Hi,
My OPINION is that neither statement is accurate. First - it depends on who's book or transcript or article, you have read. What started out as a handful of clues back when I first got interested in the Lost Dutchman, it has turned to hundreds of clues.
However, taking the AVERAGE of when someone spoke of a "hole", the most common statement(s) were "on the way to my mine, you can see a peak with a hole in it" - or another one is "you have to climb through a hole to get to my mine". And, there are several other versions of the "hole". However, I believe that Joe Deering mentioned climbing through a hole.
Now, without getting into big long explanations, "clues" are only as good as their sources, and, obviously, there have been many, many variations on Walt's clues. (and not just the one about the hole).
In my opinion - and make no mistake, I look, and have looked - at many a place on Google Earth, but, you cannot "see" what you are looking for. For instance, here is a picture I took 2 years ago - and, knowing EXACTLY where it is - by exact GPS coordinates - you cannot find it on GE.
Beth