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By James H. Boettcher

INTRODUCTION There are many and varied sources of finance available to the mining industry for exploration, development and/or the operation of mining projects and companies. These sources include equity from major as well as "penny" stock exchanges, precious metal mutual funds, private investor groups (from "grubstakes" to tax-oriented limited partnerships) and banks. The variety is representative of the fact that the world's capital markets are segmented and stratified according to risk-reward characteristics. This interrelationship is summarized in Exhibit I and 2 which relate (very approximately) various sources of finance to a typical mining project's life cycle and risk-return characteristics. The objective of this paper is to introduce, as it applies to the mining industry, a somewhat recent phenomenon represented by one of these capital markets segments referred to as "venture capital." Venture capital investing per se, which today is a multibillion dollars per annum investment business, goes back as far as Queen Isabela's backing of Columbus' "wild ideas." The real institutionalization of the venture capital process really began in earnest, however, after World War II. Today over 700 private venture capital sources (and more government related ones) exist providing funding to a range of industries, but typically related to the "high-tech" business. The table to the right shows industries financed by venture capital funds between 1980 and 1982. Conspicuous by its absence is, of course, mining which is not a great surprise since typical mining projects up until recently were large, required long lead times and were undertaken by established mining houses. Also, as most of you can appreciate, successful investing in the mining business requires a great deal of experience and understanding of the industry which most venture capital funds do not have. TARGETED RETURN The rate of return objective of most venture capital funds is, according to the legalized version, to realize a return which is "substantially in excess of that obtainable through conventional equity investments." One may say that a common objective of venture capital funds is to realize a 20% to 30% compound annual internal rate of return on capital over their life which is often ten years. [ ] This objective has been recently more feasible in the mining sector due to the development of smaller precious metal projects which cost less and are quicker to generate cash flow than the behemoth projects of the 1970s. In addition to precious metals, venture capitalists have invested or looked at a variety of other mining projects including ones as prosaic as a high margin "kitty litter" operation, sand-gravel and other industrial minerals operations, the leveraged buyouts of coal mines or mineral divisions of major energy or mining corporations, and even in in-situ copper or gold leaching ventures. A typical investment is in the range of $100,000 to $3,000,000 although some can go as high as 5,000,000. This implies a project size up to, say, 30,000,000 if a venture capital fund does it on its own. Larger projects can be done if the equity portion of the investment is syndicated with other investors.

Jan 1, 1985

BLAMEY STEVENS, Nogales, Ariz. (written discussion *).-This subject should be approached boldly from the purely physical standpoint. There are usually many known ways of making chemical deposits of any particular mineral and probably many more ways that are still unknown. With-physical-effects; .however, there-are, in-general, only one or two, or possibly three, ways that will pass muster before the physicist, when he realizes the geological conditions to be harmonized with the physical ones. Let us consider the second way that Mr. Taber describes: "It (the mineral matter transported in solution) may enter along a fracture, bedding plane, or similar passage, and, as it is deposited, force the wall rock apart, thus making room, for the growing vein," because it is the one Mr. Taber chooses for the great bulk of metalliferous veins. By "forcing the wall rock apart" Mr. Taber indicates that he means that the process of crystallization or-solidification of the mineral in the vein forces the walls apart. To prove this, he offers a great variety of geological evidence, which, from the physical standpoint, is entirely superficial. From the geological standpoint the evidence is the best to be had, but it is entirely negative and one single grain of really positive evidence will entirely offset it. Suppose it be granted that there is a considerable force of crystallization. It is well known among physicists that, other circumstances being equal, the crystal would rather form where it does not have to exert that pressure; or, to be more exact, where it is not necessary for the crystal to

