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By John J. Dran

The elaborate analytical techniques for risk analysis used by the large mining companies in conjunction with the valuation of mineral reserve sites are totally inappropriate for the small miner. The small miner does not possess the financial and technical resources which are available to the large companies for such risk analysis. Even if these resources were available to him, the relatively small size of his investment would not justify a huge expenditure for risk analysis. What is required by the small miner is an improvement over the single point estimates provided by the valuation techniques that he currently uses. Such improvement should provide an indication of the extent to which the true value (known only after the fact) might differ from his estimated value of the mineral reserve site. In addition, a rough indication of the chance of occurrence of various differences between the true and estimated values would be helpful to him. These improvements must be obtained at low cost to be useful to the small miner. Such improvements would have to be based on a simple system requiring very few additional estimates by the miner. The small miner is not accustomed to dealing with sophisticated risk analysis techniques. Hence, any complex, time-consuming approach would be doomed to disuse or possible misuse. A simple, uncomplicated approach requiring a minimum of additional estimates by the miner can be based on a system devised by Frederick S. Hillier Although Hillier's method can be applied to various mineral reserve valuation methods used by the small miner, this note is specifically oriented to the discounted cash flow model. The basic discounted cash flow (DCF) approach provides a single point estimate of value and introduces the concept of risk (i.e. the possibility that the annual cash flows may differ from their estimated values and thus lead to an incorrect investment value) through the use of a risk-adjusted discount rate. This approach simply lowers the present value estimate with increases in the discount rate (i.e. increases in the risk assessment). The single point estimate still remains. Although the lower value estimate makes it less likely that the risky investment will be deemed profitable and undertaken, it provides no indication of risk that is suitable for examination and analysis. In addition to the "best guess" estimate of annual net cash flows required in the DCF model, application of the Hillier risk analysis model requires that the miner

Jan 1, 1976

Discussion of the paper of H! M. CHANCE, presented at the Pittsburgh meeting, October, 1914, and printed in Bulletin No. 91, July, 1914, pp. 1461 to 1466. R. V. Norris, Wilkes-Barre, Pa.-In his resume of coal-taxation methods Mr. Chance has apparently confined his investigation to bituminous coal, so a summary of the anthracite situation as to coal assessment should be of interest. The anthracite region of Pennsylvania in its 484 square miles of measures lies in the counties of Wayne, Lackawanna, Luzerne, Carbon, Schuylkill, Northumberland, and Dauphin, and in each of these different methods of assessment have been adopted. The assessments for taxation in Pennsylvania are made under Acts of the Legislatures of 1841 and 1842, under which the assessors are re¬quired to "assess rate and value every subject of taxation according to the actual value thereof, and at such rates and prices as the same would bring at a bona fide sale after due notice." Under this general law coal land has been assessed as such, but up to about 25 years ago the coal was assessed at rates so low as to be unimportant, though the rates in each township and municipality, even in the same county, showed no agreement or ascertainable basis. In the late '80s, the need for greater revenue drew attention to the possibilities of collecting much larger taxes from the coal lands and, spurred by public demand, the assessing authorities in some counties undertook a reassessment of coal. The method pursued was to demand from each owner a statement of the area and average remaining thickness of coal on his lands. On this return, made in some cases under oath, an assessment based on foot-acreage was levied, with a resulting great increase in valuation, but the valuation per foot-acre was low and no serious objection was made. This assessment with occasional increases of rate remained in force until 1907, when, in the triennial assessment of that year, a complete revision of the valuation was again attempted, engineers were employed by the counties to check the accuracy of the returns from the owners, and, based on the foot-acreage thus obtained, an enormous increase, to $65 per foot-acre, was made in the valuation. This assessment was resisted in the courts by appeals resulting in very extensive litigation, and a final determination of the validity of the 1907 and all subsequent assessments has not yet been obtained. In the first appeals tried the rate calculated on a foot-acre valuation was reduced by the Luzerne County court to about $45, while the. Lackawanna County courts reduced a larger rate to $67. The county authorities were, how-

Jan 4, 1915

The Library of the above-named Societies is open from 9 A.M. to 10 P.M. on all week-days, except holidays, from Sept. 1 to June 30, and from 9 A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so, that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape. The members of the Institute can be of service to the Library by forwarding copies of mining, reports, maps privately issued, and similar material, which will be classified, indexed, and made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will, use the Library freely, and assurance is given that most careful service will be rendered to them.

