(Mining Journal– July 30, 1859)

The annual general meeting of shareholders was held at the company’s offices, New Bridge Street, yesterday, Dr. Lawrance in the chair. Mr. Noss (the secretary), read the notice convening the meeting, and the minutes of the last, which were confirmed. Mr. Thornthwaite, the managing director, then read the following report of the directors, and the statement of accounts:–

Your directors have much pleasure on this the first annual general meeting of the company of laying before the shareholders a resumé of the operations that have been carried on for the purpose of developing the value of the mines, now the exclusive property of the company, and also their views and intentions as regards their future development, if again entrusted with your confidence.

At the Santa Rosa and San Leon Mines the old Roman adit has been cleared out and enlarged about 86 yards in length, at the end of which a large excavation, or chamber, was found nearly filled with rubbish, containing a quantity of ore of pretty good quality. On clearing this out, the floor was found to be entirely of mineral, but which, on being assayed, contained no copper, and therefore, in all probability, the top of the deposit. On further exploration this chamber was found to be communicated with a shaft, from whence, no doubt, the ore found in the rubbish was raised, but, as this shaft was filled with water, further investigation has been suspended, for the reasons hereinafter stated. Another adit has also been commenced on the south of this mine, wand driven about 97 yards, so as to cut the deposit several yards below the other adit, the effect of which will be to remove the water, and then allow the works of exploration and extraction to go on with facility. About 120 more yards are required to effect this object.

At Monte Romero, works of exploration have been made to find the entrance to the western adit, which is situated at that part of the property, where it is expected from exterior indications, an extensive deposit will be found, but which, your directors, regret to say, has not, as yet, been successful. The eastern adit has, however, been cleared about 70 yards in the direction of the lode, but without discovering any valuable ore ; whilst doing this a small bunch of very rich cobalt ore was discovered, the samples of which, forwarded to England, gave about 20 per cent of cobalt, and on further investigation a regular cobalt load was opened out ; this, we were informed by telegram, was a regular lode, already 2 feet wide, and, had this been as rich as the samples sent to England, of which we had no evidence to the contrary, the discovery was one evidently of great value. Orders were sent to the engineer to push on with all speed to extract the cobalt, and forward some samples to England ; these arrived in due course, and when examined by your consulting chemist, were found to contain, comparatively, a small percentage of cobalt. Enough however appeared to be capable of being collected by hand-picking to render it of sufficient value to stand the great expense of transit on mule to the sea coast, and subsequent freight to England. Orders were accordingly sent to hand-pick the vein as extracted, and to put the picked ore thus selected in bags to be forwarded to Seville and thence to England. The last reports from the mine state that there is at present about 4 tons of ore as taken from the vein, and requiring to be hand picked. As far as the explorations of the vein have gone, it appears to be very variable both as to its size and value. As this lode is very superficial, not being more than 20 yards from the surface, and the ground being extremly rotten, and difficult to timber, its real value and productiveness cannot properly be ascertained without sinking on the lode to a greater depth ; this has been attempted at considerable trouble ; but in consequence of the quantity of water, it has been given up for the present, waiting a proper pumping engine, &c., necessary for its further development in depth ; at present these operations are confined to simply driving into the hill on the course of the lode.

Your Buitron Mine, which is considered the largest and best situated mines in the country, has from its importance received a large amount of attention. On this mine a Roman adit on the east has been cleared out and enlarged 220 yards, together with 14 connecting shafts ; and a few of the remainder of the shafts have been cleared out and timbered up to the water level. About 150 yards more are required to be cleared out before reaching the spot the ore may be expected at, which is calculated will be at a depth of about 130 yards,– an important circumstance, as the mine will thus be unwatered without any machinery at that great depth.

A western adit was discovered, about 900 yards from the eastern adit, at the other end of the deposit, which is being cleared out ; this is calculated to reach the ore about 30 yards deep. At about the centre of the mine there is a great depression in the cap of oxide of iron, as if at some former time an open working had existed, or the ground given way from some workings a short depth beneath. It was, therefore, thought advisable, from this and other indications leading to the inference of the ore being at this spot near the surface, to ascertain the fact, if possible, by boring rod. A proper apparatus was accordingly sent out from England, and directions given that a hole be sunk on the north side of the deposit in a line with a valley, so that if ore were met with an adit of proper size for extracting the ore might be driven from the valley directly into the middle of the deposit.

Your directors have now the great pleasure of informing you from a letter only received on the 25th inst. that at a depth of about 23 yards the deposit was met with, and that the ore appears to be of good quality.

With respect to future operations on your three properties, it appears to your directors that the Buitron, from its paramount importance regards extent, situation, and prospect of early returns, should be the mine first put into a paying condition. They have, therefore, stopped all works at the other mines, except the exploration of the Cobalt lode, at Monte Romero, which will be continued as quickly as possible, waiting a proper engine for drawing the water.

The last report of your engineer, Mr. Ortigosa, dated July 9, states that he thinks the ore will be reached at the eastern adit in about three months, and as regards the prospects of the mine he says, “I believe that if properly managed the profit or return at Buitron may be more than 1l. per ton of ore, and that 2000 tons may easily be extracted
monthly at somewhat more than a year hence.”