Jan 12, 1918

By C. Edwin Nighman

THE following is a description of the methods used in rescuing men and extinguishing the underground fire at the Pennsylvania mine, Butte, Mont. This fire, which cost the lives of 21 men, began about 9 p.m., Feb. 14, 1916, at or near a ventilating fan on the 1,200 air-shaft station. This shaft at that time was downcast, while the main hoisting shaft was upcast. Owing to the proximity of the fire to the air shaft, the air in the latter soon became heated, and as the fan on the level was not running¬the power having been cut off shortly after the outbreak' of the fire-the aim' shaft became upcast to the 300 level. At this point a blanket of cold air from the surface caused the smoke and gases to he drawn in on that level and carried down again through the workings to the 1,200. A short time after the discovery of the fire, water was turned down the air shaft through a series of pipes around the collar of the shaft, which caused the smoke to recede, below the 300, so that within 2 hr. it was possible to search that level for the missing men. From the above it will be apparent why the air shaft was upcast instead of downcast as under normal conditions, and why men were suffocated at considerable distances from the seat of the fire. The smoke and gases that came up the main hoisting shaft did not diffuse through the workings to any extent. There are doors on all levels in the connections to the main hoisting and air shafts, but-in the confusion and running around many of these doors were left open, and this undoubtedly caused the smoke and gases to spread more rapidly than they would otherwise have done. It was necessary for most of the men on the various levels to pass close to the air shaft in going to the hoisting shaft, and when they encountered the smoke and gases in that vicinity a number turned hack and climbed down with the direction of the air currents and were then suffocated, while all those who passed through the relatively short pall of smoke to the main shaft were saved.

Jan 2, 1917

By Robert R. Brookshire

Brush plating has been thought of by many as black magic bordering on alchemy. Actually it is a science that uses both electro-chemical and mechanical engineering skills and technology. We are not sure when brush plating was first used or by whom. I do know that many times when we would put in for patents on things we thought of as new and innovative, we would find that someone had done it many years before. It took World War I1 to get brush plating off and running. Now at this point, someone may be asking just what is brush plating? And why are we plating brushes? One way of describing what brush plating is, is by telling what it is not such as tankless plating. Brush plating-is an electro deposition of an electro-platable element or alloy onto a conductive surface. To do this a source of direct current is required; this can vary widely. I prefer stepless voltage control from 0-35 volts with a capacity depending on the size job to be done. This can vary up to 500 amps for normal applications. In one case we have used 7500 amps.. In the beginning a brush was actually used with a wire in the middle of the bristles and a jelly-like paste made up from tank plating solutions. The bristles were saturated with the gunk and the spot to be plated was muddled with the concoction at a potential which was the same as the applied tank Voltage. Metal was deposited but only thin coats were achieved. Today we use graphite wrapped or covered with cotton to form a Q-tip type anode. By using graphite rather than a specific metal we are able to either plate, de-plate or strip, electro- mill, electropolish, or anodize--all with the same equipment. Only the electrolyte needs to be changed.

Jan 1, 1984

By Guy T. McBride

The 1970's have been considered a pivotal decade for the mineral industries. Undergraduate mineral engineering education is relevant to this theme; in particular, there are three interrelated problems: 1) The goals, and therefore the course requirements, of the under- graduate curricula are in question; 2) The unit costs of undergraduate education appear excessive to those who bear the charges; and 3) The present social ambience detrimentally affects the work attitudes and career motivation of both prospective and in-course students. Any discussion of these problems must bottom upon recognized national needs for minerals and a technologically sound minerals industry staffed by competent engineers, particularly at the exploration, development and production levels. Fortunately, these needs have been recognized and to some extent quantified, and they are even now under further intensive study by some of the most competent members of society and the profession.

Jan 3, 1973

By C. R. Boyd

THE region to which I have the pleasure of calling your attention, though limited in area, is remarkable for the quantity and purity of its mineral deposits, and in these respects it would be difficult to find its equal anywhere. IRON ORES. The red and brown hematites, pipe ore, and semi-magnetites, from which is made in charcoal furnaces the highest quality of iron for car-wheels, extend through the counties of Giles, Montgomery, Pulaski, Wythe, Smyth, Washington, Bland, Tazewell, Russell, Scott, Lee, Floyd, Carroll, and Grayson, Virginia, and run over into Ashe County, North Carolina. One locality of semi-magnetite, in the centre of the great Giles County basin, has in sight, by actual measurement, 50,000 tons of ore, which, according to Prof. Fesquet, contains 69.74 per cent. of iron and no phosphorus. In the great brown-ore belt, which passes through the counties of Montgomery, Pulaski, Wythe, Smyth, and Washington, there is an extraordinary deposit of more than a million tons. A small section of this very long vein, on Cripple Creek, in the County of Wythe, yields an ore which, analyzed by Mr. James Aumann, gave the following results: Metallic iron, - 58.15 Water, - 12 96 Alumina, - 2.32 Silica, - 1.09 Phosphorus, - none. At one point towards the western end of Red Land Mountain, in Pulaski County, New River section, I measured a body of ore in this belt which will yield, to a depth of 150 feet, over 8,000,000 tons, and the deposit extends far below the 150 feet measured at the upper part. Again, at Rich Hill, near the mouth of Reed Island Creek, these veins show extraordinary surface development, giving an ore of very great purity. At numerous places, also, in the counties of Giles, Bland, Tazewell, Russell, Scott, Wise, and Lee, these brown and red iron ores are exposed in such vast quantities as to baffle both description and measurement. That of Chestnut Flat, in Giles County, back or west of the Angel's Rest Mountain, is an easily reducible ore, blood-red when crushed, of which there are fully 300,000 tons in sight. Its analysis is as follows

