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Show -- rfi --7 j 4J OF 'CITY METAL PRICES LIBRARY U 16c Lead (per lb.) Gold (per oz.) $34.9125 1 ! 4 ' v.-.- Copper.; . Features Mining, Oil, FinaifcSiaV'' r. Zinc (per lb.) Silver (per oz.) new mined ... v r.Ao Salt Lake City, August VOL. 23, NO. 33 I 15, 1952 83.25c One Year rlK , 24.2c 15c $20 ? Drills Push Deeper Into Area Uintah J $ $ : t Development Of Manganese Encouraged The scouting division of the Carter Oil Company, Northwest Division, has released the following summary of drilling wells for the week past. Ute Tribal C No. 1 (located !ln Roosevelt Pool in center ol SW SW, Sec General Services Administrator Jess. Larson today announced a nation-wid- e program for Government! buying of manganese ore and concentrates from small d domestic producers of the defense material. Core No. 16-1S-1- E) much-neede- 23, between 991454 feet, recovtest at ered 34 feet A drill-stem The new program, which supplements Government purchase of manganese at three established manganese depots, is aimed at stimulating the production of commercial grade manganese anywhere in the United States that it is found. feet was attempted, but 9902-5- 4 packer failed. Drill stem test feet, tfo. 13, between . 9906-5- 4 open 3 hours, had a fair blow 1 hour 50 minutes, increasing to a good blow at end of test. Recovered .1830 feet of wafer cushion, 120 ''feet of oil, and 30 feet mud. Core No. 24 at of,, oil-c9954-9feet, recovered 35 feet. JPotal depth 9995 feet. Circulating conditioning mud and W O ut Heretofore, Mr. Larsen ex plained, it has been difficult for miners and producers to market small quantities of manganese. Under the new plan, the Government will buy carload lots of acceptable ores or concentrates at various' rail points throughout the country fofr resale to industry. 5 O. G. E. Houston No. 1 (located in Roosevelt Pool in SE SW, Sec. Crews drilling at 4 18-1S-1- E) 8592 feet. Ute Trbal B No. 1 (located in Roosevelt Pool in SE NE, Varied interests, including oil, uranium and chemicals, are bringing Tlntic Standard Mining Company back into the public spotlight For many years one of the nations major metal producers, the company has entered new fields of endeavor. Shown above is the town of Dividend, Utah, and also showing portions of Tintic standard's famous Tintic holdings. non-ferro-us Trading Slows Tintic Standard Successful On Spokane In Diversifying Holdings Among the companies rapidly assuming increased stature as Mart and investment companies Tintic Standard Mining Mining of the United one the nonferrous metal Total depth 8582 feet. Washed holeJfrom 9056 feet to total depth with 1100 gallons mud acid, fluhed out acid and mud and displaced with 0 mud. Attempted to acidize Set failed. feet, packers Trading was sow on the Spodouble packer at 9412 feet and 940J feet, pumped around pack- kane' Stock Exchange during month of June, but, price-wiser, failed. Drilling up packer the many stocks held their rubber and conditioning hole. reH. A. Peterson 'No. 1 (located own, according to figures Core leased last week by Brokerage in SW SW, Sec Service. No. 18, at 9881-8- 8 feet, recov- Information June volume totaled 352,922 feet. Total depth 788f ered 5 with a market value of shares, 7 feet Running inch pipe. This is substantially $316,374. Joseph Smith No. 1 (Flat Mest belowT May volume of 506,728 wildcat well located in center with a value of $457,203, shares Total of SE SE, Sec. less than In June a year depth 3306 feet Crews taking and also drill-steago, when sales volume was test. $627,-69Elmer Moon No. 1 (Antelope 696,049 shares valued at wildcat well located 50 feet East isMost of the on Center of SW SE. Sec. 3 Drill-stetest No. 9 at1 sues were commanding better feet open 100 minutes, prices at this end of June than recovered 20 feet very slightly at the end of May and practioil-cmud. Core No. 18, at 4438-4-8 cally all closing bids were above feet, recovered 10 feet. Core low sales for jhe month. No. 19 between 4552-7- 1 feet, Most trading was through inrecovered 19 feet Drill-stetercession sales, the board call 44244571 at No. feet, test 10, sales accounting for only 99,722 open 3 hours, recovered 92 feet shares with a valuation of of drilling fluid, slightly oil and t Crews drilling at 4982 Greatest share turnover was ' feet. . in Metaline issues. Metaline Canyon - Government No. 1 Mining & Leasing led in share (Jack Canyon wildcat well lo- volume, with 47,034 shares cated in SE NE, Sec. changing hands; Grandview was Core No. 19, between 9051-5- 7 second, with 37,400 shares. feet, recovered 6 feet. Drill-steBunker Hill, consistent blue test No. 26, between chip favorite, ranked first in feet, open 2 hours 20 min., dollar volume, with $60,714. Sidhad a good blow for 2 hourss 5 ney was second, with a total of minutes, died suddenly. Recov- $42,829, and HeclaH close third, ered 1440 feet of water cushion, with $42,694. mud 480 feet of slightly gas-cu- t The range in prices of with trace of oil. Crews , drilling stocks was smaller at 9252 feet than usual in June, it was pointed out. Sec, 3 28-1S-1- E) oil-bas- e 9143-945- m - e, 10-1S-1- 16-3S-5- m 9. 