Mohave County miner., 1916-09-16

been organized to take over the con- trol of a new porphyry copper prop erty, situated in the Wallapai mining district, Mohave county, Arizona, about 22 miles north of Kingman and two miles from the Kingman & Chlo- ride branch of the AtchisOn, Topeka & Santa Fe railroad.
 The active head of the company is William Barret Ridgely, comptroller of the currency from 1901 to 1908 under the administration of President Roose- welt. Mir. Ridgely is persident and treasurer. The vice-president is Geo. z. Medalie of the New York law firm of Wasservogel & Medalie. R. w.. Gnekow is secretary.
 Arizona Copperfields, Inc, is or ganized under the laws of the state of Delaware, with a capital stock of $5,OO0,OOO. The par value of each share is S1.
 A statement of the plans, arrange ments and properties follows:
 The company has contracted to take over more than S9 per cent of the capital stock of the Copperfield Por- phyry Copper Mining company. This company is the owner of six valuable mining claims. Arizona Copperfields, Inc, is acquiring this stock, together with the absolute ownership of IS ad- ditional claims in the same mining dis trict which are similar to the six claims owned by the Copperfield POr- phyry Copper Mining company.
 In the acquisition of this stock and of these claims the corporation obtains clear title, subject only to the pay ment of a practically nominal sum of about S37,OOO.
 Of this amount S2O,OOO has been paid up to September 15 and con- tract has been made by which the bal ance will be paid without the expendi- ture of a dollar from the treasury of the company.
 Provision has been made whereby the new company will receive S100,O00, which is considered more than ample for the immediate development of this property on a liberal scale.
 For such other future development and equipment as may be necessary thereafter an undivided interest in g. 900 ,OOO 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 a 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.
 Of the combined acreage, develop ment to date has shown that about 16 acres is underlaid by bed of dis seminated porphyry ore which pre- liminary estimates show to contain about 1855 per cent copper. This com pares with such porphyries as Inspira- tion, with an average of 1.63 per cent copper; Utah, averaging 1.45; Chino, 1. 70; Miami, 187, and Nevada Consoli- dated, 1.65 per cent. Like these prop critics when first discovered, it re uuires only additional drilling to block out a huge tonnage of ore prior to opening up the mine and drawing plans for a concentrating plant to re- cover the values from the ores.
 The ore itself, or rather the valua- ble mineral, is the familiar chalco- cite encountered iL all the big porphy- " coppers in the southwest and else where, and in addition there are small quantities of native copper varying in size from a pinhead to nuggets weighing several pounds.
 The preliminary development work that has already been done consists of tunnel that has been run in about 200 feet and is in commercial ore for most of this distance. The rock in this tunnel assays from 3 per cent to as high as B per cent in places. This tunnel, although driven close to the surface and sl1imming along what is practically the upper side of the ore body, nevertheless shows copper glance and native copper, which occur in cracks and crevices. The rock is of such a texture that when it is broken and screened it readily concentrates. The values easily separate from the coarse rock, so that product of from