Jan 1, 1880

By James Barr

WHEN phosphate mining operations first commenced in Tennessee the loss of both high- and low-grade material was large, because of the crude hand methods employed. Practically all rock smaller than 2 in. was thrown back into the pits and covered with the overburden of subsequent openings. With the advent of mechanical washers and other mining machinery, together with the abolishing of the contract system, the waste has been steadily diminished, until at present only the finest sand is being rejected; and even this is not lost, for in the majority of cases the water, slime, and sand from the washers are run into large settling ponds where practically all of the phosphate-bearing material is caught and stored for future use, or until it is profitable to ship lower grades. The latest equipment used to recover the fine and lower-grade phosphate sand includes Dorr thickeners, settling tanks, Dorr classifiers and settling ponds served by locomotive cranes with clam-shell buckets, making it possible to save material averaging as fine as 200 mesh. To attempt saving finer material would necessitate a different type of drier, which might be patterned after the multiple-deck roasters. The present tailing runs from 15 to 25 per cent. of available phosphate, which, however, as mentioned before, does not represent a total loss to possible future operations. The demand of the consumer is the greatest factor in regulating the recovery at present. In the mining of blue rock, which does not require washing treatment, the main waste material is the capping of low-grade kidney forma-tion, generally used for backfilling of the rooms. By reason of the introduction of improved methods in the early stages and the re-mining of territory skimmed over at the start, at the present time the net result of all operations is a comparatively small loss.

Jan 2, 1916

An "international gold conference" was held at Spokane, Wash., on Sept. 5, 1918, under the auspices of the Northwest Mining Association, which was attended by a large number of engineers, mine operators, and bankers, representing the northwestern states, as well as Alaska and British Columbia. The principal subject under consideration was the doleful condition of the gold-mining industry, gripped between the diminished purchasing value of its product, and the increased cost of its operation. Two resolutions were adopted by the meeting. The first approved the resolution adopted Aug. 12 by the American Gold Conference, a permanent organization formed at Reno, Nev., in which it is stated that relief by the United States to the gold producers of this country should he made to correspond with the increased cost of production, the extent of the relief to be fixed from time to time to Meet changing conditions. The second resolution, adopted after serious and long-continued discussion, was introduced by F. A. Ross, mining engineer, of Spokane, and a member of the Institute, and was as follows: WHEREAS, it is now clearly understood and agreed by the allied nations that national gold reserves must be augmented without delay if rapidly expanding credits are to be secured; and WHEREAS, at this time, the production of gold is daily decreasing to an alarming extent because of well known conditions that, render the mining of gold-bearing ores unprofitable; and WHEREAS there is no way by which the mining of gold-bearing ores may be made profitable except by the direct' aid and influence of the government; and WHEREAS the government has appealed to the mining industry for practical information and practicable suggestions upon this subject; therefore, be it

Jan 10, 1918

By Clement K. Chase

The ammonia leach for copper recovery is discussed from historical and current practice standpoints. The chemistry of the system is presented together with Eh-pH and copper-ammonia solubility curves. A list of metals forming ammine complexes is presented. The advantages and disadvantages of the ammonia leach as applied to copper recovery in conjuction with modern liquid ion exchange techniques are compared.

