The Findley Gold Mining Co.
Pages 1-5
author: Findley Gold Mining Company of Georgia
extent: 21 p.
publication place: [New York?]
date: 1878
repository: Chestatee Regional Library System, Lumpkin County Branch
collection: Madeleine K. Anthony Collection
box: III-7
folder: 7
More information: About the Digitized Version
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[ added text, top margin: 1878 ]
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Shares $1.00 each, full paid and unassessable. DIRECTORS: D. A. BOODY, (of D. A. Boody & Co. [Company], Bankers,
N.Y. [New York]
JAMES FRANCIS.JOHN McGINNIS, JR., (of McGinnis Bros. [Brothers] & Fearing, Bankers,
N.Y. [New York]
N. H. HAND.
WM. [William] B. [P.] PRICE.
OFFICERS: D. A. BOODY, PRESIDENT.
WM. [William] B. [P.] PRICE, VICE-PRES'T. [VICE PRESIDENT]
COL. [COLONEL] N. H. HAND, SUP'T. [SUPERINTENDENT]
JAMES FRANCIS, (of Trask & Francis, Bankers,
70 Broadway), TREASURER.
CHARLES A. JAMES, SECRETARY.
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Office of TRASK & FRANCIS, Bankers,
70 Broadway and 15 New St.,
P. O. Box 1295, NEW YORK.
DEAR SIRS: -- We beg to call your attention to the annexed prospectus of the Findley Gold Mining Company of Georgia, together with the report thereon, made by Mr. John C. Randolph.
After a careful investigation, we feel safe in assuming that the enterprise is a legitimate one, and that the mine can pay good dividends upon its capital, for three good reasons, namely:
1st. The character and abundance of the gold-bearing ore.
2d. The facility and little cost at which the ore can be treated.
3d. The conservative character of the management.
The capital of the Company is 200,000 shares, at a par value of $1 per share, full paid and non-assessable. The Company reserve in their Treasury 50,000 shares -- 20,000 of which will be sold to subscribers at fifty cents per share, and the proceeds at once used in making the improvements and developments referred to in the prospectus.
The remaining 150,000 shares are held in trust for the original owners, who have great confidence in the mine.
We strongly recommend the stock as an investment, believing that its intrinsic value will very soon be fully established, by handsome earnings and dividends on the stock.
Yours truly,
[Signed] TRASK & FRANCIS.
AUGUST, 1878.
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FINDLEY GOLD MINING COMPANY,
-- OF GEORGIA --
The property of the Findley Gold Mining Company, of Georgia, consists of 120 acres of mineral land in fee simple, (three lots of forty acres each) situated about one and a half miles from the town of Dahlonega, Lumpkin County, Georgia.
It includes the famous "Findley" lot or mine, and is located on the easterly end of the Findley ridge, which is described by mining engineers and geologists as the "backbone" of the Georgia gold belt.
The Yahoola river flows at the base of this ridge furnishing a large and unfailing water power [waterpower], on which the Company has built a twenty-four stamp quartz mill capable of crushing fifty tons of ore per day.
The Gold Oreson this property, although generally of low grade, are practically inexhaustable, and from their peculiar character and location can be more cheaply mined and worked, than perhaps any ores in the world.
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The original "Findley" lot, No. 1058, lying immediately back of, and above the mill, is conceded by every one [everyone] to contain the largest mass of gold-bearing ores in the Southern belt. It is a precipitous ridge, jutting into the valley, with almost sheer ascent of 500 feet above the level of the river; and this ridge is seamed with veins of gold ores, which are exposed along the entire side next to the mine, and prospected on the summit and other side.
It is a primary formation, the predominant rocks being micaceous and talcose slates, hornblende, feldspar and quartz. There are four large and well defined veins running through the property, the general trend of the veins being northeast and southwest, dipping to the southeast.
The Great Economywith which these ores can be worked is the result of the remarkable topography of the location, and the peculiar facilities possessed by the Company for handling and transporting the ores from the mine to the mill. By a system of ditches two and a half miles in length the Company obtains a permanent and constant supply of water from the "Yahoola Canal," (owned by the Hand Gold Company), which brings the water from the sources of the river, twenty-two miles distant. The ditch of the Company carries the water to a reservoir on the mountain side [mountainside], 340 feet above the mill.
