Queries Canada Radium Corp.

While looking around in my father’s attic recently, I found a copy of a 1959 share certificate for 100 shares of Canada Radium Corp. I’m 99% sure that the shares are worthless but I’m curious as to the story behind this company. Can you provide some information? J. M., Winnipeg, Man.

As you probably suspected, Canada Radium Corp. became part of mining history back in 1963 when it was renamed Santos Silver Mines. At the time, Canada Radium shareholders were entitled to one share in the newly organized company in exchange for 10 Canada Radium shares.

Santos lasted a year before its shares were exchanged on a one- for-six basis for shares of Utica Mines. In 1971, Utica became Dankoe Mines Ltd. (VSE) on a one- for-five share swap.

As a result, if you had 300 shares of Canada Radium, they would be worth one share of Dankoe which still trades on the Vancouver Stock Exchange.

Formerly known as Canada Uranium Mines, Canada Radium started out in 1954 with a uranium property in its portfolio. Located near Bancroft, Ont. the property was drilled extensively between 1954 and 1957. But as reported (N.M., April 11/57), Canada Radium’s consulting engineers said they saw no possibility of proving up a uranium orebody and the property was returned to the vendors.

Before the company was renamed, it had planned to go into production on its Horne silver property in southern British Columbia. The property was reported to host 120,000 tons of what Canada Radium called ore and a test shipment on 13 tons of high grade material averaged 0.45 oz gold and 117.7 oz silver per ton.

However, despite some good results including an 8-ft intersection which assayed at 55.56 oz silver and 0.76 gold, Canada Radium ran into financial difficulties and work at the Horne operation was suspended in 1959. The property is now held by Dankoe Mines.

Among its other assets, Canada Radium had a 32.3% interest in Canamiska Copper Mines which had a number of prospects in the Chibougamau, Que., area.

The company also held an 800 acre base metals prospect in the Mattagami area of northwestern Quebec where lengthy sulphide sections were reported.