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Show 1 4J OF 5 t U LIBRARY OF CITY 1 ) i . in METAL PRICES Lead (per lb.) Gold (per oz.). Copper Zinc, (per lb.) Silver (per oz.) Featu&Sf Mining, Oil, Financial i Vol. 24, No. 3 Salt Lake City, Utah, January new mined ? of policies 1 L' 4 fv. $ i k Birthday To Explore New Ore Showing A contract was recently awarded by Idaho Birthday Mines Company to Joseph Brandson for the driving of 450 feet of exploratory tunnel at the companys property located in Boise Basin, near Lowman, Idaho. The new work is being directed in the projection of the companys new lower development and drainage tunnel. Objective of the work is development of a vein encountered in a diamond drill hole recently completed. The diamond drill exporatory work was started from the end of the lower tunnel 'which had been driven a distance of 2208 feet from the portal. Work on the lower tunnel was commenced the latter part of July, 1951 and was driven its length of 2208 feet by November 1952. At that time, directors of Idaho Birthday, decided on the diamond drilling project A drill hole was projected 402 feet due north from the end of the tunnel at which point a vein was encountered. Because of the re-rent- ly established by the Truman administration which give preferential treatment to foreign mining at a time when mineral prices are depressed in this country should be one o: the first jobs to be undertaken by the new Congress, Senator Hensai-.- . ry C. Dworshak, this week. Since the outbreak of liosti ities in Korea in June, 1950, total loans and grants amounting to $245,765,000 have been made available through Federal agen(R.-Ida- .) i.? i j . U - 3 L-- r 43 fi i. a and the Export-Impci- i Bank to expand foreign mineral cies f. r . A t-- n ;i . i r i production, he stated. In addition to these grants. the defense materials procure ment agency has utilized counterpart funds and other credits in excess of $100,000,000 to stimulate foreign mineral production, he continued. The domestic mining industry with high operating expenses, is finding its extremely difficult to cope with low-coforeign production which results from this financial assistance Dworshak pointed out. Many of our domestic mines are being forced to shut down, he declared. If domestic production is materially reduced, it would be most difficult to accelerate out-put in case war conditions should disrupt the flow of mineral imports to this country. Dworshak also pointed to the recent Federal policy" of setting two standards of prices, whereby, for example, foreign copper commands about 10 cents a pound more than the OPS ceiling price for copper here. 'This differential favoring foreign copper is costing the American taxpayer millions of dollars and places American industry under a great handicap, he stated. Although these policies have been formulated largely through administrative agencies, Congress can no longer ignore its own responsibility in these trends. It may. be desirable for the United States to have available strategic minerals produced abroad, but it is far more important to our national security to give equitable treatment to our domestic mining industry. In case of global war we would find it hazardous to rely upon imports while our own domestic mines are restricted and hampered by policies that cannot be defended, he concluded; st u i Ift . 7i i' i 1 m 'tai production in Utah during 1952 was the Major factor in the increase in greater output recorded at the Utah Copper property of Kennecott Copper Corporation at Bingham Canyon, Utah. Shown above is the world famous Utah Copper pit t the beginning of its production era. non-ferro- us de- 1953, de- The Scouting Division of the Carter Oil Company has released the following summary of drilling operations for the week. GJSS. Houston No. 1 (located) SE SW Sec. 18, IS IE) Total depth 10,142 ft 7 in. at 9804 ft Running and testing Kobe parallel tubing string. (Swab and flow 127 barrels in 7 hours.) H.A. Peterson No. 1 (located) SW SW, Sec. 13, IS, 1W) 7 in at 9887 ft, total depth 10,276 ft, pump 152 barrels, .2 per cent water 24 hours; Acil w3000 gallons on December 21, 1952; start ed Unit Qualification Test December 25; pumped 284 barrels in 24 hours, trace basic sediment per day, 1st 4 days; testing. - No. 1 (located NW SW, Sec. 24, IS 1W) Whitlock-Taylo- r Drilling at 8355 feet Elmer Moon No. 1 (located Antelope WC, 50 E of C SW SE, Sec, 8, 4S, 3W) Total depth 8246 feet; plugged back at 6571 feet; 7 in. at 6618 feet; pumped 5 barrels, 3 per cent basic Bai- lment Shut down pending disposition of well. Gloria Hamburger No. 1 (lo cated 'Walker Hollowe, SW NE, Sec. 7, 7S, 24E) Core No. 1, feet, recovered 54 refeet; Core No. 2, 3 covered 54& feet; Core feet recovered 56 feet; 2 Core feet, recovered 56 feet; Core 5612-67- 1 feet, 0 recovered. 54 feet; Core feet recovered 53H fet; total depth 5730 feet 7 in. 5729 feet w400 sx; preparing to run Gamma Ray log. Gloria Hamburger No. 2 (located Walker Hollow, 125 ft N of C SW. NE. Sec. 8, 7s. 24E.) Drilling at 3902 feet, shale. 