The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-11

rapidly hoped to haxe at least one OF the heads
at the dropping before next october. The mill is to
he used and is owned by wnona and King Phillip to-
gether.
NIPlsslNG:-
At a meeting of the Nipssing Mines Co, interim
dividend of per declared, equivalent to 25
cents a share This announcement something
OF surprise shareholders of the Company. and
doubtedly accounts strength in the issue
The regular dividend meeting will be held later in the
month. dividend Nipssing declared amounted
to s7I cents per share. The dividend character
ICED as 25 cents regular 1914 extra BY
interim dividend just declared is 1t possible that
when the directors meet in the future for action
the extra dividend will be omitted.
lSipissing earnings have been increased materially
during past six months for two reasons. First be-
gradual Increase in the price of silver sales
OF this white metal being high "a cents
ounce addition Npissng has been gradually reduc-
ing production costs it is estimated now that its
output is well produced for Is cents an
At its rate of production earnings are
approximately 100000 month, or equivalent to $500
per share the 2OoO 900 shares outstanding.
December Nipissng had in excess of $4,000 In
quick in its surplus account.
SOUTH lake,
No drill hole at the South Lake has reached
depth of 1900 feet The boring at this hole is
progressing slowly to the great depth already
attained date have been Indifferent although
1t hoped that the Lake lode will be encountered
before it necessary to abandon the hole No.
drill hole being put down quite rapidly. Two dla
mond drill outfits being used the South Lake
property.
KEWEENAW "COPPER"
Some interest is being attached to the diamond drill
ing being conducted Phoenix control of which is
talxon
from what was believed to be Ashbed amygdaloid
disclosing lode be 100 feet wide and carrying
copper well throughout the entire width
of the vein Drilling a Keweenaw property is
der way at two points.
ADVENTURE
Practically the only work being done at the Ad-
venture is sinking what is known as shaft This
shaft is going intercept the three lodes which
discovered in diamond drilling almost year ago.
The shaft attained depth OF approximately 600
feet and is going at the rate of 20 feet month
The richest of the three in diamond drill
ing was third it will be necessary to sink No.
feet before encounterng this vein
In meantime operations at the Adventure will hard
y attended by any developments of more than pas
sing interest
oJIBWAY:--
The annual report the ojbway Mining Company
was issued this week. Under of June 7th DIR. L.
L. Hubbard, treasurer of the Company, Each
shaft to the 1880 foot level. At the 500
level drifting has progressed between the shafts and
they should Connected within another month This
work. besides giving better ventilation and greater
curity ascertain the course of the lode
which quite irregular owing to frequent faultng The
ground tributary shaft has not been favorable
as that at No. shaft. We have therefore deemed IL
best to concentrate largely in the latter
he
In levels north of No. shaft, we have opened
good drifts and with drill have recently also
cut rich ground level towards which
drifting
At No. shaft drifting north at the 500 foot
level we only sinking the shaft
During the year there have been $50 feet of shaft
sinking and sos feet of diamond drng and there have
and 2464 feet of drifts
The average number OF men employed each month in
and about the property of the company was So
The financial statement included in the report ndi
Gates that the Company in of liabil
tiles ss7SiOOO which amount s44,ssOoo is included
cash item.
call of sl.OO per share payable March 1st 1910.
included in the statement Another call of $1Oo
per share will payable October l. 1910.
Sup Forms adds in his report the following inform
alton developments at No shaft
"The lower or east lode was drfted respectively at
the 500 IT, and 500 IT. levels disclosing satsfac-
tory copper north of the shaft South of the
shaft IT. level good ground is being de-
veoped At the IT. level copper was found.
but the drift fault and work temporarily
suspended South of the shaft at the 500 IT, level the
lode faulted to the west and 1t appears
now TO be in a direct line with the drift from No.
shaft, the normal strike Of the formation On the
1850 level fault in the shaft crosscut and
a diamond drill hole pointing east from the crosscut
has disclosed q good copper about ~ feet thick
drifting toward the projection of this point
on the plane of the level"