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Show wr i. v Drilling Mapped For Newly Discovered Utah Uranium Field For METAL PRICES Information Stocks Uraninm and Mining On Coppei 33 Lead 15 Zinc 11 Vol. 26; No. 7 Noted Geologist Will Inspect White Canyon Ren' Dr. G. Carman Ridland, noted geologist, is inspecting uranium property of Walter Uranium Company, in White Canyon on behalf of large Eastern financial inter-jest- s, according to Jay Walters, who said eight claims have alU-O- re ready been leased in the vicinity to Atomic Uranium CorporaMonthly financial reports on file in the office of the treas- tion of Delaware. urer of the Magnolia Uranium Oil Company show that the ComAccording to Walters, the notoil 200 five has cent in barrell interest a a ed geologist is attempting to espany per day per well in Weston County, Wyoming. timate approximate cost of exploratory operations prior to givThis well according to Magnolia officials has been in produc- ing approval for acquisition of tion for the past seven months and has yielded a substantial more claims adjoining the eight leased. Walters said Elaterite profit. This is but one of the numerous properties included in the now Basin has shipped high grade ore Magnolia holdings. from the Hertz and Green veins. Records filed in the office of the State Land Board, in Cheyenne, Wyoming, indicate that Magnolia has recently h W .(ting Records Show Company Claims Has Gained 280 acquired 280 potential uranium claims) in the Gas Hills area of Fremont County, Wyoming. Surveys of these properties are now under way. The geology reports on these claims are such, according to Company spokesmen that the Company has made plans . . to go ahead with mining operations as soon as weather permits. Company records also disclose that Magnolia has acquired a sizeable piece of property in the Henry Mountains, approximately 30 miles from Hanksville. Geology has been obtained ana arrangements have been made for these surveys. Surrounding small mines properties are several that are producing and shipping ore. Magnolia officials believe this property has great potentials. Magnolia has also acquired two sets of mining claims on the Dixie Fault, where recent discoveries indicate the possibility of a very large deposit of uranium ore. There are showings on the surface of the cliff, where mining operations are to be started, as well as a shallow drill program, in order to block off the limits of their ore. These claims are in located near the Smith-Me- sa 12 40 West. South, Township Epsolom Uranium Company is, at the present time, shipping about 25 tons per week or more, from its mining operation to the north of these properties on the same fault To the South, Western Gold Uranium Company has blocked out several thousand tons of uranium ore on its properties at Silver Reef. At present both of these cpmpanies are shipping ore to the Ifaarysvale buying station, while Western Gold is contemplating construction of a mill on its property to handle local pro duction. John Price, eminent geologist of New York, reporting recently on a survey he made of the Monument Valley properties, stated that the Shinarump formation is (exposed throughout the property and is approximately 200 feet thick. Carbonaceous material, ac cording to Geologist Price, prevails throughout the property. Magnolia Uranium & Oil now has claims in three distinct areas on all of which, production is present One Salt Lake City. Utah. February 15. 1955 New Jersey Zinc Corp Enters Into Southern Utah Uranium Activity Entrance of New Jersey Zinc the uranium Corporation in field of Southern Utah, is evidence big operations will start there in 1955. The area is reportedly destined to be the place mills will where great arise. Sites for refining mills are now sought not only in southern Utah but also in Arizona and Colorado. Entered in the competition for sites are such giants of the mining world as Homestake Mining, Standard Ores and Alloys, National Lead, American Smelting and Refining, Cerro de Pasco and Phelps Dodge. New Jersey Zinc, with 325 the smelters, ' throughout world is said to be the biggest of its kind in the world. Standard Ores and Alloys, biggest producer of gold in the world has estimated resources in the up-grad- ing Continental Sells neighborhood of 200,000. It has an organization capable of exploring, mining and refining a tremendous output of uranium. The objective of the feverish activity now in progress to the south of Utah is creation of huge refining mills for the refining of thousands of tons of low grade ore now reposed on the surface in various sections, waiting for introduction of a profitable commercial refining program. Newmont Mining! Company is another giant mining group interested in Utah uranium. They are devoting their attention to the White Canyon area. All of the companies mentioned seek high stakes in friendly competition. It appears inevitable they will erect scores of milling projects throughout the Plateau area. $208,394.89 In Uranium Ore From Utah Mine Continental Uranium, Inc., sold In December the company re- $208,394.89 worth of uranium ore ceived $151,161, he said, for ore during the month of December from its mines in Utah, it was z, announced today by Gerald board chairman. Gilwitz pointed out that December shipments alone 0 brought approximately more than the $182,910 received during the companys entire first quarter operation covering September, October and November. A breakdown of December figures, ho said, showed that the company's Continental number one mine produced 1,712 tons compared with 3,609 tons