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Arizona Republican
Phoenix, Maricopa County, Arizona
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Article discusses how Arizona mines, initially dismissed as frauds or debts at shallow depths, proved highly valuable at deeper levels, citing examples like Congress, Fortuna, and Copper Queen mines reaching millions in worth.
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Arizona Mines "Go Down" and Miners Should Go After Them.
The question of whether or not Arizona mines "go down" has been frequently referred to and the following clipped from the Western Mining World is worthy of consideration in connection with the subject:
The Congress mine at 150 feet was considered a fraud by no less a person than Diamond Joe, but at 300 feet it was a bonanza, and now at 500 feet it is held at $3,000,000.
The Fortuna mine at 150 feet was bought by Charles Lane for $140,000; now at a depth of 600 feet you could not buy it for $3,000,000.
The King of Arizona was sold for $30,000 when at a depth of 100 feet while today, with a depth of 500 feet, it is held at $1,000,000.
The famous Copper Queen mine of Bisbee was about to be sold in debt. Now at 800 feet it has sufficient ore in sight to run fifty years and money cannot buy it.
The Crowned King mine was $23,000 in debt when down 165 feet. Now at a depth of 500 feet, debts all paid and regular dividends declared, it cannot be purchased for less than $1,000,000.
The Pearce mine was sold for $275,000 when a depth of 100 feet had been made; it is now producing $75,000 monthly, and is not for sale. $2,000,000 having been refused.
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Arizona mines initially condemned or undervalued at shallow depths became highly valuable bonanzas at greater depths, with examples including the Congress mine from fraud to $3,000,000, Fortuna from $140,000 to $3,000,000, King of Arizona from $30,000 to $1,000,000, Copper Queen from near sale in debt to invaluable, Crowned King from $23,000 debt to $1,000,000, and Pearce from $275,000 to producing $75,000 monthly with $2,000,000 refused.