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SPECIALISING IN
MINING NEWS OF THE
PORTLAND CANAL
DISTRICT
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HYDER
HERALD
DEVOTED TO THE DEVELOPMENT OF ALASKA AND THE PORTLAND CANAL MINING DISTRICT.
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►«
SUBSCRIPTIONS
33.00 PER YEAR
IN ADVANCE
i i i . J
HYDES, ALASKA, SATURDAY, MARCH 22,1930.
PRICE TEN CENTS
YOL 6, NO. 24
PREMIER REPORT
CLAIMS EARNINGS
GREATLY REDUCED
The annual report of the
Premier Gold Mining Company
for 1929 presents a somewhat
uncertain outlook for the fu
ture of the famous Premier
mine, in addition to disclosing
that the earnings last year
were considerably more than
a half million dollars behind
those of the preceding year.
Total earnings- for the year,
before deducting administrat
ion expense, taxes, deprecia
tion and ore depletion charges
are placed by the report a£
$1,685,879, or $657,102 less
than in the year 1928. This de
crease is attributed mainly to
a marked reduction in the av
erage grade of the ores mined,
together with lessening of the
quantity of the ore reserves.
Broken and partially devel
oped ore is estimated at 419,
036 tons, compared with 456,
203 tons at the close of the pre
ceding year. While the reduct
ion in ore reserves does not
indicate a marked depletion,
comparison of the values dis
closes a decided reduction.
The average value of the ore
mined in 1929 was only $11.24,
compared with a valued of
$14.14 for the preceding per
iod, a reduction of $2.90 per
ton.
Respecting the recent new ore
discoverie son the sixsh level,
the report presents a some
what disappointing outlook in
the statement that the quality
of the ore on that level is spot
ty and no stoping ore has been
found. Concluding the depress
ing analysis, the report states
that the indications are in con
formity with the directors’
forecasts two years ago that
there are signs of the mine
pettering out.
Respecting the Porter Idaho
property, the report indicates
that the prospect for future
earnings is equally scant by as
serting that the ore values di
minish rapidly with depth and
that there is little hope of de
veloping a n y considerable
quantity of ore.
Beyond brief reference, the
report discloses no information
regarding the potentialities of
the Prosperity property.
Although not indicatecPin the
report, the greatly lowered
price of silver and other met
als was probably an important
factor in the indicated reduct
ion in ore values, as by valuing
the tonnage mined in 1929 on
the basis of 1928 metal prices,
the average value per ton of
last year’s output is not great
ly below that of 1928. It may
.also be recalled in connection
with the report that in spite ol
the reduction of more than a
half million dollars in the val
ue of its output, the company
was able to maintain a quar
terly dividend of 6 per ceni
throughout the year and foi
the first quarter of the pres
ent year. Also in contras
with the uncertain outlook in
dicated for the Premier mim
are the excellent re turns re
PREMIER TO PAY
USUAL DIVIDEND
The Premier Gold Mining C.
will pay a quarterly dividend
of $300,000 on April 4 to
shareholders of record on
March 12, it was announced a
few days ago by H. A. Guess,
general manager of the comp
any.
The payment will bring the
grand total of dividend pay
ments resulting from the oper
ation of the famous Premier
to more than $14,550,000, or
neary 200 per cent on the capi
talization of $5,000,000. As
suming that the present divi
dend rate of 6 per cent is main
tained, as appears practically
certain, before the close of the
year the company will have re
turned to its shareholders
double the amount of the auth
orized capital since December
31, 1921. This is one of the
most remarkable records in
mining history.
The lowest annual dividend
paid up to the present has been
$1,200,000, while the highest
paid, for the year 1922, was
$2,773,125 and represented 55
per cent for the year. For 1923
and 1924 annual dividend pay
ments amounted to 34 per cent
for each year. During the re
maining years of operation
since 1921 annual dividends
have ranged from 32 per to 24
per cent, the latter being the
amount for last year only.
o——
SPRING Ai HAND
Despite the numerous baby
blizzards of the past few days,
spring is once more'at hand.
The vernal equinox, harbinger
of warmer days and the de
lights of the good old summer
! time, occurred Thursday and
spiing is now officially here,
even if old" Boreas does still
manifest his presence by sund
| ty blasts of the beautiful.
Artronomical tables disclose
that the change from winter to
spring occurred at 9:35 a. m.
Thursday morning, eastern
time. With the coming of the
vernal equinox the length of
days and nights become equal
the world over, but the day
light periods gradually length
en in the northern hemisphere
until June 21, when the sum
mer solstice occurs and the
days commence to shorten
again.
ceived from ore shipments from
the Prosperity property, where
ore values appear to be.prac
tically double those mined
from the Premier in recent
years.
j Returns from January ship
ments from the latter property,
aggregating 1495 tons, showed
an average assay value of $36.
