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Show rot METAL PRICES Information On Stocks Uianinm and Mining Copper 33 Lead 15 Zinc lift S' Vol. 26; No. 10 ' Salt Lake City. Utah. March 8, 1955 One Year $3.00 Aal In Paradox P a Mount Peale And Uii ed Western Minerals Leonora Acquires Uranium Potential Pat Hurley, Wealthy New Mexico What is believed a big uranium now in progress to.art drilling in the former Big Indian strike dL.&noras operations on spifoie oi vast empire ix300n:res scat- copper mine of the Big Indian Wash, San Juan County, was tered throughMf$jtah. announced by Gordon C. Young, A substadifer amount of Leonthe Company. of ora projljfty is tied workjWa director Drilling operations on the first ing agreementtNwith large 12 holes, under a DMEA loan crating companies in iwveral of program, disclosed 12 feet of counties of Utah. f v ore, according to Mr Mr. Matson fi((Vhe is now was encountered which working ', on the annual report Young, a depth of 1200 to after drilling which will be mailed to the companys 10d0 stockholders about feet. He said the drill penetrated an three weeks Jjpnce Oil -- t Lenora Mining Company has some new uranium land acquired which appears to have potentials, according to John Matson, president. He said negotiations are Oil Man Head Of. $9,000,000 Company Makes Important Deal By OLIVE DRAB 18,-93- Bluff-Blandin- g y of United Western. In addition to receiving a substantial block of stock in United Western Minerals Company, an over-rid- e in favor of Mount Peale on any production, whether oil or minerals is provided for Mount Peale in the agreement According to a balance sheet dated December 31, 1954, distributed to stock holders, Mount Peale had in its portfolio 55,000 shares of stock of Consolidated Eureka Corporation which it purchased at 8 cents pel: share net a total investment of $21,250. This stock at a present market of $1.15 a share is estimated to be worth in excess of $63,000 a net profit of $15,000. The report disclosed Mount Peale also owns 58,000 shares of Kentucky-Utah Mining Company stock purchased at 79 cents per share, now selling on the Salt Lake stock exchange at $1.35 a share. Mount Peale directors reported they believe United Western Minerals stock will be an asset to their company because of the high calibre of the men at the head of the company and the fact United Western Minerals , com-meric- ties. The Board reported $200,000 worth of liquid assets, part of which will be used for further development. The report said in' vestments in securities of other companies at present market values, represents a net gain in excess of $30,000. Htlge blocks of Mount Peale stock, purchased in unlisted, uan-iuover the counte market, in the past several days, are reported to be acquired for large eastern interests. Blocks of 15,000 and 20,000 shares bought frequently in a days business, definitely do not represent Salt Lake money. Some opinion veers to the idea that the heavy buying may be for a large group of eastern individuals. Geologists who have thoroughly examined all of the uranium, oil and gas properties held by Mount Peale, are inclined to believe the stock of the company to be under-valueMount Peale directors also announced the acquisition of five new, potential claims in the Big Indian District, upon which a comprehensive drilling program will soon get under way. The company owns 100 per cent interest in the claims, the letter disclosed. The company also anpounced acquisition of oil and gas leases g on 22,443 acres in the area of the Paradox Basin, Mount Peale actually owning 100 per cent of 3,506 acres of the entire 22,443. Of the balance of the leases, 18,937 acres, Mount Peale has acquired a 25 per cent interest. m d. Bluff-Blandin- al .-- Croff Stockholders Vote Increased Capitalization Corvusite Mine For $175,000; Drilling Of Rich Uranium Claims Starts April 15 Buy By O. D. QUINLAN Survey Feature Editor The authorized capital stock of Croff Oil Company was increased to 5,000,000 shares from 2,000,000 at a special stockholders meeting on Wednesday, March 2. Funds from proposed sale of 600,000 shares of additional stock are to be used to meet the cost of CrofFs recent purchase of the Corvusite Mine, one of the most consistent producers on the Colorado Plateau. The drilling of only 150 feet to reach Croff company recently bought the salt wash member of the the 33 Corvusite claims- - for Morrison formation, which is the ore horizon in that area. $175,000. The Corvusite group of claims is on Beaver Mesa, eight miles west of Gateway, Colo., at the Ura-va- n north end of the well-knoMineral belt, from which most of the uranium so far area mined in the United States has w come. The Corvusite Mine was originally opened as a radium producer, prior to World War I. It was closed when radium discoveries in the Belgian Congo killed our domestic radium market. It was reopened as a vanadium producer about 1931. Since 1948 it has been a consistant producer of uranium ores mined on a small scale by the owners themselves. Production with a gross value of about $350,000 has been shipped since 1948. In addition, exploration drilling has indicated approximately $250,000 of ore ahead of present workings. All of the ore mined to date Numerous experessions of approval were received from readers of the Survey, for last weeks front page article urging and the known ore reserves, has disclosed through operation creation of a stock exchange in Salt Lake to clarify trading been of but three claims. There are practices in penny uranium stocks. 