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Show 41 OF U LIBRARY P - CITY 1 a $ ;. METAL PRICES 4 14c Lead (per lb.) Gold (per oz.)...$34.9125 .24.2c Copper Zinc, (per lb.) Silver (per oz.) Features Mining, Oil, Financial VoL 24, No. 6 new mined 12.5c .83.25c One Year $2.50 Salt Lake City, Utah, February 6, 1058 Utah Proves Vew Source Of Oil, Gas Salt Lake Stock Exchange January Transactions JANUARY, 1953 The Information contained in this meat la derived from aourcei regarded aa reliable, not guaranteed, tat believed to ba correct. What appears to be Utahs largest gas well was brought in at the Clear Creek Gas Field, Carbon County, Utah, where the Utah Fuel No. 8 wildcat made an estimated 60 million cubic feet per day, open flow, visual testing. This well is located about four miles north of the ' Discovery Well and represents a sizable extension of the productive area of the field. Gas from the field is committed to the proposed transmission pipeline of the Utah Natural Gas Co., which would run from Clear Creek to Provo, Utah. This company is a subsidiary of El Paso Natural Gas Co. Leasing activity continues at a feverish pace over the entire Wjasatch Plateau area, of which the Clear Creek gas field is a part. The Glen M. Ruby wildcat: Reports indicate the possibility that producing oil well has been blown in on the Big Flat StrucMr. ture near Moab, Utah. anowner and driller, Ruby, nounced his well has flowed at a rate of 120 barrels per day in an open hole test on Jan. 3. Apparently, this recovery was made from a fractured solt horizon. The producing formation is thought to lie below this salt cap, so the well is being 'deep-- " ened. Total depth is now around 7550 feet. If the Ruby wildcat does become a commercial producer, it will be the first such well in that part of Utah. - Tar Baby Tintic Central Tintie Lead Tintic Standard Oil Trans-Unio- n Utah Con. Utah Ida. Sug. Utah Ida. Sug. Pfd. Utah-Wy- o. Con. Oil Victor Con. Western Alloys West Toledo Wilbert Willistcn B. Oil Yankee Con. ; . Unlisted Stocks Amal. Sugar, Pfd. Utah Fire Clay Utah P. & L. Com. Z. C. M. I .53.50 xlndicates operating companies. Total Shares Traded 1,022,157. Production Maintained At Sun Con. Rate of production from the property of Sunshine Consolidated, Inc., during 1952 was about the same as in the previous year, Norman M. Smith, directing engineer, disclosed this week. Sunshine Mining Company, which operates the property ung der a agreement, mined nearly 13,000 tons of ore, an average of a little more than 1000 tons a month, fronh stopes level in the above the 3100-foo-t Sun Con area of. the Yankee Girl vein last year, he said.- About 396,000 ounces of silver were extracted from the mine output. Production from the Sun Con area during 1951 totaled 13,003 tons of ore from which 388,220 ounces of silver, 204,319 pounds of copper and 19,548 pounds of lead were recovered. During the past year two adjacent ore shoots totaling between 210 and 220 feet in length and of sufficient width and grade tp constitute a "good small iAine were opened on the main 3100 development level in the westerly area which the new drift will explore some 400 feet higher. profit-sharin- - 53.50 42 odds 53.50 110 Dollar Value $166,679.71 Bingham Area Principal Source Of Metal In Utah South Dakota Increases A substantial increase in output of copper ore in Utah in over resulted in a gain in production of copper and gold, but suspension of operations for periods ranging from three to six Metal Output months by three large producers of zinc, lead, and silver caused 1952 ' 1951 a loss in output of these metals, according to the Denver Office of the Bureau of Mines, United States Department of the Interior. The production of gold, most ber of producing mines declined ly derived from copper ore, in- from 82 to approximately 70. creased to 437,600 fine ounces in METAL PRICES 1952, a 1 per cent gain over 1951, The price of gold ($35 per fine and copper to 283,500 short tons, a 5 per cent gain. The output of ounce) and of silver ($0.9050505 silver decreased to 7,216,500 fine per fine ounce), fixed by the ounces, a 1 per cent