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Show I flJ.-OF1 . U LIBRARY CITY 1 I . Features Mining , Oil, Financial Vol. 24, No. 30 Salt Lake City, Utah, JuljiS21953 New Oil, Gas Locations In One Year nr Moab Source Of Uranium Ore Shipments Utah of Mountain Area A fourth well has been located in the Mounds area of Central Utah by Equity Oil Company of Salt Lake City reflecting continuation of a widely watched wildcat program. Equity recently completed a. well for 16 million cubic feet of carbon dioxide gas' daily. Completion of Three States Natural Gas Co.'s Flat Canyon Area Dakota sand discovery in Emery County marks the first Dakota gas discovery along the Wasatch Plateau. The well brought in seven million cubic feet of gas daily from 7000 feet. Other drilling developments in the Intermountain area include: Other drilling developments in the Intermountain area include: Lyons sand testing continued BaTuesday in Denver-Julesbur- g sin developments in Northeastern tariff aimed at protecting domestic production Possibility of legislation in the form of a lead-zin- c S. markets is reaching the under the wire" onto low of (J. priced foreign metal against dumping stage as condusion of the present congressional session nears. Hopes were still rife, however favorable action on similar provisions protecting wod' and agricultural products. Unless some change be effected it appears that the industry faces a doubtful outlook with the possible closing of mines and smelters. Shown above is one of the large plants in Salt Lake Valley, the Nations leading smelting center. 7519-761- ot , 2134-2219-fo- ot oil Sindair Oil and Gas, Carter Oil fd-lowi-ng J. A. Hogle Co. To Open Provo Offices Further expansion of brokerage facilities was announced this week by James E. Hogle, managing partner of the firm of J. A. Hogle & Co., members of the New York Stock Exchange. Latest development of the company indude plans for the opening of a brokerage office in Provo, Utah. Named to head the new office is Harvey S. Glade of Salt Lake City, registered representative of the brokerage company. Date set for opening of the new unit is August 3 with offices in the Bullock Building. Facilities at the new Provo location will indude continuous current quotations for local and New York stocks posted on a quotation board, Dow Jones news ticker, direct wires via Salt Lake to New AUSTIN, Texas Crockett Coun- York City and the 14 dties coast ty proved to be the hot spot and to coast in which Hogle offices Continental Oil Co. the most ac- are located. tive bidder at the University of Mr. Glade is a graduate of the Texas' latest sale of oil and gas School of Banking and Finance leases. with a B.A. degree from the UniConoco paid a $6,259,500 bonus of Utah. He has been with for drilling rights, including a rec- versity A. Hogle & Co. in Salt Lake City ord $2,150,000 for 2775 acres hi J. since 1951. northeast Crockett County. have Located and Socony-Vacuutest of the Devfor a 12,500-foonian on the Fort Berthold Indian Reservation in Dunn County, N. D. Carter and Sindair paid up to $106 an acre for the land. m . ot Gas Leases Bring Huge Sum To Texas School Oil, The lease of nearly 50,000 acres brought bonuses totaling to the endowment fund which the university shares with Texas M. Colege. It almost douA, bled the previous bonus record set last December. Recently increased crude oil prices, plus good geophysical reports, perked up . the bidding. Five drilling blocks of more than 2500 acres each were leased by Conoco, all in Crockett $16,238,-00- 0 MOAB, Shipments uranium ore from the Mi Vida Mine of Utex Exploration Company at Moab, have now reached 4000 tons per month, as compared with 50 tons in December, 1952, when the shaft to the ore body was completed. According to Charles Steen, Utex chief geologist, the company has shipped more than 11,000 tons of ore with a value of S350.000 from mine headings since Drilling to date has blocked out an ore body 600 feet square with an average thickness of 14 feet. A drill hole 2900 feet southeast of the shaft shows 12 feet of ore at a depth of 305 feet. Drilling on the boundary between Utex and Little Beaver Mining Company 3000 feet south of the shaft showed the ore horizon to be 35 feet thick with 16 feet of ore. A third drill hole on the Linda Mujer claim 650 feet from the original discovery rite revealed 25 feet of ore. A diesel loader and truck are being used underground in the mine, with no sorting or waste dumping, a cording to President Dan OLaurie. An incline is be- -' ing driven on the adjacent Little Beaver property, of which Bob Barrett is general manager and W. T. Hudson president. Both are members of the five-ma- n group which originally incorporated : Utex. Ore also has been discovered on a second adjacent property. Big Indian Mines, Inc. The discover y was made in a diamond core drill hole about 4000 feet northwest of the Utex shaft, and further drilling is now underway. Mr. Steen also organized Big Indian Mines,' and A. K. McGill is president. mid-Decemb- Colorado. The California Cp. was still Bai'monte to test No. readying in the Black Hollow Discovery area of Weld County. Oil was r& covered on a drill stem