OCR Text |
Show Foi METAL PRICES Information On Stocks Uranium 33 Lead IS Zinc Coppez lift and Mining Salt Lake City. Utah. March VoL 26; No. 11 15. One Year 1955 Progr?' Renounced For Gullible Milling Gas Hills Are Stepped-U- p New AEC Ore $3.00 "Spenders Face Problem Ores At A Sub-Margin- al Higher Dollar Return Per Pound B Receives Credit K At Riverton jpment Program A large production increment program and extensive test drilling campaign for its properties in the Gas Hills uranium area of Fremont County was announced in Lander Tuesday by Mountain Mesa Uranium Corporation. American Duchess Uranium Affiliates With Uranium Chief jTremont County, on the Colorado Plateau in Colorado and Utah, as Announcement is made of an well as elsewhere in Wyoming, affiliation with Uranium Chief, throughout the Gas Hills area Inc., of Salt Lake City in a Joint and is expected to become one venture to develop the Savannich of the largest producers in the Copper-producin- g property in Gas Hills area. Arizona. County, Mojave manaRalph Thurston, general Uranium Chief, Inc., has made ger, said production will be available $15,000 for the initial stepped up as rapidly as possible development of these properties. at the Blarco claims south of American Duchess Uranium The Puddle Springs where production Company will manage this ope, is now underway, and that addiation and has secured the servtional production on other propices of J. Fred Johnson, a conerties will be started as the desulting engineer who has been velopment campaign progresses. associated with the American The present program is to ship The Uran- Smelting and Refining Company of directors Pennel 50 tons per day with the tonnage ium Corporation announce that for many years. to increase as the weather con- the agreement the company enShipping reports indicate that ditions permit. tered into Sept 18, 1954 with over $175,000 worth of copper A large bulldozer will be mov- Border Uranium, Inc., is now ores have been shipped from ed onto the Blarco claims within under option to United Western several days to aid with stripping Minerals, an eastern corporation these properties. Mr. Johnson believes that by working a newand ripping. The end loader that headed This ly exposed vein a very profitable Patrick Hurley. by has been handling mining to date also covers a substantial operation may be commenced will be used to load the ore into optionof Borders assets, A road is now beincluding part dump trucks for the trip to the the lease from Pennell. Pennell immediately. to the transfacilitate built buying station at Riverton. Thurs- will also, under the exercise of ing of equipment and the portation ton said the opening of the new the Border-Unite- d Western opsubsequent shipping of any ores A.E.C. buying station at Riverto include mined. the have tion, right ton has been the event that is additional claims in the deal. precipitating the increased proDuring the Pennell - Border duction and exploration program. about 300 tons of Several loads of ore have already agreement , were mined and shipoed ore been delivered by Mountain Mesa the Pennell claims. The valto the new buying station, but from ues on these ranged deep snow and then muddy roads from .21 to .42 shipments .48 and uranium, interfered with the program. 2.20 vanadium. to The Mountain Mesa general In addition to this arrangemanager said test drilling will ment with United Western, the get underway late this week or directors Atty. Benjamin D. Browning report that Pennell is hie has acquired, with the first of next week. Several with Uranium Star announced type of drilling are expected to negotiating of Moab, some Ltd., a Utah corporation with Charles Garlett be tried until the most satisfac- vast in White Canyon vanadium and uranium mines tory system for the companys and inholdings Red Canyon in San Juan from H. W. Balsley, of Moab. operation is determined. ThursThe property is located six ton said his company is launch- County, Utah, to acquire five of miles from Charles Steens Mi-V- i claims its situated all-oapproximateinto an campaign ing da, at the junction of the east and crease production from the Blarco ly one mile from the famous south canyon. The mines, he said, claims and to get its other prop- Happy Jack mine. Exploration are in production. Alco Uranium erties into production as rapidly and development work on these exCorporation is negotiating for the claims by Uranium Star has as possible. unoperating rights. Expected to be placed into pro- posed a large face 4t ore of Mr. Browning said the mine size. The determined agreement a duction within relatively short time is th Ev-R- o claim which the with Uranium Star Ltd. will be property was acquired for toa who intend company recently purchased for a low cash payment on each group of peoplea closed corporaclaim with the balance to be paid organize it as $10,000 plus an overriding royalto as the Plateau tion be known out Final of unproduction. figures ty. Excellent ore has been of Nevada. Corporation Mining have a for completed agreement covered on this claim about a considerable He said shipments at. not However, mile northeast of the Blarco yet been arrived from made been the mine have is as the agreement claims. Mountain Mesa owns and as soon and a half, the immediatepast year during has leased more than 200 claims signed, Pennell will 6.0 vanadium ore the " "stand-byassaying area. The company also owns of ly negotiate with a has under lease numerous claims group to further explore and de- and as high as .80 uranium. The properties are fairly extensive. in the Green Mountain area of