5320-537- 9 5379-543- 8, clared his week provided a way 'is found to protect the price level from extensive imports. Consumption of the metal during 1953 should continue at the same excellent rate it has maintained the past two years, because it is believed that in 1953 lead will continue .to bear a fixed relationship to the general industrial activity. He pointed out, however, that it is essential that the lead and zinc mining industry in the United States be maintained on a sound and profitable basis. . Although under present conditions an ample supply of lead and zinc is available from the foreign market, it would be more than 40 per cent of the requirements would have to be supplied by imports, he declared. A method should therefore be developed whereby the domestic industry which operates under Americas high labor standard, may be maintained on a sound basis, and the the , same time, the necessary 30 to 40 per cent of imports assured. The St Joseph company has far some time been in favor of a suggested equalization tax, which would increase by cents a pound for each 1 cent decrease in the domestic price below 16 cents a pound, with complete elimination of the tax above 16 cents, he said. Such a tax would permit the domestic miners to continue operations and foreign producers Week ending Jan. 10, 1953 to import with no tax when the BINGHAM DISTRICT, UTAH domestic market is 16 cents or Combined Metals Reduction and the consumers would above, Co. 330 tons. be assured of an adequate and U. S. Mines 6508 tons. Utah Copper (Kennecott) steady supply, he added. The history of the lead marcars daiyl average. 976 PARK CITY DISTRICT, UTAH ket in 1952 he termed an New Park Mining Co. 1364 illustration of the result of inept government efforts to tons. stabilize markets in an internaPIOCHE DISTRICT, NEV. Combined Metals Reduction tional commodity. Co. Zinc cone. 4 cars. Lead Tt will be recalled that, upon cone. 8 cars. Perlite, 12 cars. the outbreak of the Korean war, Continued on Page 2 Courtesy J..A. Hogle & Co. . Ore Shipments 85-to- n ex-cele- 5438-555- 5671-573- E&MJ Yearly Average Prices Copper, domestic, f.o.b. refinery copper, foreign, fx.b. refinery .. Lead, comon, f.o.b. New York .... Lead, common, S Louis Zinc, Prime Western, St Louis .. Tiii, Straits, New York Silver, foreign, New York Contracts for additional lean manganese ore are now ing sought by the defense rials procurement agency. An additional 500,000 tons is the goal of current negotiations. ExQuicksilver (per flask isting contracts provide for .detons and of about 50,000 Antimony, domes., N. Y. (cases) livery .... half of this amount has .been Platinum, refined Cadmium (producers quotation) delivered and stockpiled at El Paso, Tex. The DMPA hopes to ment of a processing plant St El Aluminum, 99 plus percent ingot contract for enough additional Paso attractive to private Magnesium, ingot Mexican ore to make establish- Nickel, electrolytic . . . Oil Companies Favorable Year Forecast nature of the vein material it was not possible to get a core a heavy water pressure was For Nations Lead Industry and Active In hit Because of this condition The) lead industry can look most unwise if our government the hole was abonded. However, some of the lighter vein material should permit a situation to forward to a satisfactory of was washed out of the hole that wherein domestic many Anckw Fletcher, president velop Basin Area be mines shut and Lead would to down, ounce company, St Joph assayed from 5553-561- MEXICAN MANGANESE 83.25c One Year $2.50 16, 1953 Examination Of Mineral Policy Asked i 14c $34.9125 .24.2c 12.5c 78-lb.- ) '50-'5- 2 nt gold to the ton. Subsequently a second drill hole was started from the same face at an upward angle of 35 degrees. After a drive of 345 feet, heavy water pressure forced the abandonment of this hole -- alos. The companys plans are now directed toward extension of the tunnel proper to further explore possibilities of the vein encount- ered in the number 1 drill hole. Company officials state that completion of the drive to the newly discovered vein is expected to be completed during the winter monhts. ASARCO Drops Option On Silver Buckle Properties American Smelting and Refining Company has relinquished its option on Silver Buckle Mining Companys vast proper ty adjoining Asarcos Vulcan-Galen- a deep development project pn Lake gulch west of Wallace, Ida., Dr. F. E. Scott, president of the Silver Buckle firm, informed stockholders this week. oaiiy notified that Asarco decided not to proceed fur with the option contract, he i A balance of about $14,00C maining in the developmenl count has become a cash a of Silver Buckle. contrac signed Marc 1951, gave Asarco an optioi purchase 67 per cent stock trol in the Silver Bucfkle by spending a total of $1, 000 in development of Si Buckle property over a A of $10( was due onpayment 2. S January said. Three other firms are interest ed In the property, he indicated. six-perio- d. J |