The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-03-03
LIVE OAK.

The Live Oak Development company
mailed to stockholders today a report
from the board of directors. The
financial statement shows that the
company on Jan. 1. 1910, had a cash
balance of $2S,494.12 and that n pay
ment of $40,0 was made Dec. 3. 9TH
or cash payments will be: on or be-
fore Dec. 3, 1910. s1G,SOO on OF before
Dec. 3, 1911. $1O.S00; or or before Dec.
>. 1912, $3S0,O0O: total of $40t Goa.
The development reports are espe-
cially nattering. The report in part
continues:
From the date Of the last r.oort
Nov. 3, 1909, to the date of this re-
port. Feb. 81, 1910. we have advanced
various tunnels, drifts and raises, a
total distance of 1900 feet; 1000 feet
of this advance is i'm sulphide ore,
similar to the other large deposits Of
disseminated ores opened up i'm Miami
camp.
Taking as a basis the development
work of this period and the develop-I
ment work of the period prior to Nov.
3, 1909 that is, all the development
work from Dec. 3, 19OS-the beginning
of our operations-up to Feb 81, 1910,
and, as basis for assay value the
results of All samples taken from all
parts of the ore body opened, we es
innate 100000 tons sulphide ore of
an average of 2.5 per cent copper, all
blocked out and in sight. The five
faces now advancing are all in ore
not been reached in any direction.
Surface indications over the ore body
now being developed indicate that an
area OF about seventy-five acres in
this part of the property is probab-
w. for the most part, underlaid with
veloped and upon which the estimate
Of the above tonnage is made, is about
three acres.
Initial concentration tests have
been made on the ore. The results
show a 75 per cent. recovery in the
25 per cent. ore entering into the
above estimated tonnage. Estimates
Of cost Of mining, milling, smelling
and all other costs indicate that there
is a net profit of $3.50 per ton of ore
after copper is delivered and sold in
New York at the present ruling price.
The tonnage developed to date and
now in sight, therefore, shows a total
net value of s1,S75.00 During the past
three months the increase in tonnage
blocked out has been at the rate OF
100000 tons per month.
I'm the past six months the Live
Oak has been transformed from a
prospect into mine. The property
Is now absolutely beyond the specu-
lative stage and future planning will
be guided thereby. Accordingly, the
underground work will be increased
and the operating expenditures raised
to about $4,000 per month for the
purpose OF extending and determining
as soon as possible the outlines or tho
ore body now being opened and the
blocking out this ore body by addi-
tional crosscuts and raises in pre-
parations for production.
"Coincident with this plan, will be
the work of testing the ore for the
purpose of determining details of de-
sign and arrangement, in the required
milling machinery for installation in
a mill TO be erected in the nsar flu
tureA For securing the most reliable
data to be used as a basis for mill
arrangement and mill construction.
small testing plant will be erected and
operated.
AN eight-dril air compressor and
boiler plant of 160-horse power ca
pacity are now being installed. These
VIII be in operation within the next
week or ten days, and the use of air
drills will increase the speed and re-
duce the cost OF underground develop
ment work. To supply the funds to
meet the Increased operating expend-
lures call of 50 per share will be
made, payable on April l. 1910"