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Unleash Your Active Competitor — Timmins Endurance Events

Our magazine has loads of practical dating advice to help you find the perfect partner…. See more articles written by EliteSingles Editorial. Get started. Millionaire dating. I am Please indicate your gender. I am looking for Are you looking for a man or a woman? Darke, the geologist, and Clayton, the geophysicist, were assigned to marshal the desirable land. Where land was open for staking under the Ontario Mining Act, they were to proceed by staking; where it was patented land, they were to advise other Texas Gulf officials, who were to carry on private negotiations for the acquisition of mineral rights.

While much of the land around Timmins was patented land, staking on the scale envisioned by Texas Gulf would require the activity of a large number of people in the field. By the time the land acquisition program was completed four months later, the company had tied up 60, acres.

Negotiations to hire staking teams were by necessity delicate. It would have been desirable to keep each two-man team ignorant of the activities of the others, but of course that was impossible. Among those recruited by Darke was Anglehart and some of his cronies who had helped with the linecutting duties on Kidd But a licensee may not stake more than 18 claims in any one year April 1 to March 31 in each of the province's 14 mining divisions.

Claims are squares of roughly 40 acres, and staking requires the erection of four-inch-wide posts at each corner. Boundaries must be marked, either by a trail blazed through the bush, or by pickets or mounds of earth placed at given intervals. Claim stakers frequently get their bearings by using aerial photographs; this staking method later became of importance when a team of stakers working under Edgar Anglehart improperly staked four claims and were required to forfeit them.

The claims later fell into the hands of Windfall Oils and Mines Ltd. He was a frequent visitor there, but it had been his custom to pick up only one or perhaps two maps of the township he was working in.

The mining recorder, a slender, orderly young man named Chris Egerton, thought it adequate to meet demand by maintaining an inventory of three maps per township. Darke needed many more than this for his staking program. As casually as possible, he began ordering more maps; to escape suspicion, he had Anglehart order further maps.

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Later, Darke asked Nedo Bragagnolo to pick up maps for him. The drill core from Kidd was transported by helicopter from the property to Timmins airport, where it was loaded on to a plane. Its destination was an assay office in Salt Lake City. The Empire Hotel bar is the clearing house in Timmins for all mining intelligence. The helicopter pilot, Doug Boughner, later recalled his own suspicions about the core.

On one occasion in early December he had been alone with the core. It was testimony to the assiduity of the mining grapevine in Timmins that even the forethought of shipping the core as far as Salt Lake City failed to prevent news of the assays from leaking out. McCormick proceeded to repeat to Darke the silver assays that Holyk had reported over the telephone. Darke, trying to hide his shock and anger, pretended to reproach McCormick for his ignorance of mining-exploration practice.

He told the young salesman that the assays had in fact been repeated to him in a telephone call from New York, but he went on to explain the practice of mining companies in using code names for the transmission of information. Around Christmastime strong rumors began circulating in Timmins that Texas Gulf had a major nickel find. The extraordinarily high assay of 10 percent nickel was frequently mentioned.

Darke was telephoned by W. Row, the president of Kerr Addison Mines Ltd. Row made a laughing reference to the rumors of a nickel find, and asked if he could send an emissary. Darke replied that he had no objections. As Darke recalls it, the Kerr Addison representative sent by Row came straight to the point and asked if Texas Gulf had found nickel.

In its efforts to stop the rumors, Texas Gulf executives made a statement to the Northern Miner. On February 27, , the Miner reported:. TGS has turned up nothing suggestive of an orebody to the moment, but the company is following up indications of an airborne survey done several years ago. The program has included geological and surface geophysical surveys and related drilling, all of which will be intensifed during We have also staked claims on Crown lands and obtained options on patented acreage. Save for a four-claim group in Prosser Township, Texas Gulf had every piece of land that it desired in the area, every plot where there was an anomaly that Hugh Clayton had pinpointed as worthy of investigation.

There was no suggestion to this point that Texas Gulf or its officers had any duty whatsoever to disclose their Timmins activities to shareholders or to the public. It is a clearly accepted principle that the responsibility of management to the corporation goes far beyond the responsibility to any individual shareholder. Certainly there was a corporate purpose to be served in maintaining, for as long as necessary, secrecy about the results of K and about the subsequent attempts to marshal choice land in the area. It would have been impossible, or at least prohibitively expensive, for Texas Gulf to get rights to this land if it had been known that the Kidd property had yielded a rich core.

