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RE a -------- TE AW A REE TT a te EAR EEE haa -e EEE Hh 'PAGE TWENTY " THE OSHAWA DAILY TIMES, SATURDAY, MAY 12, 1926 Great Prospects Are Foreseen in Canada's Natural Resource Mining Industry 's Upward Tendency Has Good Prospects For Investors IsView Expressed by Roger Babson States That Stocks of Copper on Hand Are More Favorable for Industry Than They Have Been for Several Years--Nickel Appears to Be Most Popular at Present and [| 3 sees Great Future Devel Boston.--Industries move in long waves; that is, first one group comes into prosperity and popularity and then subsides to a normal basis while another group succeeds it. Min- ing years ago reached its crest of popularity, and in recent years has been given scant attention as com- pared with manufacturing. We should not assume on this account that min- ing and mining securities are rela- gated permancntly to the back- ground. If we look below the surface of economic movements we find that each new industry is most popular during the stage of development. As a result of this enthusiasm, excess capacity is built up. Excess capacity is followed by over-production, which in turn reduce . prices, cuts down earnings and leads to an era of un. popularity for the industry. That is what happened to mining, and it is what will happen to many of the popular manufacturing industries of today, Meantime, mining has been undergoing a period of convalescence ~--a period during which the growth of the coyntry to a considerable de- gree has caught up with the mining capacity, By this I do not mean that there is enough copper in the ground to last the world for a long time to come, However, a distinctly better balance is being established between production and demand. Known oil reserves are definitely limited to sey- eral decades' supply, considering the rapidly increasing rate of consump- tion, We must not assume that our raw materials are inexhaustible. As time goes on they will become high- er ih price, earnings of companies producing. them will increases and their securities will adyance. The long-term investor will do - well to look into these so-called raw mater- ials of "extractive" industries instead of putting all his money. into the popular favorites of today. Copper Conditions Improved Figures of supply, consumption and stocks of copper on hand are more favorable for the industry than they have been ior several years. In the first place, producers of copper, through cooperation, have held pro- duction down to more reasonable levels, United States mine production for the first two months of 1928 to- talled 271,779,000 pounds, compared with 290,800,000 pounds in the first two months of last year, a decline of 6 per cent. Since over-production for several years has been the bane of the copper business, any evidence that it is being curbed is helpful, It is even more helpful, however, when is Feeling Strong Demand From Automobile and opments in Canada's Natural R By Roger W. Babson -- we consider that demand for copper is rapidly increasing, Domestic deliv- erjes jumped to 147,578,000 pounds in February from 129,648,000 pounds in January and 135,128,000 pounds in February last a Exports of re- fined copper iffcreased in January to over 91,416,000 pounds, compared with 78,126,000 pounds in January, 1927. The price of copper has advanced to 1434 cents, an increase of 14 per cent since the low point last summer, An advance in copper tends to bring out more metal, and this, in turn, tends to prevent future increas es. However, production is under much better control than formerly, so the steady increase in demand from major consumers such as the electri- cal equipment, building and automo- bile industries is keeping the price situation firm. Future expansion of these industries, moreover, is prom- ising for the longrange copper out- look, World stocks of copper now are lower than they were last aut- umn by some 25,000,000 pounds, The current improvement in the statistical position of the copper industry is encouraging, but shquuld not be re- garded as necessarily®eliminating near term fluctuations in copper prices or 'in_ecarnings of copper companies, or copper securities. I believe that over a long term, securities of some of the larger low cost producers will prove attractive investments. ' Nickel Popular At Present Among the other metals nickel seems the most popular at present and it is feeling a strong demand from the automobile and allied steel industries. Since both of these indus- trics are increasing output they are requiring more nickel. Electrical equipment also is a factor, The pro- duction of crude lead in the United States and Mexico continues high and surplus stocks of refined lead during February advanced, 11,000 tons. This weakens its statistical position Zinc producers have had more success in co-operative control of production and iH they can continue, it may ef- fect the future price, For the long pull, these minor metals appear good, although temporarily they are