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Show ff ZTzmnr wrxrEr.s2fr o DEC 2 $ : SALT LAI r ' ' ALT LAKE k., 4 .1, SILVEB (par aa. LEAD, par 1M . UUUII ia aUuSl HMa 1LN Corn NO. 46. MJAa M.91M GOLD (par aa UNO (par ISO) - Features Mining, Oil, Financial VOL 18. TALLE1 reiou Salt Lake. City, November 14, 1947 1A.M One Year $2.50 New Park Diversifies Exploration Program established itself the as one of Having leading producers of nonferrous metals in the State of Utah, New Park Mining Company is diversifying its activities through acquisition of sub stantial oil land and oil operational interests. WORK projected alone the promising Silver King fissure appears .to be getting important results at properties controlled by Mountain Mines Company of Salt Lake. Shown in the above photo is a portion DEVELOPMENT Assessment Levied by BinghamMetals SALT LAKE CITY For the -- purpose pressing company obligations, Bingham Metals Company this week levied a one cent. asaessment.. on outstanding stock of the company. According to a letter prepared for stockholders, the firm is indebted to United States Smelting, Refining and Mining Company to the extent of $17,215. This indebtedness is evidenced by a company note, secured by a first mortgage on mineral ground controlled by Bingham Metals, according to the companys letter.'. The amount includes an original sum together with interest. In explaining purpose of the assessment, directors of the company included the statement, that: "Your directors feel that our mining claims which are strategically located in the very heart of the Bingham Mining District and bounded on one side by the fabulous Utah Copper Company property is worth many times the amount of the note held by the Smelting Company. The mine has not operated season when since the 1943-19ore shipments were made valued at . about $15,000.00. Increasing labor costs coupled with our inability to secure satisfactory exploration work forced us to close. Although we have been approached recently by responsible mining people requesting a bond- lease on our property, we inprefer that the mine repiainsmeactive thus conserving our tal supply, until there is a satisfactory change in the mining picture. The letter, was signed by the Board of Directors of the company, by Glenn L. Loveless, president. 44 of the property under development by the firm together with the new bunkhouse and change room. Earlier this year surface buildings were destroyed by fire, thus necessitating construction of the new building. Heavy mineralization carrying substantial values in gold, silver, lead and copper has been encountered in the West Drift being projected by Mountain Mines Company at its property in Big Cottonwood Canyon, Salt Lake County, Utah, it was dis closed in Salt Lake today. Now in some 725 feet from the main lower development tun- drive is said to have been from nel, . the West Drift is . entering 6 to 12 feet wide, , .. an area directly, below ore Due to the apparent intensishoots that, were formerly pro- fying of mineralization at present ductive in ' upper levels of the distances of the West Drift, armine. rangements are now being made for starting an upraise on the Lower Tunnel recently encountered ore shoot. As a major factor in explora- This Showing is estimated to be tion and development of the below the area highly directly demain the firms property, in earlier1 history of productive velopment tunnel was driven in the mine. encounter at depth an effort to the Silver King vein which was Lessees Active responsible for important proIn addition to coippany operaduction higher up on the mouna set of lessees have contions, tain. This lower adit was driven, a road to workstructed, during the development period, ings in the west endupper of the propa distance of 3172 feet from the and have started a drift to erty the which at distance, portal, the downward extenvein was opened. From this point undercut some at 200 feet, ore shoots the West Drift was projected sions,were that productive higher on westerly along the fissure. Ths will be the mountain. work the cut into tunnel main The winter the mountain 2000 feet below the postponeddue during snow to months conditions, 1400 surface and approximately comfeet under the lowest downward Mr. Charles S. Woodward, advised. has pany president extensions of the upper workDuring the past few months ings. Objective of this work was to undercut at depth the ore the company has completed a , m . shoots productive in these upper workings. Opens Values mineralization Encountering the entire distance along the vein, the West Drift for the past 125 feet has disclosed ore showings containing values all the way from $3.00 to $305 per ton. The vein along this westward new bunkhouse - and change room constructed of re -- inforce d concrete and cement block. This was necessitated as result of a fire this spring that destroyed buildings on the property. Offices of the company are in the Beneficial Life Building, Salt Lake City. Properties controlled by the firm are a short distance southeast of the town of Salt Lake and but a few miles from the famous Salt Lake Valley smelting center. Well Known Mine Executive Dies DULUTH, Minn. Discuss- : Metal Mining Industry of Utah t jlU high-gravi- . (Continued On Page 2) Refineries Continue to Whip Output With the oil industry operating at its highest level in history to meet unprecedented demands for petroleum products, refineries of domestic affiliates of Standard Oil Company (New Jersey) processed 19,000,000 barrels more crude oil the first nine months of this year than during the corresponding period in 1946. This added volume represents increased production in various petroleum products. For example, it provided sufficient additional gasoline for average operation of more than 33,000 automobiles for one year. Refineries of Jersey affiliates handled nearly 12 per cent more crude oil during this last nine-mon- th period than they did during the same period in 1946, which was the third successive year that they set a new annual