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Show rr VoL 27; jHificance ih The Oil am4 UliHing Wcttil, ui of Oct 600 Claims d Federal Uranium Corp. today completed sale of its 17 of uranium claims for a cash price interest in a group k of $3,350,000. The claims are known as the group and are located in the north end of the Big Indian Mining district, southeast of Moab, Utah. Federals interest in the claims was sold to Hidden Splendor ' Mining Co. The sale represented the exercising of an option on the property granted last November to Moore and Schley, New York investment bankers. The option later was assigned to Hidden Splendor by. Moore, and Schley. Hidden Splendor previously had ins acquired the other terest in the property. Checks for the full purchase price were given to Federals president, W. D. Nebeker, Jr. by Edward IL Farley, Jr. of New York, secretary of Hidden Splendor, at a final negotiation meeting in Salt Lake City. This transaction provides Federal with the cash it needs to carry out full development of its other properties and to strengthen further its position as onq of the leading uranium producers in the nation, Mr. Nebeker said A $300,000 loan, granted to Fed-ra- l by Moore and Schley in con- Early this year, Central. Eureka entered into a contract to purchase all of the capital stock of the Flanders Mining Co., a Nevada corporation whose principal holdings were in the prolific Gateway Mesa FREMONT TO DRILL SOON Engineer's map shows the locanear Grand Junction, Colo. tion of numerous uranium firms now developing properties in The Public Utilities Commisthe Crooks Gap, Wyo. area. sion this week approved the issuance of Central Eureka Corp. stock for the purchase of all outstanding Flanders stock. By acquiring the properties of the Flanders Mining Co., Central Eureka Corp, takes over in excess uranium mineralization "The Crooks Gap area is fast of 600!.claims in the Colorado urahave found as deep as 800 one hottest been the of Plateau, totalling approximately becoming nium areas in the western feet below the surface. two-third- g . Fremont Plans "Gapit Property Development ore-grad- e -- acres. states, August, presiAmong the firms now leasing dent of Anthony Uranium said Fremont these claims are Lisbon Uranium Co,. Utarado . Mining Co,.qnd, today. Fremont yranfunf is'ncwriegCK with A & J Drilling Co, tiating Exploratory drilling on most of Rock Wyo. to conduct a Springs, the Central Eureka claims has core drilling program pn 220 been conducted over the past four acres known as the Subway . years, according to the announce-.claims. ment, and a considerable amount The company has finished all of ore has been blocked out. Enassessment work on the propergineering reports indicate in excess of $20,000,000 worth of ore ties. Samples taken from the surin the various Central Eureka face assay from .10 to .35 per cent U308, August said. claims. Numerous companies are pushof now claims are these Several ore on a reg- ing development programs in the shipping uranium ular basis, according to Central area, August reports. Largest operation is the Phelps Dodge Eureka. The recent extension of the US claims where several zones of . 1'2,000 Many of the Crooks Gap claims were staked early in the winter discoveries to the northeast. ' in BIt paid by Federal from proceeds of the sale. Federal now has no outstanding debt.' The cash received in the transaction amounts-tapproximately 60 cents for each of the outstanding shares in Federal. depth. In addition to this substantial Mineralization in the area, lo- cash position, the company is procated in central Wyoming, is ap- ducing ore from six mines in parently confined to the Wasatch three states and is 50 per cent formation with uranium concen- owner of Radorock Resources, trates lying in the carbonaceous Inc., which has one of the richest siltstones arkosic sandstone com- ore bodies in the nation. Federal is now beginning an extensive exbined structures. ploration program on its other the U.S. Atomic,- - Energy Commission drilled 10 Wildcat to two mile holes on centers, hitting ore in six holes. Another hole cut three feet of .78 per cent U308 at a 245 foot 1955 one-fourt- h governments uranium buying program for another five years Water-Floodin- g is expected to result in a continuing increase in uranium mining operations on the Colorado Plateau, the company reported. has resulted in g Four Kansas projects where the recovery of approximately 6.6 million additional barrels of petroleum in the past 12 years are described in a Bureau of Mines technical repojt released today by the Department of the Interior. The report terms the secondary recovery projects in Butler and Greenwood counties, as representative of modem operating ' methods. It outlines the history of the fields and tells erf methods. The treatment, consisting of filThe board of directors of the Kansas. The four operating comJuniper Oil and Mining Co. has tering and addition of chemicals, panies Morrison Producing Co., declared a dividend of one and is designed to avoid the danger of Cities Service Oil Co., Tide Water cents per share, or one of precipitates plugging the