for the preceding three months. Rattlesnake, their second producing mine, he continued, mined 941 (tons in December against a total of 523 tons for October and November, the two months it had been in operation. A total of 6786 tons of commercial grade ore have been sold by the company in its first four months of operation, according to Gidwltz. Gid-wit- $25,-00- from the Continental number one mine and $57,233 from the Rattlesnake mine. Gidwitz said he has every expectation that production will increase steadily during the coming months as properties already owned by the corporation are developed. In addition, he declared, plans are underway to acquire more proven claims and producing mines. The Rattlesnake mine, located at Rattlesnake Mountain, near LaSal, Utah, he pointed out, is owned by Woodmont, Inc., a wholly owned subsidiary of Continental Uranium, Inc. When acquired, Rattlesnake, which had been a producing tunnel-typ- e mine, was converted to a strip mine and production resumed in October. Field offices of the company are in the Continental Uranium Building, Grand Junction, Colorado. Executive offices are in Chicago. Tear $3.00 Drill Holes iaps In Big Indian Property Uranium Field Located In Big Indian Wash Area By O .D. Quinlan Survey Feature Editor The AEC has mappel 12 holes for drilling on property of Big Indian Uranium Company, in the newly discovered uranium field of the Big Indian Wash, Big Indian Mining District, San Juan County, it was announced by Gordon C. Young, a director of Big Indian. Mr. Young said the Lisbon Fault was uncovered by use of a bulldozer and it is the only spot in the entire district where the Fault was exposed. The property adjoins recent strikes of Home-stak- e and is the object of an interesting proand of drilling already started. Big Indian is using its recently gram bought new core drill, particularly equipped for deep drilling. One of the favorable fac- tors, according to Director Young is the fact that the Lisbon is the fact that the through Big Indian property, lie said the source from which uranium deposits of nearby Homestake and originate, has yet to Cal-Uraniu- m Texas Official Sees Answer To Cal-Urani- Shale Problem DENVER, Competitive re- search by a number of companies in the industry may solve the cost and quality problems which now put shale oil products at a with commercial disadvantage W. James petroleum products, direcFoley, vice president and tor of the Texas Company, said here today. New processing methods may make it possible that substantial commercial activity will be under way within ten years," Mr. Foley told those attending the tenth annual Oil Shale Session of the Colorado Mining Association. The Texaco executive pointed out that crude shale oil obtained by present retorting procedures is of very poor quality. This necessitates the use of elaborate and expensive refining methods in the preparation of products of satisfactory quality. The combination of large initial investment and higher operating costs per barrel of finished product even for operations on a large scale, places the currently available methods at an economic disadvantage. This disadvantage is not so large, however, as to be discouraging and a number of companies are engaged in development and research programs on procedures which they hope will eliminate the difference, he asserted. Competitive research activity hast been the keystone in the rapid growth of the petroleum in dustry, and it is my belief that it will prove equally effective in catalyzing the utilization of the great shale oil resources of this area, he stated. um be ascertained. Officials of Big Indian bought the property in June 1953 upon of one of the recommendation most outstanding veteran geologists of the Rocky Mountain district, who expressed confidence primary ore exists on the property at depth. The property is only three miles north of Steens discovery and in close proximity to the big strikes recently announced by Homestakei and Cal-Uraniu- m. An Eastern manufacturer who uses a large amount of copper, is now interested in making an agreement to develop a source of copper supply from Big Indian claims. He informed Joseph Ha-fe- n, General Manager ojj Big Indian, who recently visited with him in New York that Eastern manufacturers are more interested in Big Indians copper deposits than in its uranium. Big Indian is said to have a tremendous copper potential. An eminent and experienced geologist, who worked leases south of Steens discovery, is quoted as believing rich, deep ore deposits exist on the Big Indian property. Director Young said the first series of holes will be drilled to a depth of 400 feet. Later, he said, it is possible four drills will penetrate down to a depth of 1000 feet. He estimated $2,000,000 worth of cooper has been mined in two previous operations on the Big Indian property. He said Big Indian officials hope to erect an adequate refining mill. He said that, although a DMEA loan has been obtained, it will not be sufficient to finance the additional cost of the proposed mill. Joseph Hafen, general manager and Eldred Gerrick, driller, are working on Big Indian property only 2000 feet away from the fabulous Homestakei discovery. Both Such competition is likely to produce better overall results and believe Homestakes strike will in a shorter period of time, Mr. prove of greater magnitude than Foley declared.. He also disclosed the famous Steen discovery. that The Texas Company has reBig Indian has also acquir196 acres of copper claims ed acwhich search under way may (Continued on page 7) complish this purpose. |