OCR Text |
Show Page 2 OMJ November 2, 1970 Federal Gold & Silver to enter recreation field via snowmobile An officer at Federal Gold & Silver, a Salt Lake City based corporation, has confirmed reports that the mining company has made a strong move into the recreation field. Initial project in the shift of the firm's efforts is acquisition of the popular Utah play area Mirror Lake The Lodge. lodge has long been a summer favorite with Utahns and tourists, but Federal G&S plans to develop it as a winter resort as well. Normally the lodge is snowed in for most of the winter and much of the spring, but the company will be developing it as a snowmobile center with a portion of the rental snowmobiles based nearby Soapstone which is open almost year-rounSnowmobile enthusiasts will be d. able to rent machines at Soapstone and travel to the lodge where the company can chuckin' accomodate up to 9U persons in cabins. Available around Mirror Lake Lodge is more than two million acres of ideal Snowmobile area few with no animals, no just plenty of snow, the Federal spokesman said. New officers of Federal Gold & Silver are Arthur L. Merrill, president; John Groberg, vice skiiers By d, secretary-treasure- r. Cliffs Copper, DuPont join forces in small solution mining venture CLEVELAND-- H. Sturat of Harrison, president Cleveland-GiffIron has that its subsidiary company, Giffs Copper Corp.. and E.I. DuPont de Nemours & Co., have agreed to participate in a small joint venture to recover copper by solution mining from an inactive mine near Mountain Co., s announced Gty, Nev. A total of 50 million pounds of recoverable copper is estimated to exist on the property controlled by Giffs Copper. By the end of 1972, production of cement copper at the rate of 400,000 pounds per month is expected. Copper precipitate will initially be recovered by leaching from the original mined area. Additional ore reserves will be fractured by explosives prior to extensive leaching operations, while Du Pont explosives department personnel will participate in the chemical process activities. This is the first venture involving the two companies and is Du Ponts first entry, into the , copper recovery field. A spokesman for Giffs Copper said the ' anticipated de-- mand for copper makes this operation of economic interest at this time. production- shortly the venture USSM has started work on the to earn a 50 Under the interest. agreement' project and expects to produce City, and Sierra Mineral S3 00,000 will be spent before copper by early spring of 1971. Management of Tucson, Ariz., January 1971, with the balance to By early summer it should reach announced they have entered a be provided at the sole election of projected production of a million Sierra before July 1972. joint venture agreement to devepounds of copper cement a and U.S. Silvers month. lop operate open, In event less than Si, 500, 000 is Drilling on the property has pit copper mine at Mackay, provided by Sierra, they would Idaho. indicated 2,383,000 tons of receive a pro-- portionate interest ore with .65 per cent proven Operations at the mine were in the property. copper; probable ore of suspended two months ago. 3,143,000 tons of .65 per cent Pinder, copper and possible ore of According to Robert Pinder, president of engineering studies show that the 17,000,000 tons at .65 per cent U.S. Silver Mining Corp., said Sf, 500,000 will provide sufficient copper. each party will have a 50 per cent facilities to The previous drilling programs produce at least one interest. were limited to an average depth million pounds of copper cement of 1,600 feet below present pit The agreement provides that a month by open pit mining and Pinder said. level, Sierra will put SI, 500.000 into leaching. It is planned to drill to much greater depths than the 1 1 5 feet previous drilled. s Since drilling was completed, additional adjacent propcitics have been acquired. Hie new exploration program will include work on the recently acquired property, Pinder said. 25 Cents a Copy y ' I Subscriptions $10 Per Year Published weekly in Salt Lake City, Utah by Charles E. Hayward of 1243 E. 21st South, Salt Lake City, Utah 84105. Mailing address: P.O. Box 19243. Salt Lake City, Utah 84119. Serving the mining and oil industries of the Rocky Mountain Region. Articles and information herein are true and factual to the best L knowledge of the publisher. Information and opinions published are the Msole responsibility of the publisher and do not reflect the attitudes or Nopinions of the merchants, brokers, corporations and service firms who PI advertise herein or otherwise sponsor this publication. Second Gass Postage Paid at Salt Lake City, Utah Advertising Rates: Display Advertising Classified Advertising Phone Editor & Publisher 487-076- 8 $2 col. inch $2 for 20 words or 467-966- 2 Chuck Hayward Oil Shale experiments Continued from Page n Lake City, had a few pointed criticisms of Utah Inc., annual banking institutions at a recent meeting. Utah banks, many of them founded upon mineral wealth, steadfastly refuse to make loans on good geological prospects, Mr. Meyer told the meeting. 1 could take the same prospect to the Republic National Bank of Dallas and get a loan just like that! Mr. Meyer said. Meyer has been in Utali since 1957 and has done well in mineral enterprises. He says he found the state's provincialism and square" attitudes a positive factor: That's what attracted me. But, he warned the group: Don't he afraid of growth! ...You don't have to be a Gary (Ind.) You can grow gracefully and beautifully." Nor should there be a fear of religious domination, he added. Meyer termed the state liquor laws a negative expression of provincialism. Getting a drink in Utali is neither a pleasant nor convenient experience, he said. He also criticized the State Land Board. The petroleum industry, heavily beefed up with highly paid geologists, geophysicists, and landmen when Mr. Meyer arrived as an employe of Standard Oil of California in 1957, has since made a mass exodus from Utali. Among the reasons, according to Meyer, is such expression of negative attitude as the doubling of yearly acreage rentals by the State Land Board to $1 an acre. Of the 39 major petroleum companies that had offices in Utah in 1957, 32 have since left and have consolidated staffs in FArmington, N.M.; Casper, Wyo., and Denver, Colo. Active drilling rigs in the stale dropped from 129 to an average of 17 in 1969, Meyer declared. Pro-Uta- U.S. Silver & Mining property to resume SALT LAKE CITY U.S. Silver and Mining Corp., Salt Lake Interinountain oil and mining entrepreneur, Daniel II. Meyer who is now owner and president of the Golden Eagles Hockey Team of Salt Well-know- president, and Frank llatton-War- Chuck Hayward U h, Pro-Uta- h As we announced last week, ITS YOUR MONEY, the coiu inn former written bv a Las Vegas columnist 3 and investment executive, will no longer appear in the J Oil & Mining Journal. Our columnist is retiring from the investment industry. Richard III ackburn Taylor, who wrote ITS YOUR MONEY under the pen name of Richard Blackburn, is running for Lieutenant Governor of Nevada. He has spent five years as an investment counselor, most recently as manager of Unity Securities Corp. Las Vegas office. 0 1 order 600 to 800 degrees Fahrenheit. So far, the project has found it difficult to obtain and sustain ignition and to maintain heat control. So far, two of six ignition wells have been started by introduction of propane burners into the formation. There are about another 50 recovery wells surrounding the central fire wells. The rate of burning in the wells is measured by monitoring of carbon dioxide born from the fire process. Hie project is located on a Union Pacific Railroad land, just a few hundred yards north of interstate 80. Dick Taylor, father of four children and a member of the Church of Jcsys Christ of Latter-da- y Saints, has been involved in the building of tourism in state's most important Nevada (which he calls product) for most of the 15 years he has been a resident of the stale. He was formerly manager of Mitchum, Jones & Templeton offices in Las Vegas (a New York Stock Exchange member firm) and managing director of the Hacienda Hotel. He has served as a member of the hoard of directors for the Young Men's Christian Association and a member of the board of directors for the United Fund in Las Vegas. Continued on Page 5 |