The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-11-24
Mining News

| by the main crosscut will be under the
ore body which gave high values on
the 1,SO0 level, and from the character
of the. vein filling at present ii is fair
To presume that good ore will be open
ed up within the next forty feet. From
the fact that the Edith May vein has
proved discouraging on the 2,200-foot
, level there is considerable speculation
as to what the development will reveal
in the Jessie and the work is being
watched with great interest. Work
is progressing rapidly in the raising of
the shaft on the Granite Mountain
claim and it is expected that it will
be completed as a three compartment
shaft to surface by first of the year.
IL is understood that il is the inten-
ton of the company to install first
class surface plant on the Granite
Mountain during the coming summer.
This will give North Butte two work
ing shafts and will double the present
output of between 1900 and 1000 tons
per day
The phenomenal strength in Lake
copper shares in a market otherwise
weak and sensitive is due i'm large
measure to the fact that there is no let up
in the sensational underground devel-
opments. The drift south on the fifth
level Cat n depth of $50 feet is in
113 feet from the crosscut and the
last 80 feet are the richest yet de-
veloped on the property. A director
H.. 81, a. oct
portions of the property SURPRISES all
precedents i'm the Lake Superior pro-
perties. OF course we have not eX-
tended our levels to point which
enables us to form any idea as to tho
ultimate size of our property but VIC
are pushing ahead as fast as possible
and every week the property looks
better and bigger. We are sinking
our shaft down to the sixth level and
by the first of January we should
have it bottomed at a depth of close
to 700 feet" 1t is said second mill
run may be made this week, and a
copper yield even better than the 50
pounds per ton of rock shown in the
previous test is predicted
Boston.-While it Is doubtless true
that the rise i'm price of copper metal
during the past week or SO has been
brought about to large extent by the
proposed consolidation of copper prop
critics, leading copper producers main
tain that the improvement i'm the gen.
eral business situation is also an inn
portant factor. One of the largest pro-
ducers of Lake copper states that his
company is out of the market for the
time being and this without having
sold any copper beyond December de-
livery. Sales of Lake have been made
recently at Ia cents but mine owners
state that they would not sell for that
figure today. Sellers of the metal are
waiting to see what turn the situation
will take and refuse to quote price
for the metal until conditions become
more settled. In view of the fact that
there have been very large sales dur
ing the current month, many look for n
very favorable copper producers state
ment on the 10th of December. Tn
this there may be some disappointment
for. as we pointed out previously, the
sales this month will not appear in the
deliveries for a month or two at least
and right here we mention again that
the Copper Producers association
should divide their deliveries as cop
per sold and unsold. In this way the
public would know the exact status of
the supply of copper on hand. The
present form of the producers state
ment includes in surplus a large ton
mage which has already been sold but |
not delivered. Estimates of the sale
of copper during the present month |
are that between 125.000,000 and $780,
900. 600 have been disposed of. II is
doubtful IL the producers statement
will reveal figures as large as these.
The total exports to date are close to
40, 100000 pounds so that the home
sales have been the important factor.
Boston.--A prominent local broker
age interest says while It is gener-
ally agreed that the Calumet & Hecla
interests viii have nothing to do with
the proposed copper combination and
there is lack Of interest in these stocks
because of that fact. the apathy will be
temporary only for the merger will be
of great benefit to Calumet & Hecla
and~sto an other Independent copper
producers. simply because of the fact
that IL wa tend to make more es-