The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-04-17
ARIZONA COPPER MINE
IS CONTROLLED BY REX
REX AND RED MONARCH REACH
REEMENT-STOCk TAKES
A SPURT.

The miner received information TINS
week that as hlgh as Is cents was
bid for Rex Consolidated stock ON lne
New York curb. This is cheering
news to holders of that security IN
their stock through exchange of old
Rex stock for the issue of the new
company. Most of the stock is un-
dsrstood to be pooled, which suggests
that the bid price may possibly go
much higher, although there are 9TH
er influences that may be operating
to enhance the value. One of these is
the agreement that has been entered
into between the Rex Consolidated
company and the Red Monarch COM
pany, under which it is proposed to
extend the Red Monarch crosscut to
point under the Rex shaft and make
connection by raising. The Rex
shaft is now down 700 feet and this
plan will give an additional depth of
about zoo feet. Exploration at this
new depth is expected to result in
the discovery of new ore bodies, pro-
vide drainage and ventilation for the
mine and afford a new outlet on the
Beaver creek side, the portal of the
Red Monarch tunnel being only about
mile from the railroad at Carbon
ite. Raymond Guyer, manager of the
hex Consolidated, is now in Spokane
when it is possible some definite an
nouncement may be made regarding
this important enterprise.
Another thing that probably has a
bearing upon the sudden activity in
Rex stock is the fact that the COM
pany has secured what is reputed to
be valuable copper property in
Arizona. Regarding this property
the Miner has obtained the following
authoritative information:
! During the latter part of March a
controlling interest was purchased in
the Gina Copper syndicate. The pro-
perty was examined by Frederick r.
Weeks, of New York, and Raymond
Guyer manager and vice president OF
the Rex Consolidated Mining com
pony.
In this enterprise the Rex Consol-
idated is associated with Frederick
r. Weeks and associates, and the
management has been entrusted to
Mr.. Guyer
The property consists Of 16 claims
in a limestone contact zone, between
granite and quartzite. There are no
outcroppings or surface indications
other than cuts and holes which have
been placed by leasors. The miner
alization does not outcrop, but ap-
pears from 10 to 20 feet below the
surface; these showings are distrib-
uted over a wide area along the con-
tact zone and would indicate exten-
sive naturalization A shaft has been
sunk so feet and drift extended rs
feet in length The drift is miner
allied throughout its length and a
width 3.3 feet sampled 14.3 per cent
copper, or ounces gold, 2 ounces sill
yer. Since these samples were taken
the vein has been widened in one
place to a width of or 10 feet. A
hoist is now being installed and the
drift extended to the north and south
At the same time the shaft will be
sunk to a deeper level
Will Soon Ship.
The property and district is entirely
virgin and will require all the steps
necessary to the organization of 8
new enterprise Property situated ir
elevation about 1000 feet above see
ievel and 10 miles from the railroad
station of Gina on the Salt Lake
route. The economic conditions fo'
working are extremely favorable. Th'
management has faith that the future
developments will prove most inter
esting. Shipments from the develop
ment work will be made immediatel.
upon installation of the hoist A pro
duct of Is per cent copper will b.
shipped to the Salt Lake smelters
]. J. Stubenbord has been appointed
superintendent in charge Of the oper
ations at Gina.
One million shares of Rex Consoli
dated were distributed at the time o
the purchase Of the Rex property t
old Rex share holders, to whom tn
development of this new propert
will undoubtedly prove of interest