Jan 1, 1980

By W. C. Kerr

A BRIEF sketch only is here intended, with a few illustrations, in order to give a general notion of the character and structure of these veins. I have stated elsewhere, several years ago, that these veins were wrought on a large scale and for many ages by some ancient peoples, most probably the so-called Mound Builders; although they built no mounds here, and have left no signs of any permanent habitation. They opened and worked a great many veins down to or near water-level ; that is, as far as the action of atmospheric chemistry had softened the rock so that it was workable without metal tools, of the use of which no signs are apparent. Many of the largest and most profitable of the mines of the present day are simply the ancient Mound Builders' mines reopened and pushed into the hard undecomposed granite by powder and steel. Blocks of mica have often been found half imbedded in the face of the vein, with the tool-marks about it, showing the exact limit of the efficiency of those prehistoric mechanical appliances. As to the geological relations of these veins, they are found in the gneisses

Jan 1, 1880

By Thomas S. Nye

Mineral exploration in the United States relies heavily on theoretical geologic concepts and indirect methods such as geophysics and geochemical prospecting, as there are few exposed areas of mineralization which have not already been explored. In Mexico, ore grade samples can be cut at the surface on vein, replacement, and disseminated types of deposits in many areas. The problem is not in finding a mineralized area but in deciding which mineralized area can be explored and developed at the least risk and cost, with the greatest profit potential within the framework of Mexican mineral economics and that nation's government policies. Socio-economic Posture Mexico, prior to World War II, had suffered from more than one hundred years of intermittent wars and exploitation by internal and foreign elements. Consequently, the basic facilities which today's society takes for granted were scarce or non-existent in most of the country. Travel was largely a matter of negotiating poor dirt roads, riding horseback or walking. Relatively few people were literate and medical facilities were luxuries for the wealthy. Mexico's leaders were, however, determined to improve the lot of their people, within a system of private enterprise and personal freedom. Long-range programs initiated at about the time of World War II to provide infrastructure-education, health and welfare, transportation, power, water, communication-are now established fully or in part for most of the country and are being continually expanded.

Jan 12, 1972

By R. J. C. Tait

INTRODUCTION Process Control at the Ecstall Concentrator begins in the open pit at the Kidd Creek Mine. While this paper, naturally, emphasizes the instrumental and technical features of the Process Control system within the concentrator itself, it would not be complete without some mention of the selective mining methods and grade control practices at the mine, and of certain features of plant design, which are simple, but highly effective, elements of the Process Control system. The success of the entire Process Control system, from pit to concentrate load-out, owes much to the high degree of cooperation and mutual understanding among all the operating departments at Ecstall Mining Limited and to the willingness of management to accept, from the start, an overall control philosophy based upon the inter-dependence of mining and metallurgical operations. INFLUENCES OF MINERALOGY AND METALLURGY ON MINE PLANNING AND PLANT DESIGN Mineralogically, the Kidd Creek ores are fine grained and mostly very complex. Because of complex mineral associations and extensive inter-locking, very fine grinding and regrinding of middling fractions are necessary and selective flotation requires a very delicate touch. Four separate concentrates are made for shipment to copper, lead and zinc smelters. The Process Control system is tailored to the metallurgical objectives of maximum recoveries of copper, lead, zinc and silver into concentrates of optimum quality, for maximum economic returns. For example, zinc and lead in copper con-

Jan 1, 1970

By Simon D. Strauss

INTRODUCTION The changes in ownership, management, and operation of the non-fuel minerals industry since the Second World War have been dramatic. World-leading enterprises have lost their identity; host countries have taken over operations from multi-national firms; marketing practices have been drastically altered - and yet the world industry is supplying minerals on a scale far greater than had been anticipated in projections made at mid-century. The world's known mineral resources have been enormously expanded, despite the doom sayers who for decades have been predicting that depletion of non-renewable resources would impose limits to growth. PALEY REPORT One can set the stage by reviewing how the minerals outlook was regarded in a thoughtful and comprehensive analysis made in the years 1950 and 1951. During the War years, President Harry Truman of the United States had come to appreciate the decisive role played by minerals resources through his chairmanship as a U.S Senator of a committee that investigated the procurement and allocation of natural resources. In 1950, in the Cold War era that resulted in actual military conflict in Korea, he appointed a prestigious five-man commission to study the problems of Materials Policy over the following quarter century. Their findings, published in five impressive volumes in early 1952, became known as the Paley report. The text was prepared by expert scientists and economists who spent 18 months assembling statistics, making projections of future demand, and interviewing leaders in industry, academia, and government. [ ] The Commission had correctly foreseen that aluminum would replace copper as the largest volume non-ferrous metal, but it had fallen short of reality by a wide margin indeed for all three materials. Even though the Commission's expectations for growth proved to be extremely understated, it had concluded its report with grave foreboding about the effect of its estimates of demand in relation to supply, as follows: "Consumption of almost all materials is expanding at compound rates and is thus pressing harder and harder against resources which, whatever else they may be doing, are not similarly expanding. This materials problem is thus not the kind of 'shortage' problem, local and transient, which in the past has found its solution in price changes which have brought supply and demand back into balance. The terms of the materials problem we face today are larger and more pervasive." With respect to some minerals, the Paley Report expressed scepticism that, in fact, supplies would be forthcoming regardless of price. Because the Paley demand forecasts understated the actual growth in demand for virtually every mineral, one could logically have expected frequent and protracted shortages in the years since 1950.

