Weekly journal-miner., 1916-12-06
DEFER ACTION ON COPPER CHIEF
 PURCHASE
STOCKHOLDERS AUTHOR IZE DIRECTORS TO NE GOTIATE WITH OWNERS
 ADJOINING PROPERTY
(F-on Tuesdays Daily.D

Action was postponed as regards the purchase of the Copper Chief, by the stockholders of the Green Mon- stcr, at the first annual meeting held yesterday in the opera house at Jc- rome A very large percentage of stock was represented in person and by proxy The meeting was entirely harmonious and unanimous action was taken on all questions.
 Thc old board of Directors was re- elected, with the exception of Thos. Taylor, who, because of pressure of other business, declined to stand for reelection. Upon the suggestion and at the request of Will l.. Clark, who is the heaviest stockholder of the company and who attended the meeting in person, T. A. Riordan, the wealthy lumber manufacturer oi Flagstaff, was elected a director The election of Mir. Riordan to the direc.- crate insures a continuation of the conservative policy that has hereto fore been followed by the Green Mon ster officials.
 The report of the president showed ownership of 3 patented and 5 un- patented claims, and treasury bal ance of nearly s4OO,OOO most of which is out at interest.
 Permanent camps have been erect cd, machinery has been -purchased and is on the ground Lack of trans formers has prevented the power company from furnishing power, and has considerably handicapped the work, especially for deep sinking. These are now en route from the East. Some 40 to 50 men arc now employed and development work has been carried on systematically.
 Development work on the Revenue claim has been most encouraging and site for deep shaft has been select cd thereon, and work will be begun at once On this claim there is a we'll defined oNidized quartz outcrop ex- tending for a distance of 1.500 feet, and varying in width from five to 50 feet. By tunnels the continuance of this ledge has been determined at ccpth of more than 200 feet. At this depth the ledge matter is more brok- CT up and more heavily oxidizcd than at the surface, and conditions have been ideal for the passage of descend ing surface waters through this fri able material enabling these waters to carry surface minerals in solution for secondary enrichment of sulphidc bodies below the ledge, which is char actcristic of the producing mines of the Jerome district. This ledge is the strongest and most well-dcfncd of any in the Verde district south and cast Of the United Verde and United Verde Extension properties.
 
 \ winzc has now been startcd or this ledge at a depth of 20O feet, and the ledge will be explored at depth and the underlying naturalization . fully determined It is the opinion of the most competent mining experts in . inc district that the ledge shown at this point is the most promising in the camp, and that the Sulphidc ore bodies under the oxidizcd zone will . unqucstionably be encountered.
 After the meeting the directors is sued the following official statement: !
 After reviewing the reports of Gcologists Winchcll and Weed on tine Copper Chief property, and consider ing the short time allowed for initial l and final payments, il was decided to continue negotiations with that com pany and not to exercise the option as it stands at present Considerable stress was laid by some stockholders on the fact that the original idea ot developing the Green Monster claims should not be lost sight of and that no other property should be purchas- ed and developed unless this be made necessary by Green Monster require mcnts. The fact was also brought out that the Green Monster claims. according to reports from gcolosists and engineers, and the splendid show ing which has already been made, justify us in assuming that the Green Monster claims comprise without question the best undeveloped prop