suffer- ing {from overproduction. Over-supply of Crude Oil Most of the over-supply in petro- leum is confined to crude oil. Gaso- line, kerosene, lubricants and other refined products are in much sounder position with production running close to demand. In the Mid-Contin- ent petroleum field a 'great decal hinges on the efforts at restriction in Winkler County, West Texas, If it is possible to keep down the out- Map Of Mines brian area of Canada request, indicated, Established 1886 On Request We will have ready for distribution May 15th, a map of the entire Precam- tions for the precious and semi-precious metals are being carried on, and will mail a copy to any address, post paid, upon This is the first map to embrace all the mining camps from the Saskatchewan border to the Rouyn field. The important mines are indicated by name, with geo- graphical features and other detail, clearly As the supply for free distribution is limited we request an early response. All The Mailed where mining operas A. E. Osler & Co. Specialists in Cana- dian Mining Invest- ments Osler Building, 11 Jordan St. TORONTO 2 "Phone Elgin 3461 Steel Industries--Fore- urces. put in that area, it is probable the rest of the Mid-Continent field wiil show production no greater than pre- sent levels and, probably, a gradual decline, In the California fields re- strictive measures are expected to be taken to offsct the increase at Long Beach. The California crude' situa- tion, however, is not so good, and in spite of efforts to curb production, there scems reason to expect an in- crease in the State's total for the next few months. In the Eastern Gulf Coast and Rocky Mountain oil dist- ricts expectations are for continu- ance of crude oil production at about the same as at present for the next two or three months, The greatest trouble comes in the lower grades of crude. There is a close balance between demand and prices are firmer, On March 31 there supply for the lighter products and were only forty-six days' supply of gasoline on hand, compared with sixty-three days' supply on March 31 of last year, Moreover. gasoline is running about 80,000 barrels daily under the current demand, Crude oil producers have stored their product rather than cracking it into gasoline, Now that consuming demand has reg- istered a substantial spring advance more gasoline will be produced. The statistical position is, nevertheless, sound. Should the advances in prices be 'maintained or further increased, carnings of refining companies would be distinctly benefited. A better trend is also noticed in the fuel oil mark- et, although supplies of this character are fully ample to take care of the requirements. Canada Has Great Mining Future California's start on the road to prosperity was due to the gold rush of 1849. What may the new mineral finds mean to Canada? This depends not only on their instrinsic value, but also on the way Canada's possibilities are brought before the rest of the world, Every province in Canada is rich in natural resources. Add to this a people possessing intelligence, in- dustry and initiative and one forsees great future developments. Proved mineral deposits commer- cially worth while, mean new capi- tal. The harnessing of water power, the building of mills, warehouses, railroads, stores and towns mean more people, with increased employ- ment and resultant increase of im- ports and exports, When it is proved that these riches exist and that they can be brought to market to advan- tage, it remains only for the people of the Dominion to tie up other in- ducements to the mineral attractions. OSLER PUBLISHES MINING BELT MAP OF PRE-CAMBRIA Boundary i Shown of Each Camp from Saskatche- wan to Rouyn The mining belt of the Pre- Cambrian area is charted in com- plete detail in a map issued by A. E. Osler and Company, the To- ronto brokers. The boundary of each mining camp, from the Sas- katchewan border to the Rouyn field is shown in correct geo- graphical scale, with rivers, rail- ways, roads and trails clearly marked and the location of all the important mines indicate by name. This is the first map to be issued embracing in one plan the full extent of the Pre-Cambrian area where mining operations for the precious and semi-precious metals are now being carried on. A. E, Osler and Co, are pion- eers in the development of the mining industry in Canada. Es- tablished in 1886 the firm origin- oily traded in bonds and sinijlar securities, the mines comprising only a small portion of its busi- . With the opening up of the Cobalt area the activifies of the company hecame more extensive- ly identified with mining inter- ests. The firm sponsored the first public offering of shares in a Northern Ontario property. with the issue of the Buffalo Mine, in 1906. The further discoveries of mineral wealth in Ontario, and in the Pre-Cambrian belt. east and west, has kept the name of this firm in outstanding prominence. The offices of Osler and Com- pany occupy the sccond floor of the Osler building, one of the most eentrally located office build- ings in Toronto, on the corner of Melinda and Jordan streets a short block from the main intersec- tion of King and Yonge Streets, Including Osler Co. this build- ing is the headquarters for several Toronto, having memberships on of the largest brokerage firms in the Toronto and Standard Ex- changes. 