Jan 6, 1916

United Engineering Trustees, Inc. GEORGE D. BARRON ARTHUR S. DWIGHT R. M. ROOSEVELT The Engineering Foundation H. C. BELLINGER E. DEGOLYER J. V. N. DORR

Jan 1, 1932

The Library of the above-named Societies is open from 9 A.M. to 10 P.M. on all week-days, except holidays, from Sept. 1 to June 30, and from 9.A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape. The members of the Institute can be of service to the Library by forwarding copies of mining reports, maps privately issued, and similar material, which will be classified, indexed, and made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will use the Library freely, and assurance is given that most careful service will be rendered to them.

Jan 4, 1916

By John C. Calhoun, Raymond G. Loper

Theoretical calculations for the decline of pressure and the variation of instantaneous producing gas-oil ratio with increased cumulative production have been made for reservoir systems under various producing drawdown values and for various spacings. These variables have been included by a modification of previously Published techniques. This consists essentially of utilizing a radial system flowing gas and oil in a succession of steady state calculations. The results of the calculations do not show any variation in the predicted behavior of the internal gas drive reservoir when either the drawdown or the spacing are changed. The prediction of performance on an internal gas drive reservoir has been presented by various authors. ',"' These predictions are in the form of a pressure decline and an instantaneous producing gas-oil ratio as a function of cumulative oil withdrawal. In making these predictions a basic assumption has been that the saturation of the reservoir is uniform throughout at any time, or that the pressure differential imposed on the reservoir system is zero. Because of these assumptions the validity of such predictions has been questioned. Their application to actual systems, where saturations are not uniform and where producing differentials exist, has been a hazardous procedure. The authors cited have used different methods of approach to the derivation of equations for making their predictions and for arriving at a solution of both equations, but basically the same relationships are utilized in each case. In all instances the instantaneous producing gas-oil ratio is calculated from the equation: In utilizing this equation an average reservoir pressure and an average reservoir saturation must be known, the former to define ß, v, s, and uo/ug and the latter to define kg/ko. Predictions can be made, therefore, only for the conditions of a uniform reservoir saturation and a uniform reservoir pressure. This restriction of requiring a uniform oil saturation can be resolved by applying two-phase steady state flow for the radial system to the reservoir's history. Radial steady state flow is defined when the ratio of phases flowing,

Jan 1, 1949

By John C. Calhoun, Raymond G. Loper

Theoretical calculations for the decline of pressure and the variation of instantaneous producing gas-oil ratio with increased cumulative production have been made for reservoir systems under various producing drawdown values and for various spacings. These variables have been included by a modification of previously Published techniques. This consists essentially of utilizing a radial system flowing gas and oil in a succession of steady state calculations. The results of the calculations do not show any variation in the predicted behavior of the internal gas drive reservoir when either the drawdown or the spacing are changed. The prediction of performance on an internal gas drive reservoir has been presented by various authors. ',"' These predictions are in the form of a pressure decline and an instantaneous producing gas-oil ratio as a function of cumulative oil withdrawal. In making these predictions a basic assumption has been that the saturation of the reservoir is uniform throughout at any time, or that the pressure differential imposed on the reservoir system is zero. Because of these assumptions the validity of such predictions has been questioned. Their application to actual systems, where saturations are not uniform and where producing differentials exist, has been a hazardous procedure. The authors cited have used different methods of approach to the derivation of equations for making their predictions and for arriving at a solution of both equations, but basically the same relationships are utilized in each case. In all instances the instantaneous producing gas-oil ratio is calculated from the equation: In utilizing this equation an average reservoir pressure and an average reservoir saturation must be known, the former to define ß, v, s, and uo/ug and the latter to define kg/ko. Predictions can be made, therefore, only for the conditions of a uniform reservoir saturation and a uniform reservoir pressure. This restriction of requiring a uniform oil saturation can be resolved by applying two-phase steady state flow for the radial system to the reservoir's history. Radial steady state flow is defined when the ratio of phases flowing,