53 per ton and netted the
company $34,957.82 after pay
ment of mining, smelting and
transportation charges, or an
average net return of $25.3C
per ton. Returns from the
| Prosperity for the past three
! months are reliably reported
' to have been $94,916.07 from
2966 tons of ore, an average ol
$32 per ton. It is said that the
company plans to ship fron
: 1000 to 1200 tons a month dur
• ing the present year.
MORE ORE FOUND
ON B. C. SILVER
The following progress re
ports covering activities on the
B. C. Silver and Sebakwe prop
erties during January were
made public by the head off
ices of the Selukwe and Sebak
we companies in London a few
days ago:
B. C. Silver:- All work con
fined to No. 6 level. Drift 637.
The northeasterly drive oil
zone advanced 1 6.5 feet.,
thus bringing face to 791.5 ft.
from edge of 633 drift. This
advance was all in dark col
oured tuff. Some further in
vestigation of silicified zone
exposed in drift 633 at 235 ft.
and 345 ft. from shaft, was
done. Drifting and sideswip
ing exposed a heavi ly mineral
ised section of zone. No com
mercial values found. No. 42
diamond drill hole started in a
north-westerly direction from
face of 627 crosscut, 725 ft.
from shaft, 156 ft. of drilling
dofte, and some favourable
porphyry encountered. A total
of 423.5 ft. of drifting, cross
cutting and and sideswiping
done.
Office note.— A cablegram
since received and published
stated that large mineralised
body had been located by three
drill holes. This appears tb
corr'jspood to th<f C and D of^
bodies opened up in levels
above.
Sebakwe:- Whole of the work
confined to No. 6 level. Main
| routhwesterly drive, drift 31
advanced 68 ft., thus putting
face 160 ft. from main 601
I crosscut. This was all in
' coarse-grained green porphy
| ry, and showed no values.
Face is on edge of a large
fault. Further drifting done in
a northerly direction -off 604
crosscut. This did not show
any mineralisation. A total of
110 ft. drifting, crosscutting
and sideswiping done. A ca
ble was received on 15th of
month giving instructions to
(close down mine. This was
' done immediately, and above
| report covers work done up to
! and including Jan. 15.
j Office note— Cabled infor
j mation since received discloses
presence of large silicified
body i n neighborhood o f
boundary. Pending further
j developments the financial re
| sources are being conserved.
HOPE FOR SILVER
! The decline in silver and the
j future of the silver producing
| industry is just now attracting
I the serious interest of silver
producers and economists and
! numerous suggestions are be
} ing offered looking to the res
! toration of the market for that
i metal. Next week the Herald
| will publish an article present
1 ing the most practical plan so
i far offered for attaining that
object. Watch for it.
-O-;-*
Rumors are afloat that the B.
C. Silver is reducing the volume
of its operations and is laying
off men. Indications point to
: important developments in con
nection with this property in
! the near future.
ACTIVE DEVELOPMENT
WOODBINE PLANNED
Active development of the
Woodbine property is planned
for this spring as a result of
ihe ihghly encouraging results
from tlie recent diamond drill
ing campaign on that proper
ty.
Working from the foot of the
No. 216 raise and the No. 215
crosscut, at a depth of 220 feet
from the surface, the diamond
irill hole which tested that
part of the property encount
sred gold bearing ores at a
iepth of 29 feet. The sample
taken between 29 feet and 27
feet showed $3.60 in gold, 28
rents in silver and $1.32 in
zinc, a total of $5.20 over the
sigth feet tested, according to
i statement of the results pub
lished in Western Canada Min
ng News, of Vancouver.
From 37 to 44 feet, over a
iistance of seven feet, the as
says gave $20.85 gold, $1.70
diver, 35 cents lead, and $2.76
In zinc, or a total of $25,62 for
the seven feet of ore tested.
Prom 44 down to 50 feet the
result was $1.20 in gold, $1.55
In silver and 96 cents in zinc, a
•otal of $3.71 for the six feet.
Seven feet of ore was also
rut close to the portal of the
Woodbine tunnel which gave
In five assays $24.08, $26.28,
$32.47, 24.86 and $39.48 to the
ton and the drift cut from the
tunnel is still in ore.
•o
“BOBBIE” JACKSON DEAD
Ihe many local friends of
Robert M. Jackson, rising
voung mining engineer, heard
this week with’ deep regret of
his untimely death in Vancou
ver a few days ago as a result
of appendicitis.
Mr. Jackson was mine engin
eer at the B. C. Silver for sev
eeveral years prior to leaving
about a year ago to take a new
position at the Duthie mine.
During his residence here he
became one of the best liked
and highly esteemed young
men in the district and was
popular with everyone. He
was about 30 years of age and
leaves a wife and baby in ad
dition to other relatives.
“RUBE” GOES SOUTH
W. R. (“Rube”) Hull, pioneer
journalist and former news ed
itor of the Stewart News, who
became a victim of paralysis
several months ago, left Thurs
day for Vancouver, where he
hopes to secure medical relief
for his unfortunate affliction.
During the many weeks of his
illness there has been little im
provement in his condition but
he is confident that improved
methods of treatment will re
store his health. Mrs. Hull
will remain in Stewart during
his absence.
