Show Up and Down the Street Lack of Ore Causes Company 1 To Abandon Exploration By Robert W W. Bernick Fred Scans Jr president of East Utah Mining Co announced Saturday Saturday Saturday Sat Sat- abandonment of exploration by the firm in the eastern area of the Park City district because no noore noore ore has been found An estimated had been put into the search for silver lend zinc ores believed to be in the thc Hawkeye McHenry f fissure i s s sur u r e. e A north crosscut a about b o 0 u t feet long from the Cunningham tunnel had been driven to that fissure But Mr Searls Scans reported to stockholders stockholders stockholders stock stock- holders that no southerly southerly southerly south south- erly branches of the thc Mc Hawkeye Henry fissure were encountered The main fissure was intersected with what is believed ed to be bc the Park City limestone but was barren barren barren bar bar- ren except for pyrite and one narrow narrow narrow nar nar- row scam seam of lead sulphide Mining Men Say There are arc those mining men in Salt Lake City who said the Scans Scans' announcement wrote finis to hopes that major ore bodies may be discovered discovered discovered dis dis- dis- dis covered in the eastern section of the district distrIct It I is their belief now that only the western explorations will wi continue productive Announcement of suspension of of exploration by the company caused Its is shares to drop to fc earl early Saturday Saturday Saturday Sat Sat- from at close cose of trading on the Salt Lake stock exchange Friday Rumors in New York last year that that uranium had been found in the mine shot the shares to a top of The uranium re report report report re- re port was vas emphatically denied by company officials The firm did not announce annO nce the cost of the exploration but stated at a stockholders stockholders' stockholder meeting last June the crosscut operation was wa being driven at a cost of more than 60 60 per pcr foot Suspend Development Dc At that time the tunnel was in I feet and there were funds for more feet of exploration Mr I Searls said Saturday in his letter leter to stockholders that your directors directors directors tors have suspended development develop develop- develop I ment to conserve the remaining cash He said that results of the General General General Gen Gen- eral Connor Mining Co explorations explorations tons on a lateral from the Cunningam Cun- Cun tunnel to intersect the Homestake fissure would be a available available avail avail- vai- vai able to East Utah Uth This will wi disclose disclose dis dis- dis- dis close cose nature of formations existing near the southerly border of East Utah Uth property and about one half hal mile mie west of the crosscut just com com- Depending on outcome of this project Mr Searls said East Eat Utah at a later date ma may think it de desirable desirable desirable de- de to perform some development development develop develop- ment work about a mile mie west of the crosscut closer coser to location of known commercial of the district A financial statement on the operations op op- op- op will wi be submitted with wilh the June report to stockholders he I added About 16 men were employed in inte inthe inthe the te Park City operation Velocity Meter Test Running of a velocity meter test teston teston teston on the Pacific Western Equity Oil Oi Co Thompsons area Grand county wildcat NW SW V 33 has disclosed subsurface folds between and feet and feet of sediment It I is these old anticlines that th the companies reportedly have been seeking The well wel is drilling below below below be be- low feet feet and averaging nearly feet cr per day Below Black Shale Tide Water Vater Associated at Big Flat Grand Grad county NW V SW V 11 is coring below feet in very ver hard black shale and making only between three and four our feet per bit bit The shale has a gassy gasy odor and ad the firm believes they th cy are drilling in the upper feet of the Paradox formation with the first objective to be reached at any time Problem Eliminated Amerada Petroleum Corp was as reportedly drilling below 2967 feet in their No 2 wildcat Grand county NW V NW V 2 iDE with 80 of their lost circulation circulation cir cir- cir cir- culaton problem eliminated They intend to drill dri through the Pennsylvanian Pennsylvanian Penn Penn- formation Buys Exchange Seat Paul Soule for 35 years a mining mining min mm- ing figure in Utah and Colorado has purchased a seat on the Salt Lake stock exchange Secretary Richard C. C Andrew announced Sat Sat- The scat belonged to Arthur R. R Larsen Sales Value Increase Value of Salt Lake department store sales sacs hopped 2 29 for the week ending March 19 19 compared I with reports of a previous seven se days the federal reserve system I said Saturday Sales were down 4 for the four weeks ending eding that date 10 for or the fiscal year ear to date and 11 1 for the calendar year jear how how- ever Beter Better Than Canada Whatever the complaints locally about chuck holes in Utah highways highways highways high high- ways W. W E. E Foraker assistant to the general manager of Dodge division Chrysler Motor Corp believes be be- lc es they are better than Uan Canadian Canadian Canadian Cana Cana- dian roads Mr Foraker heads a test group for his firm and has ridden over o er miles mies of Canadian highways he said here Saturday |