The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-11-06

in a deal to form a comDina- |
ton of the copper producing interests
comes a story To the effect that the
interest of the Old Domin-
ion has been sought by people who are
people and that $50 a share has been
offered for a big block of the Old Do
minion stock. There is another story
i'm circulation that experts representing
unknown eastern interests have been
in the Globe camp for some weeks past
making a careful examination of the
mines Of the district. With regard to
the Old Dominion property 1t might be
said that the physical condition of the
underground workings never showed a
better opening of high grade ore than
at the present time and costs have new
err been lower than they are now. The
deepest ore openings i'm the property
are showing the highest grade ore. The
production can be increased with
corresponding reduction in costs at
any time the metal situation warrants.
Other properties in the Globe camp
are coming in for good deal of favor
able attention lately. The Arizona
Commercial people have started their
smelling plant and il is working adj
mirably, without a sign of the friction
and disturbance which is the usual
accompaniment of a new copper smell
ter. They are turning out a COM
paratively small product as yet but 1t
IA. tnn oil within N
short time. The Superior & Boston is
arranging to commence shipments of
ore from the McGraw shaft in the near
future and is getting the underground
work i'm such shape that these can be
maintained at a substantial ratio once
started. In the Miami district the
progress of work is rapid and substan-
tial. The Miami property itself now
has developed over twelve millions in
low grade ore. Further financing of
this property has been arranged by
means of a convertible bond issue,
which has been underwritten and which
is an assurance at the present time.
Altogether the Globe district seems des-
tined to take a more important posi-
ton in the ranks of the copper produc-
ing district of the nation than it has
ever occupied previously.
Greene -Cananea-
Our repeated suggestions that the
purchase of Greene Cananea and Butte
| Coalition would mean substantial prof
| il are still in effect. Both of these
properties are now in first class condi-
ton for the economical mining of a
largely increased production at any
moment. Both are dependent, OF
course. on a high market for their met
al but the character of the buying
that we have observed in both of these
issues indicated long ago that it was
for investment purposes and was not
decided upon without thorough eX-
animation of the properties and q
thorough confidence in the metal stu
alton. This same substantial accumu-
lation of these two issues continues
even at these high prices and we would
not be surprised to see Butte Coalition
touch $35 and Greene Cananea reach
SIS within few days. Those who pur-
chased Greene Cananea at 80 or SO, al
our advice are advised to hold theii
stock for higher figures. We would not
sell Coalition under any circumstances
for we consider it one of the safest
and best copper investments on the
Boston exchange today.
! Atlantic
For a good many years the public
has been expecting to see some actor
in Atlantic based on the commercial
values that ought to be exposed on the
Baltic lode of the Section 16 property
of the Atlantic company. Last weel
they broke into the formation there
which shows copper of better value
than any heretofore exposed. A cor
respondent at the Lake wires u.s. Saw
some of the new rock they have at the
Section 16 workings. A hasty exam
ination of the stuff does not show mucl
break it up into small pieces there is 6
very healthy exposition of the red met
al. / really consider it the first show
ing of real Importance the Atlantic has
exposed in these Section 16 workings
Oneco-
No. 3 drill hole, which is situated
about $1,000 feet west of the first hole
on the Oneco. passed through the lodt
on which the original mining work was
done and on which a shaft was sunk
10 a depth of 440 feet. The core shows
good mineral values in this lode and /;
very encouraging to the management
This drill will, however, continue
downward in the course until the Bal
tic lode is encountered. No. drill e.
considerably east of No. and Is down
about LOO feet and is expected to
strike the Baltic lode most any day
now.
Hancock Consolidated
! In the vertical No. shaft, a depth
of 5000 feet has been reached. After
passing through the assorted lodes OF
copper bearing amygdaloids which
were encountered at depth of 1,950
feet and continued for at least ten feet
the shaft entered the trap rock whicn
continued to show some copper for a
short distance, then got out of 1t and Is
now carrying some more copper. 1t IS
hoped that the formation now entered