Salt Lake Telegram | 1928-09-17 | Page 8 | Mining, Oil and Financial Notes

1 Mining Oil Oi and andI QI I Notes otes NORTH LILY With tho d declaration of ot a I dividend divi- divi ot of Ill cents a a share payable October 20 to stockholders ot Octo- Octo her 10 the tho North Lily Liy Mining company corn com pany has bas entered the tho Ut list ot of dividend divi- divi paying mines In Utah The rho dividend is 15 for the third quater will wi mean the tho distribution ot Ct to stockholders The company had ha an estimated profit of for the third quarter quarter ter after ate deducting depreciation and federal taxes The North Nort Lily Liy Is by the te International Smelting a of tho Copper company OIL SHOWING MADE Sept 17 The crew of the Maude Ellen Elen oil 01 test located soven miles mie northwest t of Vernal reported d a d depth OZ ot 1220 feet tet Sat hat uray the t bit operating in lime shel and red sandy shale shale Beginning Beginning Begin Begin- ning with wih a n d depth ot of 1150 feet feet fair oil 01 showings sho fight liht amber in color have been obtained with with every a crew No water has been In the hole Tho objective of the tho teat tet Is the tho Madison sand a a member of th tl Pennsyl- Pennsyl horizon at 2600 f feet t. t Drilling Is proceeding in daylight shift shi The test ot of the tho Ashley Valey Oil 01 company on the tho Ashley shley valley valey structure structure ture ture ten t l mIles mies southeast ot of Vernal Venal Is reported to be down to depth of about 1100 feet feet Inch eight casing bl being carried Some slight caving Is taking place In the hole No wa- wa t tei- tei Other than light Ight seepage has b encountered In this hole ac- ac to report received In Vernal Vera No OIl 61 or gas showings have oc- oc c CROSSCUT AT GIANT A station staton will wi be cut and drifting started on the tho foot OO-foot level ot of th Giant No 1 shaft It was wa an- an flounced Monday by n. n G. G Snyder manager Upon his return from an inspection ot of tho property In southeast south south- east Tintic The shaft now noW Is down to a depth of feet and the tho showing In th the bottom Js is highly encouraging Ing Mr Snyder reported lie He estimated esti- esti est est- mated mate that the tho vein In which an anore n nore ore body Is expected probably will willbe be reached Within 10 feet ot of cross cross- cutting Mr Ir Snyder Snyder left Monday night night on onI ona a I business trip to New York WAT WATER SOUGHT Little Flower Mining company ot of Salt Lake has applied to the state engineer r for a I permit to divert one cubic toot foot o of water from a a small smal stream In Gee canyon Cacho count County for mining purposes