Jan 1, 1949

By William F. Haddon, Phillip J. Maddex

Marco Polo brought the first borax to Europe late in the 13th century. It was especially treasured then for one of its many qualities-that of working with gold as a soldering flux. Georgius Agricola in 1556 gave it the name chrysocolla (which the Moors called borax)-literally, "gold glue." Deposits of borax have been elusive and widely scattered-first found only in Tibet and Italy, and, in 1836, at Iquiqui, Chile. Dr. John Veatch made the first California discovery in 1856 while examining a mineral spring east of Red Bluff. This "Borax Lake" soon supplied 90% of U.S. demand, but flooding and other production problems caused the scene to shift from Borax Lake to Little Borax Lake and then to Nevada in 1871. Early transportation was by "Twenty-Mule Teams."

Jan 1, 1971

By Lawrence Addicks

One of the properties of copper, which has done much to give it its present prominent place among the useful metals, is its electrical conductivity,—a property which has now become the chief criterion of the value of the commerical product. In pursuance of that distinctively American principle that, " the best is none too good," metal of the highest conductivity is usually called for even when such extreme purity is of no advantage ; for instance, in the making of brass and other alloys. The average brass-founder feels nervous unless his copper is so very pure that it shows a conductivity of 99 or 100 per cent., while the character of the zinc used is usually overlooked in hi s anxiety. Electrolytic refining has made it possible to produce copper

Jan 1, 1906

By W. B. Agocs

In August 1954 a low altitude test geophysical survey was made in the Green Pond area of Morris County, New Jersey, with a Gulf Research and Development Co. Model I1 total magnetic field variation magnetometer mounted in a Sikorsky S-55 helicopter. The test was made in this area to compare the results of a high precision, very low altitude magnetometer survey with an existing ground magnetic survey in this area having known magnetite concentrations, so that the method could be used in areas of difficult access for the detailing of airborne magnetometer anomalies of interest in place of ground surveys. The load capacity of the Sikorsky S-55 permitted installation of a recording scintillation counter so that a radioactivity survey would be made simultaneously with the magnetometer survey.

Nov 1, 1955

By Richard Pearce

In the treatment of auriferous copper containing bismuth, I have recently observed a small quantity of a grayish-white alloy, which on examination, proved to be Bi containing in solution, as it were, a crystalline alloy of Bi and Au. This compound makes its appearance on the surface of the auriferous Cu in small globules as the latter cools. These globules are rapidly attacked by nitric acid, and fine needleshaped crystals of Bi and Au separate out. They arc insoluble even in strong nitric acid. On examination, the crystals mere found to contain : Gold, 69.94 per cent.; silver, 0.63 per cent. ; bismuth, 29.43 per cent. (No. I).* The residue is very fusible, and at a temperature considerably below its melting-point it oxidizes rapidly, changing from its original gray color to a greenish-yellow (No. 2). On melting in a crucible under flux, a bronze-colored alloy is formed that has the specific gravity 15.47—somewhat higher than the calculated specific gravity of a simple mixture of the two metals in the proportions named. Alloys of Gold and Silver.—In following out my investigations by repeated examinations of this alloy formed at different times, I found that, in dissolving a miscellaneous lot of the alloy in nitric acid, some gold-yellow crystals were formed, which I succeeded in separating from the BiAu alloy by washing. These yellow crystals, under the microscope, showed distinct, regular, octahedral faces, and on examination they were found to be a crystalline alloy of Au and

