Mohave County miner., 1916-07-22
DESCRIBES DEAL MADE ON
THE PROPHYRY COPPER MINE

cided upon as a preliminary, addi-
tional drilling being done on the sub
divisions later on to eliminate any pos
sibility of error in either tonnage or
grade. Every additional 2OO-foot
square so drilled, if the ore holds the
same thickness, namely, so feet, and
the same average values, will mean
another 154, 900 tons of ore Of a gross
value of ss54,7OO, or about 16 cents
! per share.
As the drilling Of one of these
squares by means of a churn drill is a
comparatively and inexpensive opera
ton, it can be readily seen that the
intrinsic value of the stock will en-
nance from month to month as devel
opments proceed.
The copper contained in the ores of
I the Arizona Copperfelds, or, rather,
I the valuable mineral carrying the cop
per. is the familiar chalcocite encoun-
tered in all of the big porphyry cop
pers in the southwest and elsewhere,
and in addition there are small guam
titles of native copper varying in size
from pinhead to nuggets weighing
several pounds. This occurrence is not
rare being encountered in practically
all of the large porphyries.
The 2OO-acre tract which the COM
pany owns outright shows superficial
values in copper ranging from Ito to
2-1O per cent, indicating that there
has been copper there, but that it has
been leached out. This is a condition
which has been met with at great
many of the large porphyries, where
the values have been found at com
paratively shallow depth, the leached
portion. or overburden, being removed
in order to mine the concentrated
values which make the commercial ore
living beneath. The topography Of the
country and of the property, Of the
company, in particular, is typical of
the copper camps of the Southwest
The country is an arid desert, entirely
devoid of timber, being covered with
growth of scattered brush. There is
enough water on the property, how
ever, to supply a concentration of 300
tons per day capacity, and additional
water supply may be developed by
building dams farther up in the mouR-
tains to impound it. For nine months
in the year there is an abundance of
water to supply any size of concen-
traitor desired. BY the construction of
proper dams this water may be con-
served to supply a large mill the year
round, as is done at many other places
throughout Arizona.
William Barrett Ridgely, formerly
comptroller of the currency Of the
United States and formerly secretary
Of the Republic Iron and Steel COM
pany and president of the Joplin Ore
and Spelter corporation, is president
and treasurer of the Arizona Copper
fields, Inc. George 2. Medalie, Of the
law firm of Wasservogel & Medalie, is
vice president. R. w. Gneloow is sec
rotary.
The following statement as to CAPT
talization, plans, properties, ETC., has
been officially made:
The new company is taking over
more than SO per cent of the capital
stock of the Copperfeld Porphyry
Copper Mining company. This COM
pany is the owner of six valuable min
ing claims. Arizona Copperfelds, Inc,
is acquiring this stock together with
the absolute ownership of IS addi-
tional claims in the same mining dis
trict which seem to have character
istics similar to the six claims owned
by the Copperfeld Porphyry Copper
Mining company.
In the acquisition of this stock and
of these claims the corporation OBJ
tains clear title subject only to the
payment of a practically nominal sum
of about $4,000. Arrangements have
already been made for the complete
payment of this money without the
expenditure of penny by the new
company.
Provision has Deen made whereby
the new company will receive 100000,
which is considered more than ample
for the immediate development of this
property on liberal scale.
For such other future development
and equipment as may be necessary
thereafter an undivided interest in 3
100000 shares of the capital stock has
been reserved for the benefit of the
treasury. By means of these arrange
ments there will thus be secured to
the corporation capital apparently am
pie for the exploration and develop
ment which are necessary to place the
property on producing basis, and
also liberal supply of stock for the
sole benefit of the company to meet
any contingencies that may arise in
development, production and eXpan-
sion on large scale.
BRINGS IN SAMPLES
OF RICH SILVER ORE