The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-05-14

smelter daily. The west winze sunk
from the fourth level OF the Gardner
workings is now as feet in ore, aver
aging per cent copper. The lessees
are extracting per cent ore with high
iron contents from the tunnel on the
black oxide vein above the main shaft
on the fourth level of the Gardner
workings The rails of the Arizona
Eastern r. r. are laid to within 1900
feet of the McGaw shaft.
The second churn drill hole at the
Live Oak property has just passed
into chalcocte at a depth of 230 feet,
| 700 feet west of the shaft Drift No
POS on the second level has passed
through 90 feet of ore. The indica-
tons are that the average vertical ex-
tent of the ore is 175 feet. A second
churn drill is beginning work 800 feet
west of hole No. 2.
| 1t is reliably reported that the
crosscut from the Baltic shaft of the
Isle Royale has struck good rock.
This was expected i'm view of the de-
velopments i'm the Superior and the
Irecent strike i'm the Houghton Cop
Iper.
THE larger demand during the past
| few days is variously construed by
copper interests. 1t shows for one
thing that the consumers i'm this coun-
try as well as those abroad have arriv-
ed at the point where IL has been nee
essary to replenish them. 1t is taken
for granted, however i'm some quarters
that the outcome of the movement will
be the same as that of the buying
move four months ago when the price
of the metal touched 1890 on urgent
buying after which it sagged off grad
ually, owing to the absence of demand
until sales were made for less than
12hc. In other words these interests
believe that after n few days the sag
ging tendency will return and prices
for copper will go as low. If not lower
than before.
New Baltic's No. drill has cut an
unidentified lode 20 feet wide and car
rying ten feet of heavy shot copper
with about two feet of exceptional
richness. The core. which is 3h inches
i'm diameter shows this lode to be a
true amygdaloid, and though not SC
wide as the so-called New Baltic lode
cut some time ago in the No. 2 hole
easily equals it i'm point of richness.
There are $1,000 shares of Houghton
Copper Co.'S 100000 shares issued. st
| shares
of the issued capital. This stock Is
virtually tied up and can not be consid-
cred as floating" This leaves but
80. 900 shares for trading purposes and
of this number fully $4,000 shares are
held by people who are not attracted
by any price at which the stock has
vet sold. Therefore but $4,000 shares
can be counted on as being I'm the mar
, ket. When the character of the core
recently extracted from the diamond
drill exploration becomes known, i
seems that Houghton Copper should
, sell considerably higher, as present in
: dications point towards the compan!
opening up very good mine that car
be worked most economically
Butte.-Butte Balaklava has begun
regular daily shipments of 800 tons o
ore to the Pitts Mont. smelter which
has started up another furnace
!, Enough ore is blocked out in the Butte
. q Balaklava to keep up this rate
shipment for years but development
work will be prosecuted and output in
creased as soon as market condition.
u warrant although the company will b.
a able to make fair profit at presen
prices, as the cost is said to be unde
: Sc per pound. The ore averages better
than per cent copper and runs high II
, silver.