Hola amigos,
This got to be a very long reply, so I must beg your indulgence;
Not to throw a major monkey wrench into this discussion, but this Pit mine Joe has put forward
would fit fairly well for Joe Deering's mine. Of course I would have to add that I am fairly convinced that the mine Deering found was not the mine of Jacob Waltz, and since we don't have any example of Deering's ore to make even a photo-comparison this is not much to go on.
I would also add here that difference between Blindbowman's theory and Cactusjumper's being one of
whom is credited with the discovery, is the main difference. We still
don't have an ore comparison. What we do have, that is silver sulfides on the ore dump, a mine with both shaft and tunnel in a district with at least two historical mines that likewise had both a shaft and tunnel, a photo of a specimen of ore that looks as if it has a high silver content; and the mine being located in a historic silver producing district but little gold, would tend to point toward the Pit mine not being the same as Waltz's mine.
I mentioned this earlier but you can pick other mines in the region and then match up one or more Dutchman clues to show that they must be the lost mine. With over 100 clues to pick from, this process is easier than you might think. The problem arises when we try to match the ore to that from Waltz.
It is a good theory and MAY be the lost Dutchman mine; I sure can't prove it isn't and it doesn't look like we are going to get an ore comparison. We don't know for a fact that Waltz's mine was in fact a chimney type deposit, that was surmised by other prospectors in his time but according to Waltz the vein crops out some distance from where he was mining it, which would not be in keeping with the form of most chimney type lodes. Is it possible for a chimney of gold ore to shoot up inside a silver deposit? Of course, gold is where you find it after all - one the the greatest gold producers of all time was originally dismissed by geologists as impossible since they "knew" that gold could not occur in that type of rock (the Witwaterstrand in South Africa) so it would not be safe to say it is impossible for a chimney to occur in a silver vein. It is not uncommon for a silver mine to have a gold-enriched zone either, as mentioned earlier this was found to be the case in several excellent silver mines in the Tombstone district.
Waltz's ore has been classified as Mesothermal, I would call it Hypothermal but am no expert; the grain size is the key to making this distinction of ore types and the grain size of Waltz's ore is right on the 'border' that differentiates between these two types. Epithermal gold deposits, the most common type found in Arizona, are often quite rich in gold but also pinch out at relatively shallow depths; this is due to the way they were formed. Meso- and Hypo thermal type deposits are formed at depth, not near the surface, and this generally results in a deposit that runs deep. Mesothermal veins are formed at 3000 feet depth. Most of the gold veins of Bradshaw, Weaver, Date Creek and other districts are of this type; a key feature that is common to most Mesothermal gold lodes is that they very often contain a high percentage of silver to gold ratio. We know from an assay done on Waltz's deathbed ore, that it contained roughly 1.5% silver and nearly 33% gold for a rather LOW silver to gold ratio; this is a common feature found in Hypothermal type ore deposits and is one reason why I call Waltz's ore Hypothermal. <
I am just a prospector not a geologist of course, and will defer to the professionals on most things but respectfully disagree on calling Waltz's ore Mesothermal type.>
The fact that this Pit mine pinched out at a (relatively) shallow depth, points to it being an Epithermal type deposit. The silver sulfides seen on the ore dump are in keeping with Epithermal type deposits; the photo Joe has kindly shared with us has the appearance of being the colored quartz gangues you should expect to see in Epithermal type deposits (green, orange etc) not the white to colorless quartz usually seen for the Meso-and Hypothermal types. I mean no disrespect or insult but based on what I see, as interesting as the Pit mine is, and I have NO doubt that whomever worked that mine very likely made a very large profit from doing so, I have serious doubts that it is the lost mine of Jacob Waltz. I would rather accept that it IS, and perhaps we could see fewer people go missing and/or die in the Superstitions hunting for the Lost Dutchman's Gold Mine, but in all honesty I can't say that Pit mine is the LDM.
Perhaps it is just my own inner wish not to see the famous mine found, or to cause the loss in tourism for the area businesses that is affecting my judgment; I am sure one of our members would say that is the case. What is in a name anyway - if that Pit mine were not the LDM, it didn't prevent the men who worked it from making a tidy sum did it? Fame only goes so far and whoever finds the LDM will be famous for a short period, may even get into the history books - but will soon be forgotten. Gold and silver however do last the test of time.
Thank you Joe for sharing the evidence and history, perhaps that Pit mine really is the infamous Lost Dutchman's Gold mine? It is one of the best theories I have seen for a candidate.
Good luck and good hunting to you all, I hope you find the treasures that you seek.
Oroblanco
PS just an observation here, but historically a surprisingly large number of excellent mines have been discovered by treasure hunters who were out searching for a lost mine or ledge, though most often what they found was not the mine they were looking for!
hmmmm
Shall we discuss ore body clusters in volcanic fields? I would gladly accept the position of apprentice BTW! 
<I get roughly 26,000, if we only allow one million apiece>
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