OCR Text |
Show MARCH 2, 1970 OIL & MINING JOURNAL Page 6 0G VDat? DfflDQ7 -- RICHARD BLACKBURN Gold Bond to test Washington claims Gold and cobalt. Bond Mining Co. plans to test Ellis told stockholders that their claims in the Blewett Mining District of Washington the testing is planned to this spring after receiving a determine size and depth of the favorable engineering report. deposit as present assays and tests were made from surface said H. Arthur Ellis, president, a comprehensive study by Tibor material only. He also pointed Klobusicky, mining engineer and out that due to the steady climb g of nickel prices and the growing geologist, reveals a use of nickel in the treatment deposit and recovery of uranium and its with values in silver, copper, utilization in nuclear reactors sche elite, platinum, magnesia give Gold Bonds nickeliferous Wash. SPOKANE, Dear Mr. Blackburn: Recently there has been a great deal written about black capitalism and the governments efforts to get the black communities into business. Are there any public issues coming out of this effort? Name withheld on request. Dear Sir: The only one I know of is: International Book a stock traded O.T.C. This firm has put together several volumes of black history. In many school districts pressure has brought about classes on the American Negros place in American History. This company probably has the best selection for such classes and if the trend continues, their sales should continue to rise. Dear Mr. Blackburn: A few months ago you wrote about a stock called Cascade Energy and Metals Corp. I believe it was SO cents a share then. I didnt buy any but am curious if you still like this issue and if there is anything new for them. Ray Gibbs. Dear Mr. Gibbs: As I write this column this stock is trading in the 65 cent range. Several months ago we mentioned the stock because of their mining holdings in Nevada and California. The California property, known as the Rex Montis Mine, had work suspended during the winter months because of the elevation (Approx. 11,000 feet). The miners. handicap of elevation has become a plus for modern-da- y Before the turn of the century when silver mines were worked furiously in California and Nevada, the Rex Montis retained much of its treasure because of the difficulty of getting to the mine and then working it in the thin air. This summer work will continue and if geological estimates are correct, the Rex Montis will again be a big producer. As we mentioned many weeks ago, Cascade Energy and Metals Corp. is a holding company and among its subsidiaries is a firm called Retep that has an exclusive sales agreement for a device that has a proven record of reducing fuel consumption in boilers of This same device has also proven to be extremely effective over 1 in reducing pollutants from fuel burning heaters, boilers, etc. We still think it is an interesting speculation. Air pollution control devices are the glamour babies of the stock market this season and as this company increases its sales the public will certainly recognize the possibilities in the stock. 5. Dear Mr. Blackburn: What do you think about Del Webb at this level? Ken Gallagher Dear Mr. Gallagher: When money started to get tight, Webb stock started to slip as many investors associate Webb with housing subdivisions. We continue to like it because of their Nevada Resort interests. The Hotel Sahara, Las Vegas profit picture at its important holding machine than a hotel. is fantastic. Its more of a money-makin- g Recent developments not accompanied by much fanfare: Webb has acquired some 230 acres of Las Vegas land around and near the Paradise Spa south of the famed Strip. Dear Mr. Blackburn: Reading your column today with the letters inquiring about silver is very interesting to me (although we are poor people) we have owned an old silver mine for many years that we bought for taxes. It has good values in lead, zinc, gold and copper as well as silver. The main shaft is nearly 1 ,000 feet deep, also one 600 feet, two 500 feet and one less than 200 feet. The old workings have been filled with water since 1919 making the underground workings inaccessible. We have not been able to mine it on our own due to the high cost of'pumping out the water. There is approximately a mile and a half length of the vein which requires core drilling. The ores (from old geologist's reports I have) apparently occur around 250 feet and deeper. Weve been advised to go to the public for financial help to do the core drilling and exploration along the VA miles. I wonder how much interest the public would have in risking funds to help verify the 1918 report? Any advice you can give will be very much appreciated. Thanks again, Mr. Blackburn, for your advice, but please do not print or give out the name except the initials. M.H. Dear Sir: If you are truly poor as you state, then you have really only one. alternative. Not a public issue. That takes a lot of money. Your best bet would be to contact a reputable mining company and arrange to take their stock in exchange for your interests should they find pay dirt. If any of our