OCR Text |
Show February 17, 1956 Page Three THE WESTERN MINERAL SURVET rants Uranium intices'Mew Firms Spanish Trail Buys N. M. Indian Lease Spanish Trail Uranium Corp., has acquired one Indian lease in the Ambrosia Lake area, near Grants, New Mexico, it was announced today by Frank A. Mathie, president. Two or three additional leases are expected to be effected in the near future, Mathie said.. Application was filed last August for a total of six. As soon as the government con-thfirms leases, Mathie said wil set up an exTrail Spanish ploration program. Survey Follows Grants Rise The eyes of the western mining world are centered on Grants, N. M. and the surrounding area as it continues to boom. As mining companies con- tinue to stream to the southern boom territory, the Western Mineral Survey will follow the area with news and feature stories. Stay posted weekly in these columns. e The announcement follows recent news that Mount Peale Uranium Corp., had obtained property leases in the same general area. 1955. President Mathie said plans for anticipate driving of a drift clear through Tomsich Mountain, from the south side to the north side, to connect large ore bodies which have profitably supported mining operations on the north, west and south side of the mountain. 1956 150-acr- One of the many drilling rigs operating in Grants, NJVL the Cherry Creek Mine. announced Mathie Spanish Trail has received a check in payment for oil deliveries during December, from the Company's three oil wells, near Norman, Oklahoma. It was the first monthly check received by Spanish Trail since acquisition of the oil property in early December. The company expects to net $25,000 annually from the three wells. Plans for drilling three additional wells are under considera- tion Mathie added. The letter to stockholders announced the annual stockholders meeting will be held on March 1. The company has about $30,000 cash and $35,000 invested in equipment. Spanish Trail has 6,000,000 shares of stock. Professional Directory DORSEY HAGER DEAS0N AND Assay and Chemist 909 Continental Bank Bldg. EL Utah Firms Move South To Rich Grants Site Several mining companies founded in Utah are expanding operations southward. Two companies now negotiating for properties in the uranium-activ- e Grants, N. M., area include Mount Peale Uranium Co. of Salt Lake and Moab Mines, Inc., Moab. The Mount Peale firm has moved into the Ambrosia Lake area with a $29,000 purchase of the lease on Section The land is directed west of Sabre Uranium Corps Sect. 15 now being tested by American Metal Co. Ltd. Moab Mines, under president William Owen, is negotiating for properties owned by the Elkins family, located about 14 miles YOUR SALT LAKE VEER and 701 Judge Building Salt Lake City, Utah Consulting Engineers - Mineral Patents - Public Land Problems NEW - USED GLEN C. BILLS & SONS HU S1 M. - Theft G. NELL, Manager Bus. Ph. EM 60 South Main Room 226 Res. Ph. EL Salt Lake City, Utah 4-67- 47 5-13- Y Y 26 infill '? - v' FORD COUNTY DEALER" Greetings HUMEL PATTERN 53 MIDVALE, UTAH SHOP Romneys Motor Lodge ASSOCIATES MOBILE HOMES Auto - Fire 36 WEST CENTER 62 Season's VANDEH Complete Insurance Protection Performance & Surety Bonds - All Forms of Liability HENRY S. DAY CO. PHONE AM I. NELL Insurance Agency Henry S. Day 32 160 South West Temple H. shot-in-th- e- NICHOLS CONSULTING GEOLOGIST Phone EL arm this week, of Mount Peale Uranium Corp., a when it reached 10 cents a share after a consistent climb from a low of .02 cents on last September 30. Recent acquisition by Mount Peale of 640 acres of potential claims to Coronado Uranium uranium property completely sur- Corp., for $50,000. rounded by Sabre holdings near Mount Peale originally held a Grants, N. M., has focused a great 75 per cent interest and now has deal of attention on Mount Peale 50 per cent interest in the propstock. erty, originally bought for about During the week a large brok- $29,000. Coronado is pledged to pay the erage house with branch offices scattered throughout the United $550,000 by Feb. 17. Otherwise interest reverts the States, is reliably reported, to back to Mount Peale, which have bought a substantial block own 75 per cent. would again of Mount Peale shares at preThe ore is found but 700 feet vailing prices. below the surface. The ground In addition to a cash balance is soft, and in two days an ore of $3,000 in the bank, Mount level is reached. Peale owns 45,000 shares of ConIn about seven days, Mount solidated Eureka stock, 4,000 Peale expects to start drilling. shares of Lisbon Uranium and The contract is at the rate of $1 10,000 shares of stock of United per foot. Western. The aggregate value of Mount Peale has 5,929,000 the three portfolios is $91,250. shares of stock outstanding. OfIn addition, management re- ficers of the company and indicently demonstrated its financial viduals close to them, control a acumen, by netting a $50,000 total of 1,5500,000 shares which profit on a smart deal in dispos- is held for higher prices. This precludes any move that ing of a part of its Grants, New Mexico holdings. could depress the market. Stocks Mount Peale sold a are widely distributed in all secinterest in its Ambrosia Lake tions of the United States. one-fourt- h Spanish Trail has also acquired a tungsten mine near Cherry Creek, Nev with a fully equipe ranch and ped mill, a joint-intere- st The possibility of hitting rich ore close to the Sabre discovery in the Ambrosia Lake area of New Mexico, gave stock one-fourt- h Management said Spanish Trail has also acquired a 27 per cent interest in the Dirty Devil mine, a big producer of uranium ore in valuable water rights. Spanish Trail has participated with Blovalle Uranium Co. in a joint operation of this property for the past two months. ' The diamond drilling program, Mathie said, located commercial grade ore upon which mining operations will commence immediately. It was announced that the Yaney Milling Co. will participate as a holder in ownas and operator of the mill ership with Spanish and Blovalle. In a letter to stocholders of Spanish Trail, management said that metallurgic and economic considerations projected by this capable and experienced milling organization, indicate that the mill can be operated to handle custom ores at a substantial profit. Such earnings, the letter noted, are attractive potential of the property, over and above the anticipated income from ore which will be processed out of Mt. Peale Joins Rush To Ambrosia Lake 1901 South Main 455 West 7th South EL 29 Larry's Union 76 Finest Service Caldwell, Richards and Sorensen: Engineers 508 Zion's Savings Bank Bldg. "50 Tears Consulting Engineering Service to the Intermountain West" Salt Lake City, Utah QUALITY PRODUCTS & LOWEST PRICES 1165 California Ave. One of Salt Lake's Finest Motels and Motor Courts Offering You the Finest Facilities at the Most Reasonable Prices FEATURING OUR NEW DISNEY LAND SWIMMING POOL AIR CONDITIONED AND IT'S CLOSE TO THE FAIR GROUNDS 116 W. North Temple - Phone DAvis 2-34- 83 |