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Show SU 1 OF U LIBRARY CITY S3ERNHH 1 : Features Mining , Oil, Financial iW. VOL. 24. No. 38. Salt Lake City, Utah, September 18, 1953 One Tear $20 New Oil Drilling Operation Underway In Rangely Field Salt Lake Firms Push Vital Project Drills are now going ahead at a depth below 1600 feet in an endeavor to encounter the Mancos shale formation in the famous Rangely )il Field. This exploration is being undertaken under a group agreement involving several companies. Acocrding to Mr. R. L. Taylor, Salt Lake Independent oil operator, there are three mining firms, all listed on the Salt Lake Stock and Mining Exchange, who are interested in the new development. The first well included in the project was spudded in this week and the second well will be startUtah tungsten deposits located ed within sixty days. west of Delta hold potent possibilCurrent reports are that the initial well is now down to a depth ities of reaching vast importance. of 1600 feet Objective of the drill-n- g The area lies some forty miles activity of these companies is from the Nevada border and inhe Mancos shale formation in the cludes acreage that may well beRangely field. come the source of a substantial Particularly interested in the tonnage of low grade ore. endeavor are the Royston Coali Rare Metals Mining Company, tion Mines, Ltd., which has. a 25 per cent working interest, Trans-Unio- n lessee of the Mineral Valley MinOil and Mining Co., with a ing Company property, has installFollowing the continued drop in prices for lead and tine ores, many properties throughout the V 12 per cent interest, and Kenne- ed an interesting recovery milling western mining area are turning to the leasing system as a possible solution to the critical condibec Consolidated Mining Company, set-u- p tion. Lessees, working on their own time with a minimum of overhead expenses, are in a better posito concentrate the tungwith a 12 V4 per cent interest. tion to realize favorable income from ores that to a company operation would prove unprofitable. black sand, and gold from These companies, along with R. L. sten, the placer gravel. Taylor, Salt Lake Independent oil Since installation of the Stephen operator, are instrumental in the exploration of this particular area. Concentrating tables, a high perIncentive to the new develop- centage of W03 product is now ment was the signing of an agree- possible. The potential tonnage of open ment Oil whereby Trans-Unio- n From all parts of the nation and from many foreign countries some and Mining Company acquired a pit gravel available makes this 1500 to 2000 mining men will converge on Seattle, Washington, Septem- 12V per cent working interest in new placer operation one that ber 4 for sessions of the. 1953 Metal, and Nonmetallic Mining Con- the drilling project. This involved might well develop into a perma120 acres on a Farm-Ou- t from the nent operation of substantial volIncentive leasing is' becoming a vention of the American Mining Congress. in Seattle for the first Stanolind Oil Company of the shal- ume. Meeting more and more popular method time in its the low rights to the Mesa Verda forhistory, Expansion plans have been anof operation in the mines of the American Mining Congress will asmation not exceeding a depth of nounced by the several companies Coeur dAlene district as the eco- semble the top brains in the min2500 feet The agreement calls for interested in development of the nomic squeeze between low met- ing industry for discussion of the a minimum of four wells with a area, including construction of a infaced the many problems by costs good and al prices possibility of six. larger mill designed to produce high operating and to will endeavor come The dustry, wells vitally needed concentrates. currently operating becomes tighter, according to a up with practical solutions. Lead122.9 in on drilled are acres being Queen of the Trills Mining Comcomprehensive review made by ing national legislators, officials Sec. 35, Township 2N, Range 102W pany, which controls some 1100 of Federal Government the Wallace Miner. Departacres adjoining the Rare Metals The office of defense mobilizaments and agencies dealing with is also reported to be property, Heightening the pitch last week natural resource administration, tion has chosen to ignore the suginto Mint Denver going production of both placwas the reduction in the price of and recognized authorities in the gestion of the mining industry that Report and er lode ore. Curtailed lead and zinc produccent to 10V4 emits mining industry will share the stock-pilin- g zinc by one-ha- lf of lead and zinc be The areas known