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Show T u 1 3,1 i M OP U LIBRARY mf TY 1 HEM MEKAL SURVEY I'. .. tf jrr.SB X? r "S M '.jt .i & . . i . L. features Mining , Oil, Financial Published Weekly LX U. VOL. 25, NO. Salt Lake City, Utah, April One 30, 1954 Activity Gams Stock Prices Stronger, On Salt Lake Mart In Nevada iNalldrlm Oil Boom Area Ner-Ta- OU A h An expansion of drilling activi- Mag; planned by the Shell Oil Co., it was disclosed this week with the firm's announcement that it will spud in two new wells in the near future. xRoyston CeaTn Silver Shield aSUver Standard Tentative location of well No. 2 is in the center of the NWV4SEV4 of Section 2, Twp. 7Nj Range 56E which is about nine miles southwest of the discovery well. The No. 3 well is scheduled to be drilled in the center' of the NE NE ofSection 27, Twp. 8N, Range 57E, or about six miles southwest of the original well. There is no indication of how soon drilling operations will, begin on either of these locations but apparently the company is contracts .at negotiating drilling ' xTrsns-Unio- xUtah-Wy- BINGHAM DISTRICT, UTAH U. S. Smelting, Ref. & Mng. 7,- - tons. Combined Metals Reduction Co. 55 tons. Utah Copper (Kennecott) 689 n cars daily average. PARK CITY DISTRICT, UTAH New Park Mining Co. 1,929 tons. EUREKA DISTRICT UTAH Chief Consolidated 38 cars. 938 85-to- Filtrol 22 cars. R. L. Garity 2 cars. Bullion Beck 1 car. Plutus Mine 2 cars. Mountain View 1 car. Centennial Developing v cars. Co. 2 , Colorado Consolidated 1 car. PIOCHE DISTRICT, NEVADA - Combined Metals Reduction Co. Lead, 9 cars Perlite, 8 cars. Bristol Silver Manganese Ore . i car. ELY DISTRICT, NEVADA Kennetcott Copper Corp & Con-solidated Coppermines, combined . 1,410 cars, 80- - ton average. J. A. Hogle A Co. Mining Dept. . . xYankee Con. Znma Unlisted xAmal. ORE SHIPMENTS Con. OU o. xWestern Allays xWest Toledo Stocks Pfd. Sngar xUtah Fire day xUtah P. A L. Com. S5.Z5S4.StM xdndieates operate companies) TOTAL SHARES TRADED DOLLAR VALUES AEC Strikes . High Grade reports, said to be Uranium Ore information," acres. OU n .... Utah Con. xUtah Ida. Sag. Com. . xUtah Idaho Sng. Pfd. V Meanwhile, based on good .wefe circulating here that a wild' catter will soon begin drilling in the approximate center of Twp 12N,.Rang .56Ein.Nye county. Arousing interest in Tonopah this week was the presence of Peter J. Burfening of Reno, an associate of the Blitz, Mueller and Edwards syndicate which has taken up some 200,000 acres of Nevada oil and gas lease. ,j, Burfening spent several days in town looking the situation over. He predicted that Tonopah will soon begin to feel some direct ' benefits from the oil discovery, as Ely is filled to overflowing and oil companies and individuals must find suitable quarters as near, to the area of activity as possible. In a recent announcement, Shell disclosed that at its Eagle Springs No. 1 unit, the discovery well, drilling is currently in progress below the 8400 foot mark. The well entered the Paleozoic sediments Continued on Page 2 . xTlntle Standard . 000 Central Tintie Since U. .S government regula- , . Untie Lead . tions require that all Federal leases being unitized be on the same geological structure, it would appear from the proposed location of the Eagle Springs Unit No. 2 well that thid structure is of con siderable size. As a matter of detail, the total area of the Eagle Spring unit is approximately 68,- - .. ... Blonx Mines So. Iron Bloaaom xSo. Standard xSnndaneo OU Co. . Swansea Con. . present Scores of recent inquiries indi-- t cate that basic misconceptions have arisen concerning the governments recently expanded 'Defense Minerals Exploration Program, J. H. East, Jr., Regional Director of the Bureau of Mines, said in Denver. It is not true, as many apparently believe, that the government will reimburse any part of the exploration expenses of prospectors and miners who do not hold DMEA contracts, East said. To qualify for a contract and reimbursement, the applicant first must: 1. Own, lease or have the right to mine ore on land that offers promise of yielding one or more of 33 strategic minerals. 2. Fill out completely and submit four copies of application form NF-10- 3 to the nearest DMEA field Park Nelson Flamblo Mines xFlntns Prince Con xProsper OU A Mining . - U.S. Mine Aid , xPark Bingham . xPark City Con. ties in Nye county, Nevada, is 13.00 Procedure Outlined For YEAS 1954 TO MARCH Slat xNew Park xNew Qulney North Lily i . . Tear It is stated by staff members of the Atomic Energy Commission .that , ricburanium.ores- - have- - been located by the commission on Monogram mesa in the Bull canyon district of Montrose county in southwestern Colorado. The discovery was made thru numerous core drillings on lands which the commission some years ago withdrew from the public domain for, exploration work. ' importance of the find is emphasized by the fact that most all of the large uranium mining companies on the Colorado plateau are seeking to negotiate for leases on the properties. In confirming the discovery, W. Spencer Hutchinson Jr.,, assistant to the manager of the AEC offices at Grand Junction, said it will be two or three months yet before we decide what we are going to do with the properties. We dont know what the approach will be, whether the land will be put out under individual leases, or whether it will be leased in connection with a milling operation. It may be that we will have to contract