Jan 1, 1885

By R. A. Deju, R. B. Bhappu

The theory of electrophoresis is briefly outlined and an apparatus which may be used for electrophoretic studies is explained. The results obtained using this apparatus are in agreement with those obtained by other investigators. How to solve some of the complications which occur in the measurement of zero charge and zeta potential is explained. It is believed that the apparatus described in this paper will allow rapid measurements of zeta potential, zero point of charge, electrophoretic mobility and zeta coefficient. For many years the phenomenon of electrophoresis has been studied, and much work has been done in designing an apparatus for better measurements of mobility, zeta potential and zero charge of minerals. Up to the present, most electrophoresis experiments have involved cumbersome equipment and tedious microscopic observation. The modified cell proposed in this paper obviates these drawbacks by using a Rayoscope together with a special system of lenses and filters. It therefore allows a faster and more accurate measurement of zero charge and particle velocity. THEORY Most authors currently regard zeta potential as the potential difference in an otherwise uniform medium between a point some large distance from the surface of the mineral and a point on the plane of shear. Fuerstenau,1 Miaw,2 and Gaudin and sun3 have performed some calculations of zeta potential using Henry's equation.4 Their results show wide discrepancies, probably due to differences in the past histories of the minerals used. The authors have also noticed this difference on determining the zero point of charge of quartz as shown on Table I.

Jan 1, 1967

By W. D. Robertson, R. E. Reed-Hill

Slip on (11221 planes, which do not contain a close-packed direction, has been identified on crystals strained at —190°C. Evidence is also presented to show that (1071) pyramidal slip is a mode of deformation at 25ºC in a limited orientation range. PYRAMIDAL slip (l011) <1120> in magnesium at elevated temperatures has been established for some time.1-2 More recently, Burke and Hibbard reported this mode of deformation at 25ºC, but their results were questioned by Craig.&apos; Also, as far as the present authors know, slip in magnesium on pyramidal planes of the second order, Type II (1122)) has not previously been reported, although Gilman"," identified (1122) slip in another hexagonal metal

Jan 1, 1959

By William B. Phillips

This paper was prepared at the request of Capt. A. F. Lucas, Chair man of the Institute&apos;s Committee on Petroleum and Gas; as a pre1iminary.discussion of the fuel oils which are used in the Southwest, giving their composition, uses, prices, etc. Should it afterward be found desirable, these observations may be extended over a larger area. In this connection, I suggest that samples of all kinds of fuel oils, including various tars, from all over the country, be collected and sent to some testing laboratory for examination. We would be glad to extend the facilities of the laboratory of the Bureau of Economic Geology and Technology, at the University of Texas, for this purpose, and to do the work free of all expenses. After such examinations are made and the results classified and studied, it would be possible to suggest specifications under which fuel oils should be purchased, and to arrive at some conclusions respecting the uniformity of such specifications, with due allowance for climatic and other more or less local conditions. While such specifications do not now depart from a common standard anything like as much as specifications for illuminating oils do, yet there are discrepancies which should not exist. Some of these discrepancies are of lessening importance, due to the pronounced tendency to distill every crude oil that can be distilled with profit, and to send residues into the market for fuel oil. Residues from the refineries are of a more uniform chemical composition and physical nature than many of the crude oils that go direct into the fuel market. The lower flash-point oils are disappearing from the fuel trade and in place of them we are getting oils that do not flash below 220" F., nor burn under 320" F. In the Southwest, it has not been long since we had fuel oils that flashed as low as 110" F., and the average flash point over a considerable period was 151" F. Now we are using oil that flashes at about 30" lower than the former burning point, which was 258" F. In other words, the flash point has risen, on the average, 100"; and the burning point about 75".

Jan 1, 1915

By F. E. Lathe, L. Hodnett

This paper summarizes extensive data supplied by 40 copper converter plants in 18 countries, and includes a partial analysis and comments on the effect of converter slag composition and temperature on the fomzation and elimination of magnetite and the life of basic and neutral refractories. APRELIMINARY draft of this paper, including data from 26 companies which had submitted replies to a questionnaire, was presented at the Annual Meeting of the AIME held in New York in February, 1956. Publication was delayed in the expectation that additional replies would be received, and justification for the subsequent delay may be found in the fact that the present revised paper contains data from 40 converter plants situated in 18 different countries. The suggestion that a questionnaire be sent to the major copper and copper-nickel plants outside the U.S.S.R. and associated countries arose at the Los Angeles Annual Meeting in February, 1953, where several papers dealing with converter construction and operation were presented. In private discussions which followed, a group of metallurgists and refractories engineers raised the question why practices varied so much at different plants. Why did magnesite brick give superior service to chrome-magnesite in some plants but chrome-magnesite prove superior in others? Would metallurgical studies point the way to the development of still better refractories? Could magnetite formation be prevented in converter slags and reverber-atory furnace mattes? If this was feasible, why was a heavy circulating load of magnetite tolerated, when, in all probability, it increased copper losses in the reverberatory slags and, in some cases, made it necessary to shut down the furnaces periodically to clean out the accumulated magnetite? Was the sole purpose of coating brick with magnetite that of

