|
J,} ~ {
<br />rr',~r ti ~ :i ing men I found that they speak in highest terms of the intcgrit}', as well as the ability of the man-
<br />a ager, the metallurgist and the superintendent, as well as the general management. A stockholder only
<br />w j t',i has to visit the property to assure himself. I have visited many mines and I think the Henrietta is
<br />~~ 1 in position to mine its ore and deliver it to its mill and railroad at as little c~pense and effort as an}•
<br />' ~. ~r mine I have eeer e.amined. I am, Very truly yours,
<br />~ , O. B. READ.
<br />t~`"~; r ~ ~~' 1Ir. O. E. Read is president of the O. B. Read Dlanufacturing Company of Tro}•, Arew York,
<br />'''~ ~ an3 is interested in numerous mining and other enterprises throughout the \Vest. For several years
<br />~', he has made annual visits to the western country to inspect his holdings. \2r. Read's experience in
<br />-'~''~~'~ j the mining Uusiness makes him capaUle of passing upon the value of a mining property.
<br />ESTRACT FP.O\f LETTLP. FP.O\I \IR. GLO. L. SPENCE, :1 STOCI:HOLDEP..
<br />w ~ I~~ ~Inarl'`'s Fltast•. O.. Oct. ;. t9o~.
<br />~
<br />'~i.; lt'. F. IinidricA, i•icc-Pres. mid Treas. Tlve San htau Snvclfivvg E Rcfrning Co., Denver, Colorado:
<br />•
<br />ff;,~ `~' ' ~' ~i'
<br />t FF
<br />~
<br />~ Dr.:tn Suc-I-Iaving just recently returned from an inspection of the company's property near
<br />'
<br />'i~~i Silverton. Colorado, I deem it my dut}• as an interested stockholder to give you my opinion of the
<br />_ I,' company s holdings, and also Ueg to suggest some things which to me seem necessary in order that
<br /> ~ the compan}• may Ue put on adividend-paying Uasis.
<br /> ~
<br />~, The surface «•orkings of the Henrietta group were first examined, and here let me say that
<br />~~ ~~~~' the new aerial trun«•a}• is of the very latest and Lest type of tnm«•ay construction, the loading and un-
<br />'. ;`i loading terminals Ueing especially designed to handle the ore in the most economical manner.
<br />i'` i~~~ The Uoarding and Uunl: houses are comfortaUle and well kept, and capaUle of accommodating a
<br />;(j
<br />` large force of miners.
<br />,
<br />+ ~1
<br />*l" I ~II~;
<br />\\'hat strucl: me most favoraUly, however, was the «•ay that the underground workings of the
<br />~'
<br />_i,J, mine had Ueen laid out, the tunnels, drifts, u raises and sto es havin Ueen so driven as to not onl}•
<br />P• P g
<br />'' enaUle the miners to produce large quantities of ore economically, Uut also with comparative comfort
<br />pd and safety, the mine Ueing well ventilated and timbered.
<br />
<br />•
<br />~~ ! do not Lclievc I have c-/er been in a noiuc ~eltcrc tGe tiutGcring shotc~ed Lcttn• worlronmtship.
<br />(y:•
<br />~ 'I'lhe size of the Henrietta vein «•as found substantially as given in your former reports, and a
<br />4
<br />• large sample of the smelting ore g~tce the following assay returns: .og oz. gold; 17.60 oz. silver;
<br />~'
<br />~ v :~
<br />~
<br />~~ ~ z.Go ,. copper, or a value of ~34.6o to the ton. I also took a sample across 1 ~ feet of the lower grade
<br />•rr
<br />G;•
<br />,~
<br />Pa,
<br />,
<br />;
<br />milling are of this vein in the third ]eve] in which I purposely included the gangue and waste, that
<br />,
<br />'~~ ~; ;'
<br />-~ ran $4.4z. 'I'bis is of itself a good pa}•ing concentrating material, but I am confident that leaving out
<br />illi
<br />h
<br />
<br />• ng
<br />the gangue and waste, as «•ould be done in acutal mining tmd milling, the entire width o[ t
<br />e m
<br />
<br />_. •• ~~'. t~1
<br />I 1~ ore would average $to.oo per ton. There is no question in my mind but what the ore now eeposeci
<br />} F' ~ "' could Ue mined and delivered at the ntilroad for 75 cents per ton. The ore, however, Ueing a beau)'
<br />'~
<br />`
<br />~
<br />~ ~' sulphide and containing large amounts of copper, is not wanted az the'1'rust smelter in Durango, hence
<br />r
<br />(
<br />,
<br />~
<br />it must be treated in our otvn private smelter at Sih•erton.
<br />i ij+,.
<br />~ ~ On account o[ there being very little silica in our smelting ores it is aUsolutely necessary to
<br />"" ~
<br />• ~~ Lave other silicous ores to mix with ours, or else the smelter, to my mind, cannot be run at a profit.
<br />~`- ?
<br />I, .q careful inquiry revealed the fact that there are plenty of silicous ores in the vicinity that can Ue pro-
<br />''
<br />( curet] providing we have the money to pay for them, hence mi ore (and vans! Ge arranged far.
<br />~ (t,
<br />=
<br />''
<br />~. Again, there Ueing so much more ore in the mine of a milling than of a smelting }
<br />'ride, it is
<br />~
<br />tl
<br />!`
<br />:
<br />l ,
<br />also necessary to have a concentrating mill locited at foot of trimtvq• in «•hich to trrtt the low grade
<br />'
<br />,
<br />_,_ _ ore before shipping it to our smelter. This mill would Ue built of small capacity, sap loo to soo ton<.
<br /> and additious• mile as our funds increased.
<br /> To create an ore fund and Uuild a mill will require some effort on the part of our stockholders.
<br />i a2
<br />
<br />
|