as Bally Hill tion because of cheap imports and a pound. This came on the heels spotlight on the Convention proto the current stepped up support and East Side Spring., has prolow U. in the has cost S. which the gram. metal prices increase of a labor weak duced ores indicating substantial market the for anc metals also reduced the new work contracts signed by gold consideration at the meetMajor of better than 1 W03. tonnage instead has established a new pol- and silver that comes from these most district operators last week ing will be given to national minentails. Of particular interest to the deeral policies, mining on the pub- icy of slowing the accumulation of base metal ores. August gold receipts at the Den- velopment and exploration of the Even before the zinc price cut lic domain, mineral and metal materials needed for arms produc mint totaled 64,890 ounces region is the fact that Eastern ver was announced, it was disclosed tariffs, taxation, the present out- tion. worth $2,271,155, mint officials re- capital has indicated desire to by President H. J. Hull that Nabob look for strategic minerals, labor Announcing the new policy Iasi ported. This compared with 66,006 furnish finances for construction Silver-Lea- d company was putting relations, minings manpower supODM Director Arthur S ounces worth $2,130,226 in August, of new processing plants. the incentive leasing plan into ef- ply, uranium production, and week,. 1952. According to officials of Rare fect at its Pine creek property in gold, silver and monetary prob- Flemming said that it would predown to were Silver Metals a group of Salt Lake busireceipts an effort to meet the problem of lems. The mining men will also vent government overbuying and 199,588 ounces worth ness men from are working on a co$180,527 pay serious attention to discus- lessen the eventual shock when higher labor costs. worth $191,005. 211,157 operative program for developsions dealing with progress being the government got out of the Number of shipments dropped to ment of The Queen of Hills, and All of the miners working above Continued on Page 2 market upon completion of its 276 from 321. the 1300 adit level, except the D-- 5 adjacent properties. level on that last vein discovered stockpiles. In addition, he said, i year, have been leased, he said, would insure the most advantagWeek Ending Sept 12, 1953 under a profit-sharin- g plan similar eous use of federal funds. to that introduced into the district BINGHAM DISTRICT, UTAH Under the new policy the ODM several mnoths ago by the Combined Metals Reduction Co. will continue to buy a few high 110 tons. Mining company . and later adopted by Day Mines, Inc., U. S. Mines 6,660 tons. priority items believed to include at its Tamarack mine. Utah Copper (Kennecott)-r96- 0 alloying materials for jet engines n cars, daily average. in order to complete these stockThe plans all follow the same PARK CITY DISTRICT, UTAH said. Hull They general pattern, New Park Mining Cb. 1,376 piles by the original target date sharing of tons. provide for a 50-5-0 of June, 1954, and will stretch oul profits between the leaserand the purchases of other materials, a' EUREKA DISTRICT, UTAH company, with the leaser provid When American industry uses American until a review of the goals least Chief Consolidated ore 30 ing the labor, powder and small cars. has been made, until June, 1955, metals, the benefits extend beyond mines tools and the company supplying and miners. Actually, our entire nation Dragon Consolidated clay 17 or later. Existing contracts for necessary mining equipment and cars. stockpile purchases will be hongains, because we have a constant supply compressed air. ored, but no more contracts runore 1 car. Empire Mines needed raw materials and we maintain of ning for more than a year will be Other operators apparently are PIOCHE DISTRICT, NEVADA home markets that keep business active in entered into, except in specia it ifrji seizing upon the leasing system Combined Metals Reduction Co. eases. all parts of our state and community. Zinc Cone. 6 cars. Lead Cone. in the hope that it will enable Stockpiles of 38 out of the 7 them to continue operating until 3 cars. Perlite 17 pars. Mag-aneNodules 8 cars. materials being acquired have the prices of lead and zinc in17 1 reached 75 per cent or more Bristol Silver Crude lead crease or some other form of recar. their goals, the ODM revealed. lief is provided. Tungsten Work Pushed In Delta Area . Leasing Held Solution To Lower Prices Vital Mining Problems Top AMC Program At Seattle 21-2- 56-ye- ar Odm Has Own Idea About Metal Stocks by-produ- ct Ore Shipments i Spo-kane-Ida- ho 85-to- se . turn j |