test of the sand between 4 feet in eastern Weld County. The Hern don Drilling Co. wildcat in Morgan County topped Lyons at 7426 feet but there were no shows and drilling continued. In Montana, Premier Petroleum of Spokane contracted for an unusual exploration, in the. Hot Springs area of Sanders County. Potter No. 1, in a region ,of little previous significance to the oil industry, is scheduled as a 4000-fotest to Cambrian rocks. With the exception of shallow gas explorations several years ago, the wildcat is the first drilling in Montana west of the Rockies. Farmers Union Central Exchange prepared to test its apparently important oil discovery on. the southeast flank of the Devils Basin antidine in Montana's Musselshell County. The operator drill instem tested the terval in the Heath formation and recovered 679 feet of 25.5 gravity $20 New Tungsten Firm The Salt Lake Tungsten Co. was organized on July 13 to operate the tungsten refinery now under construction at 2160 Indiana Ave. The firm will be an affiliate of the Sylvania Electric Products Co. and Minerals Engineering Co. Blair Burwdl, president of the latter firm, is president of Salt Lake Tungsten. Long Period Of Federal Controls Forecast Mining men must themsdves for a long siege of governMining prepare ment regulation and control, Felix E. Wormser, assistant Secretary of the Interior for mineral resources, warned in a keynote address at the Idaho Mining Associations golden jubilee convention at Sun Valley. Mining men must prepare themselves for a long siege of government regulation and control, Felix E. Wormser, assistant Secretary of the Interior for mineral resources, warned in a keynote address at the Idaho Mining Asoda-tion- s golden jubilee convention at Sun Valley. URAVAN, Colo. Exploration There just isnt any easy way to has revealed that one of the new effect a sudden change toward uranium areas, the Bull Canyon freer economy, he said, so long area of Montrose County, has as the international trade picture is cluttered with the use of dewhat appears to be the largest de- valued and often manipulated curposits of carnotite ore yet found rencies, subsidies, direct controls, on the Colorado Plateau. monopolisitc state trading and Three mining camps have been other devices of governments to opened in the Bull Canyon area by control the economies of nations." Mining men must take a realConsolidated Uranium Mines Inc. of Salt Lake City. The company istic attitude toward the relationship between government and inhas 61 claims in the area. dustry and give the new adminAnother new operation by Con- istration time to develop a prosolidated is getting under way at gram for orderly development of Mineral Mountain in San Miguel our mineral resources that wil County. Exploratory drilling there be acceptable to all parties conalso has indicated substantial cerned, he stated. deposits of the uranium-bearin- g The Department of Interior is carnotite. acutely aware" of the curren The companys newly introduced predicament of metal and minermethod of drilling mine shafts was al producers in the west, he asone of the discussion topics as sured the convention crowd, and members of the new uranium as- is earnestly seeking for an effective answer. It recognizes that sociation met at Moab. some type of immediate governA special rotary drill' sinks a ment assistance must be provided three-foshaft to the under- to operators faced with the probground deposit. Hoisting buckets lems arising from lead and zinc fit the shaft somewhat in the surpluses. Tariff relief or some same manner as a bullet fits a type of subsidy are both possible rifle barrel. solutions, he said, adding that he believed most mining men felt as E. G. Frawley, Consolidated he did, that a subsidy should be president, said the round shafts turned to onlyas a last resort. have proved cheaper to sink than On the question of tariffs, he conventional mine shafts, costing said, he was fundamentally ataround $30 per foot and requiring tracted to free trade but was con- no timbering. They also may be Continued on Page 2 sunk more quickly. Bull Canyon Important Uranium Area i ot Ore Shipments Week Ending July 18, 1953 BINGHAM DISTRICT, UTAH Combined Metals Reduction Co. . 220 tons. U. S., Mines 1923 tons. Utah Copper (Kennecott) 9G0 n cars, daily average. PARK CITY DISTRICT, UTAH New Park Mining Co. 1631 tons. EUREKA DISTRICT, UTAH Chief Consolidated ore cone. 41 cars. Consolidated clay 25 Dragon 85-to- cars. Empire Mines ore 1 car. PIOCHE DISTRICT, NEVADA Combined Metals Reduction Co. lead cone .2 cars, zinc cone. 8 cars. Perlite Bristol Silver c&r CLIFTON 13 cars. copper ore 1 MINING DISTRICT, UTAH Timco Inc. Scheelite 2 cars. (Tungsten ore). J. A. Hogle k Co., Mining Dept. Mine Wage Increase Mine employes show the greatest increase in average hourly earnings during the year ending with May, 1953, according to a report of the Industrial Relations Council of Utah. The increase for Utah's miners was 10 per cent or 20c an hour for the period, compared with 9 per cent or 15c for manufacturing, 5 per cent or 8c for wholesale trade, and 4.6 per cent or 6c for retail trades. The figures include overtime and shift differentials. |