8 A sophomore is a person Wao waits for a freshman to come along to push the revolving door.--Dart- mouth Jack o'Lantern. ness, GOOD REPORT IS REGEIVED OF BALFOUR English and South African Mining Engineer Has The area of the property under re- port is as follows :-- acres 1--Southern "Portion 120 120 120 160 " 320 This area is from 1% to 4 miles from Chelmsford station and is serv- ed by several quite good roads lead- ing mto a main road. The second portion of 500 acres ,approx.) shows outcrops at points A, B and C. The outcrop at A is small and shows a fair amount of mineralization in slate which appears to be schisted. Out- crop B shows high mineralization at two points, the first in a gangue of quartz matter at which point sample No. 1 was taken. Sample No. 2 shows mineralized shale, at both places car- bonized shale was noticed and this ap- pears to have an effect on the min- eralization, as the mineralization ap- pears to be associated with the carbon wherever observed. The strike of this was approximately 30° N, of E. and on surface the mineralization ap- pearcd to run slightly more to the south of this bearing, but the whole areca was greatly disturbed by fault action, which is probably one of the causes of mineralization, the dip was about 80° N, but on account of the disturbances it was difficult to as- certain, but from observation made further North, the dip doubtless dips N. and I should expect this to flatten in depth towards the centre of the Basin ,as regards the mineralization, this can be seen by sample Nos. 1 and 2 submitted. These outcrops oc- cur in Lot 11, Con. 1, Southern Por- tion, as per sketch plan. Another outcrop was observed at point C, Lot 9, Con, 1, as per plan; this was com- posed of slate showing carbon as be- fore and also highly mineralized belts, Sample No. 3 shows specimen of this mineralization, Two specimens show native copper filmed on the face of the slate which would lead one to expect a large body of copper in near proximity, either across the dip or more probably just below the surface, as the exposures seem to open up very rapidly when pits had been sunk a mere contact on surface open- ing out to over two feet wide at a depth of 4-5 ft, at point B, sample No. 2. There is no doubt that there is a mineralized zone" shown on map by xxxx, and the cost of prospecting this would not be excessive, and an outline of my views on this subject would be supplied, if required. Location Favorable The location of these properties is in a very favourable position, being almost entirely in the slates which are generally conceded to be the mineral bearing rock and the indications at surface suggest that the mineral mat- ter is lenticular in form, such lenses being connected by fissures or joints which show indications of the min- eral contents, At surface, as could he expected, the mineral lenses have been weathered away: leaving only the mineralized leads or joints show- ing which, if followed down, should expose important ore bodies, more especially when the surface indica- tions- show strong mineralization, properties could be easily tested with clectric or magnetic testing ma- chines, but what effect the carbonized slate would have on such machines would be doubtful, they would most likely give a reaction similar to a mineralized area, The properties are easy of access, the main railway running about 2 miles to the Concession Lot 9 Concession Lot 10 * Concession 1--Southern Portior TE) ESR Oe ee Concession 1--Southern Portion lot 12 , Chelmsford and Larchwood with good! connecting roads; they are adjacent and tied on to a known highly min- eralized Zone and probably contain the Northern Horizon of this Zone at points along the Southern boun- dary, In addition, two Zones par- allel to the Bunker Hill Zone exist, one of which runs wholly through the properties from E. to W. throughout its length and show high mineraliza- tion in joints, fissures, etc, across several hundreds feet of outcrop at points A, B, C, on attached sketch phan. The general trend of this min- eralization is -not exactly ,paraileled to the strike on the surface but ap- pears to strike about 5°-10° nearer true E. and W. (i.e. 25° to 30° N, of E.), but the ceuntry is so disturbed that it may well be found that the lenses of Ore are truly bedded in the slate, i.e. follow along the strike or dip in the bedding joints. The gangue where observed appeared to be of a quartzone nature and the slates in places were highly mineralized. Iron pyrites appeared very gencrally throughout the carbonized slate even where no indication of other metals appeared. In conclusion, I consider that the properties under report give cvery indication that a large mine or mines will be proved at a modest cost for prospecting dnd development, and fur- ther, as a matter of interest, I may state that the National Lead are drilling in what appears to be the same mineral zone as the samples submitted came from in a S.W. di- rection along the strike, with what results I do not know. (Sgd) DW. PERKIN, PASI Mining Engineer of England and South Africa. August 24, 1927. "What's the matter? You look all broken up." "A chiropractor owed me $50, and I let him take it out in trade.