The Calumet news., 1912-06-15
NEW STRIKE IN THE HANCOCK SHAFT, AT DEPTH OF
3,6H FEET, Is BELIEVED TO BE THE PfWABC lODF
Vein the QUINCY
tons Annual Report of the Oubway is -
News of Other Mining
(sY }. A. MlNNsAR q COZ

tbf y - MiNNEAh d COL
The Pewabc lode finally been reached in No sha
of the Hancock a depth about 1876 feet TIL
stinger which has always directly above th
vein early the week and found about four fee
wide Thursday evening the Pewabic lode was reache
and yesterday morning the about thr,
and one-haif feet showed up fine copper ground
viii not be until well toward OF next week tn,
the management win state positively the vein is tn
Fewabic. exactly with the formation
disclosed in Quincy operations.
The Pewabic lode has average width seventee
feet As above the vein occurs' stringer
there always been found below srnger equal Width
and when this is reached the cement wi
know without they the Quincy veir
The stock quite active although the announcement
Of the news came at time when the
weak
The settlement of the c. IT. litigation paves wa
for Hancock to participate in the milling arrange
ments and If the directors advantage tn
offer to take in the Milling company produe
tion can start at early date.
GREENE cANANEA
Greene cananea directors viii meet latter part Q
clared. We this information from an unquestione
source and further that long copper
better dividends will be raid quarterly. the pres
ent time, Greene cananea it is estimated, is earnin
very close TO s1.50 share that there there will b
no difficulty whatever experienced in making quarter
payments OF 25c share.
The annual report of Consolidated. the chic
subsidiary Caaanea was issued this week an,
the whole is satisfactory document. The com
pany in the fiscal ending December sIst pro
duced its 9s43 per pound against lis
cents pound in 1910 The profit the year
$1o2es5l The company closed year with assets IL
lafli
President Thornton gives the following information
in the report:
price received production all of which has beer
sold 1856 per pound
Gross operating profits for the excluding
pendures for construction betterments were ST.
so7.131.
Financial condition of the company profits
derived from operations will be available dividends
and IT the policy the directors distribute
to stockholders by declaring dividends from surplus
earnings when warranted"
General Manager Rickett says 81
Physical condition mines good look for sat-
isacory increase in the output
Of both copper and silver.
Important developments new ore have been in
the limestone These ores contain from 3 to SO
copper and from ounces silver, from
10 to 30 cents in gold They smelling
ores, highly basic in character.
No attempts to press production during the
year but the contrary aimed to curail produce
tion.
Cost of mining $246 per as against s275 s222
$2ls and 1928 for the previous periods.
Actual yield ton of benehciated pounds
as against 1858 pounds and 44i2 pounds pre-
ceding years 1t is probable during the coming year
the yield will high reason that we are find
Ing certain bodies concentrating that can
be mined cheaply with high price of copper
we shall find 1t profitable mine the expense
Of drop in the yield ton. but should this.
cost ton for mining benefcating should drop.
Total spent for bettermens improvements and ex-
raordnary repairs about s4s5Ooo which, in round
numbers $2SOooo and the bal
ance against operating Aside from improve
nents to the house the department
he construction to be done during the coming year Il.
lot heavy"
oJBWAY
At the close of the year, April 3oh ojbway had as
sets in of liabilities amounting to sso2e4 This is
sufficient for the companys requirements well into 1918
The annual report just issued the whole a very
document contains the first official in
ormation given the mill which Obway late
asst year The report shows that the company OBJ
aimed pounds of refined copper per ton
Il rock stamped. and this copper only saved after
discard of approximately fifty per had been made
The company is working abont. SIS men, No. l shaft
Turing the year received attention NO shaft is
ottomed at 1850 with results of rather indifer
mt nature No / shaft given greater encouragement
commenting on work done this shaft Superntend-
mt Formis says:
during the mill test ten drilling machines in op-
rauon eight stoping and two sinking shaft SINCE
ne cessation of rock shipments machines have been
mployed two sinking No. shaft: one on the 1900 n
on he level l.