Jan 1, 1985

It is doubtful if the far-reaching sociological influence and effects of the last few years will be fully appreciated within the present generation, but there are certain lessons and morals already apparent from which we should profit immediately. One of these has been an insistent, though vague, feeling among engineers and men of technical training and experience, that their worth as political and economic factors is not recognized by society. This feeling has found expression first in a tendency on the part of these men to organize for the purpose of securing recognition, or to demand greater activity in their interest on the part of societies already organized. However it may be accomplished, the demand for some means of binding engineers together for purposes of self-interest and public good is in the air and will not be denied. In other words, the time is' propitious for two things: vastly increasing the membership of engineering societies, and serving that membership according to its desires. There are particular reasons why every mining and metallurgical engineer, in the United States at least, should hold membership in the

Jan 6, 1919

By Arthur Redfield

THE West Indies are the summits of a submerged, mountain chain, the continuation of which must be sought in the mountains of central Honduras. In Haiti, the chain divides, one branch passing through Jamaica and the other through Cuba, the Cayman Islands, and the Misteriosa bank. Suess divides the West Indies into three zones: The first zone is entirely of volcanic origin and includes many recent volcanic cones. It includes the arcùate string of islands, which extends from Saba and St. Kitts to the Grenadines and Grenada. The western half of Guadeloupe belongs to this group. The second zone consists of a geanticline, of which the sedimentary rocks range from the Jurassic to the Quaternary, but consist chiefly of Lower Tertiary sediments. In the west it is broad, including the whole of the Greater Antilles; but in the east it is restricted to a narrow belt, which includes the Virgin Islands (except Anegada), Anguilla, St. Bartholomew, Antigua, the eastern part of Guadeloupe and part of Barbados. The islands that compose the third zone are flat and low. Like the second, this zone is broad in the west and narrow in the east; it includes the Bahamas, Anegada, Sombrero, Barbuda, and part of Barbados. Geologically, Florida and the plain of Yucatan may be regarded as belonging to it. Trinidad and Tobago, though-geographically adjacent to the Lesser Antilles, are geologically a detached part of the South American continent. The crystalline complexes of northern Trinidad and of Barbados are a continuation, en echelon, of the crystalline axis of the promontory of Paria. The folded Cretaceous and Tertiary of the central and southern parts of Trinidad represent a continuation of the folded sediments of the Paria district of Venezuela.

Jan 6, 1922

Uranium, the object of a quarter billion-dollar search in the US during 1977, is a ubiquitous element rarely found in economic concentrations. It originates in magmas as a large tetravalent ion, the size of which restricts it from the crystal lattices of many rockforming minerals. Instead, according to United States Mineral Resources (US Geological Survey Professional Paper 820) as the magma crystallizes, a portion of the uranium is deposited as an intergranular film on rock forming minerals, enters accessory minerals, or forms its own minerals. The remaining uranium becomes concentrated in magmatic differentiates, where it forms minerals in pegmatites and veins.

