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Show ur CITY u LibKAHx 1 hr j 1. 1. fa -- $ WESTERN MINERAt rn Features Mining , Oil, Financial VoL 24, No. 17 TJ Salt Lake City, Utah, April 24, 1953 c- - Work Pushed At Properties Clayton Silver Mines has successfully met the challenge of declining lead and zinc prices during the past year and expects to continue to do so if the downtrend is at all reflected in the major items, such as labor equipment, materials and supplies, according to the Wallace ; Miner. 200-foo- t ch , ! i 10,104 lbs of zinc. Kennecott Grabs New Nevada Area RENO, Nev. Another rich $20 Optimistic Report Made By Clayton In Marysvale The MARYSVALE, Utah Deer Trail Mines is carrying on steady work at its property here. John W. Wilhelm, president o Deer Trail Mines in a recent statement told of progress being made. During March, we drove the lower Deer Trail tunnel 100 feefrom 4865 feet, toward the project ahead Howeve-duto the length of the tunnel nearly a mile, we could r eliminate powder gas from the muck pile We have therefore contracted with the C. A . Anderson, drillers of Manti, Utah, to drill a 650 foot churn drill hole, from the old Deer Trail dlscoverey shaft to a point 4650 feet in the tunnel below. The hole is guaranteed to hit our seven foot wide tunnel below. The road has been built and the survey has been made by Mr. Shelton, U. S. mineral surveyor of American Fork, Ut. The contract calls for casing, cost 56000, and is to be completed this month, when we will resume driving ahead in, 'the face of the tunnel. Harry Nelson, chief of Atomic Energy Commission Richfield, Utah, reports the drilling projects in the Marysvale area, have not been approved yet out of New York. Ore shipments by Deer Trail Mines last year totaled 295 tons of ore that produced 41 ounces gold, 7224 ounces silver, 4686 lbs. copper, 26,101 lbs. of lead and 10,104 lbs. of zinc. Ore shipments by Deer Trail Mines last year totaled 295 tons of ore that produced 41 ounces gold 7224 ounces silver 4686 lbs. copper 26,101 lbs. of lead and One. Year J ' undeveloped mineral area in Nevada has been taken over by a major mineral company. Kennecott Copper Corporations wholly owned subsidiary, Bear Creek Mining Co., has taken an otion for $600,000 on 18 patented mining claims in Nevadas Jungo district. The company has plans for a large-scal- e diamond drilling program on the claims to determine the extent and grade of schee-lit- e mineralization with the hope of developing sufficient ore tonnage to warrant large-scal- e mining and milling opers ations. The mining claims are located on the east side of Washoe Lake, three miles east of Jungo, and were originally located by George J. Hunt of Carson City. Bear Creek optioned the claims from the Gold Corporation of America who had previously leased the claims from Peter J. Burfening who, in turn, had optioned them from Hunt. The Gold Corporation has carried on a surface and under-grounexploration campaign on tiie claims and conducted a number of metallurgical tests on the ore. Gold Company New Exploration Loans Granted To Western Mines Increases The Defense Minerals Exploration Administration executed Income Net nine new exploration contracts involving search for additional minerals in as many states of seven different During the past year, the Company operated six dredges continuously in the Folsom district of California whereas six and one-ha- lf dredge years were reported. in. lj5L The decrease in gross returns amounted to 9.4 per cent due in the main to a. lower recovery per cubic yard. Unit operating costs continued to increase but to a slightly lesser extent than during the previous year. The Greenan Placers operation in Lander County, Nev., showed an appreciable improvement over 1951, both in yardage handled and in gross production; operating costs, however, continued high. During the last seven months of the year, dredging was confined to the area of better value which resulted in a net profit for the value which resulted in a net profit for the year before depreciaion, whereas a net loss was sustained in Na-tom- as 1951. . $28,559. The consolidated net income for the year before deducting and depletion depreciation, 3 on Continued Page James Boyd, former director of the U. S. Bureau of Mines, is exploration manager of Bear Creek with headquarters in New York, George W. Rust of San Francisco, California, is Bear Creek project manager at Jungo. . New Quincy To Continue Development $1,-098,7- 50 lead-zinc-cop- 7 Operations in California and Nevada covered a total area of 276.1 acres with 26,827,872 cubic yards handled yielding a gross production of $2,973,108.35. The yardage dredged was slightly less and the total recovery slightly greater than the respective figures for the prior 12 months. South Platte Dredging Company ceased mining at its location. near Fairplay, Colo., oh Jan. 15, 1952, due to inability to operate at a profit. The company had net current assets of $217,108 in cash, as of Dec. 31, 1952. The depreciated book value of its dredge, equipment and supplies was $457,098, the value of potential dredging property owned at Breckenridge, Colo., was $90,473, and other assets were carried at strategic deposits of 1953, it was announced by Secretary month the