OCR Text |
Show THE CITIZEN 3 BINGHAM STANDARD MINES The company points with justifiable pride to the fact that it is only capitalized for $500,000, and that only about one-fifof its stock is now outstanding. Officers state that not a great deal more capital is required and that there should be considerable more than half the stock remaining in the treasury for future reserve when this financing is completed, and after the company is on a producing basis. Bingham Standard properties are in the Bingham district of the Oquirrh range, which is the richest range in the world and has produced over The Bingham district has produced in excess of $800,000,000. Most of the mines in the neighborhood of Bingham Standard are immense producers, owned and controlled by some of the largest mining and smelting interests in the world, and are not listed as individual concerns whose stocks are quoted on any local zinc. & Company Locates New Mineralized Ore Zone South of Famous Bingham Mercer, Prominent Mining Engineer, could he handled and milled easier in is Optimistic After Survey. of Property and Predicts Big Mine in Sight. this property than two hundred tons in the average mine. Harvey D. Heist, consulting engineer, U. S. Mineral Surveyor, is of the opinion that all of the ore beds on the Bingham mining camps, and the rich beds of Ophir mining district to the south, will be found in place on this property at depth. The presence of an intrusive body providing a channel to enrich these beds, making pos- to prediction of some informed mining men another mining camp will come into being in the immediate future. A fJarge tract of highly mineralized Aground has been discovered south of Bingham in the Oquirrh range. The Bingham Standard Mines company has acquired the choice of this mineralized ground and all the surrounding ground is being filed upon by mining men, who are now wondering why this zone has been entirely overlooked in the past. A. F. Mercer, prominent mining engineer, has made a compelte survey of the property and says that every indication is strong for a big mine, which only awaits development. He found that in 32 feet there was not a quarter of an inch that is not highly Scattered throughout mineralized. this body are grains of pyrite and sulphides, which contain a notable amount of lead, silver, gold and zinc. In the main, however, he finds the major mineralization is composed of Following a galena. along the limestone contact a replacement deposit occurs. This ore averages about three feet in width and has been opened along the strike of the vein for a distance of about 80 feet. This vein is of good commercial ore and careful sampling shows assay values averaging around $30 per ton in lead, silver, gold and zinc. Mercers opinion is theres a splendid chance for this entire dike to make into ore of shipping grade when cut by the lower tunnel, which would expose a very large tonnage of shipping ore; because the upper tunnel seems to be started on a level which merely skims over the top of an apparently large ore body. This is very evident because an examination of the top and bottom of the upper tunnel itself discloses that the ore at the bottom of 0; upper tunnel widens out from the sides of the bottom and narrows up considerably at the top of the tunnel, all within a radius of 10 feet. This property enjoys advantages that are seldom found in mining. First: The monzonite in itself is sufficiently mineralized to be good paying material and its altered nature makes it an easy mining propo- ACCORDING sible extensive replacement deposits in the limestones. Similar conditions are responsible for most part of the production in the mines of the state of Utah. The key to the successful development of this property is there th fine-grain- ed sition. Second: The lime in contact is so well brecdated that the hydrothermos .urtion which carried the metalliferous srostance that caused the complete infiltration of mineral matter is of such a nature that once entered on the lower level, there would be little, if any, dead work necessary, thereby reducing enormously the overhead expense. Five hundred tons of material siderably simply from the top to the bottom of the tunnel. These are all facts which are identical with neighboring, large producers. It is highly significant and important also to remember that recently a neighboring mine opened up a tremendous ore body on its 3300-folevel, showing that conclusively Bingham district is the reliable; deeper the better and richer, and proves its ore shoots are permanent and sure ore leads. It is said that the Walker interests, which family opened up some of Utahs and Montanas largest mines, and have made fortunes, have purchased property adjacent to Bingham Standard, and have made flattering offers for the Bingham Standard holdings. Upon the advice of engineers, the company abandoned the upper workings for the reason they were simply to prove the existence of commercial ore. The upper tunnel would not permit economical operation. The lower tunnel will open these ore bodies and facilitate their exploitation. The company intends to list its shares on the Salt Lake Stock & Mining Exchange at completion of financing. It expects to see the stock start off at 50 cents or more on the exchange. If ore is reached by the lower tunnel before listing the company expects to see the stock start off at a much higher quotation. The officers of the company are J. C. Allen, president, and general manager; Wm. Thornton, ot vice-preside- nt vice-preside- nt; reasurer; Clarence M. Beck, secretary-tJames A. Nelson and L. L. Larson, directors; F. E. Turner, consulting , engineer and directing head of the company, and who is also general superintendent of the Ohio Copper company. MINES AND PROSPERITY fore to open up these fertile horizons where cut by the fissures. Heist says that the development plan would be that of getting depth; there appears no reason why fertile horizons should not be found at comparative shallow depths, and it is reasonable to assume that all of the beds when found will be ore bearing. Utah ranks first in the production of silver, second in copper, second in lead, fourth in zinc and sixth in gold. In actual figures its annual output is worth about $75,000,000 in the above metals, $30,000,000 of which is spent for labor at mines and smelters. The stockholders of the mining companies received in 1927 about $15,600,000 in h of dividends, approximately the value of the gross main output. The Bingham Standard Mines company has secured the best mining talent available, and its operations are based upon the advice of experienced Utah mining engineers, say the company officers. The company owns its properties in the famous Bingham one-fift- dis-dri- ct which in 1927 produced $46,648,-091.8- 5 in gold, silver, copper, lead and Bingham Standard properties are only a short distance from the Highland Boy mine, which has produced more than $100,000,000, and still the largest underground producer in the state. According to reliable information, geological conditions of Bingham Standard and Highland Boy are identical, and only on those two properties did the ore outcrop. Bingham Standard at only sixty feet of depth opened up an ore body 32 feet wide, part of which assays $30 to $60 per ton. The Bingham district is noted for the continuity of its ore bodies and the fact that they widen out and values increase with depth. At the outcrop Bingham Standard had only a narrow vein, and the ore was not of shipping grade. A shaft was sunk from the outcrop. At 60 feet shipping ore developed. A tunnel was run 300 feet to determine the extent of this ore, and it was determined that at that depth the company had a ore body, not a single inch of which is not highly mineralized. It showed that the vein widened out con- exchange. 32-fo- ot t With the metal market showing steady improvement, citizens of states where mining is a basic industry, are prospering. European countries are increasing their purchases of such metals as copalper and zinc, and the demand has ready absorbed most of this years production, with consumers placing orders for delivery next year. The position of copper is the best in over five years, according to the Boston News Bureau. The industry has struggled along through a slow, halting process of adjustment and is ecotoday operating on a new high nomic level. Mining is the bread and butter industry of many states whose prosperity and advancement is in direct proportion to the prosperity of their mines. GREAT QUANTITIES of charcoal are manufactured for fuel by primitive methods in Mexico, with no attempt to save the valuable |