Description.
The American Consolidated Mines Company is organized and incorporated under the laws of New Mexico. The capital stock is divided into 3,000,000 shares (forever non-assessable). On organization there was placed in the treasury 1,500,000 shares and $2,000.00 cash. Our treasurer’s report shows the company to be in a flourishing condition financially. (See report on following page.) On January 1, 1903, there was in the treasury 1,300,000 shares and a cash balance of $11,866.82. This large treasury reserve assures the company of ample means with which to thoroughly develop its properties, erect a suitable reduction plant, to treat company ores and make any other necessary improvements.
The Company now owns the Berry, Berry Extension, American and Dewey lodes (each claim contains 20.6 acres), and the Coinage mill site of five acres, a total of 87.4 acres of the choicest mining property in the Rio Hondo District. This property is covered with the finest of timber and has abundance of water, two very necessary factors in mining.
Veins and Development.
Rich float has always been found on this section of Gold Hill, now the property of the American Con. Mines Company, and when development was commenced it could have but one result, the finding of the veins or ore bodies from which the rich float originated.
View of Twining, New Mexico—1¼ Miles from the “American” Mines. Showing the Fraser Mine and Reduction Plant.
The main vein of this group traverses the Berry, Berry Extension and American lodes, which has been opened up in various places along its course, and proves it continuous for at least three thousand feet. This vein is strong and well defined and at the different openings is from eight to twelve feet wide. The quartz is rich in gold and copper with small values in silver, and carrying iron and copper pyrites more or less throughout it. Mill tests from this vein show values in gold and copper of $22.40. Two tests recently made by Mr. E. C. Woodward, assayer, Colorado Springs, Colo., show values as follows:
| Gold oz. | Value | Copper, per cent. |
|---|---|---|
| 1.32 | $26.46 | 15.2 |
| 2.81 | 56.20 |
One test for copper on December 31, 1902, gave 14.8 per cent. or values of $29.60 in copper.