The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-12-27

they were not continuous, nor were
they strong enough to warrant the ex-
pectation of a permanent workable
formation. on this third lode, howev-
er. the results have been far more sat-
isfactory. The lode lies 1900 feet east
of the Winona lode. on the footwall
side of the lode there Is a belt eight
feet wide carrying commercial values
while the remainder of the lode which
had total width of 25 feet, contains
lower grade rock of little value. About
1875 feet Of drifting has been done so
far and further work will have to be
done to form a conclusion with regard
to the permanence of the results or
values
ONECO-
Thettime is ripe for the old story Of
the Tomahavk lode with relation To
the Oneco property. No., 2 drill is
rugged up west of the Highway and
drilling will be under way this week.
The Tomahawk lode should be cut at
a depth of 400 feet. To those of the
latter generation IL should be explain
ed that the Tomahawk lode is one that
Edwin J, Hulburt, the man who dis
covered the Calumet conglomerate and
who is now an old man and a promi-
nent invalid. residing in Rome. Italy,
on an income set aside for him by
prominent Calumet & Hecla share
holders. always told about in the early
days and one which he asserted was
richer than the Calumet conglomerate
ever thought of being. Hubert never
told just where he had the lode located
and that has been a matter of consd-
cradle speculation and some cash out
lay. The Oneco has sought the lode
before and is now diamond drilling for
ii. II the Tomahawk lode ever comes
up TO expectations 1t will be a world
beater.
oJlBWAY-
The situation at the mine is this:
This property is gradually getting to n
point, where IL soon will be cutting the
Kearsarge lode at the 1,250-foot level
At the S00-foot level in this shaft where
the lode is faulted n diamond drill has
been rugged up to locate the lode and
at No. 2 shaft the 500 foot level drift
going north continues showing good
mineral values. At the drift the show
ing is in good rich stamp rock. At the
s00-foot drift also going north the
showing continues in fair mineralized
ground with occasional rich streaks.
At the 1850 level crosscut the lode Is
exposed and is showing fair copper
values. II is fair to assume when the
drifting is under way in this level good
results will be attained.
Relative to the issue i'm the market
there is this to be said, 1t was put on
the market just before the crash IN
1907. 1t has never shown n marker
profit for more than n day or two over
the original price of $40 share. There
was an absolutely clean notation. the
original people who put up the hrst
cash for the diamond drill work took
their proportionate allotment of Ojip-
way stock and clamored for more. the
lands went in at cost price. The public
got the stock from the original people
mostly at si1 and only the favored
VI tie OWntIS kVN w ~
price. There has never been any at
tempt to manipulate the market price
OF the stock. The development of the
property has continued through TWO
shafts. The big expenses have been
met and mining operation costs are
now reasonably cheap. There Is no
immediate need OF treasury cash. the
mine management is in the hands OF
DIR. Hubbard. the president and Andrea
Formis. the superintendent. Locally
the feeling toward ojibway IL that
eventually II viii take its place as
profitable producer Of copper from the
Kearsarge lode and an ultimate diVi-
dend payer. That II will take som"
years yet Is n certainty. Progress
from now on can be the more rapiu
because all % the heavy surface equip
ment demands were met a year ago.