The Calumet news., 1913-03-10

Net profit from oper-
alton .,........... $43O,O45 $17S,5t1
Interest paid ....... 1929 2l,S33
Surplus .......... $4l9766 $l56,70S
Previous bal. ....... 1897 %lS,73l
Total surplus 80. $55I74S $l31976
Deficit.
Underground work during 1912 con-
sisted of 941 feet. in which No 4 shaft
was sunk APP feet, No 3, POO feet, and
No. 6, 319 feet. No sinking was done
at either the No. or the "A" shaft.
Total openings for the year amounted
to 100 feet, against 1886 feet dur
ing 1911, and 14,5SS feet during 1910. |
President Agassiz says;
The ground opened in No. > shaft
was much below the average and the
stcpes not quite up to the average for
1911. The unwatering of the old Huron
mine was delayed about two months
by the caving in of the fourteenth level !
and by difficulties in locating and tap |
ping the old workings. The water has
been lowered 445 feet, and on Dec. ~
was SS3 feet below the surface.
on the twenty-ninth level at a point
700 feet north of this shaft "A crosscut
was driven to the west and at a dis
tance of 125 feet il cut the West or
Grand Portage lode which was found
to be sixty-two feet wide with four
teen feet of good copper ground on the
foot side and about thirteen feet on
the hanging side, with the middle of
the vein poor
"A drill hole seventy feet north of
the shaft on the same level showed
this vein to carry some copper, and
a crosscut has been started at this
point. A second drill hole $50 feet
north on the twenty seventh level
and a third drill $50 feet north on the
twenty sixth level show good vein
matter, but no copper values.
This West or Grand Portage lode
was mined in the early days from the
No. / shaft, which has since been
abandoned; the results of that work.
together with this recent develop
ment, made the acquisition of addi-
tional territory desirable, and the min
lands. approximately 200 acres, for
100000, in four payments of $4,000
each, extending over a period of three
! years. These mineral rights, which
the directors believe of value to the
company. lie below No. l shaft to the
north of No. . shaft and below the
twenty y-ninth level, and can be mined
in large part through the No. shaft.
THE ground mined from both open
ings in the No. 4 shaft and Slopes
has been fully up to the average cf
last year The shaft is gradually near
ing the lode, and at the fifteenth level
was only about 26 feet back in the
footwalI.
"In August the fourth level north
was holed into the eighth level Of
the old Huron mine. where explora-
tions for copper values will bc made.
Crosscuts from the shaft have been
driven to the lode on the eleventh,
twelfth. thirteenth and fourteenth
levels. Copper values in openings at
the No. shaft have been UP TO the
Iaverage quality, while the Slopes
have been very good. Crosscuts have
been driven to tho lode on the eighth
and ninth levels.
Exploratory diamond drilling on
various levels has given good results
in showing stopping areas. AT the No.
6 shaft openings and Slopes have been
of average quality The seventh level
south has been extended to a point
1857 feet from the shaft, and the work
done this year shows fair mineraliza
ton.
: "In September ground was broken
for "A new shaft at a point about 1000
feet south of No. shaft. Negotia-
tions are now under way with a view
of making contract for sinking this
shaft to the ledge.
Exploration by drilling and trench
!ng was undertaken on the supposed
horizon of the Kearsarge lode at a.
point about 2iOO feet from the Isle
Royale lode. and directly north from
the Huron dam, and an amygdaloid
lode was encountered. which, in the
opinion of experts. was the Hcar-
sarge lode. Though some mineraliza-
tion was shown, no commercial values
were found
AT a point about 700 feet farther
north in the hanging diamond drilling
and trenching disclosed second
amy gdaloid vein, which carried good
copper values near the surface, but at
n depth showed poor vein matter with
no copper"