8-- high-price- d S-5- 4269-439- 5 ut m $53,-10- 6. gas-cu- m 8930-909- 5 over-the-count- er . ' Polaris Mining Directors of Polaris Mining r company declared a at a share 10 cents dividend of a meeting here Monday. The disbursement, totaling $200,000, will be made on 2 to stockholders of record August 18. It increases the companys dividend payments to $600,000 and grand total payments to date to 4,740,000. Ore Shipments third-quarte- Sep-tembm-er (Week Ending August 8, 1952) BINGHAM DISTRICT Combined Metals Reduction 275 Tons; U. S. Mines 7348 Tons; Utah Coppdr (Kennecott) 1052 n Cars Daily Average. EUREKA DISTRICT UTAH: Empire Mines 4 cars; Sioux Mines 2 cars; Mountain, View Mine 1 car. 85-To- (Cnirtfey J. A. Hogle ft Co.) is oil . high-grad- e Company. of producers leading Long 1948 to depletion succumbed in which Tintic Standard, States, d its attention to other fields, and of its higher grade now stands on the threshold of a new and promising future. Giving only scant considera- tion to its mining assets, which consist of extensive acreage through direct and subsidiary ownership and reserves of ores, the stock merits consideration as a speculation, possessing interesting possibilities as a growth stock in the field of natural reources. The Nevada RENO, Nev. OIL ACTIVITY mining industry may play the Tintic Standard Mining Comrole of. testing the worlds first was launched into the oil pany atomic power plant, according and gas industry following an to Senator George W. Malone. amendment to its corporate powProposed site is the Ruby Hill ers stockholders at the anby mine at Eureka, property of the nual meeting June 14, 1949. Eureka Corp- - Ltd. Since that time the company has Early last week, the senator, acquired working interests and accompanied by Dr. Lawrence royalties in gas and oil leases R. Hafstad, director of the divi- in fifteen differentareas in the sion of reactor development of states of California, Nethe Atomic Energy Commission, braska, Oklahoma, Idaho,Utah visited Eureka for express pur- and Wyomirfg. In Texas, the addition, pose of determining feasibility 64.45 per Eureka of setting up such an experi- Standard has oil and gas intermental project ests in four areas. The Eurcjka corporation long Tintic Standard has has been faced with a perplex- its hold in the oil andacquired gas into of obtain problem its trying ing interest in Chemetals dustry, power in sufficient quantities and manganese property in Minand at low enough cost to nesota without its t shaft. At the working capital. impairing a bottom of the shaft lies thouCurrent assets December 31, sands of tons of ore. 1949, including cash and marI suggested that such a plant ketable securities, were be installed where it would be compared to present curstrategic minerals and the Ruby rent assets of $544,732. Hill area seems to be a highly This has been accomplished senator the said. site, logical by a program of conservation At Ruby Hill, operations are following the suspension of at a virtual standstill because mining operations and by the of Inability to rid the shaft of liquidation of surplus supplies water at low cost. Request for and equipment on an extremely a $1,600,000 loan from federal favorable market agencies still is pending in Already the Companys proWashington. gram of expansion In other Senator Maolne has good rea- fields is beginning to bear fruit. son to believe that if the' ex- Income tfrom the Woodlawn, perimental atomic plant can be Texas, field has increased to installed at Ruby Hill, the ques- $3,000 tper month and indication of ample low-coenergy tion are that the company will a be on a profitable basis by the and solved be thus prove may. boon to Nevadas mining first of the year, with a lined on Page 2 ores,-turne- Ruby Hill Viewed As Because of the need for more manganese for use in production of steels for defense and other essential purposes, Mr. Larson said it had been decided that the Government should make it possible to use. the output of the smaller producers wherever they may be. sub-margn- al Atomic Site cent-owne- d de-wat- er 2500-foo- The program is set up to run 30, 1956, or when deliveries have totaled 19,000,000 long dry ton units of manganese, whichever occurs first A lony dry ton unit is 22.4 pounds of manganese contained in a long ton of dry ore, or 1.0 per to June cent For purposes of the program, a small producer is defined as any minor ore producer whose total annual domestic output is less than 10,000 long dry tons. Larger producers may negotiate with the Government for sale of their ore. In order to participate in the program, the small producer must send advance notice to the nearest GSA Regional Office by letter, postcard or tele gram, stating that he has read the regulation setting up the program and aocept its terms and conditions, and that he de sires to participate. The cut-ofdate for such no tifications is June 30, 1953. Upor receipt of proper notification GSA will issue a certificate au thorizing the applicant to make shipments under the program f $568,-407.8- st num-Con- 1 . - 4i tl Butte Copper & Zinc The Butte Copper and Zin company property nead Butte which is operated by Anaconck Copper Miining company undei a specitl management agreemen running until June, 1961, las year yielded 302,379 tons of man ganese, lead and zinc ore, th Butte Copper firm reports. This is abolt 12,000 tons less than th 1950 output Gross revenues, however, wer up$232,996 to $7,114,242 in 1951 owing to improved metal prices Net income was also 96 in 1951 as compare with $692,080 in 1950. better-$766,1- |