readers would like to communicate with this mine owner, send me your name and address and I will forward to him to answer you direct. (Continued on Page () gold-bearin- and quartz nickel-chrome-beari- ng occurances periodotite tremendous possibilities. Gold Bond has seven patented and 17 unpatented claims in the Blewett District. Ellis also reported that Gold Bond has acquired an iterest in several silver properties, including the Mary Ann Mining Co. in Mineral County, Mont.; the Pioneer Mines Inc.; and the Coerur dAlene Premier, both located in the Coeur dAlene Mining District of Idaho. Departure Mine ahead of schedule DevelopDILLON, Mont. ment at the New Departure Mine near here is more than 20 per cent ahead of planned objectives this year, according to John W. Currie, production manager for Spokane National Mines, Inc. Starting Jan. 12, 1970 and using all diesel, rubber-tire- d equipment underground, an incline haulageway was started in the extreme south end of the main ore structure and last week 20 feet of high grade ore was crosscut, Currie added. For many years I have wanted to develop a mine exactly as we are developing the New Departure, and it is a real thrill to have everything done correctly with such efficiency, the mining engineer stated. Spalerite, a zinc sulphide, is the principal ore, he said, but the rock contains visible galena and appreciable silver values. The change in the ore in this zone was first disappointing because it was not like ore previously mined from upper levels and therefore its value wasnt apparent, he recalled. Also the ore just found is 150 feet south of any area diamond drilled last year. In the past, ore has not been assayed for zinc because no payment was made for the metal at the smelter. This find will add materially to known ore reserves and has entered into an agreement with National Petroleum Co. in Columbus, Petro-Silv- er Ohio, to conduct a six-we- ll drilling program in Lenox Ashtabula Township, Mr. Wells said. This is an area high gas potential County, of extremely and several recent wells have been completed in the immediate Wells said. He said area, Petro-Silvhas acquired leases on approximately 8,000 acres in er the area. Liberty County, Montana. Production tests are presently being conducted, he said. No. Hite at Sage Routt Creek, County, Colo.,-habeen completed as a producing well, Wells said. Pump tests arc being conducted. He saida third test hole in the Sage Creek er 1 s program- - -- the Baicrl No. drilled to 4,290 feet and tested oil in commercial volume, but pipe was stuck in the hole at that depth and the hole was damaged in an I being stockpiled at the mine until a new bridge can be built across Grasshopper Creek at Bannack, Montana which can support greater loads. The neu bridge will be ready at the same time as the completion of the mill enlargement. He added that the winter has been the mildest on record with no snow at the 6500 foot level so that both surface and underground work is being pushed ahead. unsuccessful fishing operation to recover the tools. It was decided to abandon the hole. Wells said, but because of the apparent oil potential, plans are being made for either an offset or redrilling at the location. In Petro-Silver- s mining operations Wells announced that a contract has been let for the mining of the companys property at the silver-gol- d Missouri Mines in Idaho. Petro has entered a joint venture agreement with Intermountain Minerals Corp. and Rocky Mountain Nuclear Corp. of Moab County, Utah, in which Petro will acquire 50 per cent interest in approximately 3,000 uranium lode claims, numerous Utah mineral leases and an uranium-vanadiu- m operating mine. The mine, in San Miguel, Colo., is presently producing approximately 500 tons of uranium and vanadium ore per month with stockpiled ore valued at approximately $25,000 ready for shipment, Wells said. He said a drilling program is being conducted on the joint venture property in San Juan County, Utah. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made only by the Offering Grcular. NEW ISSUE January 12, 1970 100,000 SHARES COMMON STOCK ($ .20 Par Value) VEDCO-WAHW- AH Wells also announced an apparent new oil discovery in the Grandview Gas Field in Petro-Silv- Curries said .that the ore is reports on activities Petro-Silve- r Stockholders of Petro-Silve- r, Inc., Salt Lake City, were told that the companys engineers estimate an open-hol- e flow rate 8 million of cubic feet of gas per day at its Ashtabula County, Ohio, well. Lewis T. Wells, chairman of the board, said the company intends to exercise an option to participate in the drilling of an offset well on this lease. justifies managements decision to add a zinc circuit at the same time that the Bannock Mill is being enlarged to 225 tpd capacity, he continued. MINES, INC. PRICE $1.00 PER SHARE Copies of the offering circular may be obtained from undersigned only in states where the undersigned tnay legally offer these securities in compliance with the securities laws thereof. BONNEVILLE SECURITIES, INC. 601 Kearns Bldg. (801) 322 Salt Lake City, Utah - 3515 |