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Show U OF U LIBRARY CITY 1 U it ' - Features Joining, Oil, Financial i o Salt Lake City; .Utah, June 5, 1953 VoL M, No 23 Stock Prices Lease Play Made On Uranium KAY LUted Stocks Bis Hill xBoncnn t xBrlstol xB ul lion . Oil Company, Okla- homa City, Oklahoma, has made an extensive uranium lease play in northeastern Wyoming, starting last October with a twelve man lease crew under Byron Williams Kerr-McG- ee t xCroff Kerr-McGe- Kerr-McGe- , r Kerr-McGe- D. Wilihite of Denver. ... . . . OU ' xDragon xEait Standard Dt&b xBase xEmpire Minea xEureka Lilly Con. Eureka Mines xlureka Standard xGrand Dep Great Western r'o n Silver 1951 03 05 06 04 29 01 88 .25 02 .20 .07 .04 .08 .07 .23 .74 10 15 .02 .05 ... "rstne Mt. States Dev. xMountaln View N alldriver .... xNev-Ta- h OU Mng. xNew Park xNew Quincy North LUv No. Standard ft xPlumblc Detailed analysis of the uranium mineralization discovered in the Sunshine mine in 1949 and under development since that time by the company in collaboration with the atomic energy commission has been published in the May isue of Mining Engineering regular publication of the American Institute of Mining and Engineers. .... .... Minea - 02 07 .98 xTrana-Unlo- n OU . . .09 xUnlted Park City .. 2.05 Utah Con. 02 xUtah-Wy- o. Con. OU .32 02 xWeitern AUoya xWest Toledo 06 xWUbert .03 xWlUlaton Basin OU .35 xYankee Con 02 UNLISTED xUtah P. ft L. Com . ... Metal-lurigic- al li. Congress Studies Proposal To Aid U. S. Mining Industry Lead Zinc Tariff Plan Carter Gets Results 'At Duchesne summary of oil the Roosevelt, Dividend To Be Disbursed By Homestake 1W)-T- con-gfe- The article, prepared by R. F. Robinson, former chief geologist of Sunshine, and Paul F. Kerr, professor of mineralogy at Columbia university, covers 17 pages, including numerous diagrams, radiograms and micrographs which illustrate the physical characteristics of the uraninum deposition and its relationship to other geological and mineralogical fea-tures, including faults, shearings g ore deposits. and Significant features of the uranium mineralization are its association with arsenopyrite and red alteration or socalled jasper. Where arsenopyrite is abundant, either high uranium or high silver or both are usually found, the article states. With respect to the jaster says, Repeated association of red with uraninite and the absence - of coloration where uraninite is not found demonstrates that the jasper and uraninite are related. This has also been found to be true at the Great Bear Lake and other deposits in Canada. silver-bearin- Chances for enactment of legislation for tariff protection against low priced foreign imports became brighter this week with released by the the proposal that the controversial Simpson bill be presented in of Carter Oil two different sections. A widespread campaign has Whitelock-Taylo- r No. 1 (Locatbeen conducted by friends of the otal ed NW SW, Sec. 24, IS mining industry throughout the feet. 10,060 Pumped depth country in an effort jo get ' 11 barrels oil' in 23 hours, grind-ou- t 'to prbviderelief from the trace of water; pumped 90 flooding of low priced foreign barrels oil in 23 hours, grindout metal onto the domestic market. Following is &' well drillings in Utah district, as Scouting Division Co.: ARTICLE E xlndicates operating companies. Total Shares Traded 857,141 Dollar Value S91.917.S0 $s 1 barrels oil HEARINGS .2 in water; hours, grindout 23 oil 85 in hours, barrels pumped San Francisco, Calif. Home-stak- e Hearings on the subject were grindout .4 water; pumped 85 conducted by congressional leadbarrels oil 24 hours, grindout .4 tion Mining Company's produc- ers in URANIUM DEPOSIT is maintained at Denver, San Francisco, a good being water; pumped 87 barrels oil in Phoenix and where Spokane Donald H. they Sunshine's uranium deposit oc23 hours, grindout .4 water; rate, President were accorded the opportunity of told stock an holders at curs in the form of uraninite or pumped 76 barrels oil in 24 hours, annual hand of pitch-blend- e first obtaining knowledge here. meeting in the footwall of the water. Pumping. grindout .2 the sad plight of the industry. Sunshine silver vein from