Douglas daily dispatch., 1926-11-24
Cwall street JournaD

pany, with dividends at Sc a year, is
paying a higher rate per share than
any other copper mining company.
Calumet and Arizona is producing
from it's own mines about 100000
pounds of copper month. output
varies somewhat with the grade of ore
from month to month, owing to the
nature of the ore occurrence. Earn
imgs this year promise to be about 10
per cent greater than last year, when
they totaled, without dividends from
New Cornelia, $1,556,754, after depre-
citation and federal taxes, but before
depletion, or $2.42 a share on the 642,-
757 shares of stock outstanding, maxi
ing direct Calumet and Arizona earn
ings this year probably about $2s75 a
share.
Calumet and Arizona owns 1,229T41
shares of New Cornelia Copper COM
pany stock. or roughly, two shares of
New Cornelia per share of Calumet and
Arizona stock outstanding. AS the
New Cornelia dividend has been ad-
vanced recently to so cents quarter,
Calumet and Arizona is receiving on
about S4 per share a year This, with
earnings of $2.75 coming directly from
Calumet and Arizona operations, makes
income of roughly 1913 indicated for
1926, after depreciation and federal
taxes.
Bisbee has been a camp of wonder
! fully rich orebodies despite their ir-
regularity in size and outline, due to
their occurrence in a limestone country
rock. The new ore area opened from
the Campbell short little over a year
ago promises to develop into one of
the best, both in grade and net earn
| ings, ever opened in the Bisbee camp.
Bisbee OrebOdies Rich
| Development to date has shown an
lore area about 500 feet long, north and
! south, and about 400 feet from east to
west. This ore area has been opened
from the 1,S00-foot to the 1,400-foot
level, with no indications that the area
lis delimited either in lateral, longi-
| itudinal or vertical extent. The rich
ness of the ore recurrence is phenome-
nal, and the size of the rich orebodies
opened in this general ore area re-
markable A glance at an assay plan
! of the developments TO date shows on
| the ,SOO-foot level an orebody $50 feet
| long, with indicated width of from AZ
! to 45 feet, and assays running from
per cent to IL per cent copper.
J Other smaller and less we'll devel-
| oped orebodies show on this level even
higher assays, but across somewhat
smaller widths. A raise in one of the
!
showed 102 feet of ore averaging II
per cent copper with the raise in ore
all the way, but with the ore somewhat
lower in assay. On the 1,G00-foot leve
| one of the orebodies shows width OF
/ SIS feet averaging 20 per cent copper
These are just random indications OF
1.-The richness of the ore in this find
AS vet only one small stope has been
carried up in this area owing to the
difficulty of getting waste filling
cheaply until the area is further de-
jveloped. However, it is believed that
the ore mined from this ore area viii
average about per cent coppr. Av-
erage grade from the companPs work
Iings in the old area is around 4S5 pei
cent copper
ment shaft concerted, at present down
to the 1,60O-foot level and opened tC
! | 800 feet. A drift is being driven from
I the 2,20O-foot level of the Junction
shaft. This drift has about 1,100 eet
to go in order to get under the Camp
bell shaft when it is proposed to raise
the shaft up to the 1,600-foot level
| and concrete it from that level down
! to the 1900. To do all this, put in an
adequate hosting plant for meeting
! the requirements of developing the
ground in the vicinity and at the same
| time handle the ore from the Campbell
area, as we'll as open up the ground
Flor efficient mining, will probably take
another year so that it probably will
| be about the first OF 1928 before stop
| ing of ore on a large scale begins in
the Campbell area.
New Ore Area Has Great
! Possibilities
| While it is too early to form any ade-
ouate idea of just what the new ore
area will produce in tonnage, it is as
already said one with the greatest
possibilities. The orebodies in the
older part of the camp have in the
/ main occurred near the Sacramento
Hill intrusion of porphyry and in the
vicinity of the Dividend fault, where
areas of limestone have been much
shattered, permitting easy access to
| the re-bearing solutions
| This new ore area occurs near Mexi-
can Canyon fault that cuts the Divi-
dent fault between the Denn and Amer
lean Saginaw properties The drifts
and crosscuts in the new ore area fire.
quently run into patchs of porphyry,
leading to the surmise that these are
fingers leading up from a deeper seat
ed. more massive intrusion somewhat
similar to the Sacramento Hill intru-
sion in the older part of the mining
ground where the limestone has been
denuded so as to reveal the mass of
the porphyry. If this is the real sit
uation, and it will take considerably
more development to show the true
state of affairs, then the Calumet and
Arizona management has just opened
,up a new area with possibilities ulti-
mately of producing tonnages of ore
comparable in grade and possibly in
amount with those in the wonderfully
AREA made foT1OnS the