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Show Pare Salt Lake Stock Exchange ining Prices of mining issues were generally at the Spokane Stock Exchange than in the previous week. Jack Waite and Silver Syndicate made the most consistent advances. Lucky Friday, Sunshine Consolidated, Clayton Silver and Federal Uranium were other good at .37; 100 at .38 Cons. Eureka 100 at 62 Eureka Mines 2000 at .03 Leonora 5000 at .02 Indian Queen 3000 at .04; 500 at North Lily 500 at .55 North American Res. 9000 at .08 deep exploration venture in the Lucky Friday area of the Coeur-- d Alenes. The plan is said to call for exploration of properties adjacent to the Gold Hunter shaft which Day mines has rehabilitat- Piute AmericanSmelt-in- & Refining Co. Overhead reduced the figure to $15,396 and deductions of $34,022 for deple--tion, depreciation and amortization figured out a net loss of $20,199. In 1955, however, the firm had a net loss of $44,025. Smelter returns totaled about $320,000 as against $183,071 in 1955, indicating increased production. Management is looking forward to substantially improved operating results this year and plans to pay dividends from net cash receipts as often as practicable. The firm is in good financial condition, current assets being more than $120,-00December 31 vs. less than $12,000 in current liabilities. The mine plant also is in first class 0 condition. IIOMESTEAK earned net income of $4,407,000 or $2.19 share in 1956 against $4,359,000 or $2.17 in 1955. First dividend was received from the subsidiary Mining & Development Co. of Utah. It amounted to $230,000 from net income of $1,116,000. Net income from the firms Little Beaver mine, also in Utahs Big Indian uranium district, was $346,-00The company has spent in acquiring and developuranium properties in the ing Colorado Plateau area and is considering a venture in New Mexicos Ambrosia Lake district. The firms big gold mine is Lead, S. D., Has more than 15,000,000 tons of t ore reserves above the level and two new levels are being opened at a greater depth. . POLARIS has passed its original objective of nearly 2 miles in its East Exploration Project from the Silver Summit Mines La-S- al 0. $3,-398,0- 5000-foo- 3000-foo- t level and is going ahead on an extension program. The tunnel face is approximately half way through Rainbow ground but has some 2500 feet to go to roach the boundary line with Vulcan Silver - Lead. Favorable exploration reports continue to come from Wallace. THE OLD MORNING MINE, ore Which has yielded lead-zin- c for some 50 years, is getting a new lease on life from recent exploration work on a vein paralleling the main structure. Drifting a few feet along the structure, which had been barren where crosscut years ago, recently opened good grade ore. This new ore zone now has been opened for more than 230 feet, American Smelting & Refining Co. ownes the mine in Idahos Coeur dAlene district. DAY MINES is reported to be planning to participate in a new Aztec-Montezu- ma 12-ho- ur x 6,104-6,12- 0 .08 Baby 400 1000 at .05 .06; .5000 at .06; Knapp-Sundow- n 08 Indian Queen 01 14 14 Kennebec Keystone Little May Magnolia Uran. Oil Majestic Oil' Sc Mng. Mammoth Miller Hill Mono Kearsarge . . 01 Moscow 02 02 Mt. States Dev Mountain View Nalldrlver Nev.-Ta- h Oil & Mng. New Park New Quincy No. Am. Res. North Corp. Lily 01 02 12 02 04 Standard Park Bingham Park City Cons Park Konold Park Nelson Park Premier Piute Uran. Corp Plutus No. Drilling Shows New Ore Body At Ambrosia Pleased With Drilling Progress 01 Deposit Western Gulf Oil Corp. Announces Oil Discovery A significant oil discovery has been made about 5V& miles southeast of Blanding in the San Juan County segment of the Paradox Basin, was announced Tuesday by the Gulf Oil Corp. The find at the firms Gulf Federal No. wildcat, located in the center of the northeast quarter of the northwest quarter of Section 25, Township 37 South and Range 23 East, recovered a net 58.75 barrels of 43 degree gravity oil on a test of the Hermosa-Paradofor mation between feet. Some barrels of acid water also was recovered. No formation water was found during the test, according to Otto Brown, Gulfs Durango, Colo., district manager. At the end of the test, the well was flowing oil at the rate of about 2Vz barrels per hour, with declines in flow indicated. Aztec Oil and Gas Co. of Dallas, Tex., has a 60 per cent interest in the Gtilf wildcat by virtue of a farm out with the major oil company. The significance of this discovery is not alone in possible commercial completion upon addition al testing. Rather, the importance is based upon the fact that oil has been found in a free state in the Hermosa-Parado- x formation some 22 miles due north of the big Aneth pool and other associated oil fields in the south portion of the huge Paradox Basin. This discovery now opens the way toward intensified exploration and wildcat drilling in a wide region north of Aneth. The objec tive is discovery of oil and gas in potential areas of porosity belts. In response to this discovery, .05; at .04; at .20; 500 at .20 Silver Shield 1000 at .02; 10,000 at .02; 9000 at .02 WUUston 1000 at .17 Zuma 3000 at .04; 3000 at .04 Carab Sales Bonansa 2000 at .08; 1000 at .08 Colb. Rexall 100 at .38; 400 at .38 North American Res. 1000 at .09; 1000 at 09 Prosper Oil 5000 at .06; 5000 at .06 Tar THE AEC throw its support ehind a bill which would set up a uranium concentrate stockpile ing program that would assure mine operators a continued high market for their product through 1957. The measure has been introduced by the chairman of the Joint Congressional Atomic Ener- g at 1000 ed. D at 4000 Prosper 0115000 