The average yield of the 5,392 tons of ore worked during the previous fiscal year was $14. 12, and the cost of working the same $11. 12. During the past year, 21,087 tons were worked, at a cost of $10.05, and showing an average yield of $22. 39 per ton. Following is a statement of the assets of the company on May 1, 1871: ASSETS. Cash on hand May 1, 1871 Mine and improvements. Stock at mill. Ore (622 tons) at mills. Total assets.. $94,602 47 60,000.00 80,000 00 13,053 05 6,961 40 19, 195 00 273,811 82 The company have no liabilities. The mine is in a satisfactory condition. The new board declared a dividend of $10 per share, amounting to $120,000, carrying over a surplus equal to a dividend of the same amount. This is the largest dividend ever paid by the company, and the first since September 12, 1868. Report of the Belcher for the eleven months from February 1, 1871, to January 1, 1872. The ore yield of this mine for the past year was all due to the last five months of the year. The quantities hoisted in each month, together with average and aggregate values, were as follows: The assay value of the bullion was 54 per cent. gold and 46 per cent. silver. From the balance of $712,945 held on the 1st of January, the company paid a dividend of $10 per share, aggregating $104,000. For further tables, including dividends, assessments, rates of stock, &c., see the appendix to this report. LANDER COUNTY. The product of this county has been notably increased over that of the preceding year. This is principally due to the largely extended min. ing and smelting operations at Eureka, and to a resumption, to a large extent, of the activity of several years ago in the Reese River district. In Reese River district the refitting of two mills, the Mettacom and the Citizens', and the introduction of roasting-furnaces and drycrushing machinery, have exerted a favorable influence on a great number of mines which had not been worked to any extent for years, although only one of these, the Citizens' Mill, does custom work. It was finished, I am informed, in July. The roasting-furnaces used are White's rotary cylinders, a furnace very similar to the Brückner cylinder in operation in Colorado. The Mettacom Mill has been put in working order, and also fitted with a White's furnace, by the Pacific Mining Company, an English corporation. The operations of this company, which is only second in importance to the Manhattan Company, are best shown by the reports of Captain H. Prideaux, the superintendent, and Mr. J. Howell, in charge of the mill, rendered in January, 1872, to the board of directors of the company. THE PACIFIC MINING COMPANY, To the Board of Directors of the Pacific Mining Company: GENTLEMEN: I beg to hand to you the following as my report: Since I have had charge of the Pacific Company's mines at Lander Hill our workings have been as follows: Levels driven on the course of the vein, 58 fathoms 2 feet; cross-cuts extended, 55 fathoms 3 feet; rises on the course of the vein, 53 fathoms 2 feet; rise not on the vein, 13 fathoms 2 feet; winzes sunk, 35 fathoms; stopes, 141 square fathoms on day work, 135 fathoms by tributers-making a total of 113 fathoms 5 feet of levels driven, 66 fathoms 4 feet of rises, 35 fathoms of winzes sunk, and 276 square fathoms of ground stoped. We have also shipped from the mine 356 tons 872 pounds of ore, 54 tons 375 pounds of which were milled by the Manhattan Company, and produced fifteen bars of silver bullion, value $9,653.19. The balance of the ore has been shipped to the Company's Mettacom Mill, and is now being treated. The silver bullion produced at the Mettacom Mill up to 4th instant was twenty-four bars, value $22,280.03. Besides this there is now on hand about $5,000 worth of silver, which will shortly be melted into bars. The estimated quantity of ore at the mine, on surface, is 100 tons. I arrived at the company's mines March 29, 1871; it took me until May to repair the machinery and shaft, so the actual work commenced in the mine in May, 1871. Cross-cuts. The 550-foot cross-cut is being driven north to intersect the Buel North Star ledge 150 feet below our present working on this ledge; we are, however, shortly expecting to intersect it, after which this cross-cut will be suspended and levels extended on the ledge. Our last working on this ledge, which is 150 feet above the cross-cut, shows a well-defined vein of good ore from 1 foot to 2 feet in width. By cutting the ledge in this cross-cut we shall lay open a piece of new ground 150 feet high for the whole length of the mine. I have no doubt but that we shall cut a good ledge at this point. The north cross-cut at the 400-foot level is being driven with all speed. We expect to cut another ledge in this cross-cut in about six weeks. We have so far intersected two ledges in this cross-cut, one of which (the Batter's ledge) has and is producing good ore. The next ledge which we expect to cut here is considered one of the best ledges on Lander Hill. From the company's Lane and Fuller shaft we are driving a cross-cut north to cut a good ledge, which is, I judge, within 50 feet of us. I am certain that this ledge, on cutting it, will reward us well for the outlay. After we have intersected the ledge, this cross-cut will be suspended. The south cross-cut at the 400-foot level: this cross-cut has been idle for some months, but we intend to again commence driving it in about two months' time. This cross-cut will intersect the ledges south of us, and it is necessary that it should be continued. Stopes. The