The late development in the bottom level of the rich Last Dollar mine, on Bull hill, is of such a character that the statement is warranted that the Last Dollar mine contains the richest ore at the greatest depth of any mine in the entire Cripple Creek district.
The statement is broad, but it is fully home out by the conditions. It but goes to prove that as depth is gained the ore bodies of the district will show a permanency and richness remarkable indeed.
The shaft of the Last Dollar is now down to the depth of 1,220 feet, with practically no stoping done below the tenth level, proving 200 feet of rich virgin ground ready for the miner's pick at any moment.
From the bottom level a winze has been sunk that is showing remarkable ore. The winze is eight by twelve feet in size, and is all in ore of a fair grade.
There is a streak of strictly high-grade ore that yields from 100 up to 200 ounces of gold. 300 up to 1,000 ounces of silver and from 8 to 15 per cent, copper to the ton.
The occurrence of gray copper at such depth is suggestive of secondary enrichment. The finding of this condition opens a new field of mental speculation for the mining engineers that may result in great profit to the future of the camp.
The Last Dollar has always been noted for rich ore, and if the portion of the property already worked was the poor portion, what may be expected from the zone of secondary enrichment?
Above, in the tenth, ninth and eighth levels, the work of stoping and breaking ore is in progress. A production of fully 1,500 tons a month is being made.
For the past year and a half a policy of developing and blocking out ore in reserve has been followed, with the result that it is known just what amount of ore there is in sight. The present conditions warrant the board of directors to resume the payment of dividends.
Last month dividends were resumed, the stockholders being paid two cents per share, amounting to $30,000 that was disbursed. With the payment of that dividend the company has paid to date the sum of $210,000 from the profits of the sale of ore.
The dividend is paid quarterly, and from the present condition it is a safe assertion that dividends will be continued in the future.
The company owns a total of eighteen acres of territory on Bull hill, that lays in the pathway of the great northeast by southwest system of veins and dykes that, over on Battle mountain, adjoining the property, has produced millions of dollars worth of gold-bearing rock, and yielded over $10,000,000 that was paid in dividends alone.
With such a fact presented, and the ore now in sight, it is but reasonable to suppose that the Last Dollar will yield its proportion of profit to the stockholders, in comparison with the other mines.
The Last Dollar Gold Mining Company commenced operations on company account in February of 1895. A shaft was started, which is now down to the depth of 1,220 feet. The levels extended show a vast amount of ore, some of which is very rich, while all will ship a good, fair grade that nets handsome profits to the company.
The Last Dollar company has been fortunate in the fact that they have never encountered any flow of water, which, of course, has reduced the expense of operations very considerably under that of the adjoining properties, that were forced to handle millions of gallons of water.
In the past year and a half the Last Dollar company has made a wonderful improvement, both underground and on the surface.
An entirely new shaft house was erected at a considerable cost.
An ore house, the equal of which has not yet been built in the district, was constructed. The cost of handling the rock hoisted has been reduced to a very small item.
A new air compressor, sufficient to furnish air to operate fifteen machines, was installed. The air capacity is sufficient to last for many years to come, as the majority of the drills are kept on development in opening new territory and blocking out.
The work being done at the present time is about in the center of the property, which leaves both the north and south ends of the estate practically untouched, making it virgin ground. That the present known and proven ore shoots extend to the virgin territory there is no question, and the only thing needed to demonstrate that fact is development work.
The face of the ore shoots are showing good ore, and it is but reasonable to suppose that they extend in both directions.
What future operations in the undeveloped area of the company's estate may show is difficult, of course, to estimate, but conditions point to the fact that just as rich ore may be looked for in that portion as is now being broken in the center of the estate.
The tracks of the Golden Circle railroad extend to the ore house of the company, and the cost of handling the ore from the mine on board of cars is very slight, which means a big saving. This is true also of the fuel used. The railroad tracks go to the ore Coal bins, where the cars are unloaded.
For the past year and a half only sufficient ore has been shipped to pay the necessary expenses of operations. Vast reserves have been blocked. Now the board of directors know that the life of the mine, opened to the depth it is, will prove a most wonderful one, and that the future is extremely bright from every standpoint.
The officers of the Last Dollar Gold Mining Company are:
R. P. Lounsbery, president and treasurer
Anton Eilers, vice-president and
H. Hanington, secretary
The officers, together with
Willard P. Ward
B. Y. Frost
F. E. Brooks and
Henry R. Wolcott,
form the board of directors that manage the affairs of the company.
Carl Eilers is the manager of the Last Dollar company, while Charles Walden is the superintendent, who looks after the active development of the property and to whom the credit of developing it into a bonanza producer is due.
The past of the Last Dollar mine is a sufficient guarantee for the future.
With the record of being the producer of the richest ore at the greatest depth at present, there is no telling what the future may bring when the great bonanza veins of Battle mountain are encountered and developed.