gainers. VULCAN SILVER-LEAwas disclosed to have earned about three times as much in 1956 as in 1955. Its net profit last year was $91,642 or 5 cents a share before depletion, against $30,548 for 2 cents a share in 1955. Issued stock on December 31 totaled 1,872,600 gy Committee. shares, vs. 1,666,000 12 months NUCLEAR PROPULSION of of guided missiles looms as earlier. CALLAHAN ZINC - LEAD, another new market for uranium. which controls Vulcan Silver-Lea-d Experiments now are reported had a 1956 net profit of $101,826 under way. or 5 cents a share, compaired with $141,304 or 8 cents a share in 1955. The company reported 1956 sales of $921,800 against $763,855 in the proceeding 12 months. JACK WAITE received $28,999 as its 65 share of net profits from operation of its lead-zin- c mine last year'by 15, 1957 Friday, March TIIE WESTERN MINERAL SURVEY 4 05 Prince Cons. Prosper Oil Sc Mng Rico ArgenUne Royston oCal'n Silver King West Silver Shield Silver Standard Sioux Mines Bo. Iron Blossom South Standard Sundance Oil Swansea Cons. Tar Baby 06 4.50 03 20 02 03 SANTA FE, N.M. A new uranium discovery has been made in McKinley Countys Abrosia Lake area by United Western Minerals Co. of Santa Fe, and Four Corners Exploration Co., of Grants, Tlntic Central Tintic Lead New Mexico. Tlntic Standard n Oil The ore body was discovered United Park City Cons. by a 10,000 foot exploratory drill- Utah o Bug. Com. Bug. Pfd. ing program conducted by Four Utah o Cons. Oil Corners under a previously re- Victor Wyo. Cons Alloys ported farmout agreement with Western West Toledo United Western. Wilbert they-owne- d 03 19 .17 12 20 02 03 77 -.03 1.40 Trans-Uliio- Utah-Idah- o Utah-Idah- o Utah-IdahUtah-Idah- Willis ton Basin Oil Cons. Although it has not yet been Yankee Zuma Ur. Sc Oil fully delineated by drilling, the Sales ore body could be 100,000 tons Bonansa 1000 at .08 1000 at or larger. Arrangements have been made for an additional feet of drilling to define the 25,-00- 0 deposit. The ore discovered is reported to be exceptionally rich, containuranium ing a reported 0.754 oxide by chemical assay. The deposit, averaging 10 feet in thickness, was found at a depth of 280 feet. The average depth of drill holes was 399 feet. According to 17 Bristol Silver Bullion Monarch 500 al Croff Oil 3000 at .07 Colb. Rexall 500 at .37; 5000 URANIUM In a letter to stockholders the Knapp Uranium Development Co. stated (that, Drilling for oilgas is progressing very satisfactorily in our joint venture with Sundown Petroleum on the 1060 acre lease near Grand Junction, Colorado. This drilling is going forward under the direction of the firm Krey and Shuh, highly Qualified petroleum geologists. There are three possible production formations" within our goal depth of 2800 feet. A standard cable drill is being used so we can more accurately test ell formation. The report Went on to say that they were pleased with the recent purchase of an undivided interest in an approximately 30,000 acre oil and gas lease in the Nokai Dome area of Southern Utah, and 25,000 shares in that Exploration Company, which is drilling a test well near line. Last report the certain of a comare is that they mercial gas well and are now extending the depth below 5,000 feet with the hope of finding oil. Although most of the interest end profitable activity now centers in the oil and gas field, the company is not neglecting the uranium interests. They have just shipped a 56 ton carload of uranium ore from our Sitting Bull mine to the Vitro mill in Salt Lake City, and another carload is ready to be moved. . . at .36; 4000 QUOTES leagull Jhamrock humway Silv. Buck Spencer Standard Stardust Sterling Strategic Mt. Sun Sundown Pet the farmout agreement with United Western Minerals, drilling r was to cut through the member of the Morrison West-wate- SwasUko Temple Mt. Texas formation. United Western Minerals has exercised its option to take a 50 Co. Three and Mining Reynolds States Natural Gas Co. met this working interest in the property, week in Dallas and modified their with half of this interest being agreement regarding exploration passed to its farmout partners on the Hatch Unit about 4 miles J. H. Whitney & Co., White, Weld & Co., and San Jacinto Petroleum north of Aneth Pool. Instead of drilling one deep Corp. Four Corners will have a test on the 47,000-acr- e unit, Rey 30 per cent working interest, and nolds will now drill three wildcat the other 20 per cent will go to for- estate of S. Paul Dooley, of tests to the Hermosa-Paradomation. Grants, who contributed some of Road building will start this the mining claims. The new strike week on the first such test to be is on the southern half of Sec located in the northeast quarter of 14, T.13N, R.9W, nine miles souththe southwest quarter of 'Section east of Ambrosia Lake and 15 9, Township 39 South and Range miles north and east of Grants. 24 East. The firms each have a First call on the ore will go to 50-5- 0 working interest in the unit, Mexico PartHomestake-NeThey have a total of 53,000 acres the ten miles built mill ners being in all in the Hatch area. Suite Grants. toward road down the The new Three States wildca United Western is one of the mil' TWX SU-1will begin drilling by April 15. partners. moab to host uranium RETORTS ON BEEHIVE and KNAPP Thunderbolt Tlmco Trans West Tri-Sta- te Uintah an Wyo. O&M Ula U. N. Beryl. va Upetco Uran. Ind. Ur.. King r. Mines In Uran. 8v Uranus U. K Pet C U. 8. Uran x Ut. Idoexp. Utah West Walters White Can. Whltelock White Sage Wyom. Yellow Cat Yellow Clr. York Ur. CROMER BROKERAGE CO. w 3-- 80 4 Salt Lake Stock Exchange Building. 39 Exchange Place Salt Lake City, Utah Telephone EL |