OCR Text |
Show Cll6't3SIS3J3KSML SEPTEMBER 21, 1970 pacss Old mine shaft gets new lease on life PARK CITY, Utah Before the turn of the century, the old Ontario No. 3 shaft produced millions of dollars in rich lead, zinc and silver ores. Now, after 20 years, the Ontario shaft is taking a new lease on life. It will become the production shaft for the Park City Ventures. Ventures is a new consortium of the Anaconda Co. and the American Smelting & Refining Co., which has agreed with United Park City Mines Co. to undertake a major exploration the 1,500 ft. level and drops to and development program on the 2,300 ft. level. the UPCM property. the Then venture will Fart of the venture involves prospect northwesterly from the rehabilitation of the Ontario Ontario shaft to the Spiro shaft as the nucleus for overhaul Tunnel. The connection will be in the current mine somewhere of the current transportation system and a new location of the Spiro Tunnel exploration and development underground mining museum, now a popular tourist attraction. program. Venture crews have moved in The Ontario will be taken down to the 2,200 ft. level. a 80 ft. high steel head frame There it will connect via existing from which hoist cable and levels to the current No. 6 main digging equipment will be operating shaft, which starts at lowered into the shaft. Silver Crown reactivates flotation mill SPOKANE The former Green mill flotation has Randy been enlarged by Silver Crown Mining Co. and will be put into operation, according to V. S. Sanders, president. Sanders said that the first ore to be put through the mill will come from the leased Casdeel property. The company also plans to start mining operations later at its Hubbard property, he added. Capacity of the mill will eventually be enlarged to 300 to 400 tons per day and custom ore shipments will be accepted from other producers, Sanders said. Recently purchased from the r Idaho Continental Mining Co., the mill has been enlarged from a capacity of 30 tons of ore per day to 100 tons, Sanders said. Sanders Co., Mining predecessor to Silver Crown, began exploring the Casdeel property about six years ago. Overburden up to 14 feet thick .was removed from a vein which proved to be up to 20 feet wide and containing values in lead, silver, zinc and cadmium, Sanders said. An 80-fodrift ot was also driven on the vein. The vein, exposed along about 300 feet of its strike length, will be mined by open-p- it methods, using a front end loader. Work Hubbard at the , has included property riving a new 500-foadit and a 90-foincline raise to old upper workings, Sanders said, the work opened a vein from three to 10 feet wide containing values in lead, silver, zinc and gold. Work at the company's Joe Creek property has been mostly confined to annual assessment requirements, Sanders stated. ot ot Ida. There on the levels above, Rice said.. values on ail three levels. has been significant achievement Work on the 2500 level is also The Coeur Project agreement in the to be and planned exploration inaugurated as provides that Asarco has the sole of the Coeur soon as possible and if ore is right to determine when the development d'Alene Mines property in the discovered in known veins on property shall begin commercial Silver Belt of the Coeur dAlene these horizons, it would extend production and when that Jus tic Rice, the vertical distance of known decision has been made, it shall Mining District, CDA president, reasonable with reported to veins 600 feet, and appreciably proceed increase the known ore reserves, diligence with the development company shareholders. He said that ores with good Rice stated. and equipment of die property Rice added the in such manner and on a tonnage that silver values have been found on each of the three levels off the management is pleased with the basis of such capacity as is Coeur Project which have been progress made to date and the deemed proper and adequate in the 3100 finding of ore with good silver its sole judgement,'' Rice said. opened to date level, the 3400 level and most recently the 2800 level. B Rice noted that American fl B Smelting & Refining Co. is fl an B conducting diligently , . tri SILVER ambitious program of and development diamond extensive including drilling to seek new veins or extensions of those already to known known, corss-cuttirveins or diamond drill intercepts and lateral work to develop these veins. The Coeur Project property is being operated by Asarco under the terms of' a 60 40 working agreement entered into in 1964. Rice said that on the 2800 level, work on the 400 veing has been very rewarding'' and drifting on the vein has disclosed ore for a total