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Show In Oil, Mining, Continued from page one Mining Company; exercise of right to purchase additional shares of Banner; purchase price and exploration of 44 uranium claims in Montrose County, Colorado; share and property purchase and exploration of T U Uranium Company; exercise of right to purchase additional shares of Chemetals Corp.; also to provide payment of proportion of estimated costs of acquiring and developing uranium claims in southeastern Utah for which negotiations are now pending. These proposals would involve the sale of approximately 157,000 shares at the par value of $1.00. Balance of stock increase would be used only if apy when needed. In giving a resume of the companys investments, Mr. H. E. Raddatz, president submitted the following information: "During the year 1953 your company acquired an investment in capital stock of the Banner Mining Company which owns and operates copper mining properties at Lordsburg, New Mexico and near Tucson, Arizona. The Lordsburg mine has an average monthly production of 5,000 tons of crude ore which is concentrated in' a mill on the property. Properties near Tucson are being developed and construction of a mill is near completion. The mill, having a capacity of 400 tons per day, will treat ores from an ore body which i3 estimated to be 500,000 tons. Another ore body, discovered in 1953 about one-hamile distant from the first looks like it is a major find. Ore was hit at thirty-fiv- e feet and the first twenty-fiv- e cars mined from the one hundred foot level averaged better than 5 copper. This ore body has been developed for three hundred feet on the one hundred foot level and now the shaft is being sunk to the foot level. Drilling indicates other ore bodies on this property, not yet developed. "Your company acquired 58,037 shares representing a 12.6 interest in the Banner Mining Company for $266,250.08 of which $100,333.87 has been paid. The balance of the purchase price is payable in four annual installments beginning April 1, 1955. It is proposed that this proportionate interest be maintained by the exercise OF rights to purchase additional stock to be issued by Banner in 1954. It is estimated that rights to 8,333 shares will be available to your company at the same cost per share as the original investment. The Whitaker Cable Company of Kansas City is completing construction of the first commercial copper scrap plant licensed by Chemetals Corporation, in which .your company owns an interest. lf four-hundr- ed ' New Weapon Public To Aid Chemicals Chemetals Corporation has acquired the rights to license the use of a German process for rolling copper powder. In this process it is unnecessary to melt the powder before rolling. The right to license its use as a process supplementary to the Chemetals process is considered to be a major acquistion by Chemetals Corporations. "The reduction in market values of other investments, principally our controlled subsidiary mining companies which are not operating, required an increase of in the reserve for loss on investment securities. $123,-535.- 78 Sunshine Co. Reports Net Profit Gain Continued from page one panys big silver mine on Big of ore, tons Creek totaled 21,954 an official told the Miner yesterday. This compares with a March output of 23,016 tons and an average of 22,481 tons per month dur- ing the first quarter. Included in the Sunshine total is the tonnage which it mines from adjoining under profit-sharin- g properties agreements. Directors of the company were all reelected at the annual meeting of stockholders in Yakima last Tuesday. They are J. B. Cox, Spokane, Joshua Green, Seattle, and R. M. Hardy, Frank M. Hardy and C. M. Hull, all of Yakima. At their subsequent organization meeting directors R. M. Hardy, president; Cox, vice president; Hull, secretary; Frank M. Hardy, vice president and treasurer; and R. D. Leisk, general manager. Wallace Miner. re-elect- ed National Lead Pushes Utah Work Moab, Utah National Lead has come into this uranium district in a big way. Drilling equipment has been moved on the company property in the Big Indian Wash. The exploratory drilling program, a very comprehensive one, is under the direction of Dr. Leroy Scharon, who is on leave from the Washington University at St. Louis, Missouri. This operation, expanding the known extent of the ore bodies of the area, will be watched with a great deal of interest. Offices for National Lead are to be opened in the Minerals Engineers building when it is completed in the near future. The search for uranium in Idaho, Washington, Montana and Oregon could be stepped up considerably if residents of the area would lend a hand, Frank C. Armstrong of the U. S. Geological Surveys Spokane office told a scientific gathering in Seattle recently. The job of prospecting the area material for additional atom-bom- b commission atomic for the energy is too big for the USGS staff alone, he indicated in a prepared address before a meeting of the Cordilleran section of the Geological Society of America, west coast section of the Paleontological Society and