The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-18
ANNUAL REPORT
LIVE OAK MINE
YEARLY STATEMENT ISSUED TO
STOCKHOLDERS SHOWS MUCH
WORK HAS BEEN DONE
AT PROPERTY

The fourth report to stockholders OF
the Live Oak Development company
has been received by shareholders. The
report reviews briefly the work that
has shown up a large tonnage at the
mine. 4 call is made Tor the payment
of So a share on the part paid stock
Oct. /. OF this year. There are $4,000
shares Of the part paid stock on which
81 has been paid. The directors have
issued call for the remaining 50
which when paid viii make all OF the
10000 shares fun paid stock The
money is needed 20 meet operating
expenses.
The financial statement Of Live oak
shows S45.07945 on hand July l OF this
year. The company has paid $4,000
on its property and payments Of S1o,-
500 are due Dec. 3. 1910 and Dec. 3,
1911. on OF before Dec. 3, 1912, the
sum OF s3S0,OOO is due.
Considering that the Live Oak De-
yelopment company has been organ
lied only a year and a half. the re-
suits at the property have been re-
markable. Eight holes had been put
down before July l. total OF 3402
feet and every hole has penetrated
commercial copper ore. According 20
the estimates Of the Live oaks man
ager the underground development
work and churn drin work TO July /.
indicate the following tonnages and
grades Of disseminated chalcocite ore:
100000 tons Of $50 per cent ore. or
1900. 900 tons Of 2.25 per cent ore, in
Guiding the first named tonnage or
100000 tons OF per cent ore. includ-
ing both Of the tonnages named be- |
fore.
The management estimates a IS per 4
cent mill recovery and a net profit Of
Sl.35 per ton on a 2lA per cent ore and
n market price Of 12lR cent copper.
on July l, the market price was 1914
cents.
An eight-driH air compressor and
boiler plant Of 100 horsepower, have
been Installed The property is also
equipped with hosting machinery
drills. mine cars, tools and other ma
chinery for underground work. The
Is operating two churn drills
and has an ample stock OF churn drill
supplies.
Since the last report to stockholders
the so-called "Cottontair' litigation
has been settled by compromise. The
contestants received a strip 800 feet I'm
width in the extreme southern part OF
the property $500 feet south OF the
ore body which is now being devel-
cped. The company holds under option
10 purchase about 200 acres Of mineral
ground known as the Live oak prop I
,rty. There is now no cloud on the !
titles Of the property
The Southern Pacific, said the report
s running a survey from Miami to {
he Live Oak mine, a distance of two
niles and viii put down a track when
he Live Ok company desires.
"All exploration work on the prop
'rty has yielded very satisfactory re-
ults and has taken the property with
n eighteen months from mere pros
'ect and established It as a valuable
Upper mine" says the report. "The
explorations were first carried on by a
underground work. I'm April of this
ear one churn drill was started The
uccess OF this method Of exploration
vas so marked tht another churn drill
vas added. making two churn drills In
on our property, and under
round work-which is more expen- a
ive-was correspondingly reduced. It C
3 the purpose OF our management ;
D explore thoroughly the ore body, {
nd 20 determine It's extensions and 8
utlines as soon as possible and In v
ne with this plan another churn drill u
iii be added within week or two, =
laking three churn drills in operation
n the property. In the meantime, a
lans for the erection Of a mill and {
over plant are under consideration, i
= well as plans and methods of block d
~ out ore and making IT ready for ex- a
action. $
?