distance of 371 feet with average assays of 35.9 ounces of silver per ton and 0.9 copper. Having an average width of six feet, the vein has maintained a good width and has been as wide as 13 feet in some areas, Rice said. The best section averaged 73.3 ounces of silver per ton and 1.1 copper with an average width of six feet for a distance of 96 feet. The company had previously reported that the 356 vein on this level disclosed ore with good silver values. Work has started on the 3700 level station installation, and ' when it is completed a crosscut will be driven southerly to exploration ig B fl RANGE 4c TO $40 PER SHARE B ipecialiie in litver, geld and .uranium stocks and selective penny mining stocks. Wo accept collect calls on buy orders. W 1 J. B B B B STOCKS haw profit parotid B B B Wind W. 412 Sprogoc, SpoUoe. Wosk. 99201. Tel. 030-443- Q S H. DILLON & CO. 0 Member Spokane Stock Exchange fen By Cbut UoycMfd During last year's legislative debates over the validity of the oil depletion allowance and other tax breaks designed to encourage domestic oil exploration and production, we wrote a number of editorials in support of the 30 year old federal regulations. At the time we were accused by a few of closing our eyes to the "robberies" being perpetrated by oil companies via the "artificially high" oil and gas prices supposedly caused by the combination of these economic advantages and quotas on foreign oil. We maintained at the time that foreign oil would remain cheap only so long as our domestic industry was able to compete on the domestic market, and that too much U.S. dependence on foreign supplies was dangerous both economically and politically. Tha fact is that 75 of this nation's energy is derived from petroleum, and ho one with any degree of foresight (or even modicum of hindsight for that matter) wants to become dependent upon countries such as Saudi Arabia for of the their primary energy source. Nearly two-thirresidual fuel oil used in the U.S. is imported. What's more, residual fuel oil importation is not affected by U.S. ds WALLACE, I 0 i CDA chief reports significant And . GnQi)l!sDlnl o D 0 idl government controls. Now, due to Middle East disruptions, skyrocketing tanker prices and heavy worldwide demand, the cost of "cheep" foreign residuals is costing more than "expensive" domestic residuals. Foreign residual fuel oil has risen from about $2 per barrel to $4 per barrel. Domestic producers, despite heavy demand, have held their price down to $3.60 per barrel. Currently, domestic oil which had been 25 higher than foreign residual, has stayed at 11 below the foreign price. This oil fuels heavy industry and electric utility generators, not the family car. Despite political sniping away at the tax advantages for domestic producers, domestic exploration has remained at a fairly high level. But the fact is that the status quo is not good enough. There have been warnings by experts for months that the United States is facing an 'energy crisis' which may make itself felt as early as this winter. As we said last.year and would like to repeat now, this is no time to pare away the economic advantage to the domestic finder and producer of oil and gas. In fact, in view of the Middle East situation and the dwindling likelihood of any early solution there, a further encouragement of domestic producers would seem in order. It would probably prove less expensive in the long run. . , downward the veins of extensions containing explofe ore and favorable zones found THE SEAFORD RESEARCHER a investment review concentrating on low-pricsecurities and penny growth stocks. Fora complimentary copy write: bi-wee- kly ed Economists still aren't willing to admit it, but there are indications that new life is coming back into the stock market even the Wall Street Journal recently came out with an article heralding the renewed "humming" of the industry, and the performance of the Big y Board indicates that financial institutions have been gingerly returning to a more active role on the buying side. So there are indications that the bear market, while still growling occasionally, has been penned up by the permeating realizationthat the economy of the nation is strong enough to withstand a great deal of negative pressure over-the-count- er cash-heav- without crumbling. SEAFORD RESEARCH CORP. P.O. Ooxll Secfoid.New Ycik 1 1783 Those who are optimistic about the stock market's prospects ere basing their exuberant sentiments on the belief that the 1969-7- 0 business recession has now passed by with only a mild impact, and that improved corporate profits, lower interest rates and easier money conditions will be forthcoming fairly soon. |