f" " ■' ■..1 ...
SPECIALIZING IN
MINING NEWS OF THE
PORTLAND CANAL
DISTRICT
DEVOTED TO THE DEVELOPMENT OP ALASKA AND THE PORTLAND CANAL MINING DISTRICT.
r—— — «m
SUBSCRIPTIONS
$■5.00 PER YEAR
IN ADVANCE
VOL 6, NO. 7
HYDER, ALASKA, SATURDAY, NOVEMBER 23,1929. *
PRICE TEN CENTS
TEXAS CR, GROUP
TAKEN OVER BY
CANTU COMPANY
The Silver Bell group on Tex
as Creek has been taken over
under option by the Cantu
Mining Company, of which
Conrad Wolfle, widely known
western mining man is the
leading spirit, according to an
nouncements made early this
week. The Cantu company
was organized recently by Mr.
Wolfle to operate the well
known Cantu group, between
Texas Ci*eek and Salmon Riv
er.
The option extends over a
period of 2 years and involves
a cash payment of $1,000 and
deferred payments distributed
over the option period. The to
tal purchase price was not an
nounced.
The option also provides for
a substantial reduction in the
total purchase price in consid
eration of full payment being
made before the close of the
option period.
The Silver Bell is one of the
most promising properties in
the lower section of the Texas
Creek area. The group in
cludes a total of five claims
and adjoins the well known
Homestake group on the noi’th
slope of the Texas Creek val
ley near Ibex Creek and only a
short distance from the pro
jected government highway to
the head of Texas Creek val
ley. Owing to this fortunate
situation it is one of the most
accessible in that section of the
district and presents no trans
portation difficulties. The
group is owned by Joseph Con
nors, pioneer prospector, who
has opened several of the more
important surface showings
sufficiently to disclose the
presence of probably exten
sive bodies of commercial ore.
At least one of the veins is of
high grade character and has
yielded assays across the vein
ranging from $41.44 to over
$77 per ton. The average of 4
samples across the vein was
$G3.56 The ore is primarily a
lead ore but contains both cop
per and silver in important
amounts. The average of the
copper content of the four sam
ples mentioned was $7.90, the
highest assay showing $9.63
per ton. Silver averaged $5.98
and gold 86 cents. The main
vein ranges from 2 to upward
of 3 feet in width and has been
traced a considerable distance.
The Silver Bell is the third
Texas Creek property to be
taken over by substantial out
side interests during recent
weeks, the others being the
Lemmons and Thornton prop
erty near the head of the creek,
and the Metcalf and Findley
property on Banded Mountain,
between Texas Creek and the
Chickamin River.
The several deals are clearly
indicative of a rapidly increas
ing interest in this distinctly
promising region, which is now
being converted from a com
paratively isolated and diffi
PREMIER STARTS ORE
SHIPMENTS FROM MAR
MOT R. PROPERTIES
The shipment on the steamer
Griffco last week of approxi
mately 600 tons of ore from the
Prosperity and Porter Idaho
properties of the Premier Gold
Mining Co, marked the com
mencement of actual commer
cial exploitation of those two
noted Marmot River proper
ties.
The shipment was the first so
far made from the big ore
bunkers at the mouth of Mar
mot River, to which the ore
was brought down over the re
cently completed tramway
during the past three or four
weeks.
The shipment is currently re
ported to be worth between
$30,000 and $35,000 dollars, a
very probable value in view of
the high grade character of
some of the ores found on the
two properties. Aside from the
value, the shipment means
that two new producers are
now to add their output to the
i mineral production of the
I Portland Canal district. It is
understood that the company
I is planning further shipments
i at close intervals in the future.
■O'
PIONEERS WILL
NOMINATE OFFICERS
Hyder Igloo, Pioneers of Alas
ka, will nominate officers for
the ensuing term at the next
regular meeting of the igloo
Tuesday evening, December 3.
The meeting will be followed
by a luncheon and social for
members of the order. The an
nual elections will be held
Tuesday evening, January 7th.
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#
TWICE-A-WEEK STEAMER
SERVICE TO CONTINUE
1 The steamship Prince Charles
| will replace the S.S. Piince
! George on the local run tomor
row (Sunday), according to ad
vices received by the C. N. R.
agent in Stewart this week.
The company will continue
the present twice a week ser
vice until about the first of the
year and may ultimately con
tinue the same schedule during
the remainder of the winter,
the advices indicate,
j Effective next week, the
j Prince Rupert will arrive each
I Thursday at 7 a. m. and leave
at 11 a. m. during the remain
I der of the schedule, while the
Prince Charles will arrive at 8
a. m. Sunday and leave at 11
a. m.
| cult area into one that is easily
| accessible to mining exploitat
; ion. With the completion of
i the road to the head of the val
ley next year, it is very prob
able that more outside con
i cerns will become interested in
the district, which possesses
every indication of becoming
a prolific mineral producer
in a year or two with adequate
development.
