Well here is one of those 150 answers Cactusjumper referred to!
That clue originates with Pierpont C. Bicknell, when he published an article circa 1895. His earlier 1894 article does not mention it, if memory serves. He stated, and I am typing this from memory so any corrections are welcomed, "..it lies within an imaginary circle not more than five miles in diameter" centered on Weavers Needle. This clue also turned up practically verbatim in Adolph Ruth's notes.
Unfortunately it appears that Waltz may have only stated that there was a "pointed peak" visible from his mine, to the south. There are a number of pointed peaks in this part of Arizona.
Bicknell seems to have mixed together several different lost mine stories which were then (1890s) in circulation in Arizona, in the belief that they were all telling about the same lost mine. They were not, which can be picked out from some of the tidbits of information we can glean from the various sources. For instance, the lost ledge of Apache Jack had black quartz with spots of gold "like stars in the night sky" while the lost Wagoner (also spelled variously Waggoner, Wagonner even Wagner) ledge was rose quartz. Some versions of the lost Doc Thorne mine had it as a vein of white quartz, although the earliest accounts relate very clearly that it was a placer and not a lode at all. This did not prevent treasure writers like Bicknell and Barry Storm from mistakenly mixing the clues and information together, which has helped to keep the lost mine of Jacob Waltz lost.
When this lost mine IS finally found, it will be found in a place that will astonish most people. In fact it may well be found quite close to a road, highway or trail, where many thousands of people have passed it unknowingly. The Superstition mountains geology even supports this contention, for most of the Wilderness Area is not at all promising for gold deposits (NOT to say impossible) while around the southern and eastern edges, the mineralization is quite enriched and quite a few silver and gold mines have been found there. Even the USGS studies indicated that right near the edges of the Wilderness Area on the south side (and east somewhat) are positive indications for silver and gold, even copper. On the NW side of the range we have the Goldfield gold district, which produced a fairly impressive amount of gold in its own right; it is also notable that the Goldfield hills were not really considered a separate range when Waltz was living, and a much larger area was considered to be the Superstitions (aka Salt River, aka Montana del Espuma etc) so it is not a good idea to ONLY focus your search on the Wilderness Area. If you do, you will be excluding some of the most promising areas.
I am sure many will disagree with my next statements, so this is entirely MY OPINION. No offence intended to anyone.
I would recommend to look for a SMALL mine, one that has an opening no larger than a barrel and not more than a dozen feet deep. There is reason to suspect that the huge funnel shaped pit and tunnel below, originated with a different lost mine which was a silver mine. If you think about it this only makes sense; for Waltz was never seen selling large amounts of ore, even the highly debated alleged shipment of ore worth some $250,000, assuming the ore was as rich as the only assay ever done, would not have resulted in a mine excavated any larger than just described. Plus we have it that Waltz made some effort to conceal his mine, laying in ironwood logs and covering with earth, so don't expect to just walk up and spot the thing. It is going to take some digging to find the mine, unless nature has helped out by uncovering it - although ironwood logs have been found over 1000 years old that are still intact so don't count on that either.
Thank you Johnny for your service. Please do continue;
Oroblanco
a perfectionist, "he don make no stinkin mistakes."