the 1 big No. (LoWell He said the company handled Duchesne County Increasingly heavy importation 2900 to the 3700 foot levels, the 5W)-T3S otal 332.000 tons of ore in the first of foreign produced lead and zinc cated SE NW, Sec. 25, Other oil article points out. It is generally 237 .3 water; pumped 85 24 Mc-Laugh- lip 5257 feet. Flowed 22-6- Tungsten Produced At Lincoln Mine produc- tion at the Lincoln mine near in Lincoln county, i - 1-- Nev. Tungsten 1:888 Plutua xPrlnce Con. xProsper Oil ft lfng. xRlco Argentine.xRoyston CoalnxSllver King Coaln. SUver King Weat . . Silver Shield xSUver Standard xSundance Ol Co. . . Tar Baby . Tlntlc Lead xTlntic Standard ... three months of this year and production in April held up well. He saw no reason why production should not be continued at the present rate of approximately bar- 110.000 tons a month.. depth companies are believed to be barrels new oil in 14 3 hours. In starting Uranium Departments, 7 hours flowed 70 barrels oil among them the H. L. Hunt Oil through 4 in. choke, grindout Company of Dallas. average 1 water and 32 per cent Reno, St St Uranium Find At Sunshine Described .08 xOU Securitlea xPark City Con. xPark Utah .C3 . .18 .07 18 07 20 xHowell .01 Indian Queen Utah . .07 xKentucky .31 . . .01 Lakeside Mon. .06 eonora .04 xLlttle May .26 xMadiaon Mines Maenola read ft Oil .06 Majestic Oil ft Mng. .03 .24 Mmmoth .03 Miller Hill .04 7'Mlners Gold Kerr-McGe- 42N-75-- .... xCommonw'ltb Lead . xCons. Eureka descent Eagle Oil of Ardmore, Oklahoma. took uranium leases covering approximately 900,000 acres of deeded land in Sheridan, Campbell, and Johnson counties. Hie leases comprise virtually a solid block from 39N to 49N apd 71W to 80W. Terms of the leasee are from two to three years. Bonus figures are reported to have averaged ten to fifty cents an acre with no delay rentals. e are currently flyover scintillometers ing airborne have the area. They presently three core drills working in the Pumpkin Butte area and have made one discovery sufficient to qualify them for the Atomic Energy Commission discovery bonus. Location of the discovery is in Campbell county. They also took state leases covering all state lands from 39N to 58N and 71W to 80W. These leases are for terms of five years and e for a were sold to bonus of $85 per section and a yearly delay rental of 25 cents an e acre. Total holdings of in this area now total 'approximately 1,120,000 . acres; Their block of acreage is reportedly the largest concentration of acreage ever assembled on an oil company in the United States and it is understood that they plan a . major program of exploration and development of these leases. C. R. Bennett of Tulsa has taken approximately fifteen blocks, comprising some 270,000 acres e spread. through the Bonus is undisclosed. The buying for Bennett was conducted by Phil Std xChief Con x Clayton Silver Colorado Con xCombined Metala xComet Coal'n H. Kerr-McG- ee xCardlff Central On S. L. Exchange High OU ft Mng. BUver One Tear $350 Hi-k- o, continues uninterrupted, according to M. J. Gallagher, state mine inspector. There are a total of 121 men working at the site in various operations. This company, which is one Of the biggest tungsten ore producers in the state, has 27 men employed on the surface, developing and producing tungsten ore, and five men are working in the underground development The firm is bringing out about 475 tons of ore daily and running it thru its- mill at the mine, which basis. ft is working on a owned TJnenln by the The mine, has also Black Rock Mining Corp., 70 men working in the shops, ofin miscellaneous work fice, around the plant making a total of 102 men on the payroll. In addition, 19 men are employed by contractors. The mine is being developed thru open pit methods, and the 'ore is then run thru a concentrating and flotation plant. Id one-shi- bn'PagC'4 basic sediment. Flowed 266 rels oil and 127 barrels water and basic sediment and water in 22 V4 hours, average grindout for 22V4 hours, 2216 per cent water, 9V6 per cent basic sediment and water. Flowed 169 and basic sediment in 20 hours, average grindout for 20 hours, 3116 per cent water, 2.6 per cent basic sediment and water. Completed. Flowed 239 barrels of 23.7 de gree API gravity and 25 degree Fahrenheit pour-poioil with 34.8 per cent basic sediment and water grindout in 24 4 inch choke hours, through from open hole interval 51235257 feet of upper Green River formation. 