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Show June 24, 1955 The Western Mineral Survey. Jane 24. 1955 Page Two WESTERN MINERAL Editorial . SURVEY News Rules Tightening Ahead 431 AdTertiainr - Circulation Phone Church Street Salt Lake City,' Utah Plugging of loop holes in laws limiting the conduct of uranium brokers is the purpose of a review of the rules, now occupying the attention of members of the Utah Securities Com- Entered as second claea matter at Salt Luke City. Utah, under Act of March 3, mission. $3.00 1878. Subscription rates: for one year. they contemplate stock purchases. It would not be surprising if, in a few weeks, rules were tightened to protect stock buyers from unethical influences. The above photograph shows miners loading ore on Slick Rock Uranium Development Company's project at Slick Rock, Colo., from which the first truck shipment went to the refining mill. U-Ne- ed . . . All of the Salt Lake City brokers are honest. Why dampen their enthusiasm. If everyone was perfect, the pencil manufacturers and 'the CPA's and auditors would be out of business. It is not a case of making mistakes that cannot be corrected, the boom was so big there have not been sufficient auditors and CPA's to set the broker office systems up expeditiously and accurately, even though everybody desires to be accounting correctly adjusted. Canadian Drilling 'Favorable1 Viola Mac President Reports ViolaMac Mines, Ltd., is get ting "favorable response" from development by two diamond drills on the lithium property it holds under option in the Cat Lake district, Manitoba, Canada. This report was made today by V. B. MacMillan, president of the Toronto, Ontario firm. The lithium bearing zone, MacMillan said, can be traced on the surface for more than 3,000 feet. Averages computed from the twelve holes completed within the western half of the zone give approximately 1,100 tons per vertical foot over an average thickness of 10.5 feet. The grade computed over the same length Sending crews of auditors to adjust a situation who do not averages know a situation is a dangerous procedure, as they themselves are unable to cope with the spe- 1.441 per cent Lithia. Several holes have been drill ed to the 300 foot horizon, giv ing 330,000 tons inferred to that level, the president said. "Thus at ?11 per unit the west ern half contains, above the 300 foot level, material with a gross value exceeding $5,000,000," he continued. The eastern half is now being drilled, he said. Widths in the holes already completed are sim ilar to those in the western half. In addition to the zone being drilled three other "promising" lithium bearing zones are known on the property, MacMillan re ports. Examination of the sur face geology of the claim group is going ahead, he said. Mas cial problems that surrOund those dealing in securities. Everyone .can take constructive criticism. Abusive criticism they reject. What could be done and should be done is to prepare a set of rules as a permanent guids for brokers. Then if they do not conform criticism is in order. There have been no set rules yet everyone has strove to be honest. Often, more mistakes are made following such a procedure than in the actual situation of being dishonest. J .Walters, Jr. Finds New Ore Face M last Chance' Digging MOAB. Utah All existing warrants and options against Atlas Uranium Corp., stock now have been paid off, President J. C. Burgess of Atlas announced this week. Burgess also disclosed that a proposal to recapitalize the corporation at $10,000,000 will be placed before the stockholders at the annual meeting June 29. The annual meeting will be held at the Hotel Utah in Salt Lake City on that date, starting at 10 aon. Burgess also has announced that miners at Atlas' Last Chance mine have reached a new 3 foot News - Advertising Circulation Denver, Colo. Kitteredge Bldr. NORMAN LEVINE Bureau Chief For the -news of most significance in the mining- and oil world. 732 some who are already worxing with power reactors. All news appearing in the Western Mineral Surrey is obtained from sources believed to be reliable but no responsibility is assumed for accuracy of About all that these experts agree on is that the uranium in dustry's prospectors are going Reproduction of any material from this must hare written permission to have to keep up tneir gooa publication from the publisher. work, and that every year those prospectors must find at least a ew big uranium deposits, as well as lots ox tne Speaking of smaller ore bodies. AEC's raw materials chief, PUBLIC SAFETY Jesse Johnson, has stated his soon-worKea-o- estimate that U. S. industry will need approximately 14,000 tons of uranium by 1980. Industrialists working in the field think Mr. Johnson's figure a little too conservative, and say they think 20,000 tons of ura nium per year will be closer to the mark for the year 1980. It takes 24,000 tons of uranium oxide, U308, to produce 20,000 tons of uranium metal. Assuming 100 per cent recovery xrom .30 per cent uranium ore, that comes out at 8,000,000 tons of uranium ore, per year. .30 per cent is considered good average commercial grade ore, on which everyone concerned ought to make a reasonable profit, under present conditions. Few people know and nobody could state publicly Just how much uranium ore is produced per year, because of present security restrictions. We will refrain from hazarding a guess. However, the AEC has stated that not more than a couple of dozen proven ore reserves of 100,000 tons have have been re ported, and that only a few of these are known to contain over 1,000,000 tons. Liocs or today's "big" opera tions will be worked out long before 1980, even supposing that they encounter some good ore beyond the limits of today's known reserves. Of course new discoveries will be reported every week in var ious states and countries all over the world. Some of these will turn out to be of commercial grade and a few may lead to production 'that will continue for several years. Some seemingly small orebodies now being mined or being explored will turn out to be far bigger than anybody has suspected. Add it all and take away ore face which promises to assay the orebodies up that will be