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Show fT T V I. W'-Ji'- GRAND 409 DEPOSIT JING : f 'tr:. -- c r . "f .S O. NESS BLDG CITY LAKI ALT lUTU (far COFm OOLS (far UNO (far . m mImA) m. par 1H LEAD, IUUBI VALLES rucu Mtta 1IM .SaSOo .SAJIS ai) lAMa IS)' Features Mining, Oil, Financial VOL 18, NO. 37. Salt Lake City Utah, October 3, 1947 One Year $2.50 Krug Disputes Own Theory on Have No? (Edltorr Note: A contended by those ItmilUr with long Bnd its mining Tar lone problems, sufficient minerals are available In these United States to taka our Bara for years to come if conditions are many right for mining. Secretary Krug in the accompany lng story tells of two substantial sources of metal that now appear to be available for use. These are Just two of many th.t could be made available for Industry (right here in the United States) if more encouragement were offered te those who have the initiative to get - ore out. of the s certainly not a have not" Nation unless the term means we havent the opportunity of developing the resources Oat certainly exist here.) - As the result of development work projected during the past several months, shipping operations have been started from properties controlled by American Fork Consolidated Mines, located in American Fork Canyon, .... Utah. - . . j ground.-This-i- Reserves of copper s critical vital in peace and war-h- ave petal been substantially increased as a direct result of the Bu- -. reau of .Mines wartime investigation of an extensive Arizona deposit of ore containing 0.8 per cent copper, Secretary of the Interior J. A. Krug announced to- -' day In releasing a report on the San Manuel project in Pinal County. This deposit, he said, has proved to be the largest addition . to copper reserves in recent years. Drilling the Bureau of Mines in 1943-4- 5by indicated , the existence of 30,000,000 tons of ore, and further drilling in the same area by private enterprise has increased the estimate by about 14 times the original figure. The bureau has learned that plans are underway by private, industry to begin immediately the development of the ore body, Director James Boyd advised the secretary. Although the San Manuel project does not remove copper from the strategic and critical list of " the Army-Nav- y Munitions Board, it-Ja notable examine of ' the s Bureau's war mineral development program, Secretary Krug aid. These investigations were conducted in cooperation with the Federal Geological Survey unders authority of the Strategic (Continued On Page 4) - -- - . . Canadian Town Scene of New Gold Excitement PRINCE RUPERT. B. C. sea coast port and mining seethed, with the latest gold felt in this part of Canada the trail of 98 carried doughs to Alaska. -- . fever since sour- Men with 'transits and compasses were up with the northern dawp staking claims for registration, many well within the limits of this city of 9000. Word of the strike '' swept through the town after a workman on a new road Chipped off a pipce of rock believed to have rich gold content. Main scene of the claim staking activity was a series of rock outcroppings on the side of a bluff overlooking tho harbor. Prince Rupert is '550 miles north of Vancouver, near the south east Alaska boundary. Civic Group producing regions, the south portion of the Tintic District now appears to be entering the threshold of a new era primarily due to modern mining equipment and a. different; theory of geological formations heretofore' believed to be common to the area. Potential Ore Source And the geologist now carrying out his belief, states, the district has not even been scratched. A visit to the property, observation of equipment being utilized and work completed convinces one that the operating Metcompany, known as Tintic businea als, Inc., is conducting ss-like and intelligently directed project. Interviews with those connected with the activity give the impression that the arid, sagebrush grown surface of South Tintic may yet be given the opportunity of revealing its deeper seated secrets. Organized about a year ago by a group from California, Tintic Metals, Inc., holds long term leases on mining claims controlled by Little May Mining Company and also. the adjoining Tesora group. It is understood that negotiations are now underway for acquisition of additional claims in the area. Rehabilitate Mine ' Starting work last December, Tintic Metals, installed hew machinery, constructed necessary surface buildings and equipment, (Continued On Page 2) - . . A variable or sliding scale of minimum margin requirements on ' grain futures transactions was approved at a special meeting of the board of directors of the Chicago Board of Trade and became effective Monday morning, according to an announcement by J. O. Mc-Clinto- ck, president The new margin requirements on grain futures transactions will consist of an increase of 5c per bushel on all grains with each 10c increase in price over - each of all grains, as of the close of business on. the Board of Trade on Saturday, September 27. Mr. McClin-toc- k explained, this means that when December wheat which For example, closed at $2.76 on PublishesNew Mining Book Presenting .a comprehensive picture of '.the mining 'industry In the State of Utah its problems, successes and future possibilities a new booklet sponsored the Mining Committee, of the Salt Lake City Chamber of Commerce is now available to the public upon request. Strikingly illustrated and well edited the booklet contains articles by Dr. A. Ray Olpin, of the University of 