For the past six months the development of the big Elkton mine has been retarded considerably on account of the water situation, but now that the matter of a drainage tunnel has taken definite shape, the statement is warranted that the future outlook for the stockholders is exceedingly bright.
The water has receded somewhat of late, and that fact alone is very encouraging to all the companies who are at present forced to handle water.
The Elkton Consolidated Mining and Milling Company is pushing development as rapidly as is consistent with the resources of the company. It is not the intention of the management to any way obligate the company, to push development.
Debts have broken many companies, and the board of directors of the Elkton Company will see to it that no debts are incurred.
The company has a number of good lessees operating on various parts of the big estate, and the royalties received from their ore sales each month will average close around $3,000.00 a month.
That, together with the proceeds of the company's ore, gives the company sufficient money to push development in a thorough and systematic manner.
At the present time, the company is pushing development from five different standpoints. Two of the headings are going to known ore bodies, while in the others, there is no telling what developments might take place with any shot.
One drive is being made in an easterly direction, prospecting the Raven vein, cutting deep under Raven hill, in the eastern part of the property. The depth gained is 1,000 feet below the surface of the hill.
The affairs of the company are managed by an executive board, each member of which is a very large stockholder in the company. The board is composed of the following gentlemen:
E. M. De la Vergne
Dr. J. W. Graham and
All the gentlemen are well known and up-to-date mining men, and their administration of the affairs of the Elkton Company could not be improved.
The company is accomplishing, right now, the greatest amount of development work, at the least cost, that could possibly be performed.
The development by lessees during the past year, both on the northern and southern portions of the estate, has been of the most sanguine character, making the future outlook particularly bright for every one concerned.
In the southern part, in what is known as the Thompson, James Wright has opened a wonderful amount of low-grade ore, the continuity of which has been proven in five different levels. He is working machine drills there, breaking and shipping about forty tons of ore a day, which is netting the Elkton Company a considerable royalty.
In the northern end, on the Tornado, Clements and Osborne, have developed new ore shoots, that are showing exceedingly well. They are making steady shipments of a good grade of ore.