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Show "Oof W" VoL 26; No. 35 tyjf Significance in V & The Oil Salt Lake City. Utah. Septembei and lining World 16. 1955 H? Teai $3.00 One 10c Pei Copy Shawano and Catholic Group Uncover How Has Rich Ore Deposits Near Bangs Conor, 61,000 Acres in N M. Skelly Strikes S.110,000 Price Vr BAGGS, WYO. Finding what may be the nations first commercial selenium deposit accompanied by a major uranium strike of proportions has been reported five miles west of this small Wyoming town by a Catholic religious company has leased through foundation and a big New York Berger-Brigg- s of Albuquerque a heretofore, has been as a corporation. on of acres the total 2,560 of the electronic processing Ignacio St. Michaels of copper. It is listed as a critical for Spokesmen Chavez Grant, about 18 miles College Foundation, Inc. of Santa defense material. northwest of the Canoncito Indian Fe, N.M., and Shawano DevelopAlexander Guterma, 430 Park land. The company has farmed ment Corp., New York City re- Ave., New York, president of out the oil rights to Ed Cannedy ported a core drill encountered Shawano, said the claims are un41 feet of commercial uranium der the operation of the foundaof Albuquerque, retaining a 12 17 claims known as ore on of one per cent override royalty, and the Poison Basin Claims, and tion, which in turn provides funds to the Catholic college. held the uranium prospecting of a total of 250 claims in part Shawano is a corporation of dirights. the area. versified interests ranging from The companys original 40 Ten of the 41 feet contained ownership of a large hotel in stockholders has increased to 225. two per cent, Florida to more than 100 producNo stock is being offered by the uranium averaging in according to radiometric readings ing oil wells as Kansas, Wyoming company at the present time. well as interests Illinois and made on the property. in the textile and dairy business. Engineers at the exploration site said the ore body was encountered after drilling through 40 feet of overburden. Paul H. Keating, noted mining ' 'Vc V engineer, first discovered the uranium or occurrences of the Poison Basin Claims. A total of $40,000 worth of ore lie said indications are that has been outlined on the Silbys this property represents one of Pocket uranium claims of Yankee the largest uranium deposits in Uranium Corp. in Little Gyp the Rocky Mountain area. i Montrose district, county, mining Keating identified the produc- Colo. ing formation as the Browns Park. George A. Chase, general mana, combinaI know of no better ger of Yankee, made the antion of circumstances that are nouncement, saying the job was ; necessary, but sufficient, for the achieved with a minimum of production of large tonnages of drilling. A total of eight holes were good, commercial grade uranium ore. I believe such tonnages and drilled. The property is leased grades of ore exist on this prop- to Yankee on a erty, Keating said. basis. Chase said additional drillLouis Avant of Santa Fe, ing will take place on these ary-treasurer and general man- claims this fall. interest Yankee owns ager for the religious foundation, HOGLE 41 Pocket and in A. in said of claims JAMES selenium, which Silbys deposits 58 on claims in' of is used a half interest in the manufacture . . . Leading Broker Dies. exrectifyers and electronic tubes, Island Mesa, with very little have been uncovered on the same pense to the corporation. block which property and assay as high as Upon the 69 per cent, which is considered Yankee owns in the West Para- New Mexico Bureau Canoncito Uranium Corp. of Al- buquerque, N. M., has reported that two large deals have been completed which brings its uranium holdings in the fairway between Gallup and Albuquerque to 61,000 acres in eight different tracts. The company has acquired approximately 30,000 acres from the Gallup Coal Co., which has been turned over to Calumet & Hecla for prospecting and mining. The land is located around the town of Gallup and along the west side of the Gallup Hogback. What company president John Lynes said is probably the largest price paid for undeveloped acreage was $110,000 paid by Canoncito for 40 acres located in Section 20 13N - 9W, McKinley county. Santa Fe Railway and Holly Uranium Co. are mining uranium on each side of this tract, Mr. Lynes said. Calumet & Hecla also is scheduled to start mining operations on this property immediately. Canoncito began business Feb. 9, 1954, with $40,000 cash in hand. - Lynes said at the this time the company has $38000 cash in hand, in addition to the eight tracts which include 18,300 acres on the Canoncito N a v aj o Reservation located about eight miles east of the famous Jackpile mine of Anaconda Mining Co. Lynes said that Calumet A Ilecla has spent over $80,000 in prospecting and drilling the Canoncito Reservation land. An additional 40,000 feet of hole is to be started on the reservation within a short time. Since its organization, Canon' cito has followed a policy of acquiring acreage and then farming it out, retaining a substantial free, override royality. Canoncito also is engaging in the oil business, Lynes said. The Shumway Doubles Outstanding U-Stock Shumway Uranium Company doubled its outstanding stock last week by changing par value of each share from $1.00 to $.50. Each stockholder will receive two shares for each one they now have when the change becomes effective on Oct. 17, according to Trent J. Parker, president. The change was approved at a meeting in Salt Lake City this week. Stockholders representing 352,010 shares voted on the measures. Shumway now has 499,759 outstanding shares, Parker said. multi-million-doll- ar by-produ- ct ft . Gas in N. M. New Mexico Bureau Skelly Oil Co. has completed a large discovery in the Jicarilla Indian Reservation of southwestern Rio Arriba county in New Mexico. The discovery is the No. Jicarilla, located in the NE SE It was comSection sand formain the Dakota pleted an tion for initial potential production of 578 barrels daily of gas-distilla- te 1-- C 58-degr- oil or distillate plus 9.5 million cubic feet of gas per day. Humble Oil & Refining Co. drilled a successful Dakota sand well in the same general area last year. Yankee Outlines Silby Ore Worth $40,000 . . v I'- - 'v split-chec- k, 50-5- 0 secret- one-ha- Funeral Rites For Leading lf 46-clai- m dox area, the company is drillhigh grade. The only source of selenium ing on 23 of the claims under a DMEA loan. To the present nine holes have been drilled on 1000-focenters and ore and mintral-izatio- n has been found in the three of the holes according to Chase. ot The company is now entering the second phase of the DMEA program which provides for the drilling of 19 additional holes on 500-fospacing. ot Chase said Yankees geologists are very much encouraged as this property is in territory where large ore bodies can be expected. It is immediately adjacent to the Radium Cycle and Valley View uranium mines, which produced in excess of $1,000,000 worth of ore. Yankee has a cash reserve of $36,000 in the treasury. Chase reports. With a DMEA loan of $33,-00- 0 it is adequately financed for (Continund on Page 7) is ' s: ft ?.' ' V ,0 ' Utahn Saturday Funeral services for James A Hogle, 79, will be held at St. Marks Episcopal Cathedral at 11 a.m. Saturday followed by burial in Mt. Olivet Cemetry, Salt Lake City. Mr. Hogle died late Wednesday evening in a Salt Lake City hosillpital, following a two-weeness. For a period of 50 years Mr. Hogle was prominently identified with a multitude of philanthropic, social and business activities of Salt Lake City, and was regarded one of the citys most outstanding and public spirited citizens.1 For the past 40 years he had ks been identified with the brokerage firm of J. A. Hogle & Co. as founder and senior member. Deceased was also identified for a number of years with important mining enterprises of the Rocky Mountain area. FINDS URANIUM -Shawano Development and St. Michaels Col FIRST IN SELENIUM; lege Foundation this week struck it rich five miles west of Baggs, Wyo. Begins development. |