NEW SYNDICATE -
ORGANIZED FOR
AMERICAN CREEK
The local popularity of the
unit syndicate plan of mine de
velopment was again disclosed
last week with the announce
ment of the organization by
prominent Stewart people of
the Excelsior Prospecting
Syndicate to take over and de
velop the B. J. K. and Bryabt
groups on the upper reaches of
American Creek in the Bear
River district.
The new syndicate is capital
ized for $150,000, divided into
15,000 units of $10 each. The
organizers and trustees in
clude Matthew Little, promi
nent B. C. mining engineer; C.
M. Bryant, well known mine's
ologist and assayer, who oper
ated the Dunwell assay office
during the past season; D. D.
Kimball, one of the owners of
the properties included in the
syndicate holdings; D. W. Mc
Leman, Stewart business man,
and W. D. Smith, local mana
ger for the Power Corporation
of Canada.
l he properties controlled by |
the syndicate include a total of
twenty-four claims extending
along both sides of American
Creek north of and adjoining
the extensive holdings of fehe
American Creek Mining Co.
Nineteen of the claims lie
along the west side of the
creek and five on the east side.
The elevation is around 4300 I
feet. Important surface expos
ures have been located on both 1
sides of the creek but more j
particularly along the west j
side, where mineralization has!
been exposed along 17 claims |
length.
Values obtained from one ore :
exposure on the western side;
of the property ranged from i
$20.85 to $47.24 in gold, sil- j
ver and copper. Samples from j
a gold-copper ledge ranging
from 2 Vi to 3 feet wide on the j
Dundee claim averaged .72'
gold, 2.24 silver and .08 per ;
cent copper; a total of $18.40.
Another sample from the same j
lead gave an increased return
of copper amounting to 2.06 !
per cent and total values of ■
$11.76. Gross values from ore
in place on the Virginia K. on
the east side of the creek to
taled $97.81, while a sample
of float found on the same
ground showed values of $57.
01. A copper lead on the claim
gave assay returns of 2.45 per
cent with a trace of gold and
silver and total values of $9.
-o
Col. E. R. Stivers, deputy col
lector of customs for this port,
has been an inmate of Stewart
! hospital most of the week as a
result of a mild attack of ill.
ness developing Monday.
-o
Conrad Wolfle, head of the
Cantu Mining Co., left Monday
for the States, after a short
visit in connection with the af
fairs of his company.
MQUNTAINVIEW
CUTS SHARES TO
POPULAR PRICE
A change in the share capit
alization involving a reduction
of the price of shares and also
increasing the number of
shares to a total of ten million,
was effected by the Mountain
view Gold Mining Company at
a special meeting held recent
ly in Ketchikan.
As a result of the change, the
company’s share capitalizat
ion has been raised from 2,000,
000 shares of no par value,
equivalent to $200,000, to a
share capitalization of $1,000,
000 divided into ten million
shares of a par value of ten
cents per share. As the current
price of the company shares
was formerly 50 cents, the new
scheme of capitalization will
effect a marked reduction in
the value of outstanding shares
of earlier issue, but this will be
fully compensated for by the
issuance of five shares at the
reduced price for each out
standing share of earlier issue.
The change of capitalization
is the result of the desire of
the directors to place the comp
any shares on a more favor
able basis with the shares of
other mining companies, most
of which are being marketed j
at low prices, according to Ar
thur Moa, general manager of j
the company. As pointed out
by Mr. Moa, the present ten-'
dency of investors is toward;
lower priced shares. Not only!
is this tendency reflected in the ,
mining flotations but is also
evidenced in the case of many
industrial stocks, which are
being marketed at prices far
below those of stocks of the
same character in earlier per
iods. This discloses that the
inclination for a lowering of
prices is not confined to spec
ulative issues and is evidently
the response to the demands of
a market in which cheaper
stocks are more attractive to
investors than are higher
priced issues.
Confronted by the too limited
market for higher priced
stocks, the Mountainview di
rectors wisely decided to adopt
a more popular price and are
confident that the the change
will result in marked benefits
in connection with future fi
nancing. Allowing for the ex
change of outstanding shares
on the indicated basis of five
for one, the company will have
a total of 7 million shares in
the treasury with which to con
tinue development activities on
its Fish Creek holdings. Plans
for future development are
now under consideration and
will be announced in due seas
on.