loss; lead United States government, reto 50,000 short tons, a 1 per mained unchanged in 1951 and cent loss; and zinc to 34,000 1952. The quoted price of copshort tons, a 1 per cent loss. The per remained the same throughoutputs of gold and copper in out 1952, $0,245 a pound; but thea 1952 were well above the year- weighted price was $0,243 pound. The average price of ly average for the decade other hand, the lead dropped from $0,173 'a , On the outputs of silver, lead, and zinc pound in 1951 to $0,160 in 1952, were below the yearly average. and zinc from $0,182 a pound to During the first quarter The State remained the sec- $0,165. 1952 market price of lead of the ond largest producer of copper cents 19.0 a pound and durwas in the United States (exceeded months of the five first the ing only by Arizona), ranked sec- year the niarket price of zinc ond in gold and silver, third in a 19.5 cents was pound. The lead, and eighth. in zinc. Dec. 15 were 14 of as The value of the five metals quotations cents for lead and 12.5 cents for in 1952 was $186,848,297, or 2 zinc. per cent greater than the value MINING , of $182,897,139 in 1951. Of the Of the' total ore (33,000,000 State total value in 1952, copmined and treated in Utah 74 contributed tons) cent, per per more than 97 per cent in 1952, lead zinc silver 6, and 8, 9, gold was 3 per cent. The State output of copper ore and 2 per cent ore; the remainore (mined and treated) increased from 31,356,837 tons in der was largely silver ore. The 1951 to 33,000,000 tons in 1952, quantity of copper ore mined a 5 per cent gain, but the num Continued on Page 2 1942-195- 1. zinc-lead-silv- er South Dakota lode mines produced 484,556 fine ounces of gold, 141,401 fine ounces of silver and 2 short tons of lead in 1952, according to the Minneapolis office of the Bureau of Mines, United States Department of the Interior. Output was reported from five lode mines. No placer operation was reported. In 1951 production was from five lode mines and three' smal placer mines and totaled 458,101 ounces of gold, 139,590 ounces of silver and two short tons of lead. No copper has been produced since 1944 and no zinc has been produced since 1948. The Homestake mine at Lead, Lawrence County, operated by the Homestake Mining Co., the largest producer of gold and silver, operated continuously and treated an estimated 1,209, 884 tons of ore an increase o: 163,681 tons from 1951. Con- ' Equity Oil No. 2 Mounds: Oilmen have been watching for official confirmation of persistent rumors that Equity Oil Co. has discovered on entirely new oil field. The wildcat well is located in the northeast San Rafael Swell area of Emery County, T. 16C, R. 12E, SLM. Unofficial sources report favorable oil and gas shows. Testing continues. Continentals Chapita Wells Unit No. 1, a wildcat discovery well being drilled in the Uintah Basin, is still under test. More the well produced recently, about 62 barrels of oil and gas at an estimated rate of 1500 r MCFD (on a test). This well represents Utahs first substantial discovery of oil in the Mesaverde formation. Oil Inc. is vitally concerned with the Chapita Wells test, since it holds a five per cent four-hou- royalty interest, and a 20 per cent working interest in 23,834 acres, of which 19,208 acres are consolidated within the unit. The remaining acreage is under option to Continental, and is adjacent and contiguous to the unit Ore Shipments Week ending Jan. 31, 1952 BINGHAM DISTRICT, UTAH Combined Metals Reduction Co. 330 tons. U. S. Mines 8697 tons. . Utah Copper (Kennecott) 951 cars, daily average. PARK CITY DISTRICT, UTA" New Park Mining Co. 1485 struction and remodeling of the new crushing plant at the Yates shaft were completed during 1951. Similar remodeling at the Ross shaft was completed in tons. EUREKA DISTRICT, UTAH 1952. The new crushing plants, Chief Consolidated ore 40 with changes in the grinding section of the South Mill, will cars. Dragon Consolidated clay allow the company to discon18 . cars. tinue use of stamps. Sixty ore 1 car.. been taken have EmpireMines stamps already out of the circuit. r A. J. Courtesy Hogle & Co. 85-to- n ' |