Seismological Society of America. There are several favorable-lookin- g unexplored areas which should be thoroughly prospected, he said, mentioning the northern Cascades, central and eastern Montana and the granite rock areas of north- eastern Oregon. The Spokane USGS office will test any samples submitted for radio-activit- y and if significant activity is shown will run chemical analysis for uranium free of charge, he said. If the chemical analysis justifies it, the USGS staff will make an examination of the property on which the sample was found, he added. Very little is known about the geology of uranium and almost any type of rock, with the possible exception of permatite and ultra-basi- c plutonic rocks, can be the host rock for a uranium deposit, he pointed out. Occurrences of the ore thus far found in the ' four northwestern states have been in wide range of rock types, he said. At present the principal Northwestern uranium area is in the Boulder batholith near Boulder and Clancey, Mont., where the mineral occurs in both quartz-sulphid- e veins and chalcedonic quartz vein zones. Vein deposits found in Idahos Coeur dAlene district which show promise of future production have been pitchblende associated with red jasperoid silification in the Bunker Hill Crescent, Sunshine and Coeur dAlene Mines properties. Another interesting Idaho occurrence, not yet thoroughly evaluated, is in the mine northwest of North Fork in Lemhi county. Central Idahos placer deposits contain uraniumbearing minerals usually referred to as "radioactive blacks, a complex formation of tantalum, columbium, titanium and uranium oxides. Several dredging operations are already recovering this material and others are planning to start. Another "interesting occurrence of pitchblende has been found north of Davenport, Wash., in what appears to be a tension fracture next to a fault in granite, Armstrong reported. The deposit contains molybdenum and thus is similar to the uranium deposits in the Marysville area of Utah. . Garm-Lamorea- ux In the oil prospectors war against the wilderness, this newly developed muskeg tractor will invade the boggy muskeg regions of northern Canada, heretofore largely impassable except when frozen. The small vehicle can run oh more treacherous surfaces than any transport. It fords swampy streams as above, crossesa bogs that would not support a man, negotiates, rugged trails. Built for Gulf Oil, it is expected to double or triple the speed with which the vast north Canadian muskeg area can be explored for oiL non-floati- ng Move Lower American Smelting and Refining companys first quarter earnings amounted to 58 cents a share, compared with 73 cents a share in the corresponding quarter of 1953, it was disclosed this week at the annual meeting of stockholders in New York. However, there has been a definite pick up in the demand for copper and zinc since early in the year, and production and consumption appear to be apPresident proaching- a balance, Kenneth C. Brownell reported. Subsequent to the meeting directors declared a dividend of 50 cents a share, the same rate paid in the first quarter. are said to have sold their claims to Geco Mines for $1,200,000 each plus a royalty on every ton mined. Geco stock soared from 40 cents to Huge Claim Staking Push In Ontario . $13. Lumber camp workers left their jobs and businessmen in town shut their doors when news of the find leaked out. Many have sold their claims for $1,000 each. Hotels in town were jammed with mining promoters from Tor--' onto. Hardware stores were cleaned out of supplies. A camp operator sold the snowshoes off his feet at the train station for $20. Helicopters worked from dawn to dusk carrying men and supplies into the camp. ONT. Miners GERALDTON, from Yellowknife to the Maritimes swarmed into town recently with mining promoters close on their heels in Ontarios biggest staking spree in years. Clergymen and carpenters joined the rush to get a share of base metal properties which have already given this little town four bonafide millionaires. The rush was set off by discovery of tonnages of copper and zinc ore at the Geco mines property at Manitouwadge Lake. Now stakes stretch across the bush for 150 miles. An estimated 500 men are already in the bush and more are arriving daily. More than 6,000 claims have been recorded. The three original discoverers A little colored boy was sitting slumped down in a chair with his feet resting on top of the table, when his mammy came into the room and said, "Lands, yo sho is a lazy boy, youse zackly lak yo pappy. Thank marry that man. heaven I didnt Subscribe Now Western Mineral Survey 22tt East 1st South Salt Lake City, Utah PUBLISHED ONCE EACH WEEK Late News, Quotations, Information Service, on Mining, Oil, Financial AS&R Earnings Mountain States Telephone 14, 1954 ( USGS Asks Tintic Standard Extends Interest In New Ventures Active Hay The Western Mineral Survey, Salt Lake City, Utah 2 KEEP POSTED ON THE GREAT URANIUM BOOM 4 $3.00 One Year . J $5.00 Two Years Subscription Order Enclosed find $ -- Mineral Survey for for which send me Western I : N&nic AdllrCSt.MM ,- - |