pores Associated Oil and Ohio Oil Co., formation. At in the and one-haper cent in stock. much of the provided Company At the stockholders option, the the projects discussed, water is material the used in publication. dividend is payable June 30, 1956 obtained from both oil and water distributed be will The report the to stockholders of record June 15. wells,- and is run through water-flootour at of the a Officers and directors of the treatment plant before being Kansas Oklahoma Water Flood firm have elected to receive this pumped underground. Operators Association May 23 dividend in stock, according to Prepared by J. P. Powell, pe- near Magna City, Kans., being John E. Blixt, president. troleum engineer at the Bureaus held jointly with the Kansas SecBased upon Junipers present Petroleum Experiment Station, tion of the American Institute of operations and income, the board Bartlesville, Okla, the report also Mining, Metallurgical, and Petrolof directors plans to make such gives the record of eum engineers. distribution on a quarterly basis, the four projects in detail. Others desiring the publication so that the annual dividend will Sketches, maps, graphs, and tables can obtain it from the Bureau of amount to six per cent on the in- are included to show the water Mines, Publications Distribution itial offering price of $1 per share conditioning and injection sys- Section, 4800 Forbes St., Pittsfor the companys stock. Juniper tems and to present the results of burgh 13, Pa., by asking for I. C. Water Flooding of Oil Oil and Mining Co. has been in flooding. 7750, business less than one year; it A study on which the report is Sands in Butler and Greenwood It should be was lncorporaited on Sept. 29, based was made under a coopera- Counties, Kans. and title. number identified of the with State by 1955. tive agreement Ups Oil Flow In Kansas Fields water-floodin- Juniper Declares Dividend From Year's Progress water-treatme- one-ha- lf lf one-thir- Daniels-Ruddoc- Co. . lane. 1. 1956 To Federal's Growth San Jose Calif Uranium mining operations are now being actively conducted in the Colorado Plateau on a portion of the claims recently acquired by Central Eureka Corp. here through the purchase of the Flanders Mining v-- - i Big Indian Sale Adds ks Gap Grows Cent. Eureka Buys More Of Plateau uranium-producin- I Moslem Mineral Survey, Sail Lake City, Utah No. 14 oil-beari- . d nt UP, Joins ASR To Hunt Uranium The beginning of a new chap- ter in the Wyoming uranium hunting business was announced this week in Salt Lake City by Union Pacific Railroad Co. and American Smelting and Refining Co. According to the Salt Lake Tribune, the two companies are now closing a deal to conduct both a surface and aerial reconnaisance for fissionable materials on some 4,800 square miles of Union Pacific land in Wyoming. Tlie area is fee simple title extending, a mile wide along the main line of the UP railroad from Evanston through '--7 A portion of the property Is near the Crooks Gap area; a second section runs near Pumpkin Buttes uranium district in Wyoming. Both helicopter and regular, airplanes will be used to explore the ground area, reports say. . Arrow Plans Gold Property Program Arrow Uranium Corp. is preholdings. paring to develop gold properties in Gold Circle Mining District, Midas, Nev. The operation, according to Fred Kuhn, president will start next week. Samples cut from the face of: an existing tunnel on the 'prop' erty show from 20.52 to 80.27 Uranium Corp. this ounces . Spencer of from 4.2; to week announced acquisition of 16.0 ounces gold and of silver in the ore, one-hainterest in two Kitty Kuhn reports. claims located in the Blanding Arrow also reports favorable area. activity on other mining proper-- . W. to Owen Bunker, ties. According Vitro Uranium Corp., lessor of Spencer president, drilling operArrow claims in the Indian five ations start on the properties Creek area, has completed bullMonday. Current estimates place the blocked out ore body at 30 dozing drill sites and have comfeet from the surface. pleted eight test ho.es, Kuhn The ore estimated is sufficient said. An extensive drilling program to warrant a mining program, now underway, according to is adds. Bunker Jack the Horton, Vitro Salt Lake City is propworking Spencer Almanager. erty in a joint venture with The Balcone Eploration and pha Uranium Co. The company also notes mining Drilling Corp., San Antonio, Tex., and shipping on the Yazzie claim is now working two Indian Creek-claims- , leased from Arrow. Bal-conin Monument Valley, Ariz. Aloperation, Kuhn said, will though a formal report on the to prove the main channot Bunker attempt is available, property on these claims. trends .51 said ore is averaging per neling is Arrow planning to initiate cent U308. and development of exploration Spencer is also negotiating for five' claims in the Marys- - , mining properties in the Upper Cottonvale Mining district near Vanawood area, he said. Company offices are located in dium Corp. holdings and Bullion Kuhn 114 Atlas Building, Salt Lake Monarch properties, City. v. - . T" z Spencer Acquires Blanding Claims . lf . . a , . t'' es vAj iV1.?. vj |