30 claims yet to be explored. After an exhaustive study of available locations for the pro- Most of the unexplored ground, posed new exchange, this writer according to W. D. Nepeker, Jr., is impressed with the practica With 110 brokers now doing President of Croff, will require bility of the former Mays De- business in Salt Lake City, the partment Store building, on the present Mays building would be southeast corner of Third South the ideal center of activity, in- tion will act in the matter. Interests in Denver are keenly and State St, known as 301 South asmuch as it is but one block aware of the importance of the State St. , from the Salt Lake Stock ExA remodeling of the building change and a block in the other volume of uranium stock business transacted here and are putnot only would provide ample direction to the Beason Bldg. Uranium for the ting forth every possible effort space Exchange, to focus attention upon Denver of Immediate also would a make it possible to it appointment as a center for uranium stock of Securithe Utah bring about a consolidation of committee infacilities for many brokers, now ties Dealers Association to trading. Unless Salt Lake brokscattered all over the city, pro- vestigate the proposal would be ers are alerted to the wisdom of viding a stepped up program of a big step in the direction of building their defenses on a that would bringing this sorely needed cen- long-tim- e basis, they are apt to not only save them money but tralization project to actual cul- wake up one of these days and likewise would make the doing mination. It is to be hoped the discover that a well-heele- d, rival of business a more pleasant next meeting, or even a special city is outmaneuvering them chore. meeting of the Association, ac- - from a monetary standpoint. ion By Olive Drabb up-'wit- h holdings are widely diversified between oil and mining proper- May's Dept. Store Bldg. Urged As An Ideal Place For Uranium Exchange inter-communicat- First Hole Of Program - The directors of Mount Peale Uranium Company in a letter to stockholders announced they have accepted an offer of United Western Minerals Company, to exchange its 25 per cent lease7 hold interest in a block of acres of potential oil and gas property in the area of the Paradox Basin, for capital stock of United Western Minerals Company. United Western Minerals, a $9,000,000 corporation is underwritten by a group of influential eastern financiers. Patrick Hurley, of Albuquerque, New Mexico, wealthy oil man and a former of War in the cabinet of former President Herbert Hoover, is slated to be the president Under-Secrc-tar- ig Indian Strikes Ore eight foot seam of copper ore before striking uranium. After the drill had gone through the 12 foot uranium body, copper was again encountered. This is usually interpreted as symbolic of much more uranium. John Hafen. general manager of Big Indian said the geiger counter showed .30 per cent uranium when samples were tested. He was positive of the commercial value of the ore. It was anounced that Gordon Ware, AEC geologist would examine the strike in a few days. There was still 14 feet of drilling to go when the Fault was encountered. The intent was to bisect the Fault. Young said it is the first time the former Big Indian mine has been afforded an opportunity for discovery. He said 12 holes are to be drilled under the DMEA program. of Big Indian, say because of the shallow depth (108 feet) .they expected to use their own small drill circling the spot of the first discovery and it will be blocked out. Mr. Young hailed the discovery as a most opportune incident for Big Indian, inasmuch as it hit pay ore on the first hole put down. Of-fica- ls The Corvusite mine is the oldest producer on the Beaver Mesa, prowhere several large-size- d ducers are operating. Croff has purchased the Corvusite property in its entirety, with no royalty reserve to the sellers. The purchase price, $175,000, is payRevival of intensive exploraable over a period. tion work in the Alta District, The authorized financing will where a huge lead discovery has take care of the complete pur- been made by Olympic Uranium is reminiscent of early chase price and provide adequate Company, of 40 years ago, mining days working capital to put the mine when Alta was a beehive of activin operation. Croff plans to begin ity, producing millions of dollars operations on the property about of wealth out of the ground. April 15. The discovery, which from all The actual agreement to buy indications could be another big the Corvusite Mine was made late in January. At that time body of silver and lead is on Croff stock was inactive on the virgin ground in the Wasatch Salt Lake Stock Exchange, sell- Mines Company properties. Wasing around 12 cents a share. Aft- atch leased it to West Toledo, e er the news began to circulate, which in turn granted a to ore The Olympic. body is there was a sudden broad buyfive thick feet and feet which eight continued has ing interest, until today. The prevailing price wide as far as the work has progressed. The body extends out, is 32 cents a share. north and south and will have a same period, Croff During the over-thrucontour post line long has been a potential beneficiary contact on the identical ore zone from two recent gas discoveries which continues in the Uintah Basin. Croff owns directly through Columbus-Rexa- ll the h and Kennea interests of royalty mile from Continental Oils new bec property to the Cardiff ore gas discovery In the Chapeta zone. This ore body has been penetrated for 10 feet. Wells Unit in Uintah County. The ore body is bedded along Carter Oil recently completwhich exed a natural gas discovery at the the Alta over-thrutends north ToleWest Blue Bell Unit in Duchesne through Columbus do, Rexall and Kenne County where Croff also holds some royalty interests, about a bee to Cardiff and south to the American Fork Mining District. mile from the well. Olympic Uranium Company of Chief oil and gas assets of which Walter Jacobson is PresCroff Oil Company consist of a ident also owns valuable copIthin royalty in approximately per deposits at Good Springs, 200,1)00 scattered acres of poten- Nevada assaying nine per cent tial oil and gas lands in the copper. Shipments of ore were Unitah Basin, and about a one-thir- d begun last week to Salt Lake interest in over 50,000 acres refineries. Olympic also owns low of Federal oil and gas leases grade uranium ore in Arizona located in six separate blocks in near the Utah state line dose eastern Nevada. to southwest Utah. Lead Strike At Wasatch Mine To Revive Alta Big th sub-leas- st one-fourt- st |