50 YEARS AGO (December 01, 1991)

GOLD FIELDS

DRILLING AGAIN

Due to difficulties with overburden there have been no further results from drilling in the new west ore area at Malartic Gold Fields. Hole No. 154, located 100 ft. west of Hole No. 153, reported last week, which yielded a core length of 98 ft. of $10 ore, has been particularly troublesome. After three starts, however, the hole had been collared, The Northern Miner learned at midweek, and was drilling bedrock.

Hole No. 155, located 100 ft. east from Hole No. 154, has also been collared and is drilling in rock. At presstime, no assays had been received.

In recognition of the importance of the new ore area, there was heavy buying in the shares following The Northern Miner’s news stories.

STRIKING MINERS

RETURNING TO WORK

Thirty-five percent of the men in the Kirkland Lake camp are now at work. Every one of the mines will be operating today. Production of gold today is 52% of normal. Wright-Hargreaves is back to 1,000 tons, as against the usual 1,200.

The strikers are dribbling back to all the mines and a rush to return is expected any time. Despite every effort of the union agitators to whip up enthusiasm, the C.I.O. appears to be waging a losing fight. It is obvious that the larger proportion of men were never enthusiastic about quitting work; they were forced along by mob effort.

FEDERAL GOVERNMENT

WRESTLES INFLATION

The recent announcement of the limitation of further increases in prices and wage rates is conclusive proof of the determination of the Canadian government to combat inflation by every means in its power, states the Royal Bank in its December letter. Since the outbreak of the war, attention has continually been drawn to the dangers of inflation and official spokesmen have reiterated the intention of the government to carry war-time control to its logical conclusion.

GOLD STOCKS

ON ROLLERCOASTER

Gold shares on Canadian stock exchanges marched down hill this week and promptly marched back, at least partly, back again. Impelled by uneasiness over the way the war in Russia and Libya seemed to be going, prices dropped on Friday to their lowest point of the year. The Toronto Stock Exchange index for golds registered 88.39, for a loss of two points from the previous week.

At this stage the Malartic issues captured the ball. Under the impetus of buying from traders and others who read correctly The Northern Miner’s interpretation of recent new developments at East Malartic and Sladen Malartic, the entire market took on a more confident tone.

So far as the market is concerned, the strike of Kirkland Lake miners appears to have divested itself of interest and day-to-day developments create scarcely a ripple.

PROFIT RISE

FOR MACLEOD

MacLeod Cockshutt Gold Mines in the fiscal year ending Sept. 30, 1941, increased gold production, net profits and reserves. As a result, a decision has been made to step up the capacity of the mill from the present 670 tons to 1,000 tons daily, with provision for a further increase to 1,500 tons when necessary.

“The operations of the company for the year under review are very satisfactory,” states Fred G. MacLeod, president. “To open up the West ore zone and prepare for increased production, the company carried on a large development program.