Jan 1, 1959

By A. W. H. Morris, E. A. Steigerwald

The jatzgue beizazriov oj Mietal matrix co))zpos~tes in tension -lensiom loading has been imestigated as a junction of Dolume fraclion veinfovcelnent using the model systems of a silver matrix reinforced with contlnuous or dzscontztinuous aligned tungsten jilamenls and continuous aligned steel filamenls. Appreciable impvocetnents in fatigue strength were obseved in all syslems inzvesLigated, the degree of sl renglhenng-increasing with increasing volume fraclion of reinforcement. The mode of fatigue failure was found to be a function of colutrre jp-actiotz and was also noted to be controlled by the relative fatigue and strength characlerislics of the matrix and reinforcemenl. THE advantages to be gained by suitably incorporating high-strength filaments or whiskers into metallic matrices are well-recognized.&apos; To date emphasis has been placed on the experimental determination of tensile strengths and elastic moduli of metal matrix composites measured parallel to unidirectionally aligned filaments. Several attempts have been made to relate experimentally measured tensile properties to theoretical values calculated from the properties of the components on the basis of the relatively simple "rule of mixtures" analysis. However, relatively few data have been reported in the literature on the fatigue behavior and mechanism of fatigue failure of metal matrix composites. In a study of fatigue crack propagation in aluminum plus steel wires and aluminum plus tungsten wires, Forsyth et a1.2 found that the incorporation of small numbers of filaments suitably dispersed were capable of substantially reducing the rate of fatigue crack propagation. For this purpose, the strength of the filaments appeared to be more important than the aspect ratio and the authors reported that parallel filaments were not the most favorable orientation for increased strength. In a basic study of the fiber reinforcement of metals, Williams and 0&apos;brien3 report preliminary results which indicate a considerable improvement in fatigue strength in reversed bending fatigue of a steel wire-reinforced aluminum alloy composite. In a study of the influence of interfacial bonding on fatigue behavior, Baker4 has also reported improved fatigue properties in stainless steel-reinforced aluminum composites. In contrast, Ham and place5 report that, although tensile properties are improved greatly by filament reinforcement, the reinforcement of copper with continuous, brittle tungsten wires up to 23 vol pct was comparatively ineffective against fatigue. The authors attribute the poor fatigue properties of the composite to fatigue hardening of the matrix at the tips of cracks which can build up stress concentrations sufficiently large to fracture proximate filaments. Baker and cratchley6 failed to find marked improvements in the reversed-bending fatigue properties of silica-reinforced aluminum. The study was complicated by the complex behavior in a composite during the compres-sive half-cycles imposed in this type of loading. This was manifested in the failure of the composites by de-lamination, a contributing factor being the presence of aluminum oxide at the matrix-filament interface. Prior to the general acceptance of filament-rein-

Jan 1, 1968

By AIME AIME

LEADING off the Thursday morning session on Non-metallics was C. E. Heinrichs&apos; paper, "Phosphate Flotation, Its Place in the Technology and Economics of the Phosphate Industry." Mr. Heinrichs also presented a closely related paper, "Milling Methods and Costs at the No. 2 Concentrator of the Phosphate Recovery Corporation," by H. S. Martin. The first of the papers points out the great significance of flotation to the phosphate industry, inasmuch as flotation practically doubles the potential recovery, thereby decreasing production costs and increasing reserves materially. The second paper describes three such plants, two of which are in Florida, the third being at Wales, Tenn. Operating characteristics and costs are reviewed. Answering inquiries from the floor, Mr. Heinrichs said that the adoption of a new parallel-shell dryer, from 60 to 80 ft. long, instead of the old single-shell countercurrent dryer, had increased the unit drying capacity over 300 per cent and had reduced the drying cost to less than 25c. per long ton of dried product. The initial moisture is from 15 to 18 per cent and the final about 2 per cent.