ledge in the stopes east of sump winze will average 1 foot wide of good ore. These stopes will yield a larger quantity of ore when required. The stopes west of sump winze have scarcely been worked, owing to our having a supply of ore on hand, and the necessity of conveying air to the western part of the mine. We have here a piece of ore-ground, ready to be stoped, 100 feet by 130 feet. We are extending our 500-foot level on the course of the vein, and sinking a winze from the 400-foot level west; by so doing we shall soon have another piece of oreground ready for stoping, 100 feet square. The stopes above the 400-foot level are at present worked on a small scale; the greater part of these stopes will soon be let on tribute. The different stopes on tribute are producing ore more or less, some of which is very rich. The estimated reserves of ore in the mines are 500 tons; as soon as we cut the different ledges in the cross-cuts this quantity will be greatly increased. Altogether, our prospects are exceedingly encouraging, and the mine is in a good working condition. In two of the cross-cuts we shall shortly intersect the ledges we are driving for, which will, I have no doubt, prove rich ones. We have a rich ledge at the 400-foot west level, and are making the necessary preparations to commence stoping it. There have been added to the company's property four ledges, which have yielded good ore; we shall shortly add two more, which I think will exceed in value any of the others. In my former letters I have advised the removal of the Mettacom Mill. All I have to add is that the removal of the Mettacom Mill is absolutely necessary. For more particulars on this head please notice Mr. Howell's report. Waiting your further instructions, I remain, gentlemen, your obedient servant, HENRY PRIDEAUX, Superintendent. | To the Directors of the Pacific Mining Company, limited : 'AUSTIN, January 20, 1872. GENTLEMEN: In accordance with your request, I beg to hand you the following report on the Mettacom Mill. This mill was built in the year 1866, and was run about fifteen months in all, previous to its passing into the present owner's hands. The structure is principally of wood and stone, and cost originally about $7,500. It is divided into four distinct compartments, which are designated as engine-room, batteryroom, amalgamating-room, and furnace-room. The motive power consists of two tubular boilers, 16 feet long, 44 inches in diameter, and 14-inch cylinder high-pressure engine, with 30-inch stroke, and nominally rated at 70 horse-power. The batteryroom has two five-stamp batteries, each stamp weighing about 900 pounds. They are run at the rate of ninety drops per minute, and their crushing capacity is about 12 tons in twenty-four hours, passing the ore through a No. 40 screen, or wire cloth, with 1,600 holes or meshes to the square inch. From the battery-room the pulverized ore passes through elevators into the furnace-room, and is there desulphurized and chloridized in a "White's cylinder revolving furnace." This furnace is a cast-iron tube, 24 feet long, and 30 inches diameter, lined inside with fire-brick, and driven at the rate of eleven revolutions per minute. Its roasting or chloridizing capacity is about 15 tons in twenty-four hours. From the furnace-room the ore passes into the amalgamating-room, which is furnished with six amalgamating-barrels, of a capacity each of 1 ton in twenty-four hours. In addition to the mill there is on the premises a wood building, 14 feet by 40 feet, used as a boarding and lodging house for the workmen; also a blacksmith's shop, retort, and melting-room; also a brick building, used as mill-office and assaying-room, together with quantities of tools and various kinds of personal property, of which I sent you a complete inventory a short time ago. When the mill was built it was furnished with four reverberatory furnaces, which were at the time considered sufficient to chloridize ore from a ten-stamp battery, but after starting the mill it was soon found that the capacity of the battery was far beyond that of the furnaces, and while we could crush on an average 12 tons in twentyfour hours, we could not chloridize more than 7 tons, but since the mill has been supplied with this new furnace, it places the amalgamating capacity but one-half that of the balance of the mill-this, however, I explained fully to Mr. Sewell last fall, when I took charge of the mill-consequently we are able to work the mill at present to but half its capacity, and, at the same time, are compelled to work the engine day and night. This is, of course, working to a great disadvantage. To increase the amalgamating capacity of the Mettacom would incur an expense of at least $5,000. The building would have to be extended 26 feet, and furnished with six new amalgamating-barrels and three settlers, with all other necessary articles. To increase the amalgamating department of the Mettacom Mill where it now stands would, I consider, be an injudicious outlay of money, and I would here like to make a few remarks on the subject, although I am satisfied the matter has been fully and clearly laid before you in Mr. Prideaux's letters. The Mettacom Mill is situated about five miles north of the city of Austin and your Lander Hill mines; and in reality the same distance from the principal ore-producing mines of the district; consequently the hauling of custom ores, as well as your own, is quite an important item, as it has cost $5 per ton to deliver all ores reduced at the Mettacom Mill