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Show oo MINING NEWS JACEING?S BIG GOLD MINE DEAL A great deal of Interest Is displayed In the affairs of the Alaska Gold Mines company, the Hayden-Stone-Jackllng-Holden gigantic cold proposition propo-sition of the far north, especially since those who desire to participate in the original subscription of stock have onlj a limited time in which to signify signi-fy their intention. Hayden, Stone & Co. have Issued a circular directed to Its customers setting forth that those who wish to subscribe for the stock must do so prior to the close of business busi-ness August 2S. This company will bo capitalized Tor 57,500,000, divided into 750,000 shares of stock, par value 510. There will be Issued at the present time 614,700 shares, for which $5 a share will be payable at the time of subscription, sub-scription, and $5 in addition on or about Jul 1. 1913. Accompanying the statement is an extract from the recent report of D C Jackling and A. F. Holden. which roads as follows: Equipment Needed. We have considered the probable capital requirements for a capacity of 6.000 tons per day. which contemplates contem-plates a hydro-electric power plant, mine development and equipment, including all tho necessary living quarters, both at the Perseverance mine proper and at the mill, and drhlng the Ion? adit tunnel We believe be-lieve that $4,500,000 will do this work. Ovr belief is that the substantially Indicated ore body is about 4,500 feet long by seventy feet wide. The value of the 600.000 tons of ore that have been mined from this body in three different largo stopes Indicates that a recovery of at least 51.50 per ton cau be made. We believe that thero will be 75 cents per ton profit in this grade of ore. The Sheep Creek tunnel, tun-nel, which will be driven on the vein as the ninln haulage level, will develop devel-op this ore body at an avorage depth of about 2 200 fot on the dip of the vein, or about 700 feet deeper than present developments The character of this vein in a very general wav to other large deposits of gold ore in the same vicinity In which the values at a vertical depth of 1.G00 feet, or 2,000 feet on the dip of the ein from its apex, are practically practi-cally the same toda as they were on the surface, and have been throughout the development of the deposits In question Wc visited these mines and saw their deep levels, and. If there is any Inference to bo drawn from the continuity of these ore bodies, which are not, however, on the same voin as the Perseverance, one might be tempted to say that there is a probability prob-ability of ore 2.500 feet deeper than the so-called Sheep Creek tunnel, which we contemplate driving, but while the probability Is there of tho vein and valueB extending to great depth there is nothing today to warrant war-rant anybody In stating that It Is a fact that such will be the case. Enormous Tonnage Sure. Thero are substantially 50.000,000 tons In the ore body we consider definitely indicated There Is a probability prob-ability of another 2,000 feet to the east "of the 4,500-foot ore zone previously pre-viously mentioned, which, from surface sur-face indications, would seem fairly certain to contain ore. Beyond this is some 1,800 feet of the vein concerning con-cerning which we have no final opinion opin-ion one way of the other, as we visited vis-ited no workings or outcrops from which we could socure sufficient data to form accurate deductions While we cannot at this time state that there Is ore here, there are several small mines worked almost at tho extreme east end of the vein on this property, which Indicates that this 1.S00 feet will undoubtedly produce considerable ore and perhaps large quantities. If wc do not consider this In the probabilities, it is certainly well within the possibilities. Ths letter Is based solely on a consideration con-sideration of $1.50 recoverable value as ore. If one should figure on lower values, assuming 75 cents as the total cost of mining and milling, the tonnage ton-nage now indicated is Indefinite, but certainly enormous. We believe that sound mining buslne6B will Indicate that for the installation now proposed and for an operating period of, say, two years. It will be wise to continue our work to the higher grade ore. Thore, can be, in our opinion, Utile doubt that at some time In the comparatively com-paratively near future a very much larger plant than tho one now proposed pro-posed will be Installed for tho purpose pur-pose of working a larger tonnage of the normal grado ore we now expect will be developed, or of utilizing the apparently vast quantity of lower grade material. We expect tho first unit of the now mill to bo In operation on or before January 1, 1915. Wo really believe that, barring accidents, tho time may be made July 1, 1914. (Signed) D, C. JACKLING, A. F HOLDEN, |