PS -Thank you Elgatodelnoche for posting the photos of the ore you found; to me it looks rather like silver ore but looks can be deceiving especially with silver ores, it very well could be gold ore. I have seen photos of other ore samples from the Pit mine, and examined some in hand, in my opinion it is a silver mine. However I am not a geologist just a prospector with some experience behind me, have examined a number of silver mines now trying to learn more.
I don't wish to break anyone's bubble, if they are convinced that the Pit mine is the LDM; however I do have reasons for not believing it is the LDM.
Firstly, most of the clues that will "Fit" the Pit mine, probably come from the Ludy brothers/Peralta story, which predates Jacob Waltz and involves a huge funnel-shaped pit, not to mention the tunnel driven below that. One version of the Ludy/Ludi/Ludy-Jacobs (a mistake due to one brother being named Jacob Ludy) has it that it was in fact a SILVER mine, not a gold mine. Pierpont C. Bicknell wrote of having found a large iron spoon at a camp site, which he took to be proof that he was close to Waltz's gold mine, but mentioned that there were signs of silver smelting being done there with some silver still remaining on the spoon and around. Bicknell did not make the connection, or rather the disconnect there.
Secondly, there were and are over 30 different silver mines located in that rather small district, no gold mines. At least two of these mines had both a shaft and a tunnel below, which is not all that unusual for mines. While it is certainly possible, even promising, for a gold mine to be in an area with SO many silver mines, finding an old mine there would be at least 30 to 1 odds that it is a silver mine and NOT a gold mine. The Pit has been proposed to be the Silver Chief, and a fair case presented that it is NOT The Silver Chief; however do we have the exact locations of all the other 31 known silver mines in that district? Unfortunately, no - I had a plat of the claims but can't find it or would try to post that which might help a little, and then again it might not help as miners were known to deliberately write the wrong locations on their claim forms, knowing that the law takes the markers/monuments on the ground as legally superior to any written directions, for the understandable reasons that they did not want claimjumpers encroaching on their claims.
Thirdly, a look at old reports of the mining activities of the Randolph/Rogers/Pine (the district was known by several names over the years) will turn up that the prospectors were finding good silver deposits, and in some of the mines, found good pockets of gold especially at depth.
Good luck and good hunting to you all amigos, I hope you find the treasures that you seek.
Oroblanco