for the last two months; still the delivery of ore is not so important an item as the delivery of wood, which costs at the Mettacom $2 per cord in the most favorable season for hauling, and from 4 to 5 per cent. in winter more than to deliver in Austin. Besides these, there are many other smaller disadvantages. I would therefore recommend the removal of the Mettacom Mill machinery into your Empire building at Austin. This Empire building is a substantial brick and stone structure, in fact, the finest in this place, although it is a conceded fact here that the Mettacom is the best ten-stamp mill in the State. This is due, however, only to the superiority of its machinery, and this same machinery can be taken from the Mettacom and put into the Empire building in as good shape as it is at present, and in a very short time, at an outlay of money not to exceed $15,000, which would include the necessary increased amalgamating capacity. This done, you would have a mill second to none on the Pacific coast, and in which you could reduce your own ores at a low figure, and make a good profit on all custom ores. I think it safe to say that, with your mill in Austin, $30,000 per month in bullion could be produced. Taking into consideration the cost of increasing the amalgamating capacity of the Mettacom where it now stands, which will have to he done before the mill can be worked profitably, and the cost of moving the machinery into the Empire building, there is really but $10,000 difference, and the difference in favor of the Empire in the hauling of wood, ore, and salt would be at least $55 per day. In erecting the cylinder furnace in the Metacom mill I made many improvements on the one first built here, and after three months' careful attention to the working of the furnace in the Mettacom on various kinds of difficult ores to treat, I have noted a further improvement that can be made, but as it is the furnace is a complete success in every respect. In conclusion, I would state that with your mill in Austin you would have one of the finest milling and mining enterprises in this section of the country. JOHN HOWELL. According to the latest information I have obtained, the board of directors have not approved of the plan for the removal of the will to Austin, but it is the intention to increase the amalgamating capacity of the works and to do custom work, besides working the ore from their own mines. The principal operations in this district have been those of the Manhattan Company, which has worked in its mill not only the ores of its own mines, but a great deal of custom ore from other Reese River mines and from Lander Hill. A most important purchase of mining property was made in July by this company, putting into the hands of the Manhattan almost the entire control of Lander Hill. The property bought was that of the Reese River Consolidated Company, comprising about forty locations, some of which (e. g., Whitlatch Union, Whitlatch Yankee Blade, Savage, Wall, Isabella, Camargo, &c.) have been extensively and productively worked. The Reese River Consolidated Company was in some way entangled in the affairs of the First National Bank of Nevada, which failed, and the mines were sold by the sheriff, for $60,000, to the Manhattan Company. The following is the list of mines enumerated in the deed: The Apollo Ledge; Blue Ledge; Black Ledge; Camargo; Congress Independent; Jo Lane; Eclipse; Whitlatch Yankee Blade; Wall and Isabella; Beard and Seaver, original location; Beard and Seaver, (both on Union Hill;) Hornet; Erie Ledge, two locations, 1,200 feet each; Chicago; Harker; Honest Miner; Union No. 2, first southerly extension; Union No. 2, first northerly extension; Yosemite; Silver Cloud; Governor Seymour; Isabella; Wall Ledge; Monitor Ledge; Nevada Ledge; Peerless Ledge; North Star, second extension west; Gale & Beckwith Company; Yosemite Ledge; Jefferson Ledge, Pleasant Company, first southeast location; Jefferson Ledge, Madison Company, first location northwest; Jefferson Ledge; Madison Ledge; Sally Davis Ledge; Oregon Ledge, Wall Company, first westerly extension; Oregon Ledge, second westerly extension; Southern Light Ledge, first westerly extension; Diana Ledge; Eclipse Ledge, first northerly extension; Pride of the East Ledge; Savage Ledge; Consolidated Union Tunnel. This purchase assures the future of the company, by giving it undisputed titles (in many cases United States patents) to a large number of locations, covering the best part of Lander and Union Hills. The narrowness of the Lander Hill lodes and their perplexing "faults" and "slides" necessitate, on the one hand, the opening of much ground to keep up the production of ore, and, on the other hand, have led to perpetual conflicts of proprietors, arising from encroachments upon a neighbor's ground in the prosecution of energetic drifting and stoping. It has long been foreseen that only a consolidation of ownerships could permit the efficient and economical exploitation of the undoubtedly rich ore-bodies of this part of the district. This consolidation is now measurably complete. A few mines, such as the Buel North Star, of the Pacific Company,) the Florida, Troy, and Plymouth (?), are in other hands, but the Manhattan Company is the owner of a large surface of area, and can conduct its operations henceforward with increased security, economy, and success. The exclusive right to use the Stetefeldt furnace in this district has given to the Manhattan Mill an advantage of which no opposition has been able to deprive it. |