--Cornell Widow. North with stations at | | EXPERT STATES FUTURE 1S GOOD SUDBURY ZING Mining Engineer Thinks Company Has Excellent Prospects For Success The Sudbury Copper Mine Syn- dicate controls three claims in the Township of Balfour in the Chelmsford Valley, comprising the south half of Lots 9, 10 and 11 in the First concession; distant about two miles {from the railroad at' Chelmsford Station and. con- nected thereto by very good roads suitable for motor or other traf- fic. The Geology of the Chelms- ford Valley or Sudbury Basin consists of a low circle of hilla formed by early eruptives, such as micropegmatites, surrounding later sedementaries eansisting of Onaping Tuffs, Onwatin Slates and Chelmsford Sandstone. So far the bulk of the work done and discoveries made in this valley have proved the main ore deposition lles in the Onwatin Slates, the princinal work being on the Bunker Hill and Sullivan property. which lies adjoining to the south of the above-mentioned lots, These claims lie entirely in the Slate formation and show several surface indications of possible underlying ore bodies. These in- dications being most predominant where the slates are most car. bonized and fractured, showing quite heavy mineralization in the iron pyrites with considerable chal- copyrite and copper pyrites and some zine on the fracture planes. The strike of this mineralization is North 60 degrees Kast, but ow- ing,to the faulted nature of the surface it is hard to judge exactly just what the dip is. The strike therefore places it about parallel with the long axis of the Valley. On Lot 9 apparently the most ex- tensive mineralized area is found, tak- ing place about the centre of the lot, where it has been opened by means of several small pits over a length of 150 feet and width of 100 feet. This mineral zone is entirely' of secondary deposition conforming with the ore bodies found on the Bunker Hill and Sullivan, and is associated with small quantities of Secondary Quartz which may possibly form the gangue matter of the deeper ore bod- ies. Apparently the ore deposits so far developed in the Basin are of a Sec- ondary nature and have been derived by the leaching of the Metaliferous hodies contained in the Micropegma- tites, evidence of this being found in a Copper and Galena deposit which has been opened up between Lakes Fairbanks and Gordon lying to the south-west of the Bunker Hill and Sullivan Mines, and on the same strike as the general strike of the Slates. Here the formation en- tirely Micropegmatite, the vein fill- ing quartz and the mineralization Copper Pyrites, Chalcopyrite and Galena. The strike of this deposit is N. 60 degrees e, which would take it across the long axis of the basin, and as the same thing is found to the north-cast of the basin, it is rea- sonable to suppose that the length of the basin is underlain hy similar conditions &nd it is quite pos- sible that Whitson Creek which runs approximately in the same line, is the result of a line of weakness which traverses the whole valley. If this is so, and there is no ques- tion but that the Secondary Ores were laid down under water, there is every reason to believe that there are possibilities of the whole basin being underlain by a body of ore similar to that of the Bunker' Hill along 'this line oi 'weakness, and that it will be encountcred at approxi- mately the same depth, namely 300 icet. Taking everything into considera- tion, including the known facts that the Company has the same surface formation as the Bunker Hill and Sullivan, and adjoins them to the North; also that the surface indi- cations are jusé as good here, if not better. than they were on the Bunker Hill, I cannot see any reason why you have not every bit as good a prospect of making good as they had at the same period of development, I would strongly recommend that a diamond drilling campaign should be inaugurated during the coming winter months, to prove the extent and val- ue of any ore which may be found. By running a series of holes cross- cutting the formation from north to south, and repeating the series of holes at intervals in an easterly- westerly direction across the three Jots, you would gain absolute know- ledge of the entire 'underlying struc- ture, with its possible enclosed ore bodies. With the good results which are being obtained by diamond drilling at varions points throughout the whole Valley, I consider that you are fully justified in undertaking this work, and with excellent prospects of being successful. (Sgd) Harry McMaster, Mining Engineer Toronto, November 8, 