The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-11-04
BUTT RADTIJM FIND
LURES PROSPECTORS
Men From Cobalt Invade Nip
issing District to De-
velop Field.
SILVER OUTPUT HEAVY
Prosperous Future of Mines
Indicated by Reports of
Present Production.
SILVER OUTPUT HEAVY

Special Correspondence to the Canadian
Section Of THE SUN.
COBALT, Ont. Nov. "a number Of
prospectors have left Cobalt for the
scene OF the recent discovery OF radium
bearing ore in the township of Butt In
the district of Nipissing. One party. just
returned from that district. declares that
II appears to hold out fair promise OF
being an active field in view of the find
being promising one and on account OF
the worldwide interest being taken in
radium and its tremendous value
Producing at the rate OF upward OF
$4,000 every twenty-four hours, and
| fully manned with efficient workmen, the
| mines of Cobalt are deriving the maxi
mum benefit from the current high quo
, tations for commercial bar silver. That
prosperous future still lies before the
| mines Of Cobalt is borne out in the fact
\ that large part of the total output
continues to come from high grade ore.
At the Nipissing large deposits of high
grade ore are being constantly drawn
! from. while at the o'Brien large guam
4 tity of ore is in sight which contains
close to $4,000 TO the ton.
F., At the Mining Corporation a substan-
| tial part of the total production comes
from high grade, while at the Kerr Lake
some two-thirds of the total ore reserve
| is made up of highlgrade ore. Added to
| this come official reports from the
Beaver Consolidated that vein now be-
ing opened up is found to contain con-
| siderable ore showing around 1000
| ounces TO the ton.
| The Coniagas Company ended it's fiscal
! year on October 81 with a production
| unofficially estimated at upward OF
100000. OF this, 1t is learned in I'M
| usually well informed quarters. about
| two-thirds may be found to be net profit,
and at least indicates fair surplus over
! dividend requirements of 2h per cent.
annually, or some 100000. On Octo-
| Der rs the company disbursed 2h pei
| cent. dividend, the fourth to be paid this
year. This brings total disbursements
up to $s,64o.OO0 since 1907.
Temiskaming Dividends Expected.
Rumors persist to the effect that the
Temiskaming Mining Company may
reasonably resume dividend disburse
ments in the near future. The report
is supported by the fact that the latest
report of the company showed sur
plus of some 100000. Added to this
is an official statement made to THE
Sun correspondent that the company
has operated during the current fiscal
year at a profit. This would tend to
indicate that the surplus may be near
ing the million dollar max and that
dividend disbursements are justified.
On the Cans lot. according to official
advice. some rich patches of ore are
being encountered Master in Ordinary
Roche at Osgoode Hall. Toronto, has
signed the formal legal order directing
the liQuidators OF the Bailey Cobalt
mines to proceed Immediately to tlams-
fer the Bailey mine and its assets on tho
terms of the offer made by A. j. Young
1t is said that the papers fer the in
corporation OF the new company, which
Is to be known as tho Bailey Northern
Customs, Ltd. are already being pre-
pared and that the transfer should be
completed In time for the new company
to commence operations on the Bailey
before the end of November. or at least
az soon as the legal details are properly
carried out.
Under the terms of the offer which
the court has accepted. the present
Bailey shareholders will receive one
share Of stock In the new company for
each ten shares of their present stock.
The capitalization of the new company
will be s1.25O.O00. with $4,000 in the
treasury. This treasury insures the
shareholders that the property can be
actively operated, and the property soon
placed on a producing basis
To Develop New Property.
The Trethewey- Cobalt is said to be
seeking financial aid in carrying out the
development OF the>Castle property in
the Gowganda district. The Trethewey
has an option on 81 Der cent. of the
stock of the Castle and receives shares
in the company as compensation for
money spent on the property. 1t is
stated unofficially that some $4,000
worth of ore has so far been developed
and also that the Temiskaming or the
Mcintyre may be invited to share in its
development. The report is supported in
that j. p. Blckell, who is president OF
the Temiskaming as well as the Nc
Intyre, Is interested in the remaining 40
per cent. interest In the Castle.
THE SLiN correspondent finds much
speculation among mining men as to
what effect the present peculiar political
situation at Toronto may have on the
Department OF Mines The members of
the Provincial Parliament from the
precious metal mining districts are of
the old political schools, Conservative |
and Liberal, and at the time of writing
appear to be likely to be excluded from
governing DOQy, Ine farmer MEM |
bers The situation presents the posi- |
bility of the voice of the citizens of this |
district going unheard. The general |
opinion, however, appears to be that |
nothing serious will result, and that |
there is not cause for undue alarm.
The Nipissing Extension mine, for |
merly the Farah property, is being de- |
watered plans for it's development hav-
Ing been completed. Major Z. II. Birkett |
IS in charge of operations.
In the Elk Lake District.
In the Elk LakeT district interesting |
developments are taking place. The |
most important operation is that of the |
tin section OF the district, where a re- |
cent surface discovery OF high grade ore |
has been made. pit has been put |
down about fifteen feet and some very |
spectacular ore taken out. Meantime
a crosscut at the 140 foot level Is being |
driven for the purpose of tapping the |
new vein at that depth. About LOO |
'eet OF lateral work has been done al |
the lao foot level. The property IL |
equipped with a nine-drill compressor |
and corresponding equipment. At pres. !
ent two machines are working.
1t Is contended by mining men who /
have had previous experience in both !
Cobalt and Elk Lake that the latter I
district presents favorable possibilities |
of successful mining developments due |
to the similarity of geological conditions !,
in Elk Lake as compared with condi. |
tions in Cobalt. r. is stated that the !