50 Years Ago (January 02, 1990)

THE NORTHERN MINER, JANUARY, 1940

NEW DEPTHS, NEW ORE CHANCES FOR LAMAQUE

Lamaque Gold Mines is preparing to sink its main No. 7 shaft from 2,000 ft to 3,600 ft below surface, The Northern Miner can announce after having visited the mine in Quebec. This vertical shaft has four compartments; and when it’s completed, Lamaque will probably be through with shaft-sinking for several years.

Ore reserves in the positive class were given at 846,812 tons averaging 5.92 penny weights per ton as at the end of November, 1939.

RECORD EARNINGS AT FALCONBRIDGE

Falconbridge earnings in the fourth quarter of last year will be shown to have broken all records, so The Northern Miner hears. There will probably be nothing official until the annual report appears; this company is usually one of the first of the big companies to publish its annual statement. It is quite possible that the last quarter net was on the order of 70 cents a share annual rate.

SMILES GREET FIRST BARS OF NEW PRODUCER

Gold pours are nothing unusual for Porcupine, Ont. Nevertheless, a certain pour on Saturday last marked a milestone for that great camp, for it represented the beginning of production from Broulan Porcupine Mines. A small group of directors and friends of the company was present for the pouring ceremony, which took place at the Mace mill, recently leased by Broulan for treatment of its ores. The mine is situated at the most easterly limit of the producing Porcupine belt.

CHEMINIS IN VALUES ON NEW LEVELS

The “c” ore zone has been encountered in the west drifts on both the 400-ft and 525-ft levels at the Cheminis gold mines, in the Larder Lake area, and visible gold has been found at one point on the lower horizon, according to a report from the mine. This is the first time visible gold has been disclosed in the workings, an official advises.

CANADIAN INVESTORS NOT VERY ASTUTE

A reader writes: In looking back over the files of The Northern Miner, I came across your issue of Oct 26, 1933, in which one of your women subscribers detailed her happy experience and rightly gave your paper full credit for her most astute purchases.

In my opinion, that article is worth reprinting today, if only to show what can be done with a moderate investment wisely handled. This lady was holding stocks that cost a total of $3,042.25, which, if sold at the top of the market in succeeding years would have realized $41,779, or which, if held till today, would have been worth $16,562.60 and provided an income of $1,273 yearly.

And yet the people of Canada are making so poor a use of their talents that they have billions of dollars on deposit in our chartered banks, drawing 1-1/2% interest.

ANOTHER RECORD FOR NORANDA MINES

Noranda Mines Limited will probably make a new earnings record in the fourth quarter of the year.

The Canadian company has made a big success of its investments for the simple reason that it has stuck to things it understands — mines and industrial operations affiliated with mines. According to the last annual report, Noranda’s assets (not counting any capital expenditures upon its main mine) had a book value of $28 million.

Reprinted from The Northern Miner, January, 1940.