All ores below this point are mined or quarried in an "open cut," broken up, and when ready for the mill a sluice of water is turned on from
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the reservoir, and the whole mass, say seventy-five to a hundred tons of ore, slate, and other material, is "flooded" to the mill within ten minutes from the time the water strikes it. The refuse and soft material passes off through a series of strong racks, while the ore is left on the floor of the mill in front of the batteries ready for the "feeders." By this process, which is now in successful operation t [at] the mine, fifty tons of ore per day can be mined and milled at an expense as follows:
| Six miners in open cut at 80 cents per day | $4 | 80 |
| One Foreman in open cut at $1 25 per day | $1 | 25 |
| Six mill men (three on each turn, at 80 cents per day | 4 | 80 |
| One Foreman in mill at $1 50 per day | 1 | 50 |
| Incidentals, machinery, tools, &c | 3 | 15 |
| Water rents | 1 | 50 |
| General Superintendences | 3 | 00 |
| Total per day | $20 | 00 |
for fifty tons of ore, or at the rate of forty cents per ton. These figures can be verified by examination of the Company's books.
The Value of These Oresis reported on by Capt. [Captain] W. R. Crisson, at present managing the mine, and who has had many years experience as a practical miner both in California and Georgia. He says Vein No. 1 is over twenty feet thick, and ten to twelve feet of the top of it will yield more than $1.00 per ton, and the
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remainder more than $2.00 per ton. Vein No. 2 is nearly as large as No. 1, and will yield over $3.00 per ton, and cost no more to work it. Vein No. 3 will yield $1.50 per ton and can be worked as cheaply as the others. According to this estimate it will be seen the average value of these low grade ores, of which there are such inexhaustable [inexhaustible] quantities, is about $2.00 per ton, and if worked as shown above they are and can be for forty cents per ton, it leaves a profit of $1.60 per ton, with almost unlimited capacity of extension by simply increasing the works.
These so-called low grade ores, in fact compose a large part of the entire mountain, and in ordinary mining could not be milled with profit, while our exceptional facilities give us a good margin as above shown, to work them while opening up and developing the real and richer veins of the mines. But lying back of this great mass of lean ores, and cropping out on the crest of the ridge is an extraordinary vein and found nowhere else in the district except along this ridge.
It consists of an immense dyke or ledge of disintegrated or granulated quartz, honeycombed, and traversed with ferruginous seams and streaks of ochre, and known in Georgia as
The Great Sand Vein. It has the regular trend and dip of the ordinary quartz veins, and is in "position" across the entire breadth of lot No. 1048. It has but recently
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been opened by this Company, having had no permanent facility for putting water on the summit, which is necessary in order to properly work it. They have, however, "prospected" it by running "open cuts" across the vein at two different points, showing a wonderful development of ore, averaging about twenty feet in thickness. From the "pan" tests and assays already made, it gives evidence of a great richness. Capt. [Captain] Crisson reports the yield from tests he has made at from $2.00 to $20.00 per ton. Five samples taken from the different parts across the vein, and assayed a few weeks ago by Messrs. Booth & Garret, of the Philadelphia mint, averaged $25.60 per ton in gold. Other samples from the same vein nearer the top, assayed in Cleveland, Ohio, run about $19.00 per ton in gold.
It is usually estimated that the ordinary mill process will save two-thirds of the assay value of free gold ores. On this basis the ore from this vein should yield about $15.00 per ton; but if in practice, it should only give $5.00 per ton, which certainly appears to be a safe estimate, the working value of the vein is simply enormous. Taking the croppings of the vein as 1320 feet across the property, with about 800 feet of its dip above water level, and an average thickness of twenty feet, and allowing twenty-five cubic feet to the ton, and we have about 845,000 tons of this ore above the water line of the river. Nor is it unreasonable to expect, in working and developing this vein, many rich leads and "pockets" will be found, that will largely increase its value and yield.
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