-o
Territorial trappers * license;
applications and trappers re-j
port forms, for reporting the j
character and number of furs j
caught, may now be obtained
at the U. S. Commissioner’s of
fice.
WILL DRILL KNOWN ORE
BODIES ON WOODBINE
Development plans for the
Woodbine property during the
.winter include extensive dia
mond drilling with a view to
determining as far as possible
the extent and values of the
various ore bodies located
during earlier periods of de
velopment along the main lev
el, according to a recent state
ment to the Herald by Hugh B.
McGuire, prominent mining
man, who has been associated
in the control of the property
for many years.
Mr. McGuire recently took
over the direction of affairs on
the property and declared that
every effort will be made to de
termine as fully as possible
what may be expected from
the various ore deposits. Not
only will they be drilled on a
horizontal plane, but efforts
will also be made to deter
mine their depth by the same
method of exploration.
“We want to find out as far
as possible just what there is
there,” Mr. McGuire said,
“and our plans are to continue
drilling until late in the spring.
By that time we hope to know
what to expect.”
George D. Leyson, an experi
enced mining man from the Co
balt district, has been placed in
charge as mine manager and
the drill work will be done by
the Jesson company.
DUNWELL POWER
PLANT IN ACTION
A marked improvement in the
service Thursday announced
the inauguration of light ser
vice from the electric power
plant of the Dunwell mill.
The turning in of the new cur
rent concludes many weeks of
labor on the part of the Power
Corporation to provide ade
quate power service for the
district. With the final tuning
up of the plant, the service is
expected to be equal to all de
mands.
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McEachern — Tollefaen
Mr. Albert McEachern and
Miss Cora Tollefsen were the
principals in a quiet wedding
held in the United States Com
missioner’s office shortly be
fore the departure of the S. S.
Prince George last Saturday
evening. The ceremony was
performed by Commissioner
Chas. F. Sandford before a
few close friends of the con- j
tracting couple, both of whom i
are well known residents of
Stewart.
Mrs. McEachern has been a
wide acquaintance,
resident of the district for the
past five or six years and has
been engaged in mining and
various business enterprises.
The groom is a more recent
arrival but has resided in Stew
art for some time and enjoys a
Following the wedding, the
happy couple left on ahoney
happy couple left on a honey
moon trip to the south.
NEWSY JOTTINGS
BEARING ON LOCAL
MINING ACTIVITES
Following are the latest of
ficial reports of development
progress on the Sebakwe prop
erty, issued recently from the
company headquarters in Lon
don:
Report for September: The
whole of the work during the
period was confined to No. 6
level. 601 crosscut was ad
vanced 212 ft in the same gen
eral south-westerly direction
toward the ore zone, thus
bringing the face 411.5 ft.
from the shaft. Green porphy
ry persisted up to 367 ft. from
the shaft, where a silicified
porphyry was encountered.
This has proved to be 39 ft.
wide, and the last 15 ft shows
a considerable amount of solid
sulphides. One 5-ft sample,
close to the face, on the south
side, assayed $11.30, the bal
ance of the samples were not
commeieial. Drift 631 has been
started in a southerly direction
on the zone. A total of 225 ft.
of crosscutting and drifting
was done during the month.
Since the above report was re
ceived, it has been learned that
drifting in a northerly direct
ion is now in progress. Editor.
The September report of the
B. C. Silver mine, issued by the
London office of the Selukwe
company late last month, gives
the following interesting de
tails of recent development ac
tivities:
All work confined to No. 6
level. Drift 636, the southwest
erly drive on the zone, was ad
vanced 65 ft, thus bringing the
face 913 ft from the shaft. This
advance mainly in green por
phyry, with some good silici
fied country showing up close
to the face. Crosscutting off
this drift, toward the boundary
line, at 830 ft. from the shaft,
showed some good milling ore,
averaging $30 over a width of
115 ft. Some drifting to the
north-east was done on this
zone, with fairly satisfactory
results. At the north-east end
of the level, drift 637 was ad
vanced 120 ft in a general
north-easterly direction off the
main drift, thus bringing the
face to 180 ft from the edge of
main 633 drift. This was in
mainly favorable porphyry.
During the month this drift ex
posed a zone 50 ft long averag
ing $18 over an average samp
ling width of 5M> ft, this will
likely stope 8 ft wide at least.
A total of 345.5 ft of drifting
and crosscutting was done dur
i ing the month.
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D. L. Pitt, manager of the Pre
mie rleft Thursday on a busi
ness trip to Vancouver.
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J. K. Green left,Monday for
the south.
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E. W. Major, well known old
timer, left Wednesday on the
Taku enroute to the States,
Mr. Major plans to return to
Hyder next spring.