The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-06-16
LINING Up THE
MAGMA GROUP
Queen Issues Company Formed
as Holding Company for
Arizona Territory.
HAS CONTROL OF
MAGMA COPPER co.
Work Started on What Looks
to Be Another Big Cop
per Mine.

Details of the organization dealing with
the Gunn- Thompson mining property ut
superior, Pln9l county, Arizona, is given
by Fred FTindt who is the field engineer
property known as the Magma is To-
Gated eight miles n little west OF north
OF the Ray Consolidated property. and
two miles south of the Silver King mine.
one of the noted old producers OF that
section. Operations on the Magma are
now under way. James Neary being in
charge Mr. Ncary Is well known In
Utah as being once connected with the
Ontario property at Park City. and later
with the Anaconda property OF Butte.
r.. S. Schmidt the well known mining
engineer formerly OF ELY: Is also asso-
ciated in the development of this Arizona
copper ground.
Two companies have been organized,
one holding company To be known as the
Queen Issues, which will stand TO the
Magma Copper company as the Mine Is
sues does 10 the Inspiration Copper com,
Pany, The Queen. Issues is organlzed
being s1.0OO.0o divided into 100000
shares of stock. par valuo So each. The
shares issued and outstanding arc SIX
full paid, and los 900 shares. 81 paid on
each ana subject to call OF SO per share
OF which 100 900 shares were issued in
payment for $4,000 full paid shares OF
Magma Copper company stock and on
option to purchase 10000 more shares al
par, The remaining 5000 shares thereof
are TO he sold for cash, The company is
the owner Of 62, 200 shares OF the Magma
Copper company.
The Magma Copper company's capital
ization is the same as the Queen Issues,
G.. 006 shares being issued and oulstand-
ing. all full paid and -assessable OF
these shares zoos were paid for at par
in cash. and 10000 were issued at par
full paid as payment for the assignment
TO the company of five options TO pur-
chase the property In Arizona, AS part
consideration for the mentioned assign
ments the Magma company gave an OPP
rIon 10 purchase 10000 shares OF its stock
at par at stated intervals.
Last March Henry krumb. the well
known mining engineer. made report on
the Magma Copper property in which ne
enters into detail regarding the geology
OF the ground under discussion. The form
alton consists of n series Of Sedlmen-
tary rocks oYerlain by dacite TO the east
and unde~lain or cut off 10 the west by
diabasc. The limestone beds strike north
and south. and are cut by east ana west 81
these assures, and IL extends out along
the contact Of the limestone win the
quartzites. The property has
been sounded TO the 400 level by means
of shaft work, and some very high grade
chalcocite is now exposed on the 2OO
level Out of a series OF nine shipments
OF ore during 1907, the best car brought
smclter net s9l33.49 the lowest Sli2TO3.
The highest and lowest values in the fol-
lowing metals comprising these shipments
are given by Mr. Krumb as. Copper. %
and az per SS Sen! 5G g9ld ,oa onces %na iron ron.
1913 and 1:5 per cent.
In addition TO Mr. Krumh. several en-
sineers have examined the Magma prop
their reports have been uniformly favor
able The new owners are getting TO
depth as fast as possible. and the Utah
stockholders feel certain that before
have another big copper proposition In
the Magma OF which 10 boast