Jan 1, 1933

By C. B. Dudley

bas shown us that the railroads of this country can save several milt liohs a par by adopting uniform rail sections, and as unfortunately for him, he cannot patent his idea, it only remains for the railroads to adopt it, and to thank him for his payer. Dr. C. B. Dudley, Altoona, Pa. : 111 rising to close this interestin~ discussion, I want, in the first place, to thank every one who has contributed to it for his full and open criticism. The work tvhich has been done on steel rails, and which has been diwu&e,l here Juring thee two days, was not done to establish any pet theories, nor to make out that any person was great or any person small, but with a sincere desire to get at what is the truth in regard to the wedring capacity of steel rails. There are enormous commercial coneiderations invoIved in this question, and, as I look at the matter, the more honest criticism and fair discussion there is, the Inore likely it is that the truth will appear. Ad first I would like to say that it seems to me very little has been said here upon the main conclusion of the paper, namely, that the softer rails give the better wear. All sorts of side issues have been discussed; but this poiat, which is really the principal one at issue, has been largely ignored, aid I cannot But feel that it still remains unshaken. Witb regard to ohemists end chemical work, there has been considerable said tending to throw discredib on chemists and their work; and while I believe that there have been in the past, are now, and may be in the futnre, a good many poor chemical analyses made, X also believe that chemists are, as a rule, as honest and competent as gentlemen who belong to other professiomc. There are chemisb who are chemists, and who are not chemists. The determination of -manganese has bee* called in question. Now I think the chemist at almost every steel works in the country will tell you that, in his experience, the manganese diffe1.s in different parts of the same ingot. Mr. T. T. Morrell, chemist of the Camhria Iron Company, whom I believe to be s thoroughly competent and hone6t chemist, tells me that he has often found different amounts of manganese in different parts of the same ingot. Come with me to Altoona, and I will take you into the machine shop where steel is king cut aud shaped, and I will show you that it is often necessary to stop the lathe or planer and take a cold chisel to cut oat a hard spot, or else ntn the risk of breaking the tool. This hard spot is simply a pttrt of the syiegel which was not thoraughiy mixed with the ma

