The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-23
FRANKLIN MINING co..

The annual report Of the Franklin Mining CO. Is AZ
hand. The financial statement shows balance Of as
sets the first of the year of $l739SlOO Included
in this is copper unsold which estimated at four
cents per pound This is rather higher estimate
than obtained for this metal so that the re-
port will smaller balance than indicated by the
above figures
Commenting developments for the year President
Dow has the following to say;
"The low cost at which metal has sold during
the past year has led your directors continue the
policy outlined in the annual report 1908, namely
the continuation of development work the Pewabic
lode, enough holsting only being done TO keep the
drifts clear ana allow the mill and equipment to be
used at a reasonable cost"
"Oyer 1000 feet openings have been made during
1909 in drifting and sinking, opening up immense
amount of stopping ground averaging higher in copper
contents than that Of 1908.
"The WINES sunk in the lode No. 1 shaft from
the 2Srd to 27th showed rich ground all the
way.
"The Goth to the 9th levels showed good copper
values.
"Tho lode has steadily improved the goth level
down to the 2Sth.
Just below this level the lode the Frank
lin Junior property and Continues in Section c. The
Franklin company has recently acquired this entire
section (64O acres) from the St Marys Mieral Land
Company in exchange for 1888 shares Of treasury
stock
Franklin now owns $4,000 shares of the 100000
shares outstanding of the Rhode Island Copper COM
pany, giving the Franklin Mining company $500 acres
in large plot, with opportunities unexceed by
any similar undeveloped land in the district
Several lodes out-crop two miles on the pro-
perty with practically unlimited depth each.
"The diamond drill being operated to the Han
cock lode is expected to the vein the near
future.
mo shaft and the 18th level south in No. / shaft
will be connected shortly complying with the mining
laws providing better ventilation and safety for the
miners.
"The drifts north of No shaft extended well
into the Rhode Island property prove the wisdom OF
directors in acquiring this valuable addition
the Franklin Junior lands
"over s1OOOOOOO has been expended the past year
in development work, which being deducted from the
total expenditure, shows that the small amount of
copper produced about the selling price the
metal for the year.
"a number of development operations being
pushed theoretically lands the Franklin, the
success of any of which would mean much. to our
company lands extend practically from the
eastern the western sandstone.
y
of 1908 is impossible from the that the opera
tons carried were related each other in almost
particular.
in 1908 the old Franklin Mine was being operated
and development operations being pushed the
Junior congomerate lode.
''The Old Franklin mine sold to the Quincy Min
ing company about the the year 1909, and all
development work ceased the conglomerate about
that time production from the congomerate
entirely November 1909. that satisfac.
tory comparison be drawn from the two years
operations.
During these two years mine has been opened
and DEVELOPED Oh the Pewabc lode in the Junior pro-
perty with extensions within the Rhode Island lands
opening the extent of 100000
feet blocking practically 125OOOO tons of Stopping
ground which appears be above the average of tho
rewabic minel in the district at the present
time.
"Since January 1. 1910 arrangements have made
to gradually increase production, and directors
believe that the Company will in the future take
its place permanent producer at Satisfactory
cost"