gone even higher than ore previous before 1980. We must conclude ly produced. that it will keep everybody Shipments from the mine to scratching for years and years to date have averaged .40 per cent even keep pace with current pro uranium oxide. duction rates and current rates The Last Chance mine is in of discovery. A AAA AAA Brown's Hole, San Juan county, e,uuv uuu ions or uranium ore about three miles east of the must be produced every by on U. S. High 1980! That is a challenge year to ev way 160 and one mile south of ery branch of the uranium min the Yellow Circle. Production ing industry. from the mine since the strike win were De too much ura Lwas made in January has more nium ore? No, all of the experts than paid both for the mine oper- agree. n will not ation and for Atlas' other explor be a not in the year problem, ation activity, Burgess said. ieu, 1970, 1980 or ? ? ? ? m Hole-in-the-Ro- Adrer-tilin- g- BUREAU DENVER Will Last Past '62 ng Bur- - Mineral Publisher HARRY B, MILLER Editor GAIL FELTCH Feature Editor 0. D. QUINLAN FRANCES JENKINS Adr. Manager L. M. HILL Contributtnr Editor Digest Review May Be The Heat, But... A Reader Says Western writinr to adrertlaers. rates on application. Editor's Note: The following article is reprinted for Survey readers as a partial answer to the question "How much ore is needed?" "How long will the market last?" The article appeared in a recent issue of Ura the from and talk of mass ran Feeling resignations high nium Magazine. NASD was mooted about, when accountants of the National AsHow much uranium ore the sociation of Security Dealers, in their second week poring over will be able to absorb market the books and accounts of Salt Lake City brokers, flaunted their next few decades conthe during usual diplomatic finesse, in an attempt to obtain immediate tinues to interest a lot of people. formation. Brokers resented their action on the ground it would Until 1962, the U. S. Govern consume several days of valuable time and disrupt the even ment provides a market that is tenor of their normal daily routine. virtually unlimited, to take care dissaid of words a have is to of its needs in the manufacture punctuated Biting interchange cussion between the head of one of the leading brokerage firms of explosives and other experimental uses of atomic energy. and a member of the accounting crew of investigators. Several brokers asserted that the investigating accountants Very likely, current price schedules will be extended long give evidence that they are not here to help the brokers in 1962 date; in fact before the with the rules of the NASD but appear rather to be posmining groups now are clamoring sessed of a belligerent inquisitorial attitude which die brokers for early extension of that date. Meanwhile resent. it is generally There are signs the heat wave added to die intensity of ir- recognized that there soon will substantial industrial demand ritable explosions. One of the accounting crew in an excited be for uranium, as fuel for power moment is quoted as having remarked that he was hopeful the plants and for other purposes. job here may soon be cleared up without further delay so that This is the real "future" of the he can be on his way back to Boston,where he, apparently, feels uranium mining industry, most observers believe. more at home. The probable industrial deWhen the lengthy investigation is completed, die leader of mand for uranium by the year the investigating crew is to submit a report and recommendations 1975 or 1980 has been guessed at by various experts, including to the main office of the NASD in Washington, D. C. corn-formi- tor two yean; vey when ness. The tactics under scrutiny do not belong in die securities business and are in disharmony with the ideals espounded by the corrective association in which the brokers are members. It is emphasized by sources in touch with die review of existing practices, that brokers are pledged to protect customers. They are not privileged to grasp a pecuniary advantage over the public, when affiliation with other types of business make it possible to exercise an untoward influence over purchasers as mention Please A suspicion exists that tactics tolerated in other enterprises with which they are identified are. applied advantageously by some brokers as an aid in boosting volume in their security busi- $5.00 m js Public officiate have found that public education regarding; night driving hazards has paid big dividends. According to the National Street and Traffic Safety Lighting Bureau, these are the rules that have helped reduce night driving accidents where street lignung is bad: 1. Slow down. Dont regulate your speed by posted limits alone. Remember, speed must be governed by conditions, and darkness is a condition that calls for cau tion. 2. Have your car checked fre quently. In darkness, immediate ox the vemcie is a must. response . Doubie-cnec- k ail ngnis. 3. Be alert. Keept a constant watch for cedestrians and for ve hicles with dim lights ox no lights at all. 4. Dont wear tinted glasses at night. The advantage they offer in reducine elare is more than offset by the disadvantage in reduced vision. 5. Use headlights properly. Use upper beam only on rural highways when no approaching car it within 1,000 feet Use lower beam when oncoming cars approach, when you are overtaking another car, and when driving m cities ana residential areas. 6. Dim your lights, even though an oncoming driver fails to dim his. Trying to get even by blinding him is risking your neck. Maintain control of your car by looking at the right shoulder of the highway. 7. Be sure your lights are on before you pull onto a thoroughfare at night. 8. Never stop on the travelled portion of a roadway at night If you must stop, pull completely off the roadway, leaving parking and dome lights on. Carry flares for use in emergencies. m m m Scintillators FISHER DETECTB0N BISMUTH COUNTERS ORACLE FISHEB GEIGEB C0UNTEBS Universal Fisher Detection DRILL HOLE COUNTERS 250 Ft. to 1000 a Units Mineral lights Field Portable Models DAVID WHITE LEVEL TRANSITS $199.50 ck Over-productio- mm GOLD PANS Bental PICKS BOOKS Repair Terms Grand Jewelry 220 South State Salt Lake City. Utah |