The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-09

make August. told that the local directors
| will make positive effort toward further financing
until they complete of the prom
1t is likely that matters will permitted to rest
| until about September /.
LAKE SUPERIOR AND ARIZONA
The so-caed Thompson- Gum interests have sinh
mittcd to the directors Lake Superior & Arizona a
proposition which viii probably be adopted The New
York people, who rank very high the field Of mining.
have agreed to take option the property of Iata
Superior & Arizona for eighteen months
BY the terms of the offer made l.. S. & A. the COM
pany is to receive 100000 in 10000 shares
of stock In the Magma company organization per-
fected to work the Silver Queen. property adjoining
l." g. * "A" In addition the Magma company agrees to
expend 100000 or as much it is found necessary In
order TO demonstrate the value holdings OF Lake
Superior & Arizona.
by the terms Of the deal. the Magma company has
eighteen months with which to work the L. S g. A
property and to look for the sulphides. Henry Krumb
the noted mining engineer examined the L. s. a. A
holdings and it was the strength report that
the Thompson Gum interests determined to endeavor
TO get an option the property, also purchased
the old Silver Queen mine which adjons. The Magma
company VIII begin work on the L. S. & A. property
just as soon as the deal is closed The Holt has
oeeh kept fairiy dry during the time that negota-
lions have been pending. This Will make DEVELOPMENTS
ihuch rapid than would have been the
case The Holt shaft will probably be pushed several
hundred feet deeper and extensive lateral work done 10
locate the sulphide which many engineers who
nave visited the proprty claim will be found on the
L. s. & A. holdings
The Magma company, which is mentioned I'm IN. a.,,
was organized with capitalization of 200 OF which
oVoVo were issued to acquire the Silver Queen property
1'o''ohi STOCK In small quantities has been issued
o ''e 10 'me TO be used in the work being done on
w property by the terms of the deal, which remains
Tor the L. s. & A. directors and stockholders to
' LOT eaeh snare OF L. S. A. equivalent to three
quarters of share Magma and $50 will no o0era
ior the ownership of the property There Is little ouh
but that the deal will through and il is favorably
regarded by shareholders who are familiar with Tho
terms wv
SUPERIOR & BOSTON,
me home office of Superior 4 Boston has received
returns from shipments ore TO the old Donin,, ,,l
Ter during the month Of May The June report Will not
be received until late i'm July
turing the month Of May, Superior & Boston pro-
uueeu 4@SifS pounds of copper 1926 ounces OF
nv oo''p"iiy received In net returns from the
oid Dominion smelter $2651L5O which represents thu
D'''e''o" Vi all costs except mining includes the
cost OF smelling, refining, selling etc. item, which
enter largely In net proceeds. The record for Nav a
most gratifying one and will undoubtedly be so regard
Superior Boston continues TO shin a, ,o.. :,
eighty tons daily to the Old Domin,or ,,a
Ihis amount could be easily increased were meta, CON
oi'ohs deemed sufficiently satisfactory to make such
ep ouVsapie' Practically all of this ore comes from
~ ~ Eastern NINE The returns from May opera
'ons not only paid all mining and deyeonme,, x
pehses' but provided substantial sum to no ,acsa
In the surplus account
Diamond drill operations from, N, ,,,,
a1
uesired by this class of exploratory work the ma,as
ment deemed further operations of int, h,,
sary. Diamond drilling at superior g. r,os,
ca results considered the most important for voa q,
'ne GLOBE camp 1t disclosed the fact that urinary
pe ores would be found at depth in the eastern
' VI the oioDe quadrangle and corroborated the
- f'y Expressed by Consulting Engineer
p''oi * Boston, and other prominent
INNING engineers who have visited the camp 7, also
S mueh greater lease of life to the entire c,obo
district. ~ o "'ooe
Inc diamond drill developments at superor o ~.
~ VI importance to Manu. Inspiration keystone md
Live Oak These companies bove hoo, ,, ,
TWO uh'cultes, the lack of water and suph,do =,
'eu IN huxing with their concentrates Tho ,
p"''S uisciosed by Superior & Boston will do r,uob
= INC lux problem. The development OF va,ar
. ' Arizona Commercial and Superor
\ nos'oh VIII prove asset in provdin, r,au -, 49,,
'" camp and will thus help to solve tho socon,
'uous problems of that district
PHYSICAL conditions at sunar,o o. 49,,
" very satisfactory. The McGaw SHAFT &, -
,esoro Is. '''' 'nrty feet from 500 foot level
'erore the present month f. over !, :, ~ 'e'e'
~ uo"n' stump sunk and crossc,,,s s,u,, 80,
49,, ""' sou'h' Iron is beginning 70 s,ou. a., -,
,or,,.,o i'a'hg the possibility that Tho M,
~. '' iau't Is dipping toward the 80.
ms vein lies north of the shaft ana a.. s"ai.
-. ,'a' VIII be encountered with .hou,. ,oo 80.
s''' work. and possibly less Tho c.. w ''e'