When a man comes along and makes a producer out of a "has been" mine that everyone looks down on and says is "petered out," he understands his business, and such a man has ability that is not to be sneezed at.
Such a man is James G. McDade, who has a lease on the main workings of the old Pharmacist mine, on Bull hill, the first dividend payer the Cripple Creek district boasted of.
For many months past every one has looked with little favor on the mine. Early last year Mr. McDade secured a long and favorable lease on the south end, containing a piece of territory 300 by 900 feet in size and from the surface down to the depth of 600 feet.
The lease has yet to run until the first day of September, 1904.
Mr. McDade, after he secured the lease, started a systematic development, and while many thought he would do like many others - fail - he stuck to the mine like a hawk and before many months had elapsed began to ship ore.
While shipments could be seen to leave the property little information concerning the development was given out. Mr. McDade, who is a man of action and not of words, preferred to do his mining underground.
While the development was started in a small way, it was not long before he had added to his working force and systematic work was in progress in many parts of the mine.
The first new ore he opened was between the first and second levels. Development proved the shoot to be a splendid one and has now been proven fifty feet in length. The ore shoot varies in width from three to eight feet and is good for $40.00 to the ton in gold. The same ore has been encountered between the second and third levels.
In the fifth level, at a point east of the shaft, the extension of the rich ore shoot worked in the Acacia property has been encountered. It is three feet wide and good for $30.00 to the ton.
In the first level, south of the shaft, Mr. McDade has opened the same big ore shoot that the Empire State company is breaking forty-two feet wide. Car load shipments from this new vein have been settled for on the basis of $40.00 to the ton in gold.
From a "has been" Mr. McDade has developed a good producing mine and at the present the shipments from the shaft are averaging about 300 tons of ore each month.
The royalties paid to the company have been sufficient to pay the indebtedness that stood against the company and leave a considerable amount of money in the treasury, which is being added to every month.
The record made by Mr. McDade on the Pharmacist is a good one and the officers of the company may well feel proud of the fact that they secured such a man to operate the property and make it such a good producer.
At the present time the old-time dividend payer never looked better and the future outlook is extremely bright. The shipments have been increased so of late that it has been necessary to erect a new and larger ore house to handle the product that is hoisted.
Mr. McDade, in demonstrating to everybody that the Pharmacist was a good producer, simply proved that his judgment was better than many others.
Mining is the most legitimate business in the world, if carried along business lines. Mr. McDade is not only a business man but a mining man of good ability and that he has demonstrated in his work on the Pharmacist mine.