History of the big bonanza

by Dan De Quille

“I don’t know that I could,” said the other, “but I should have made it still bigger.”

“Well,” said the first speaker, “you have more cheek than any man I ever saw!”

CHAPTER LXV.
AGGREGATED WEALTH.

In the California ground the bonanza extends through to the Ophir, the next mine north, and by the cross-cuts run into it every one hundred feet, it is shown to be—as far as explored—fron[fron] one hundred and fifty to two hundred and fifty feet in width, and everywhere are found the rich chloride and sulphuret ores. At the present writing (August 1875,) no ore has been extracted from the California, except that taken out in running drifts and cross-cuts. The ground, however, as far as developed, has been laid off in large blocks by means of drifts and cross-cuts, therefore is ready to be mined whenever it is necessary to extract ore for reduction, which will be whenever the company’s new mill is completed.

In the California ground are found the same nests of stephanite and other extraordinarily rich ores as are seen in the Consolidated Virginia mine. While these form no large part of the bonanza, they are sufficiently large and numerous to very materially swell the average value of the deposit.

The Consolidated Virginia Company extracts five hundred tons of ore per day. This is the average daily yield from all parts of the mine—from the 1500-foot level, and from the levels above. Although much of the ore from the upper levels is of low grade, yet the whole averages $100 per ton in the mills. The yield of the mine has regularly been $50,000 per day, or from $1,500,000 to $1,600,000 per month ever since the work of reaching ore from the bonanza began. Much of the ore on the 1500-foot level is too rich to be economically worked alone by pan process, therefore it is mixed with poorer ore from certain parts of the upper levels. Much more than 500 tons of ore per day might be extracted were it necessary, but that is all that is required to keep the mills of the company in operation.

Opened as it now is, there can easily be extracted from the California mine as many tons of ore per day as are being taken out of the Consolidated Virginia, and ore that will average even higher, as the upper levels of the California are all intact. There is not the slightest doubt that when the California mill shall be started up, these two mines will produce $3,000,000 per month, or $36,000,000[36,000,000] per year; and not for one or two, but for many years—ten years at least, in which time would be extracted $360,000,000. A single foot of ground taken out across the whole width of the bonanza in its widest part would contain a fortune for any man of moderate desires. Should we go into the centre of the Consolidated Virginia ground and take a slice from the bonanza 250 feet in width and extending one level below and two levels above the 1500-foot level we should then have a section of ore 300 feet long, 250 feet in width, and one foot thick. This would contain 75,000 cubic feet, and containing thirteen cubic feet to the ton would weigh a trifle over 5,769 tons, which at $100 per ton would amount to $576,900 for a single slice of the bonanza one foot in width. By continuing to cut off such slices until we had reached the California line—say 230 feet—we should have in all $132,687,000.

At a time when the Consolidated Virginia mine was much less extensively developed than at present, Mr. I. E. James, a mining engineer who has been engaged on the Comstock for many years, made an estimate of the ore contained in the mine at the time. He took from the working plans of the mines the actual length of each drift and the cross-cuts measured by sections, and measured all triangles separately. The winzes were measured no lower than they had been sunk, and in no place did he estimate ore which had not yet been opened. The amount of ore thus found was 20,669,500 cubic feet. The usual calculation is thirteen cubic feet of ore to the ton, but in order to make ample allowances for “horses” and waste rock two feet were added and fifteen cubic feet reckoned to a ton, giving 1,377,966 tons, which at $100 per ton amounts to $137,796,600, and at $200, as many estimate, the average of the ore in the bonanza proper, would amount to $275,593,200. Mr. James G. Fair, superintendent of the mine, puts the cost of milling and mining at $17 per ton, but calling it $18, it cost to mine and mill the number of tons mentioned $24,803,388. Subtracting[Subtracting] this from the gross amounts at $100 and at $200 per ton, and dividing the product by the number of shares in the mine, namely 108,000, and it is found that if the ore averages $100 per ton, each share of stock will receive in net dividends $1,046 and at $200 per ton will receive $2,322 in dividends. The stock is selling at about $400 per share, and a dividend of $10 per share $1,080,000 in all is paid regularly every month.

Whatever amount of wealth there may be in the Consolidated Virginia and California mines it is evident that their owners are quite confident that they will continue to yield as at present for many years to come, otherwise they would not expend money as lavishly as they are doing in preparations for their long continued and more extensive working. They are sinking a new and very large shaft 1000 feet east of the present main shaft of the Consolidated Virginia, the machinery to be set up at which will cost $200,000. Through a drift run from this shaft ore will be extracted from both the California and the Consolidated Virginia mines. The two companies are equally interested in the shaft. The new mill being erected by the California Company will cost $400,000. The mill containing the stamps will be near the mine, and the crushed ore as it runs from the batteries will be conveyed in a flume to the pan-mill, nearly half a mile below on Six-mile Cañon.