velop these new claims. Development work has already been achieved,. It was previously an operating mine. The organizers include a group Pennell Enters Agreement Wtih United Western Plateau Company 6.0 Vanadium Has .80 Uranium Assay ut of California residents with a group of Utahns, whose identity will be disclosed at a later date. We expect to continue operation of Plateau Mining Company and greatly expand it in the spring," Mr. Browning said. Indian Queen Shipping Program Under Way The Company Maury Yates eu the left and H. 0. English officeis of Mountain Mesa Uranium announced plans today for stepped-u- p production and an extensive drilling program. Indian is Queen Mining reported making ready for their first ore shipment of uranium. It is understood uranium shipments will be continuous from here on out and in substantial amounts, guaranteeing the future of the company. The penetration will average 20 to .30 per cent The hauling distance is 13 miles. By O. Dee Kue A number of spokesmen voicing a program of quick action in erecting modern upgrading mills for the processing of ore, have conveyed the impression to the general public that it is going to be a simple matter of mathematics that average in the engineering profession could solve. It happens this is not the truth. In the business of processing accompanying high cost of conuranium ore it becomes neces- centration, are not amenable to sound reasoning presented by ensary to calculate the marginal ores on one gineers, because they fail to take and side of the line. On the other side, into consideration the high concentration costs and risks invol- shipping ores and the high grade ved. ores. The fantastic dollar pictures Engineers attempting to fash- that can be painted around ion practical refining mills face two alternatives. First there pounds of uranium, enhanced is treatment of the marginal and from $3.50 per pound to $12.00 ores at a cost that per pound and upwards is an alwill produce sufficient shipping most insurmountable barrier to ore to provide profitable mining engineers attempting to present any practical form of logic to and milling operation. gullible money spenders. The second objective. A comMany persons who are sincere, pany already shipping high so wrapped up in the monegrade ore should be desirous of get of the situation that concentrating their product to a tary aspects cannot they point where it will bring a higher culties. Cost recognize the diffiis encountered in dollar return per pound of uranin ore. The problem is shipping ium sold. That is the problem. that of the many proposals are in A wide diference of methods of no way practical. approaching the crux of the probThe Atomic Energy Commislem prevail. Determination of the best method to be used in a sion provides the best technical particular situation must be and milling knowledge available based upon the desire to produce anywhere today. The AEC is opitel-ligen- sub-margi- ce nal sub-margin- al the greatest dollar return. That erating plants for the concentra- is where engineers and operators tion of ore in the field of ship-pabl- e and high grade ores. They face the crux of the problem. The percentage of recovery is have done a good job. The question arises whether the persons subordinate to dollar return. Individuals with a smattering hired and controlled by the AEC knowledge as to the high prices are admittedly the best in their (Continued on Page 2) that may be obtained and the Uranium Stock Exchange Could Aid Unif ormTrading Letters Urges Daily Papers To Get Behind Idea As A Service to Stock Investors Parker In I commend your newspaper for promoting the proposition of low the public to peak behind the scenes and get a glimpse of what a Uranium Stock Exchange. takes place. It is a wonderful idea! it will He said the differential in tradprevent scalping in stocks," was ing commissions, would also be the statement of Trent J. Parker, corrected and would bea stiminsurance sales manager of the ulus to more it busines. Mr. ParkCommercial Travelers Insurance er also said he believed it would Company, 32 Exchange Place. be an incentive to focus more atA propective customer can tention on dollar stocks instead drop in one brokerage office and of penny stocks, pointing out that here again, a saving is effected in the clerk will quote him .04 cents on a certain stock. He commissions, as a prospect buywalks up the street and discovers ing 1000 shares of penny stocks n the same stock trading at .06, pay actually a 20 per cent said Mr. Parker, who said that he whereas the commission had written individual letters to is four per cent on $1 stocks. the financial editors of both daily Jay Walters, promoter, took newspapers and to one of the time out from his task of watchnewspaper owners, urging they the movement of West Toing support the Exchange idea as a ledo stock, to tell us that in his public service. opinion the Uranium Stock ExParker pointed out that some change idea is one of the best officers and directors of uranium suggestions offered since the companies do not stand behind uranium boom got under way. He the uranium stock exchange idea urged a meeting of members of because under, the rules they are the securities dealers group be obliged to list their transactions, held and steps taken to make the and it would be embarrassing to exchange idea a reality. Melvin them in connection with specula- G. Flegel, broker, 26 Broadway, I whole heartedly favor tion in stock of their own com- said: actions as of a uranium stock would their be establishment pany to al and open exchange." public scrutiny com-misio- |