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Show r- LIBRARY jj OF U. CITi mwmk 1 Features Mining , VOL. 25, NO. 9. cA O- - Salt Lake City, Utah, February 26, 1954 .Nevada Site Of Oil Strike '- ? Published Weekly Financial, " I I: 9 ' r W One Year $3.00 Uranium Co. Industrial Healing Latest Contracts For Use For Atomic Energy Utah Claims announced plans to put Commission The Atomic A vast area of virgin oil territory was opened to exploration possibilities this week with the discovery of oil by Shell Oil Company at Railroad Valley in Nye County, Nevada, 65 miles southwest of Ely. The new strike touched off a young stampede of lease seekers, recently who filed on an approximated half Texas Uranium Corporation has the atom to work Energy in an entirely new field heating some of the buildings million acres on federal oil and secured an option to purchase out- at one of its big plants as a of making materials for atomic gas leases in the vicinity of the right the controlling interest in 13 bombs, according to a report by Frank Carey, Associated Press science claims in the Elaterite Basin, writer. discovery. d Until now all such southeastern Utah, it was reported new of the Major importance has United States in the heat find is proving that oil possibilities today in Salt Lake. as same much the been wasted, exist in the sedimentary rocks of Work Planned burned for the 'Basin and Range Province .Although uranium activity in the Development of the property is flare gas has been which extends through portions of Western United' States has been planned by TUC following comple- years in Southwest oil fields, California, Nevada, Idaho, Oregon moving ahead at a comparatively tion of investigations by company though it is stated the British, for several years, have been heating and Washington. Heretofore, it has pace, the industry as a whole engineer, Tom P. Costas. It is re- buildings, using this waste energy. rapid been the general opinion.that these Is still in its infancy. Such was ported that if present visible indiextensive formations offered very the consensus of opinion of a group cations prove correct, the Elaterite The commission said it plans to Completion of a producing well little, if any, possibilities for favor- of mining men discussing future Basin shows promise of being an introduce the new heating system located in Chautauqua County, able prospecting. as part of an expansion program Kansas, near the Oklahoma borof the industry in Salt Lake yes- important uranium source. now under way at its Hanford, der was announced this week by A recent letter written by Mr. The discovery well was spudded terday. 11 I. E. Shale describing the proper- Wash., plutonium - making plant. officials of Northern Oil Company of this year. Slight in January discusthe highlighted Optimism bestated: "The 13 legal mining It will be hooked up to a new pro- from the firms office in Salt Late gas shows were encountered sion. However, it was pointed out ty, belocations are situated in the Elat- duction reactor under construction City. The company controls a tween 5416 and 5572 feet and two of J. Walters, president by one-ha- lf Jr., tract interest in a 300-actween 5860 and 6013 feet Additionerite Basin, where the largest and there. in uranium active that companies field. in the thickest exposure of Shinarump al oil and gas indications were order to assure The AEC said the new heating lasting benefits uranium bearing formation) ever cut between 6446 and 6583 feet and from Mr. E. Stephen Buckmiller, diwould save Unde Sam the system land's, the first bund in the world is known to a drill stem lest recovered 50 feet cost of one and one-ha- lf million rector, stated that on initial test of business should be directThere is doubt but that the of slightly oily and gassy mud and order exist the well flowed approximately 450 of oil exannually. dearness of tile and geological gallons some free oil between 6453 and ed toward complete geological barrels in the first 36 hours. An and extensive exploraThe commission told about it in accurate check on the 6528 feet Subsequent test between aminations, locations of these claims apex production tion and development procedures. 6453 and 6533 resulted in recovery guarantee all extra lateral rights. its report to Congress. In the same for five hours resulted in output report the AEC also disclosed first of 100 barrels of oil on a one-ha- lf He stated that he was impressed of 31 barrels of oil. Other Outcrops details of its previously-announce- d of the with the great possibilities With Nevadas mining industry inch choke, he said. ore dips steeply "The exposed plan to build the nations first in dire straits due to low prices uranium business and particularly m a y direction and e Mr. Buckmiller explained that atomic power reactor for lead and zinc metals, opening in view of the exceptional help be- does not come to the surface again large-scal10 acre plot of the 300 acre each indusof this extensive