1927. is WE WONDER WHICH (Border Cities Star) Foundations of the Leaning Tow- er of Pisa are to be.reinforced by Svenska Diamantbergborrnningsak- tiebolaget which, as far as we have been able to find out, is either a firm of Swedish engineers or a bad bull on the part of the print- er, HOLLINGER With the stock having dropped below the $16 mark, the status of Hollinger Consolidated Gold Mines. Ltd., one of the premier gold pro- ducers of the Western Hemisphere and the biggest gold mine in Can- ada today, continues to be a topic of lively conversation The big gold producer 'has experienced some un- fortunate happenings lately, as it will be recalled that tragic con- sequences attended the fire which broke out underground not so long ago. This catastrophe temporarily cut into production. i There has been some talk about the possibility of Hollinger not earning its current dividend rate of ten cents a share payable every four weeks. Nevertheless, the next payment of two per cent (par $5) has been declared, and will be pay- able May 19th, to stockholders of record May 2nd, 1928, Analysing the present produec- tion situation at the Hollinger, "The Northern Miner," in its Apri 26th issue, remarked as follows: "It is calculated that Hollinger production was 440,000 tons in the first three months, against a usual 550,000 and that heads were about $6.50. In March tonnage averaged about 5,100 dally, against the usual 6,100. The loss in produc- tion itself did not cut into the amount need.d for dividend pay- ments to anything but a negligible extent, The mine, plus other rev- enue, earned probably $1,600,000 and the dividend requirements were $1,600,000. As tonnage is about PICARD FINANCES COPPER GPCR NEAR GHANPLAI Amangements Are Entered Into and Company Will . Benefit About $350,000 Champlain Copper have uncovered zones of mineralization equal to any in this section of the Township. That of outstanding importance is the one lying in the western section of Group No. 1; this is gossan capped and heavily mineralized carrying splendid showings of iron and chal copyrite. Grab samples from test pits sunk on this zone assayed over to the ton in copper and nickel and it is understood that financing ar- rangements have been entered into with the firm of H. J. Picard & Company, Ltd, whereby the Comp- any will benefit to the extent of A huge development campaign has ad normal again the production situa- tion now is satisfactory." When the company's annual re- port is issued, the stockholders are hoping that some light will be shad on Hollinger's operations in the Kamiskotia Copper-Gold area of Ontario, High hopes have been en- tertained for these properties. been ed for this under direcon of FJ oxo who i well known in Mining circles, With the Sy to date under .iis capable management future for Champlain Copper would appear to be very promising. Owing to heavy falls of snow, th diamond drilling and work gene has been held up, but now that th machinery and further supplies 2 in, work is expected to be carried © without interruption. In the meantime, all lines ha been cut on the criginal 16 Orio claims, immediately east of the mai discovery, and the magnetomete survey of this group, will commenc immediately. . As the diamond drilling on Orio is the first in this section of Mont; bray township, the results will watched with a great amount of in terest by the adjoining properties. Delmas Mines Limited Report has been received from Delmas Mines, Limited, compri approximately 1,500 acres, located of the Ontario-Quebec. boundary Montbray Township, Quebec, an Pontiac Township, I. oy that ve! favourable results have been obtain from the magnetometric survey worl being carried on on the Ponti group of claims. Kicks have be: received indicating a mineralized are] about 100 feet long by 30 feet wid: It would: appear that the minera ization on Delmas is an extension g the showings on the property of Oi iole Mines, or Champlain Coppe which adjoin to the north and eas A youth's mustache was the pla neer of the installment plan--a Ii tle down and then a little me! each week.--Loulsville Times, ' pA li a A whole | ' 14 KING STREET EAST 8-10 MILL STREET On the Mining Market it Pays to be Well Informed! Our Clients receive the Following Services: We send a detailed report every fifteen days on all stocks purchased through us, The "Traders Market Review' published to keep the investor well informed as to market activities and the reason thereof. Telegrams which we receive from our' Field Scouts on any news of importance are for. warded immediately to our clients, giving them the advantage of reliable up-to-the-minute news, We issue special Bulletins from time to time on securities which we strongly advocate the purchase of, giving full information, Prompt execution and personal service, We execute orders on all exchanges, Our Unlisted Department maintains a market on all active unlisted securities. Have Your Name Placed on our Mailing List H. J.PICARD & CO. LIMITED Stock Brokers Elgin 8308-8309-8300-0516 TORONTO GEORGETOWN