for the sinking; several shafts so that we mo'prop-erl- y can evaluate the ore bodies. Hutchinson would make no estimate of the value of the ores, but said that the find is. creditable. Most conservative estimate of mining men on the plateau, how-e- r, is that the ore bodies may be ' worth millions. Hutchinson said the ores, located by deep diamond drilling, are in file Morrison formation, and are of the chrnotite type with probably some urananite, a primary ore, involved. The ores also contain vanadium. They were located in a slump area which is badly faulted. The AEC discoveries are near the Jo Dandy group of mines which have been the most productive in the Bull canyon district All mines in this group, lying near the edge of Paradox valley, are on one large deposit of ore ranging up to 15 feet in thickness and continuous for 3,000 feet alpng an . ; . ' 4,545,907 0608,271.46 Substantial Price Gains Made By Mining, Oil Stocks Uranium Shares Lead Upward Surge office. A DMEA geologist and mining engineer will examine the propos- ed project site, East said. In deciding whether to approve or reject an application, the government will consider the strategic importance of the mineral involved; the geologic probability of making a significant discovery; the availability of manpower, supplies, equipment, water and .power;, foe accessibility' of the project; and the operating experience and background of the applicant If DMEA assistance is approved. East said, the government and the applicant will enter into a contract that. specifies precisely the work to be done and the terms under which a part of the exploration costs will be reimbursed. Depending upon the mineral sought the governments share will be 50 or 75 per cent of these costs. Detailed information is available at the Bureau of Mines, Room 224, New Customhouse, Denver. Stocks listed on the Salt Lake Stock Exchange recorded increas-thefirthree months of this ingly heavier teaming .. volume dur higher over a wide front year With prices moving substanti; Most generally accredited influence is the acquisition of uranium ground by many of the companies along with favorable development of oil and gas. A comparison of last sales made in the period, with those at the end' of December discloses excellent gains. Among many Conclusive proof that imports of these are. the following: Big Hill December close .0216, March close foreign lead and zinc have had a Chief detrimental affect on the domestic .06; Bristol Silver Cons. mining' industry was furnished to Clayton Silver Rexall-.06-19V6-.3Columbus .17; Congress last Tuesday in special .14-22; Combined Metals East report prepared by the U. S. tariff The fellow who faces the music commission. East Utah Standard eventually gets to lead the band. Eureka Bullion Domestic production, employEu- ment and profits have declined Eureka Lilly Cons. Great sharply as imports of the two metreka Standard 2 9 Howell Western ; als have increased, the report to has since .30); showed. gone (Howell .31- -. 39; Mono Madison Mines Employment in lead and zinc Nev-Ta- h mines and mills, for example, Kearsarge Stocks Oil New Park dropped almost 20 per cent beOil Se- tween January, 1952 and October, North Lily -. .47curities 65; Prince Cons. 1953, from 43,002 to 34,549, it said. 1.70-2.6Rico Argentine The rate of decline was twice as Swansea Cons. high in 1953 as in 1952 and there Tintie Standard and is evidence that a further substanUnited Park City 1.10-1.7tial decline has occurred since Equally exciting advances have October, it added. Profits of domestic mine operabeen made by a number of unlisted uranium stocks. A few of tions during the first half of 1953 these follow: (Comparison is made were 80 per cent below the 1950 between the asked price on JanuaContinued on Page 2 ry1' 5, 1954 and the asked price this week) Aladdin Cons. Uranium Great BaOil sin .13-3Mayflower Uranium Oil & Inc. 3.00-4.5Sunshine Mining company has Uranium Corp. apparently hit the jack-po- t on Trading .04 Sun Uranium of Amrica-.05-- .06; its initial oil venture in the new .03- -. Pembina field 65 miles southwest 06; Federal Uranium 5. of Edmonton, Alberta, and is reA number of other unlisted ura- ported to be expanding its interests in Canadian oil. nium stocks have moved higher .35 to from Lisbon, .98; notably, , The Pembina field, although only Uranium Inc., Congo; Atomic Ura- nine months old, now looms as Member Salt Lake Stock the biggest in Canada and may turn nium; Timpco and many others. Exchange Over the counter trading in the out to be bigger than any field in unlisted uranium stocks is report- the United States, according to Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place ed by various brokers to have the Western Oil Examiner, a Calin Salt Lake City, Utah . volume. recent a reached record high appligary publication. In recations for pipeline permits oil Report on Atomic Uranium will The grand essentials of life are serves were estimated at from be mailed on request something to do, something to 762,000,000 to 952,000,000 barrels, it Phone Teletype SU 180 states. love and something to hope for. st Foreign Lead Imports Chop U. S. Markets . .04-.0- 7; .49-.5- 6; 7; ,04-.0- 6; .03-.0- .12-.1- 8; .02-.0- 9; 9; .11-.1- 6; .02-.0- .40-.0- UNLISTED URANIUM .21-.2- .05-.0- 4; .74-1.3- 0; 8; .34-.4- 4; .01-.0- 2; 8; .02-.0- 5; .61-1.2- 0; 5. .03-.1- 0; .63-.62- ;1 Sunshine In Oil .13-.1- 4; 1; 0; V6-.1- 0; .02-.0- Cromer Brokerage Co. |