7 indies at 5123 feet. by England, much of which was found in veinlets varying from a undoubtedly produced through few inches to a few feet in length American gift financing, has and lenses are three to steadily forced the iharket price four principal inches thick at the widest for the metals down to a point where it is impossible for United portion. HAND-PICKEStates mines to operate. As a reSAMPLE sult there has been widespread One hand-picke- d sample from work stoppage at the Nations maof west No. 16 stope the face the jor producers. on the 3100 level, west of the JewSLIDING TARIFF ell crosscut, showed 26.9 per cent uranium oxide in chemical analyThe portion of the Simpson bill sis. effecting mining, provides for a Reports in the past have indisliding tariff on imported lead cated that the uranium ore is not and zinc. The tariff would be a of commercial in concentrations cent a pound, plus a cent a or not there Whether pound for each cent the market importance. be will any improvement at greatprice is below a base price of er depth is still a matter of con15 V6 cents a pound,- most miners agree. However when the mar- jecture. ket falls below this level, as it EARLY OBSERVATION now has, the operation becomes Early observations indicated unprofitable. Effect of the tariff would be that uraninite was a late mineral to raise the price on imported in the Sunshine deposit and prelead and zinc, produced under sumably not subject to zonal dislow living standards in foreign tribution, the article points out countries, to the point where it This would mean that no imcould not undersell the American provement with depth would be Despite a seasonal decline in labor, the supply has been adequate to take care of requirements needed to approach rated capacity, it was pointed out. Directors declared a dividend of 40 cents a share, payable June 12 to stockholders of record June 2. In paying the dividend of 40 cents the company followed its. customary policy of basing disbursements on current earnings. Ore mined in 1952 was 1,209,884 tons which compares with 1,046,-20- 3 tons in 1951. Bulion with value of $16,379,986 was produced. This is $893,303 more than in 1951. Average realization was $13.54 per ton and metallurgical recovery was 96.80 per cent. This compares with $14.80 per ton and 96.79 per cent in 1951. Toaopah, Nev. A sample of ore taken from a point just a few feet product. north of Fred Hess' original strike nt 24-6- High Grade Struck on tiie old California claim in Virginia City was assayed showing a valuation of $2,564.61 per ton in gold and silver. The sample was submitted to assayers in Salt Lake City by Jim Turner, Hess partner in the lease from Zeb Kendall and the Con Virginia Co., who is now working the strike alone. The assay firm reported proportions of 674.9 ounces of silver to 55.92 ounces of gold per tan from .the sample submitted. . . . . Gold Price The fourVienna, Austria. teenth congress of the International Chamber of Commerce heard a plea here for doubling the price of gold. It came from Philip Cortney, president of Coty, Inc. He is a member of the United States delegation but he said he was expressing his own opinion and' not that of the United States council. , ;.;i . . D - expected. SUBSIDIES Some opposition to the Simpson plan is in favor of the premium price or direct subsidies on United States ore. It appears that the question will be. decided one way or another in the near future with all indications pointing to adoption of some type of prothe mines gram that will assure of a' profitable ' operating pro- - Later study, however, has shown that uraninite i& found only occasionally in siderite veins associated with tetrahedrite and the where observed, relationship, to an points early origin for most of the uraninite. If uraninite is an early mineral, as suggested, zonal distribution of uranium in relation to silver might indicate greater concentration at lower levels, it is stated. . |