March, during of the Interior Douglas McKay.' of the estimated cost of the During the same period, 51 applications for Government fi- project) ARIZONA nancial. ' assistance under the Ace Building and Roofing DMEA program were received Supplies, Greenlee, manganese, from mining operators in 15 $17,880, $23,840. exStates and Alaska. With the Continued on Page 3 ception of the months of Januof this 1952, and March May ary, is tiie largest number of applications for assistance to be received by DMEA in any one month since November, 1951.. The nine new projects for which contracts were executed are located in Arizona, Idaho, Montana, Nevada, North Carolina, Utah and Washington. New Quincy Mining ComThese explorations are for manganese, lead, zinc, tungsten, pany, Salt Lake City hasof apits mica uranium and copper, and plied for an amendment now contract force in range in estimated costs from financing with the Defense Minerals Ad$2340 for uranium in Utah to in ministration. for Idaho. The total estimated cost Purpose of the additional $1,522,-21contracts is the nine funds, as requested in the of with the Government partic- amendment, is to permit an adipating to the extent of $840,728. ditional 200 feet of drifting and g The nine new contracts in along the fissure March increased to 471 the num- and a possible 285 feet of raisber executed by DMEA since es- ing. This work is to originate on the 1300 foot level of the mine. tablishments of the agency. Latest report from the comThe 51 applications for assistance under the DMEA program pany indicates that favorable received in March had estimated action has been taken on the costs of projects ranging from amendment, however it is necesin North sary for the company to raise $3375 for beryl-mic- a to one for $179,127 for sufficient funds to match the Carolina, lead-zin- c For Montana. Search governments allocation. in of directors the this stratepurpose for additional deposits of cent levied one a have 18 of company gic mica was proposed in the 51 applications, and 16 of the assessment on the outstanding 18 came from operators in North stock of the corporation. Offices of New Quincy are in Carolina. Salt Lake City and the mining The amount of Government property is located in the Park participation in the cost of an City Mining District, Utah. exploration project under the DMEA program is 50 per cent, 75 per cent, depending upon the Nickel Buy mineral being sought. The WASHINGTON, D. C. Following is the list of the contracts executed during U. S. government will buy 100 March. The list is arranged al- million to 200 million pounds of phabetically by States, and .in- nickel from Falconbridge Nickel cludes the name of the contrac- Mines, Ltd,, of Toronto over the tor, location of the project, com- next 14 years. modity involved, amount of Falconbridge will also deliver Government participation, and 2 million pounds of cobalt by total value of the contract. (The and 52 million pounds difference between the two of refined copper by the end of amounts is the companys share 1958, under the contract. cross-cuttin- - mid-196- 2 This, briefly, was the report stockholders received at their annual meeting here Monday. Operations at the companys niine in the Bayhorse district of Custer County yielded a small profit, each month before taxes and deductions, during the first three months of this year. President W. M. Yeaman reported. Lead concentrates are now supplying over 85 per cent of the companys income, the balance coming from zinc concentrates. The companys financial condition is exceptionally good, he said Current assets, including cash, ore in transit and inventories, totaled $200,086 at the end of March. Current obligations regular accounts and taxes payable amounted to $19,170. With the mine is in excellent physical condition and operations continuing at a small profit, Clayton Is in a good position to benefit quickly' from' any increase In metal prices, he pointv ed out. Known ore reserves above the totaling about 108,500 tons most of which is already broken in the stopes, are suffin mill cient to keep the e its at present operating rate for about four years. Norman M. Smith, directing engineer told stockholders. An additional 183,000 tons of or another seven possible years supply, may be available when the new 550 level is opened and developed, "he indicated. All officers and directors were reelected for another year's term at the meeting. They are M. W Yeaman, Yakima, president; A. H. Featherstone, Wallace, vice president; Ray Morrison, Wallace, secretary-treasureAlma R. Kingsbury, Wallace, and John I. Preissner, Tacoma, directors. A total of 1,624,839 shares out of 3,000,000 outstanding were represented in person and by money at the meeting. 400 level, 100-to- full-tim- r; Ore Shipments Week Ending April 20, 1933 BINGHAM DISTRICT, UTAH Combined Metals Reduction 300 tons. U. S. Mines 8374 tons. Utah Copper (Kennecott) 970 cars, daily average. PARK CITY MINING DIST. New Park Mining 1647 tons. EUREKA DISTRICT, UTAH ore 38 Chief Consolidated cars. clay Dragon Consolidated 25 cars. 1 car. Mountain View-- ore (Courtesy J. A Hogle & Co.) 85-t- on Falconbridge will deliver at 100 million pounds ,of least to nickel the U. S. by June 30, 1952, starting with 2 million pounds this year. , . |