Show 1 SHORT FACTS ON URANIUM HIGHLIGHTS MINING INDUSTRY More and better ore are Is being found Cound as development work progresses progresses pro pro- at the Dead Horse Point property of Nabob Sliver Lead com come company pany It has been reported by II 11 J J. J lull full Hul panr president in a n progress report report report re re- port mailed to stockholders of N Na Na- bob The project Is a Joint venture of Nabob Merger Mines corporation and Bismark Mining company beIng being being be be- ing directed by C. C H. H Hunter Merger Merger Merger Mer Mer- ger president Hull said Hunter has reported the exploration drift being driver driven I underneath the ore zone disclosed by drilling has advanced past the foot point and that holes hes drilled drilled drill drill- drilled ed upward from near the face have penetrated ore of greater thickness and better grade than found In the raise 40 feet from the portal The Dead Horse property consist consist- consisting Ing ng of claims covering 13 miles along the eroded rim rim of the Colorado Colo Colorado Colorado rado river was acquired early this year under a lease from Trace Elements Elements El EI Inc Preliminary drilling produced a remarkable record of 11 hot holes out of 27 drilled Two ore zones zones' zon zones s were penetrated one three feet thick hick averaging 30 per cent uranium uran uran- lum ium um oxide and the other three and anda a half feet thick assaying 70 per cent A width of 80 feet was proved in the area where the tunnel was started The tunnel has been in copper ore almost from the start per ore runs as high as 16 per cent in places and it has all the appearances appearances appear appear- ances of a substantial body of commercial com com- commercial mercial copper Hull sta stated e A sample of five tons s has been made to the buying station at Monticello but no assays have been reported Because of difficulty encountered in drilling from the surface it has been decided to continue the tunnel and md prospect from it by fanning out drill holes holes' td to delineate the ore zone Papers have been prepared for application for a defense minerals exploration loan to cover 75 percent percent per percent cent of exploration costs and the has given reasonable assurance assurance assur assur- ance that such aid will be available if a suitable program of development development develop develop- ment is mapped out v develop I Stockholders of Cornucopia Gold Mines company of Spokane Wash have ratified an agreement under which the company acquires all the assets of Pemberton Industries Inc of f Wilmington Del including in cash and interest in mining claims in the Big Indian district district district dis dis- dis- dis of San Juan county for 2000 shares of Cornucopia stock Plans are to maintain the firms firm's head office in Spokane but may open an operating office in Grand Junction Colo headed by C. C David Williams of Houston Tex who was named president under the then new w set set- up At the present time the company is exploring its claim 48 Bow Knot property in the district and making arrangements for test drilling of its claim 28 group in the Coal wash area of the San Rafael swell A third-quarter third dividend of five cents a share payable on Sept 15 to o stockholders of record Aug 18 18 has las been authorized by Hecla and Polaris Mining companies The action which continues the rate which both firms have been paying for the past year and a half was taken at a meeting in Salt Sail Lake City held while directors were en route to Moab to visit the Radon uranium property which Hecla is developing under an operating agreement The Hecla disbursement will total bringing the firms firm's firms firm's dM- dM dead total to Polaris in which Hecla has a 55 per per percent cent stock interest will pay payout out CO to increase its dividend record record record rec rec- ord to Moab Mines Inc president Wil WH William William liam Jam J. J Owen announced that he helas has las volunteered to escrow his Moab Mines Wines Inc stock for a period of ot two years According to ue Lle terms of his agreement Owens Owen's stock would still remain in escrow after any consolidations leaving Owen with over ten percent control of the outstanding stock It was pointed out that the current cur cur- curi i rent policy has been established as asa asa a a good will move thereby indicating the sincerity of the company managements management's managements management's managements management's man man- intention to produce a Financially strong and healthy mining min In ing organization If the Moab Mines Inc expansion program is successful successful successful success success- ful Owen will ultimately realize a again again again gain from his present stock holdings through dividends and capital gain appreciation in value over a period of years The company president takes lakes no salary for his time full management ot position but does take reimbursements reimburse ments for necessary field and traveling travelIng travel travel- Ing expenses in connection with Moab Mines Inc business and development development de activities North Standard Stan Mining Co of Moab has received settlement sheets for its first ore shipments G George orge J. J Sullivan president said a check was received for two loads totaling 27 tons from t the e company's com come pany's Lark Leighton mine in Bull Bui Canyon Montrose county Colo Shipment was from the main drift of the mine and Included much waste Sullivan said Nevertheless the assays showed 24 per cen cent uranium oxide and per cent vanadium Since the shipment was made crews have bave uncovered a foot 3 ore ort face in the main mal drift from which one sample assayed per cen cent uranium oxide Sullivan said Track now is being extended Inthe in inthe inthe the Lark Leighton Leightons Church slope and when it at is complete the tile company com com- pany hopes to ship one load Joad a day s Uranium Inc this week was drilling its Us claims on Carpenter Carpen ter Ridge on the east cast slope of theLa the theLa La Sal mountains near the Utah Utah- Colorado line Between and feet Ceet of test hole will be he put down with a wagon drill at present President George J. J Burck said If the wagon drill holes make satisfactory showings showIngs show show- Ings the property will be core core- drilled Carpenter Ridge claims are arc in the same area as an ore body partially blocked out by Con Consoli- Consoli sol dated uranium Al AI Marmon mine foreman said aid miners should be in ore by the end of this week at the Coal bed Canyon claims being opened up by Paramount Uranium Corp stockholders stockholders stock- stock holders will meet in Moab Sept 12 to o vote on the pi projected ejected merger of that hat company with Atlas Uranium Corp The meeting date was announced I here by Albert F. F Enyart Paramount Paramount Para Parl mount president The proposal call calls for or outright sale of all Paramount assets to Atlas Stockholders Stockholders' will be informed of the he stock exchange plan by letter Enyart said No public announcement announcement announcement announce announce- ment of the ratio of exchange hasteen has lias hasteen teen een made Purchase of Paramount if approved ap- ap proved roved will be bo the first major move in n Atlas Uranium's extensive plans for or expansion Recapitalization of Atlas at was voted by stockholders in June Moab Mines Inc has completed preliminary procedures prior to full full- scale operations in Hs murcur mine In Mineral Minerai county Nevada William F. F Jameson chief mining engineer emphasized the financial advantage of the program to the company due to the low initial cost of actual mining equipment re reo required re- re which will be less than 1 1000 1000 1 Jameson claimed that the first stage of mercury mining should be kept at minimum costs until actual Ore reserves can be reasonably de He outlined the following following follow follow- ing economical breakdown for the equipment required by Moab Mines Inc Ine to begin in its mercury mer mer- mercury cury mine in Nevada thousand One feet of timber 1500 two sets of or steel 1100 feet of pipe fuel 56 00 pyrotechnics rental on compressor jack hammer hose and pressure tank rental on lugger fuel small tools 1000 single jack labor Jameson is to return to Nevada the final week In July to Initiate mining procedures After determining determining ining the extent of the mercury ore body and stockpiling the mined mined min min- mined ed product Moab Mines Inc will do its it's own retort processing at the mine location the prepared mercury mer mer- mercury cury flasks will then be shipped directly to the prescribed buying station Merritt K Ruddock of Moab vice-president vice of Cal Uranium company company com com- pany has been named chairman of the uranium committee named by Howard I. I Young president of the American Zinc Lead and Smelting company and the American Congress Congress Con Con- gress to draw up a declaration of policy on on the industry's views of national issues The declaration will be presented Ito to the group at the 1955 convention at Las Vegas Nev Oct 10 1013 |