The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-13
MINNeAR AND co.'s GOSSIP.

II has been several days since the
last reports were received on the work
now being done in driving the South
Lake No 9 diamond drill to cut the
Lake lode at depth, but figuring at the
average rate which the drill has been
making the present depth is very close
TO LOO feet and it is possible that
the lode may be encountered within
the next $50 feet
The Butte-Alex Scott smelter re-
turns for 74,500 pounds ore gave them
$9S2.77 net for last car shipped.
Supt. Mccarthy wires: Live Oak
shaft 60 feet, considerable chalcocite
and looking well. Warrior drill hole
four hundred feet and making good
progress. Warrior mine looking well,
PARTICULARLY a new raise extreme west
end of west drift where 10 per cent.
ore is being disclosed.
The Houghton Copper Co.'S diamond
drill is down a little over $50 feet but
has not exposed any geology that gives
sary to drive to cut the Baltic or Su-
perior lodes. II is expected at present
that the diamond drill hole will per-
forate the lode reasonably close to
surface.
Recent reports from Winona and
King Phillip have been very encour-
aging,
New Baltic's No. 3 drill is down
1000 feet. II is expected to encounter
the lode this week .l p.-i.
At the annual meeting of Elm River
stockholders, to be held on April Goth
the question of changing the COM
pany from a New Jersey to a Michi-
gan corporation will be taken up.
good copper bearing core has been
extracted from the drill which has been
working from the 1,25O-foot level of
Ojibway
The reduction to IS cents in prices
of electrolytic is proving attractive to
consumers and considerable business
at that basis is being done. In order
to clean up stocks Calumet and Hecla
cut the cash price of Lake to 10 cents.
During the last two days a good de-
mand from abroad has developed.
which should be reflected in the ex-
ports for April.
From the action OF this market this
morning, it certainly looks as il we
have seen the end of the low prices
and bear market, at least for a while.
North Butte can be credited with
changing the whole situation. In a
special message we have just receiv-
ed from Butte, we are told that North
Butte Is reported to have encountered
some high grade ore on the Edith May
VEN in diamond drilling at a depth
OF approximately $500 feet. This
would Indicate the fact that North
Butte has zone of secondary en-
rlchment at greater depth. The buy
ing IN North Butte this morning has
oeeh tremendous. While n portion
VI II has been short covering. there is
considerable good buying also in evil
dence.
we have had a big shake-out in the
eoppers, and sooner or later a big
rally Is bound to come and there Is
very reason TO believe that this Is
'ne beginning. If it is, it will go con-
S'u@rably further for prices are ridi-
'u'"usly low. Especially is this true
y. such stocks as c. & A., Granny,
o'ah Conse Mohawk, Copper Range,
etc.
AS we have repeatedly said, these
"e'al quotations are fictitious, and the
metal market is being made to look
weak as possible, undoubtedly
"e'pihg to carry out the plans of some
VI 'he big financiers of the country to
PUT inc copper metal situation on a
par with steel as it is today. We
S'io'siy advise buying all good cop
pers conservatively.