record. The average amount of crude oil run through the affiliates domestic plants during the three-quart- er period was 704,000 barrels a day, compared wtih 631,-0barrels a day for the corresponding period last year. 00 Canada .Gives Aid ,r To Mining Industry Canada VANCOUVER, B. C. is leading the way to bring about more prosperous era for mining. Hon. Douglas Abbott, the new finance minister, has announced that a depletion allowance of 40 per cent is granted gold mines; therefore, out of each $100,000 over operating expenses, $40,000 is available for the return of invested capital. A reduction of income tax by 30 per cent will also do much to solve the problem of the dissatisfaction of the employee with present take-hopay. The employees and company shareholders will be benefited as a result of reduced taxes. . me . No Increase in Gold Price Expected NEW YORK, N. Y - - Mountain Mines Opens Promising Ore Showing - ing the. recent strength in gold shares, Reynolds & Co., New York brokers, said: "It would appear that rumors concerning . an increase in - the price of gold are largely responsible for the activity. It Is our 'uess, however, that an increase n the price of gold in the United States should not be anticipated until we are in a depression. Barring such a move in the near future, domestic gold mining shares appear fully priced. The oil interests consist principally in ownership and development of land in the Sulphur Creek area and interest in Oil Incorporated. A comprehensive resume of New Parks oil interests has been complied by Chas. J. Parry of Salt Lake and is as follows: 1. Sulphur Creek Operation New Park is pioneering the development of the Sulphur Creek Field, 18 miles southeast of Evanston, Wyo. 1381 acres, chiefly on Union Pacific lease No associate. Six. wells drilled average depth 700 ft. three wells producing under pump. 3660 barrels of oil sold for $4608 in 1946. This year (1947), should approximate 6000 barrels. Production coming from shales. Recent attempt to develop sands First well drilled through tight sand but failed. to produce after shooting.. A new well being driven nearby will be acidized' because of favorable lime content. If it does not respond to acidizing, the well will be extended down to test the Dakota sand, estimated at 2000 feet. In the near future, a deep test (5500 ft. to 6700 ft.) of the Tensleep (Weber) may be arranged with adjoining owners.. Stanolind is now geologizing the structure which is on the Meridian Antity cline. Oil is a green, paraffin base and is shipped by truck to Wasatch Oil Refining at Woods Cross, Utah. .2. Oil Incorporated (A Nevada Corporation) Authorized capital: .2,500,000 shares, $1 par value. Outstanding. 168,050 shares. Officers: W. H. H. Cran-me- r, President and Director; Ray C. Wilson, Treasurer and Director; Robert L. Cranmer, Secretary and Director; C. Stewart Meece, Manager and Director. New Park Mining Co. owns 54,000 shares and, with the shares owned by New Park officers, control Oil Incorporated. Oil Incorporated has holdings described as follows: 1. Castle Creek Structure: Natrona County, 14 miles west of Salt Creek, Wyo. Oil Incorporated has Vz interest in 9200 acres with British American Oil Co., Ltd. as associate. One well pro- - . I . Urpo Ky to, 55, of Duluth, Minnesota, mining official, business man and proprietor of the new Fifth Avenue Hotel died here yesterday. Mr. Kyto was one of the most influential men among the Finnish population of this area. Coming to this country in 1910 from Finland, Mr. Kyto became interested in the lumber mills which trade he left to work in the mines. At the time of his death, Mr. Kyto was president of the Silver Shield Mining and Milling Company of Salt Lake City which controls properties near . Ouray, Colorado. He was also interested in other western mining projects. Western Manganese Ore Tests Reported to Mines samples periment Station at Salt Only 47 of nearly 300 low-gra- de manganese ores from twelve Western states examined by the Bureau of Mines over a period of about six years proved valueless because of their low grade or chemical or physical nature, according to a report issued today by James Boyd, Di- -. rector of the Bureau. One hundred and four of the 288 samples could be used in the manproduction of high-graand shows, ganese, ,.the. report 137 samples could be treated to meet low-graore specifications either for direct emergency use or later metallurgical processing. The remaining 47 samples could not be concentratmethods. ed by As a part of the Bureaus long range mining and metallurgical research program t o utilize Americas abundant reserves of low-gramanganese, samples were tested from 154 deposits in Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, South Dakota, Utah, Washington, and Wyoming. to deterBeneficiation tests mine if the manganese ore could be separated from the associated and worthless materials on an economic basis were made at the Bureaus Intermountain Ex of . , de de . ore-dreasi- de ng Lake City, Utah. Various types of manganese ores, ranging in grade from 4 to 47 per cent manganese, were used in the experiments, and such ore was tested by at least two methods gravity and flotation. Frequently, all known methods or combinations are tried. Most western manganese ores are predominantly oxide ores, which can be treated if sufficiently1 complex methods are used, the publication discloses. In most cases, high-graoxide ores were readily concentrated in Bureau tests, except when containing iron oxides or siliceous gangue. On the other hand, low-graoxide ores lost 25 per cent of the manganese, and high or moderate recoveries were unusual. The report, which contains detailed information on the manganese ore samples and test results, was prepared by C. H. Schack and H. G. Poole, Bureau metallurgists, Metal lurgical Branch, Salt Lake City, Utah. A copy Report of Investigations 4117, Beneficiation of Western Manganese Ores, may be obtained free from the Bureau of Mines, 4800 Forbes Street, Pittsburgh, Pa. ore-dress- de de I; ing |