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Show June 17. 1955 Kaibab Lave Utah 40-Ye- ar Page Three The Weitera Mineral Surrey, Sail Lake City. Utah TEMPLE MOUNTAIN PROPERTIES Objective Oil Hit New Rules Due On Land Leasing at 206 Feet; A notice to uranium Area Hails Project The first drilling company to push through the Kaibab lime stone formation in the Virgin Field, Utah's oldest producing field in Washington county, Utah, achieved this major objec tive last week. Utah Galena Oil Corp., according to Ben H. Bullock, presi dent, went through the limestone at 537 feet. Mr. Bullock esti mates 290 feet of shale must be drilled and 100 feet of sandy limestone before the productive Weber oil and sand shale is hit. At Utah Galena's gas and oil well, Bullock said, oil was hit the largest in the state." Deposits at 206 feet. "There has been a of high value have already been little showing of oil all the way," uncovered, he said. A bulldozer is now building he added. The Virgin Field has been a roads to transport mining ma producing area for over 40 years, chinery and supplies to the tun Bullock explained. "Other drill- nel. An air locomotive has been ing firms have not been able to ordered, according to Bullock, conquer the limestone in that from the Eimco Corp. of Salt time," he said. Utah Galena's Lake City, for haulage purposes. "Development work in the ore driller Ben F. Klippel, Duchesne, cave has shown a cross cut can Utah, first attempted a rotary be run north about 75 feet from bit and other east and west tunnel the main equipment. In the final attempt should and open an immense Klippel used 60 per cent gelatin r of ore," Bullock powder to break the stubborn body speculated. layer. In addition, Galena president "People in the Virgin City area his corporation and the syn said, were elated," Bullock reports. dicate "Even the mayor visited the have Oil and Mineral Corp. acquired interests in sev property and congratulated the eral thousand acres of oil and Bullock crew on being the first near leases Lander. Mr. Bul gas to cut through the Kaibab." lock is investigating these prop On other Utah Galena mining erties this week. property in the Santaquin DisDevelopment work is being trict Bullock reports develop- done on the 300 acre property in ment work is progressing rapid North Tlntie Mining district for ly. The area is being probed for sliver and lead ore and diamond silver and lead deposits, which drilling has started on the Topaz Bullock previously announced Uranium property in Juab Coun "hold promise of being one of ty, Utah. Also, diamond drilling will soon be underway on Temple Mountain uranium holdings. ws .:. s While Utah Galena drillers were rejoicing over their triumph in the Virgin Field other company employees were scheduling a diamond drilling program on the above Temple Mountain uranium property in the area. hard-formatio- n land-ow- n ing companies by the State Land Board, announces the board is in the process of drafting and revis ing new rules and regulations for the leasing of state land. In order to promote the pro duction of low grade ores, the board has expressed opinion that a sliding-scal- e type of royalty will probably be adopted. The proposed new rules are now being considered for adoption for computing the royalty on fissionable minerals and overrid ing royalty. Instead of a separate 12 per cent royalty on everything a company receives at the mill site, (less transportation allow ance but including the bonus), a company would get a graduating scale covering the monthly average of U308 content of the ore, with limitation on the maximum overriding royalty that could be assigned or reserved. Advertise In The . . . lead-silve- Stocks to Watch Federal Uranium plans an ex penditure of approximately $30,- 000 for drilling on some of its approximately 4,800 acres, in the Beaver Lodge area of Canada, near Uranium City, in the north, west corner of Saskatchewan. The Beaver Lodge property is held by Great Northern Explora tion, Ltd., a wholly owned sub sidiary of Federal. It is reported 01 Jato produc tion is growing very fast. It has been difficult to determine exactly thus far, although it is known the increase is at such a Wood and Metal Pafemi BUYS POSEY MINE rate it could provide the uranium Patterns Built as per Blue Trans - Continental Uranium industry with a surprise that well Corp., Salt Lake City, completed might start a lot of action. Print Samples or Sketch negotiations to buy the Posey Model Making Mine in Southern Utah today. Rocky Mountain Mining and Industrial Mill Woik Selling the mine were Sena. is negotiating for Deevlopment tor Donald T. Adams of Monti17 claims in the vicinity of oMab 'We Guarantee Our Work for cello, Utah, and Preston Redd of has and taken just delivery on a filanding. Accuracy and Satisfaction" mining unit for The deed was delivered to the new owners by the Continental pocket mining. It. is described as 455 West 7th South loader that does ev Bank and Trust Co. Selling price a back-enPhone