450 GEOLOGY AND GOLD DEPOSITS OF THE CRIPPLE CREEK DISTRICT. 
June examined and sampled the indistinct outcrop of the lode now known as the 
Independence. His samples were assayed in Colorado Springs, and, though the 
results were not encouraging, Stratton, impelled by a happy inspiration, rode up 
to Cripple Creek and on the 4th of July, 1891, staked out the Washington and 
Independence claims. He began work on the Washington, the southern of the 
two claims, and gave a bond and lease on the Independence, which he at that time 
regarded as the less promising property. Fortunately for him the bond was never 
taken up and he thus retained the claim which, with near-by claims subsequently 
acquired, yielded him during the next few years a profit of over $2,000,000. The 
Washington claim, lying within the granite, produced considerable ore near the 
surface, but was soon surpassed by the Independence, lying partly within the 
breccia. In September, 1894, the Independence shaft was 70 feet deep, and during 
the preceding month shipped 800 tons of ore, of which the lowest carload contained 
3? ounces of gold per ton. This ore was hoisted by a horse whim, and the mine 
was already regarded as the richest in the camp. Machinery was soon installed, 
and when Penrose made his examination in the latter part of 1894 the shaft was 
200 feet in depth. In January, 1895, a depth of 300 feet had been reached and a 
flow of 25 gallons of water a minute encountered. In March, the daily output had 
risen to about 90 tons of ore, carrying from 8 to 15 ounces of gold. It was then the 
most profitable mine in the district, though the Portland was shipping a slightly 
greater tonnage. Development proceeded steadily, and in 1897 the main shaft 
was 900 feet in depth. Negotiations for the sale of the mine were begun about 
this time, and in 1899 the property, after a comprehensive examination and report 
by T. A. Rickard, was purchased by the Venture Corporation (Limited), of London. 
In his report Mr. Rickard stated that the mine up to the end of 1898 had produced 
41,694 tons of ore, of a gross value of $3,837,359, affording its owner a profit of 
$2,402,164. The stopes aggregated 370,570 cubic feet, no less than 35 per cent 
of the entire output having come from development work in levels, winzes, and 
raises. The ore reserves were estimated by him at 70,000 tons, of a gross value 
of $6,712,000 and of an average gold content of 4f ounces per ton. He further 
expressed his opinion that fully $8,000,000 would be extracted from the ground 
already developed. Mr. Stratton was paid by the issue to him of 1,000,000 shares 
at £1 each, from the sale of which by the Venture Corporation he is reported to 
have realized about $10,000,000. On May 1, 1899, the property passed into the 
hands of its present owners. 
New hoisting machinery was soon installed and a very active attack made on 
the ore reserves by the new company. L T nder the advice of Mr. John Hays Ham¬ 
mond the shaft was sunk to 1,430 feet and extensive exploratory work done on the 
lower levels, without, however, revealing any ore bodies comparable to those 
known above level 9. Although the mine has continued to produce heavily up to 
the date of writing and has supplied ore of a gross value considerably in excess of 
Mr. Rickard’s estimate, later developments have not been satisfactory to the 
company, and the mine has received some notoriety from a suit entered against 
the Stratton estate to recover a portion of the purchase price on the ground of 
alleged misrepresentation at the time of sale. 
