Bisbee daily review., 1906-07-01
INES

put down through this cNaglomerats into the line and just befare it reach cd g depth of i.444 feet Z, entered a splendid body of ore A station was cut at the l,000-foot levl, but the shaft was continued to 8 depth of ,036 feet. The last 40 feet of sinking and the bottom of the sh it is all in the ore body which drifts have now shown to be 100 feet long. so feet wide. on the 1000 foot lvel, and of excellent grade. It is the .aracterisJic ere of the district, pginc yally oxides and carbonates. with most beautiful specimens of aZurites everywhere. Drifts. driven in both sections. re- veal the fact that this ore body is surrounded by 600 fee, of leached ground, indicating that the ore in- cTeases in extent aU gree 1T depth.
 A drift has been driven into tho porphyry recently, iron the Junction workings. A stringer of lnaltered sul- phide ore has been encountered in this rock where it had not been pre- vi0usly supposed any existed. The ere is 5eing followed.
 Summarized briefly developments in these properties hay demonstrated beyond question that he mineraliza- tiou of the Bisbee strict extends out through their q ms to a dis tGnce Of mile, at le~ |. from Sacra- niento Hill, that the ,aracter of the ore is precisely the 4e far away asI it is close to the | phyTy contact, 'hat the ore depCS' lu is in large hGGiCs and equally ri. in the outlying claims. The one th that has not been demonstrated i: Iat the big boo ies of ere are as ne. together, of as frequent occurrence. l the properties under discussion as hy are in the Copper Queen and Lmer < Arizona mines. Devolopme work 10 daSe would naturally lea 10 the cOnclu- sion that there are fewer plums in this pat Of the pu ling On the other hand, il is no impossible that continued develOpD- Tt work may make these prOpert 5 rivals of the two big producers mentioned.
 If We are to measure the prospective value of these properties. and pass judgement on the price aJ which the new consolidation stock should self. We must keep in mind the fact that their extensive territory is being eX- pIored in a search for the largest and richest bodies of copper ore that are found anywhere in the world. They have found half a dozen of these or3 bodies already and the chances are all favorable to the discovery Of q very great many more. The 1900 acres of land in this group is equivalent to about 6 full mining claims. Should a full tenth of this ground prove t0 be mineralized the consolidated company will be able to equal the production and earnings of the Copper Queen. and its stock will bs worth several times the present quotation.
 The astounding possibilities of these mines may best be understood by consideration of these facts: The total production of the Bis5ce district four years ago was about So.0000O0 to 4G 900. 900 pounds of copper. having gross value of less than 5000. .000: this years output will exceed 13n.000.- GOO pounds and net profits will ap- proximate SIS 1000, 900, or enough to pay s10 per share on the total capital stock of the AmalgamLcd Copper Com rany. The gross copper production of the Bisbee district Is made at as low or lower cost per pound than that of any other great camp in the world. When all of these properties together are able to equal the present production and net earnings tf the Calumet & Arizona, the stock of the new consolidated company "iil be en- titled to sell for two or tnre9 times it's present price
 If one computes the value of the ore now in sight in these properties and ore in sight in these properties and compares 1t to the extent and cost of the non-productive openings, he will find basis for an argument that even at S17 to S20 per share the new con- srlidated stock is selling too high. Ii he views the district as a whole. how ever. and recognizes the important significance of the ore bodies already found and of the large amount of leached ground encountered, he will be forced to admit that the prospects and probabilities are so overwhelm- ingly in favor of these properties as to warrant a much higher selling price for their stocks even now.
 GEO. L. WALKER.