area to oil pros ing proffered to prospectors and for 35 miles distant where it crops in the quest for economical lease in the field constitutes a well trial power from the atom. pecting was hailed by mining and operating companies by the Atomic out at the Temple Mountains, site. Northern Oils contract proIncreased Progress oil men alike as the harbinger of Energy Commission. "This gives where it is orebearing and supvides for the drilling on an offset a new and prosperous era for the strong assurance to the investor ports production. The commission reported in- well within 90 days of completion that his money is going into the 1 State. creased progress and tempo in all of the first producer. In compliPurchase Agreement ground and is a factor in opening of the military and peace- ance, with this phases provision, the secAgreement for purchase of the time profitable ore, he said. s atomic of the proaspects ond drill site has been selected jroperty was' consumated with American in the which peoIn commenting on the fact that Uranium, gram and plans progressing for the start Oil & Trading Company many uranium company stocks and Aladdin Uranium Corp., which ple have- invested1 more than 12 of further drilling operations, Mr. billion dollars since 1940. had started out in th penny firms controlled the property. Buckmiller said. Mr. the Walters AEC class, the medical In the expressd . field, Taylor-Knap- p Mr. G. of of Bretz, president Kyle company opinion that the, reason for this Texas Uranium Corp., in making said promising research had been Mont., has been granted was to enable. them to raise suf- announcement of the an additional loan of $368,973 by property ac- made toward using radioactive to ficient funds Vitiate operations the defense minerals exploration quisition, expressed optimism over thulium in a . portable device, The and the develop properties. administration to continue mangadevelopment possibilities of the re- needing no power supply, which can be determined value real then nese exploration at the True Fisgion and the chance of opening a could take the place of an y Individual Indian allottees are out the that he machine for example, on a batsaid, pointing later, sure mine in the Philipsburg disproperty. producing conplacing 1,280 acres of potential oil should be placed on tlefield. trict, A. E. Weissenbom, executive emphasis The. commission also said prog- and gas lands in the general area officer of the DMEAs Spokane of- structive development procedure and the projection of a regular ress had been made in locating of Roosevelt Fool up for competi-iv- e fice, announced this week. lease on March 16, Harry W. brain tumors with the aid of Work under the original $165,762 production status. radio-activ- e arsenic and in the xilmore, superintendent of the loan contract disclosed ore on the Uintah-Oura- y Agency, Ft Dupossibility of using 500 and 600 levels at the mine, he Difficulties are things that show announced recently. chesne, Howe Sound company last week cobalt to treat cancer. said. what we are. Epictetus. first-quartterms a dividend Other than generalized declared of 10 cents a share, continuing the about production, the AEC used rate paid during the last three guarded, dose - to - the - vest lanquarters of 1953. , Payment, total- guage in discussing weapons and ing $163,803, will be made on there was nary a mention of hyMarch 10 to stockholders of rec drogen, weapons by name. Stocks ord February 26, bringing the com The commission did say, howBid Asked panys dividend total to $43,748,-40- 5. ever, that since June, 1952, it has In the first quarter last year had a "weapons research labora Aladdin Uranium the firm paid 35 cents a share. Its tory at Livermore, Calif., operNorthwest operations include the ated with the cooperation of the Holden copper-zinc-gol- d mine near University of Californias radiaand the Balckbird tion laboratory. Chelan, Wash., cobalt-coppmine at Colbalt, IdaA lot of people these days are ho, operated by subsidiary Calera Mining company. trying to hitchhike to Utopia. Ground Work First Need Of Uranium Mine by-produ- ct atom-generate- Northern Oil Makes Hit At Kansas Well -- re - ore-beari- -- , i North-westerl- DMEA G sves Lock For Manganese Phil-ipsbur- g, . X-ra- Howe Sound Slates Dividend Indian Acreage Placed For Lease . ray-emitti- ng er y TEXAS URANIUM UNLISTED URANIUM . CORPORATION er For Information Concerning the Above Company Call URANIUM, INC. Common Stock Write or Phone Sold Bought Kyle Bretz Federal Uranium INFORMATION FREE UPON REQUEST Please send me a report on Uranium, Inc. Name ! Address 505 Season' Building Phone 9-79- 96 Salt Lake City, Utah Mail To CAYIAS Member Salt Lake Stock Exchange 39 Exchange Building ,fmtt 1 . Mm' . BROKERAGE CO. Salt Lake City, Utah .04 .0414 Cromer Brokerage Co. Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place Salt Late City, Utah Reports on the above issues will be mailed free upon request. Phone 17 Teletype SU 189 |