8resident tah, and Dr. Franklin S. Harris, president of the Utah State Agricultural College. Included among subjects discussed in the booklet are the following: History (Natural Forces that Limited Available Land Were Causes of Mineral Deposition); Copper; Smelting; Lead, Zinc, Gold, Silver; Metals Go to Market; Silver; Gilsonlte; Other Metallics and Steel Builds the West; Utah Coal; Utah An Alluring Geological Exposure; The Metals; What Mining Means to Utah.. . Non-Metal-li- Ship Concentrates Mined from the Blue Rock area of the firms holdings, three shipments have been made during the past thirty days that were first jigged before pping and are reported to have assayed from 44 per cent lead to 55 per cent lead to the ton and from 9 to 12 ounces of silver to the ton. In addition, the company now has a shipment of crude ore at the smelter upon which settlement has. not yet been received. The ore is being mined from n newly discovered vein in the western area of the mine, which is said to have now opened to a width of five feet and to have been exposed for a distance of twenty feet, Prospect Drilling Several months ago the company conducted a diamond-drillin- g program which disclosed existence of the vein. Development work then undertaken resulted in discovery of the ore shoot. Recently the property was geologized and mapped by one of the larger mining companies and the firm is now-- planning on following these recommendations in diamond projecting additional ' drilling In an effort to locate new orebodies. American Fork Consolidated Mines Company was organized a little over a year ago to operate several groups of mining claims located near the head of American Fork Canyon. Since that time the company has conducted an energetic development program which has been accompanied by some shipments of ore. Heretofore snow conditions have hampered operations in the upper portion of the canyon, however, snow removing equipment has been made available to American Fork Consolidated, and it is planned to continue operations throughout the winter months. exploration and deShown in the above buildings and equipat the firms number Vernal Test Encounters It is not easy to rehabilitate an old mining property regardless of how promising it appears.: Equipment and working facilities must be installed and then tons of caved waste material removed. New timbers are a necessity and in the case of our present subject, water accumulated over a period of some twenty years pumped from the workings. However, with, work 'of such a nature now virtually completed, another chapter is being added to the illustrious history of one of Utahs famous mining areas. Not unlike many other early-da- y Trade Board Establishes Variable. Margin Scale CHICAGO, Illd ene shaft. production, programs. the surfaoe headframe Tintic Metals Getting Results at Utah Mine - This town jection of velopment photo are ment and NOW IN THE PRODUCTION STAGE, properties of Untie Metals, Inc., are the subject for considerable public interest. Following a period of rehabilitation the Tintic mine of the company is now in a position for the pro cs; - Oil Showing A stronr showinr of oil and gas has been encountered at the well being drilled by Vernal Oil & Company, northwest of Ver nal, Utah, according to word flashed to Salt Lake today. The showing was encountered at a depth of 1157 feet, the re port stated and was of sufficient intensity to cause cessation of drilling until easing Is set. ' showing Is said to . A small have been' Indicated at 1946 feetj and at a depth of 1199 feet heavy flow of water came. Drilling was eontlnued and at 1157 the heavy gas and oil showing was opened. H. L. Rath, prominent oil geologist, has been in charge of geological work connected with the project and was responsible for declaring site for the test. J. J. Miller Is president of the company together with the fol lowing officers:. Mr. Rath, vice president, H. C. Goodman, sec retary-treasure- r, and Knox Patterson and Rue Clegg, directors. Offices of the company are In the Judge Building, Sait Lake City. . . - . . , . ... Site of Potential Oil Source Homestake Mining LEAD, S. D. Homestake Mining Co. and wholly owned subsidiaries report for the six months ended June 30, 1947, net income of $1,732,686, equal to 86c a share, compared with net of $959,159, or 48c a share, earned in the like period of last year. v ' . WNsnlMim A promising showing of oil and gas' has been encountered at the test well " of Vernal Oil A Gas Compsny located in Uintah Basin, M yy.y.-- northeastern . v t sV. 4 ? r5 if v A . ? Utah. Intense interest is being shown in the striko due to the Saturday readies $2.86 or 10c over Saturdays closing price, the previous initial margin requirement of 45c per bushel will be increased on new speculative committments by 5c to 50c per bushel, and with each additional 10c advance in price as established at the close of trading each day an additional 5c per bushel margin requirement will go into effect. Such an advance of 10c per bushel in the price of any wheat futures automatically will increase the initial margin re quirement by 5c on wheat contracts in other months as well. Maintenance margins also will be increased in the exact proportion to Initial margins, he said. r , ? r if r f ' t'L fVsw vffi 1 X wT v $ v, X4nsu kt f A Vs fs : 3 ,v' 4i , t . A 'jV Jr- - .proximity to the world ' ..L y. Metal Mining Industry o! Utah ' w it: wells famous Rangely Field. At right te the drilling rig. Story is above. ? v-- mtf-- ' j .,7 v 4- - or. 1 i U - K. |