The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-22
BIG SALE GOES THRU.
Remarkable Deal for Ore Closed by
the Management Of the Great 6.
Northern.
SAC, 900 Cash Bonus and Tent Cent
Advance Royalty Above
Is the State Lease.

bpoclal TO Ino Jcurndl.
Duluth. Mimi, June 2o.-A sale referred
to some months ago as then pending, has
been closed. 1t is Of the east u of the
southeast Il Of section 6-57-2O, and is
on the terms then stated, a 10-cent adj
vance royalty above the 25-cent state
lease, 100 000-ton minimum on the adj
vance. and a $4,000 cash bonus. The os-
tensible purchaser Is the Great Northern.
Explorations by the option holder have
doubled the quantity Of ore in sight when
the deal was instituted. and there are
now 100000 tons Of ore better than SO
per cent shown up. In some ways this Is
one Of the most remarkable sales yet
made on the range.
The Republic Iron and Steel company,
operating the Franklin group, the Petit
and Kinney mines of the Mesabi and the
Cambria and Lille Of the Marquette, is
shipping more ore this year than last.
Its old Victoria stockpile, Franklin group,
containing $4,000 tons and which has been
on the surface for five years, is all be-
ing moved forward, and the remainder of
the group Is shipping smartly. Its Petit
will produce more than in 1902, when it
was opened, and it's Kinney Is preparing
for very large autput. Cambria and
Lille will not make large shipment this
year. but the company will greatly in
crease production from the Iron Mountain,
Menominee range. .
STEPHENS is shipping.
Stephens mine Of the Oliver ron Mining
company, Is now making its first ship
ments to dock 1t is very large and
magnificently opened and equipped prop
erty. development of which has been pro-
ceeding quietly and easily by the Oliver
company for two years. A very large
area of ore is stripped, and mining will
be at an exceedingly low cost for long
time. The equipment in and surrounding
a Inc hi rc1,O of
reflects the highest credit on the COM
pany's management.
stephens ore was few years ago
thought to be low grade, and 1t was taken
by the Oliver company when others did
not care for it. The wisdom of the less
ees Is now manifest. The royalty is Is
cents ton and the minimum annual
royalty Is 100000 tons. A tonnage MAX
Ing 1t one Of the largest mines of the
range has been shown, and the ore Is of
magnificent physical and good chemical
character. The land is owned my Henry
Stephens, Detroit, Mich, lumberman,
who took 1t years ago for the pine alone,
and whose estate will now receive $751;
600 year for several hundred years if
the minimum only Is mined.
Two state leases in sections % and "a
b7-22 have been explored to show about
100000 tons Of ore. One of these
showed the ore under from 70 to 125 feet
OF hard taconite, which is an unusual
thickness for drilling. Ore has been found
a short distance southwest of IIibbing on
lands belonging to the Eddy Brothers. of
Michigan under $50 feet of taconite but
the extent of the body is not yet fully
known
Longyear lake, in sections 81 and 49,
$500. will probably be drilled if title can
be given. Ore exists on two sides of it,
and is believed by some that 1t may be
under the lake, which is shallow body
of water. a-..e .- -
Northern Pacific to Drill.
The engineering department of the
Northern Pacific road has decided to COM
mence explorations on Mesabi lands owned
by 1t, and is arranging for drills. Lands
owned by the road, coming to 1t from the
land grant Of the old st. Paul & Duluth
road. probably contain much ore.
NO. ore dock of the Great Northern
road, at Superior. was completed this
week. and shipments over 1t commence
Immediately. 1t Is 70 feet high from mean
water level, Sc feet wide, and has $50
pockets Of ESQ tons capacity EACH It
gives the road a storage capacity for
10000 tons, putting it on an equality
with the Duluth & Iron Range and Du-
luth. Missabe & Northern.
Palms mine, on the Gogebic range has
after long period of work opened into
body Of RE under No. shaft, adioin-
Ing the Anvil ground, and an extension
OF the Anvil lens. Palms has been an ac-
tive mine, but for some years has been
diminishing In tonnage. The new ore BODY
will renew Its lease Of life. This ore was
400 feet under the bottom Of No / shaft
All the buildings at old Meteor mine
near Wakefield, have been sold and are
to be removed so that the location will
be entirely desolated; Meteor's career
Is completed. Gogebic range shipments
are now about 100000 tons week, which
Will be the average turnout the season.
The Wisconsin & Michigan road will be
candidate for ore traffic another year
and will further divide what was the
North Westerns private snap up to two
years ago. sr
Development In Columbia is abandoned
and equipment, other than sufficient TO,
taking out what ore is in sight, is being
taken out of the mine. :