Jan 10, 1978

By A. J. M. Ross

BACKFILLING of stopes and other underground openings in the Homestake mine with sand tailings was undertaken primarily to reduce surface subsidence, which was wrecking much of the surface plant and a substantial part of the town, and to make possible maintenance of open-ings into the top of pillar stopes as mining progressed. The progress of this type of filling has been rapid and the results very satisfactory. Sand is now used in filling timbered stopes, shrinkage stopes, and abandoned drifts and crosscuts. A permanent pipe-line system for transporting sand tailings into the mine by gravity has been installed. The close filling of all stopes has resulted in important benefits other than the two major ones. The ore bodies in the Homestake mine occur as replacements in one distinctive layer of the metamorphosed pre-Cambrian sediments along a group of minor folds that together form a complex anticline that pitches at 35° to 40° to the southeast. The ore bodies are extraordinary for their magnitude. Widths of over 300 ft. have been mined and continuous ore has been followed for over 1200 ft. along the strike on some of the upper levels. Mining has been by shrinkage stoping with square-set mining of crowns and pillars. In the standard plan, shrinkage stopes 60 ft. in the direction of strike and the full width of the ore have been taken up to within 25 ft. of the level above. After filling, the crown has been mined by square-set methods, as have also the 40-ft. pillars between shrinkage stopes. In former days, when the supply of ore seemed inexhaustible, the mining of pillars was allowed to lag far behind because of the high cost. Many pillars were rather badly fractured on the level and in some places between levels. Coarse waste was used for backfilling all stopes, but in pillars it became increasingly difficult to maintain haulageways for the transporta-tion of this fill over the top of the stopes as mining progressed. The cost of maintaining these crosscuts was excessive and in many pillars prac-tically impossible. Therefore it became the practice to fill pillar stopes by tapping the back and sides of the stopes.

Jan 1, 1939

By L. C. Binon

Exploration budgets are commonly determined by rules of thumb, such as a percentage of earnings or other fiscal measure. An appropriate exploration budget is the amount needed to achieve company goals. It can be determined by discounting the income expected from achieved goals. Budgets for individual projects are determined in a similar manner except that risk of failure is included in the computation.

Jan 1, 1984

By Thomas N. Walthier

Ocean miners seem prepared to commit upwards of $50 million, spread over the next 10 years, to develop a deep ocean capability. More and more large companies, Kennecott, Inco and Tenneco, to name a few, singly or through consortia, are spending money, often big money, to obtain a viable and profitable marine mining industry. Much of the current involvement of the mining industry in the oceans is concerned with either exploration for or engineering studies of manganese nodule deposits and most of it is considered highly proprietary. Thus, the scope of the total effort can only be surmised. The following provide a good indication as to the magnitude of the over-all effort: (1) Hughes Tool Co., Oil Tool Division, announced last March it has been performing engineering studies and ocean surveys (in collaboration with Global Marine, a subsidiary of Tenneco Oil) for the purpose of developing deep ocean mining equipment and techniques. As a result of these studies, Global Marine will build a 35,000-ton prototype deep sea mining ship for Hughes. (2) Deepsea Ventures, Inc. has been "assiduously compiling data on the location. depth, and composi-

Jan 1, 1971

By Percy Hopkins

KIRKLAND LAKE, the second most important gold area in Ontario, is situated in the north¬eastern part of the Province, 392 miles north of Toronto by railway. It is reached by a five-mile macadam road from Swastika, a village on the Temiska-ming & Northern Ontario Railway, 63 miles north of Cobalt. Gold, was first found at Kirkland Lake in 1911 by W. H. Wright. on claim No. 1830, now a part of the Wright-Hargreaves mine. In January, 1912, the metal associated with various tellurides was found by Harry Oakes and George Tough on the Tough-Oakes property 3/4 mile east of the lake. The shipping of hand-sorted, extremely high-grade ore, valued at $350 to $450 in gold per ton, from this property created great interest and resulted in numerous other discoveries. The early developments of the area, however, were much retarded on account of war conditions, labor troubles, and owing to the ore zone being largely under the bed of Kirkland Lake or in drift-covered depressions. It was not until early in 1918, when the Lake Shore Co. found its rich orebody under the bottom of Kirkland Lake, that the various ore deposits were believed to be more or less continuous along one main vein system. From that time most of the work in the area has been done along the "main vein" with gratifying results. Production began late in 1912, and up to the end of March, 1923, the five producing mines have yielded gold, with some silver, valued at $8,379,403. The production in 1922 was $2,162,548; that of 1923 should be over $3,000,000. The same general assemblage of rocks which occurs at. Kirkland Lake extends easterly for many miles to Larder Lake and beyond; hence there is a large area containing formations favorable for gold prospecting. In this general area numerous prospects are being operated, and among the most promising ones, may be mentioned the Argonaut, Crown Reserve and Asso-ciated Goldfields near Larder Lake. A 25-mile branch railway is now being constructed across the mineral area from Swastika to Larder Lake, passing through Kirkland Lake.

Jan 8, 1923