with a Ditch towards the east. Five tunnels have been run in, thus opening a distance of 1,100 teet. Three other tunnels are run in from the west. In 1892 the cost of mining was $1.95 per ton, and the mill operating operat-ing nine months, turned out $90,000 in gold, at a cost of $2,50 per ton. The cyanide process is used and the enlarged, en-larged, mill ia operated by electricity, 1-2 ,ct-ra outpat lor lnafc yor largely exceeiEd the figures for 1892, but are not yet at hand. |