-o
W. W. Metcalf, prominent
mining man of the Chickamin
section at the head of Texas
Creek, was an arrival from the
south last Sunday.
— .. ..Q... ... ■ . -
E. D. Haddon, manager of the
Bank of Hyder, returned Sun
day from a business trip south.
LEAD DROPS THREE
TIMES IN WEEK
Lead has dropped three times
on the New York market since
the last issue of this paper ap
peared and indications point to
even greater reductions under
present industrial stresses.
At last reports the metal was
quoted in New York by the
American Smelting and Refin
ing Co. at $5.50 per hundred
weight, while the price at East
St Louis had been reduced to
$5.35
New Yoik quotations were re
duced from $5.85, the figure
quoted last week, first to $5.75
and later dropped an addition-1
al 10 cents to $5.50. The three !
latter reductions brought the
total number of drops to six
since February 27, at which
time the metal was quoted at
$6.25. A year ago lead was
selling at $7.25 per hundred
weight. The present price i3
the lowest in several yeai’3.
PROMISING RESULTS ON
NORTHERN LIGHT
Distinctly encouraging re
sults have been obtained in the
diamond drilling program on
the Northern Light property of
the Premier Border Gold Min
ing Company. Work done on
the property during the past
year included 1600 feet of tun
neling and several hundred
feet of surface work. In the
tunneling two definite porphy
ly zones were encountered;
one about 200 feet in, the oth
er at 1283 feet. These are of
the type known locally as the
Premier porphyry sills and are
identical in geological struct
ure to those encountered in the
adjoining Premier, B. C. Silver
and Sebakwe properties, ac
coiding to G. A. Bancroft, con
sulting engineer of the com
pany.
In drill hole No. 3. sixty feet
below the tunnel level and fif-!
ty feet east of the portal a five i
foot section o f drill core i
showed $3.16; a one-foot sect
ion $56.37 and a three-foot
section $13.20, according to
the same authority. The com
pany plans further develop
ment along the porphyry zones
by underground diamond drill
ing and tunneling.
•o
FRIENDSHIP CLUB
BENEFIT A SUCCESS
The benefit whist party giv
en by the Hyder Friendship
Club in Pioneer Hall last Sat
urday evening was an unqual
ified success and netted a tidy
sum for the worthy cause in
which it was given.. ^The prizes
for ladies were won by Mrs.
Edgar Provinse and Mrs. T. H.
! Evans in the order given, and
1 Mrs. W. R. McDonnell carried
I of the consolation prize.
| Wm. McGrew annexed first
! honors in the gentlemen’s div
ision, with Ralph C. Young sec
ond. Eric Lindgaard was
awarded the consolation.
•-o—
Jack Steel, who has been so
journing on the lower reach
es of Portland Canal for some
time, came up to town this
week for a short visit.
NEWSY JOTTINGS
BEARING ON LOCAL
MINING ACMES
Reports from the upper Sal
mon are to the effect that the
Selukwe Gold Mining and Fi
nance Company, controlling
the B. C. Silver property, has
purchased from the Premier
Gold Mining Company the
share interest of the latter
company in the B. C. Silver
company. The interest in quest
ion consists of 562,844 shares,
or slightly more than one
third of the B. C. Silver stock.
The report is given for what
it may be worth, as it could be
traced to no definite source.
Western Canada Mining News,,
of Vancouver reports that min
ing continues to be favored by
many corporations who invest
large funds in na'tural resourc
es. At the present time, the
journal asserts, representatives
of New York, Toronto, Montre
al and London mining compan
ies are in British Clumbia with
the purpose of securing good
copper and gold properties.
Companies which are reported
to have benefitted in a substan
tial way are Romana Copper,
Copper Cup, which adjoins
Coast Copper, Lome Gold,
Granite, Poorman, B. C. Nick
el and Santa Ana Copper.
Operations on the Mountain
Boy property will be resumed
as soon as spring weather per
mits but, in view of the low
prices of metals, will be con
fined to mining some of the
high grade, according to an
announcement in the Vancouv
er press, following a visit of W.
H. Tolin, president of the com
pany, who had returned there
from a visit in Montreal, where
principals of the company live.
The report states that J. M.
MacDonald, formerly of the
Granby exploration staff, will
be in charge of the work.
Emil Davis, pioneer mining
man, who has been on Cascade
River most of the winter
connection with a power dev
opment project of the Com
monwealth Mining Company,
returned to town this week and
will leave Sunday for Seattle
to confer with the company o'"
ficials regarding the pow„
data and water measurements
secured by him during the cold
period.
Mr. Davis informed the Her
ald that his investigations in
dicated that there is ample
flow of water and storage ca
pacity on Cascade River for the
development of 5000 horse
power. The company has been
working quietly on the project
for several years.
-o
The presence of considerable
new ice on the upper reaches
of Portland Canal Thursday
morning caused the C. N. R.
steamer to enter port at slow
speed to avoid risk of damage.
The ice was said to have been
the heaviest seen in several
years.