Jan 1, 1881

By William T. Folwell

The Lucky Friday mine east of Mullan, Idaho, is an outstanding example of a property in the Coeur dlAlene district where a small and insignificant-appearing silver-lead-zinc vein at the surface has changed at depth into a large vein of great importance. The Lucky Friday vein has little if any surface expression and above the 1200 level the ore shoots are small and discontinuous. Between the 1200 level and 2450 level, the lowest developed level, the main ore shoot has shown remarkable improvement on each succeeding lower level, and today the mine is one of the major lead-silver producers in the Coeur d&apos;Alene district. History: The Lucky Friday property is on the north side of the South Fork of the Coeur d&apos;Alene River in sections 25, 26 and 35, T. 48 N., R. 5 E., Hunter mining district, Shoshone County, Idaho. This is about one mile east of the town of Mullan, which serves the eastern portion of the Coeur d&apos;Alene district. The southern part of the property is crossed by a branch line of the Northern Pacific Ry. and by U. S. Highway 10. This highway is the principal road crossing the panhandle of Idaho and connects the district with Spokane, Wash., on the west and Missoula, Mont., on the east. The main portal and surface plant of the Lucky Friday mine is at an elevation of 3365 ft, only a short distance above the valley floor and a few hundred feet from U. S. Highway 10. so the mine is readily accessible for year-round operation. The property is comprised of six claims, known as the Lucky Friday group, owned outright by the Lucky Friday Silver-Lead Mines Co. There are four patented claims, Good Friday, Lucky Friday, Northern Light, and Lucky Friday Fraction No. 2 (Mineral Survey No. 3028), and two unpatented claims, Hunter and Creek. In addition, Lucky Friday owns an undivided one-half interest in the Hunter Creek property. which adjoins the Lucky Friday group on the north: a 90 pct interest in the mineral rights in the Jutila Ranch (160A), which adjoins the Lucky Friday group on the east; and a 60 pct interest in the Lucky Friday Extension claim group, which adjoins the Lucky Friday group on the west. The company also has a long-term mining lease on the Hunter Ranch, which adjoins the Lucky Friday group on the west. The claims of the Lucky Friday group were located between 1899 and 1906. The Lucky Friday Mines Co. was organized in 1906 and did considerable exploration work by surface trenching and shallow underground workings, only to see the property sold by the Shoshone county sheriff to satisfy labor claims totaling $2000 in 1912. Another firm, Lucky Friday Mining Co., bought the claims in 1914 and spent 12 years driving what is now known as the tunnel level crosscut. This tunnel intersected a vein previously exposed in a higher tunnel, but it was only a few inches wide. The vein was followed a short distance westerly but was so unpromising that the work was discontinued in favor of extending the main crosscut tunnel several hundred feet north. No ore was found and all work was discontinued. The property was held in such low esteem by the firm that it let taxes amounting to less than $15 a year go delinquent for nine years. Then the property lay idle for two more years until in 1938 John Sekulic, a Mullan service station operator, took a lease, with a $15,000 purchase option, on the advice of an old miner who had worked in the mine. Sekulic re-opened the tunnel level crosscut and explored the vein with an easterly drift for about 200 ft. The vein was too narrow to be of commercial value but was believed interesting enough to warrant further exploration at depth. Lacking funds to explore the vein at depth, Sekulic tried to get the district&apos;s larger operating companies to take over his lease and option. They were not interested because of the lean tunnel level showing and the fact that the property lay between the White Ledge fault on the north and Osburn fault on the south, an area which geologists always considered unworthy of exploration. Sekulic then organized the present company and assigned his lease and option to it for stock. This was in 1939. Enough stock was sold locally to finance sinking of a shaft 100 ft from the tunnel level east drift. The vein at this additional depth still was not commercial but showed some improvement. Treasury stock was offered at 5 to 10C a share

Jan 1, 1959

By N. A. Gokcen, M. Ohtani

Thermodynamic intevaction pararnetevs of elements E2(2), for dilute binary solutions of a component "2" in liquid iron, i.e., E(22) = 9 In f2/?N2 where f2 is the activity coefficient and N2 the mole fraction, and E(3) 2 = In f2/ N3 dilute ternary solutions of "2" and "3," and the carbon saturation parameter sc(3) (In f c/ N3) N c/N Fe for N3 - 0, are critically examined and correlated. It has been found that the interaction parameters and the atomic numbers of alloying elements follow regular periodic putterns. PHYSICO-chemical behavior of alloying elements in molten iron have become the subject of numerous investigations during the past 25 years. Consequently, the mutual effects of elements in the iron-rich solutions Fe-C-X, Fe-N-X, Fe-H-X, Fe-O-X, and Fe-S-X where X represents an alloying element, have gradually become better understood. These effects for a given temperature and pressure may be expressed by the interaction parameter of Wagner1, 2 derived briefly in the following manner. The complete differential of the Gibbs free-energy equation at constant temperature and pressure is dF = Fl dn, + F2 dn, + F3 dn3+ . . . [ 1] where F is the free energy; F 1, the partial molar free energy of "I"; and n,, the number of moles of "i." Cross-differentiation of this expression* *Cross-differentials are obtained as follows: Since the order of differentiation of F with n2 and n3 is immaterial, the left sides of the second differentials are equal, hence the derivation of Eq. [2] is obtained. For a dilute solution of components 2 and 3 in solvent 1, with the substitution of RT In f i = Fi xs for Fi where fi is the activity coefficient, and Fixs is the excess partial molar free energy, Eq. [2] becomes O) [3] where N2 and N, are the mole fractions. The interaction parameters are defined by

Jan 1, 1961