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Show f!QW.ciPCU!'ATIN( f -- Vi'ijio.'ri S i Mari 9I97q pr4f-'y- VOLUME 2 NUMBER 3 am 03 s MARCH 16, 1970 25 Cents per Copy New Products reports on proving out silver ore discovery New Products Corp., Ogden, Utah, has termed the second phase of proving its Nevada silver claims very successful. In a report to shareholders on the activities of Exploration Drilling Co., Newport Beach, Calif., on the property north of Elko, Nevada, J.L Robertson, president of New Products, said a commercial deposit of silver bearing ore has been established throu gh the drilling of 30 holes. In more than 5,000 feet of drilling, the ore zone is found to be located along a mineralized fault zone traced for over 2,000 feet and more than 300 feet wide, according to the consulting geologist, Mr. Robertson said. He said as yet the northern, eastern and southern edges of the deposit have not been established, but drilling to date confirms ore continuing in all of these directions. All ore delineated so far can be mined by open pit methods, according to the report. The thickest intercept to date was 64 feet of ore in hole NP-2- 3 on the east margin, Robertson said. He said the ore is getting thicker in that direction according to the geologist. Much of the silver ore runs from three ounces per ton with to forty-siin the top portion ore the richer of the silver zone, Robertson x reported. While several hundred thousand tons of commercial silver ore are within the present series of holes drilled, until all four sides have been found, the full size will not be known, Court asked to stop shale leases by Utah Board Utahs Third District Court has been asked to stop the State DRILL RIG ON NEW PRODUCTS CLAIMS in Nevada shows topography of area in which company has reportedly found extensive silver ores. Land Board from issuing an oil shale lease. The request was contained in a complaint filed by Utah Resources International, Inc., a Utah Corporation, John H. Morgan Sr. and John H. Morgan Jr., principals. The Morgans claim they have staked lease title for 20 years on 640 acres of land for its oil, gas and hydrocarbons. The firm alleges on Feb. 16, 1970, the State Land Board approved an oil shale lease application for shale located on this same land, at a rental of 50 cents an acre per year, to W. L Tueller. The Morgans recite a previous Third District Court suit which defined various terms used in the oil industry and which favored them by including oil shale as part of the mineral content of their leased lands. The Morgans state in their complaint they have invested large sums of money and that they propose to invest more. Such investments will be lost if the State Land Board is permitted to defy the Utah Legislature, the Third District Court and the Utah Supreme Court and resume issuances of leases which will surely throw all outstanding state oil .leases into serious conflict and confusion, says the complaint. Canada crude oil imports Monte Cristo notes to U.S. limited new find U-o- re High grade uranium ore bodies have been discovered in the Moab, Utah, area, according to a report from Monte Cristo Corp. of Moab. Long hole drilling in areas where commercial grade uranium previously had been mined has revealed the existence of deposits ranging from 0.20 to 1.90 per cent uranium oxide, the company said. Full extent of the ore bodies has not yet been outlined and drilling will continue, according to Richard Minasian, Monte Cristo president. Mining on the properties is scheduled to begin this month employing up to 1 5 persons. The firm has a contract with Atlas Minerals to deliver ore to the Atlas uranium plant near Moab. President Nixon last week set a limit on the amount of crude and unfinished oil that may be imported from Canada into most of the United States. The President issued a proclomation setting a quota of 395,000 barrels for all but the West Coast. He said the order was necessary appears on Page 6 of this issue. shipments into the area rose to 550,000 barrels a day. Sen. William D. Proxmire, charged that the Canadian oil is marketed. because of Proxmires office said Canadian White House was equating United States and Canadian D-Wi- s., president's action would lead to higher prices to consumers in the Midwest, where most of the interests. The states principally affected are those bordering on Canada. The new quota, retroactive to March 1, replaces a system in which the United States and Canada sought to win voluntary crude was selling in Chicago at 30 to 50 cents less per barrel than domestic oil. Aparently the consumer is once again being sacrificed to the oil industry, Proxmire said. At the White House, however, producers to limit the amount of oil flowing into the affected area to 322,000 barrels a day. It has become clear that the secretary of state for economic affairs, said the order would not have any impact on consumer costs. Trezise said the threat to national security resulted from national security voluntary controls workable, the fact that the increased imports left western Canada without oil reserves for use in an emergency. We are the biggest customer for Canadian oil, so it was our problem, too, he said. agreement from Canadian IT'S YOUR MONEY by Richard Blackburn said. Last month the Candadian are not the White House Philip II. Tezise, assistant Asked whether that meant the security, Trezise replied: yes. A cabinet-leve- l study group on oil import controls said in a report to the President Feb. 20 that there should be a freer exchange of oil and other energy resources among the United States, Canada and Mexico. The group recommended, however, that a limit of 61 5,000 barrels a day be set on the total amount Canada could supply to the entire U.S. |