but cook. erything was undisclosed. Securities is closing the underwriting. The stock is to be offer- td at 15c a share. It is understood shipping of ore will start This is neither an offer to sell nor a solicitation to purchase in about 10 days. TRANS-CONTINENT- AL - self-contain- d 24 Mid-Contine- the stock described below; such offering is made only by means of the offering circular Corporation) Public Offering - 5,000,000 Shares Common Stock I c Par Value Non-Assessa- ble Offering Price - 5c Per Share WEBER INVESTMENT COMPANY 2460 Kiesel Avenue Telephone 33 - an Interested market! nt will chemically assay the core as soon as it can be shipped to Salt a share. It is now .22 bid and .25 Lake City. The core is from No. asked. The recent option deal 7 hole out of a total of eight. with a California syndicate for $6,000,000 is worthy of close cast Big Reef Uranium Co. made its scrutiny. The die will be 10. about July first shipment of eight and onehalf tons of ore last week from the company properties 12 miles Producers Uranium has $250,-00- 0 south of Green River, which gave in cash and a management a net of $344. There, is no stock that is deal conscious, capable of offered on the market making a deal and there's one reported underway. Company has Trent Parker, president of cash for every share outstanding to .03 some buy Shumway Uranium Co., in New Now at .03 double to in three ers expect York this week, delivered an ad dress before 75 brokers, some months. members of the New York Stock Imperial Uranium has put Exchange, in which he outlined the progress and potentialities of down 60 holes and have readings the uranium company he heads. from .20 to .80 per cent. The AEC He made the visit to the metropo- moved in on the property lis upon invitation of New York Wednesday for an examination. financiers who are interested in The company will take some the progress that Shumway is cores and assay them to determaking. The stock sold recently mine whether or not they sub stantiate geiger counter readings at $2.31 bid and $2.50 asked. of .20 to .80 per cent Imperial officials believe their claims Lightning Uranium, a penny offering with 7,900,000 shares was contain ore and that they have d in two days and an ore body. They refrain from will start trading over the coun- predicting the size of the body ter next week. Properties are in until results of the assay are Montezuma Canyon and the Ra- available. The stock is .05 bid fael Swell. Empire Securities has and .06 asked. completed the underwriting and over-subscribe- Alco Uranium has shipped a lot of ore and is drilling on its prop the offering has been approved the SEC and the State Securerty in Horsehead Canyon. It is by ities Commission. an attractive buy at present lev els, officials think. Chieftain Uranium is reported to have shipped over 200 tons of Standard Uranium Co. is re- ore in the last month or two ported shipping between 400 and montss. The company has acquir 600 tons of ore a day. Some ship- ed the Cottonwood Mine which ments are cut of Charley Steen's is part of Blanding mines. The channel in order to save money. company has an offering of 4,000, Steen's channel extends directly 000 shares at five cents a share. into Standard's. At $2.50 bid and Both SEC and Utah Securities $2.75 asked, Standard apperas Commission have approved. Un under-priced- .' derwriter is waiting for a better TRIANGLE URANIUM CORP. (A Nevada Reach By O. D. QUINLAN Rumell Pattern Shop WESTERN MINERAL SURVEY Ogden, Utah TWX 0G 27 MAIL CUUrUN fUK Off EnlNG UHCULAH TTOOA wwa h. felr4 i.m. Anon dbWWV WMilB Elk Ridge Uranium Co. has some excellent people among of ficers: and management including Eastman Hatch, substantial insurance capitalist Val Browning, of Ogden, one of the wealthiest men in Utah, owner of the Browning Arms Co. and holder of a controlling interest in the First Security Bank, and president W. H. Gibson, of the Western Powder Co. Elk Ridge has $180,000 in the treasury that it had when it began business. The company has got into the ore (about 65 feet) ahead of schedule. market t in Wyoming and plans to add HOO Please send Offering Circular on Triangle Uranium Corporation to: 50-to- has eight drills operating five in Wyoming and three in Arlzo- II na Dnnnil Jl . . a b I mono arniea a noie in Arizona. , II , ure samples ranged xrom J32 to ! percent for every 20 feet. utuAs salt Lake laboratory 1 w "OUW 1 Y . m ujr--- too nuui Citv II York Oil & Uranium Co., which It has not planned to ship until tn lOOn mnni. Tho pnmnonv offered 10,000 shares at two cents it can achieve a n per day State ... 9mm a share has been Company has uranium in Wyom iny and Utah, natural gas in New Mexico and oil in Utah. production schedule. Officers say this should be in 30 days. There are only 1,245,000 shares of stock. The market price is $1.12 bid and $1.37 asked. The claims are Circle Cliffs Uranium was orig 40 miles west, and a little south inally offered last October at .02c of Blanding, on Elk Ridge. over-subscrib- 1 |
