Mohave County miner., 1910-06-18
Miami Company Buys Out Cole De-
 veIopment Properties

ucdl ClOseu yesterday. by Wnlcn the Little Miami Mines company acquired from the Cole Development company possession of seventeen claims located ei yhteen mites west of Globe, is doub-
 ly important to this city by reason of the fact that it marks the entrance of a well-fnanced and capably managed operating company into the so-called Gibson section Of Globe district.
 The terms of the transfer provide that ;he Cole Development company sAall receive. in addition to a large amount in cash distributed in pay ments over a period of about one year. 75,OOO shares of Little Miami stock, which was recently listed on the New York Stock Exchange with bids of 2.25s a share. While the exact amount of cash paid is not made pub lie, it Is understood that the stock re- ceived. plus the other payments. places the entire sun given for the property well over 200,000S.
 The Cole Development company was organized on the property about a year ago, with a capitalization of 30O.- O00S, divided into shares of I.0OB par. Only ll2, 900 shares of the stock were sold. The object of the incorporation was simply to further improve the property by exploration at depth in the inclined shaft, which has been sunk 100 feet on the Bonanza claim. The capitalization Of the Little Miami Copper Mines company is l,OOO,OOOS, and the stock has a par value of l.00S. Most of the Cole Development cum- pany's stock is held by the member, of the Cole family, who have expended many thousands of dollars in the de velopment of the claims during the past seven years.
 The Cole property is situated about three miles southwest of the Gibson mine, the most notable producer of high grade copper sulphide in Globe district, from which, up to last August no less than l,25J,00J5 worth of ore had been extracted by the Gibson Cop per company, which paid b.g divi- dends almost from the time Of be gin ming work at the grass roots. From the proceeds of this mine, whose ores are similar to those taken from the Cole shaft, number of Globes most pretentious buildin $ have been erect ed during the past e ght years.
 At the St. Louis Exposition in 1901 a large sample of nigh grade" r,-- ceiVed one of the first awards The Gibson has three miles of underground workings and Is steadily producing high grade copper ore. which is ship ped to the Old Dominion shelter at Globe The 409-fOot shaf; on the Cole | Development claims is in ore nearly all the way iron the collar to the bot tom and much high grade material has been shipped b. leaserS. Not only has 1 the Cole property heen known as a l most promising copper proposition. l but about two years ago one of the most remarkable strikes of gold and silver ever made in the southwest oc- 1 cured while the shaft was being sunk. ].
 The ore taken out at a depth of only len feet was of the variety commonly | known as tellurium. and carr,ed I05 l ounces of gold and l475 ounces of sil- yer To the ton. This sensatiOnally rich material of course, was present only in a small stringer. but created . much excitement al the time. IL is as a copper property. however. that the . Cole claims are regarded as most | promising. While most of the ore i taken from the shaft is in the form of | chalc ipyrite having bornIte occurring 1. with it, a 200-foot tunnel having its | portal on the Pyrite claim has de- veloped chalcocite. Another tunnel . 4SO feet long has been driven on the Gibson claim.
 The surface showing which first prompted operations on the Cole prop erty, with such encouraging results, consists in the main, of fault cut in the >chist diagOnally and traceable for nearly two mics. The shalt is locat- ed about 2.0)0 feet east of Spring Cullen. wnich crusscuts the fault at abOnt the center of it's visible length the place nf greatest apparent dis turbance. The crODpings of the sur face and tine explorations al the shalt i, show Ine fault jssure To be about