The intensity of the land - acquisition campaign itself would have inspired the owners of privately owned land to drive a stiffer bargain, and would have brought speculators and representatives of other mining companies into the competition. It was now becoming urgent to make plans for the resumption of drilling. The water plateau at Kidd 55 was close to the surface of the ground, and the spring thaw would make the terrain wet and greasy and all but impassable. If drill rigs and other heavy equipment were to be dragged to Kidd 55, it had to be done shortly.

Ken Darke and some of his acquaintances to whom he had recommended the purchase of Texas Gulf were also engaged in the stock market. Darke had been in periodic contact during the preceding few months with an old girl friend, Nancy Atkinson, who now lives in Arlington, Virginia, and worked for the United States Department of Commerce. He made a second purchase of a call on shares at I exercised the options at 52 V2.

The side bets made by the Holyks and by Darke and his acquaintances on March 30 were exquisitely timed and not only because of the prospect of further drill investigation of Kidd Unwittingly, the transactions were executed the day before Texas Gulf announced a two-dollar-per-ton increase in the price of sulphur. This was hard news that was bound to affect the market price of Texas Gulf shares, and it did. In the evening of April 1, Holyk transmitted to Senior Vice-President Fogarty his visual estimate of the ore content of the first 64 feet of core.

This type of daily communication continued until April 7, when K was completed at a depth of feet. Visual estimates of the core indicated an average copper content of 1. Ore with gross assay values of little more than five dollars per ton had been profitably mined from properties with similar characteristics and locations. But geology is an inexact science. What Texas Gulf had discovered, in absolute terms, were two tubular-shaped lengths of core, with rich metal values extending over feet in each case.

On the other hand, it would have been presumptuous to project the mineral values over the entire area of the anomaly. Freak occurrences abound in rock structure; what made K and K especially tantalizing was that the high ore values in each hole extended for feet — about the length of two football fields. Mining engineers for the U. Securities and Exchange Commission later contended that ore values persisted in an east-west line from K to K to a width of feet.

That third dimension was established by the third hole drilled into the Kidd 55 anomaly, designated K It was placed feet to the south of the first hole, K K confirmed the existence of a third dimension. It was completed in three days, by 7 p. Visual estimates indicated an average copper content of 1.

Drill hole K went out of worthwhile mineralization 24 hours before, at the foot level, at 7 p. This was a highly significant time and date, because, for the first time, Texas Gulf had a firm indication — if not proof — that the orebody was in three dimensions. Assuming continuity of ore among the three drill holes, Adelstein estimated that drilling had established 7.

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Until that time, he ruled, the company had yet to establish the probability that a body of commercial ore existed. During the eight days that K and K were drilling to determine the second and third dimensions of the orebody. The April 9 morning edition of the Toronto Globe and Mail published a story about the discovery rumors. The Toronto Daily Star, meanwhile, had dispatched a reporter to Timmins to check out the rumors. At about 11 a. Stephens had not yet seen the article and asked Crawford to read it to him over the telephone.

For the next two or three hours, Fogarty sat at home, reviewing all the information at his disposal, reread the newspaper articles, and jotted down some ideas for a news release. The next morning, Fogarty. Stephens suggested no major changes, but instructed that the release should be distributed to the newspapers and wire services as soon as possible. He did suggest that, since Fogarty had largely written the release, he should be named in it as the spokesman. During the past few days, the exploration activities of Texas Gulf Sulphur in the area of Timmins, Ontario, have been widely reported in the press, coupled with rumors of a substantial copper discovery there.

These reports exaggerate the scale of operations, and mention plans and statistics of size and grade of ore that are without factual basis and have evidently originated by speculation of people not connected with TGS. The drilling done to date has not been conclusive, but the statements made by many outside quarters are unreliable and include information and figures that are not available to TGS.

The preliminary data indicate a reserve of more than 25 million tons of ore. The only hole assayed so far represents over feet of ore, indicating a true thickness of nearly feet.