| OCR Text |
Show Page Two September The Western Mineral Survey. Salt Lake City. Utah WESTERN MINERAL Editorial SURVEY Experienced uranium mining authorities predict that the uranium Bingo part is over, that hereafter, uranium will be regarded in a similar category to lead, zinc and copper. The substantial companies may be expected to inch their way upward, slowly and rather painfully, through the succeeding years. The belief prevails that there may be no spectacular stock advances in the future. This viewpoint may be predicated on the fact that presently the uranium market has sunk to a very low estate. Several brokerage houses, facing critical problems may be obliged to close their doors in the next year. It is going to be impossible to play hog indefinitely, by hoodwinking customers to dabble in stock of companies having neither stable management nor profitable claims. Those mining outfits that possess money, good management and producing property will have an opportunity to build up resources. That is a normal expectation in the mining industry, and especially in a new industry like uranium. Opportunists obtain property and attempt to develop it. When they fail to find ore so what! Such a condition often happens, in fact, it happens frequently for all cannot find ore. The pattern for the future appears to be that uranium will develop in an orderly manner, like lead, zinc and copper. Predictions are made that nine out of ten will merge, fail or otherwise disappear. This applies to over the counter in particular. One of the principal reasons will be that the organization is composed merely of stockholders with no enlightened management to guid activities into safe channels. A number of law suits against promoters and operators can be anticipated and the outcome could be that some of the wise guys will sweat it out in jail. This appears very possible. ' Elk Ridge Finishes Tunnel Produces 55-6- 5 Tons Daily Elk Ridge Uranium Corp. has built a tunnel from the mine portal into the Elk Ridge Mountains, it was disclosed today by W. H. Gibson, company president. Gibson said the company is not mining but is developing and producing out of development on a basis of 55 to 65 tons; of ore per day. The company is Internaequipped with a tional loader and cars. shuttle Re-heari- ng 578-fo- ot Andrews Asks For Permit T-D- -6 Gibson said cross cutting has Attorneys for prospector Henry been achieved over 50 feet, for a Andrews of Bluewater, N. M. lateral distance across the ore have ased'the Supreme Court of body, of about 120 feet, lie said New Mexico for a rehearing of its the operation has not reached the Aug. 17 opinion rejecting An- side lines of the ore body. to New Mexico Bureau force Land Commissioner E. S. Walker to give him certain lode prospecting permits on nine uranium claims. The land is located in McKinley county in an area believed potenUsual procedtially uranium-rich-. ure in such a case would be for Walkers lawyers to have time to reply before the Supreme Courts decides on granting a rehearing. drews attempt The company is shipping to Monticello. Shipments do not equal production as have been imposed as Gibson estimated Elk about 50 tons per day ions of ore stock-piled. restrictions to shipping. Ridge ships and has 700 -- Compasses Metal Detectors Geiger and Scintillometers Grand Jewelry 220 So. State Salt Lake City, Utah 3640 1879. Subscription rates: 9.00 for two yearn: for one year. Please mention Western Mineral Survey when writinr to advertiser. Adver tiring rates on application. $3.00 HAKBT B. MILLER GAIL FELTCH O. D. QUINLAN FRANCES JENKINS L. Consulting geologist Phi! Pitzerand Uranium Co. employe, discuss problems strike south of Mount Hillers, Henry Mountains. Miners, drifting from the base of the out-cro- p and perhaps bit a vein a foot wide, at least 60 feet Morrison The mile a formation, usually vertical, stands long. on end. (Denver Bureau Photo) STILL PUZZLING Dick Lester, Moab on the topsy-turve- y No Dumping Here HICKMAN KILLS MOAB U. RUMOR Survey Denver Bureau Hickman, and directors at the time of the board chairman anud executive public offering still is in escrow vice president of the Moab Urawith the Utah Securities Comnium Co., declared today that all Moab, Utah 1. HILL DENVER Publisher Editor Feature Editor Adr. Manager Contributing Editor BUREAU News - Advertising Circulation Denver, Celo. Kitteredge Bldg. XORMAN LEVINE Bureau Chief For the news of most significance In the mining sad oil world. 723 All newe appearing in the Western Mineral Survey la obtained from sources believed to be reliable but no responsietatc--nent- s. bility is aesumed for accuracy of Reproduction of any material from this publication must have written permission from the publisher. C. M. stock issued to company officers mission. We have been informed a rumor is in circulation that company officers are dumping large blocks of their original stock, The principal uranium de-p- o Mr. Ilickman said. ? j in Utah, Colorado, Ari-z- o The rumor is completely witha, and New Mexico are now available in map form in out foundation. A check with alt Lake City. of the State Securities A comprehensive 34 by 52 records inch map showing the active Commission will show that every share of capital stock issued to ofand unworked uranium deficers and directors at the time of posits in Utah and neighborofferthe public offering still is held in ing territories is being ed by the Department of the escrow. It has not been registerInterior. ed for sale and could not be sold Copies of the map can be without registration, as all brokobtained at the Federal Bldg., ers know. Room 504, in Salt Lake City Date at Moab Uranium Co.s for 50 cents each. public' offering was July 26, 1954. Hickman also made it clear Mother Lode Okehs that he no longer has any inter- Utah Uranium Maps on Sale More Money To Develop New Ore Temple Ships First Ore From Mona Uranium Mountain Temple made its first shipment of concentrates Monday from the companys Mona property, 90 miles 'jouth of Salt Lake City. The shipment consisted of con- centrates that assayed 54 per cent lead concentrate, 11 per cent zinc and .79 per cent silver, which is just under eight ounces. This is expected to yield a total of $115 a ton on the total of Jthree. Operations are now in full swing with 18 to 20 tons per day. Shipments are made once a week. There is a possibility of a program of two shipments a week which would double the operation. Temple Mountain is also ob- taining steady revenue from the Stocks - Gramlich lease, which provides a substantial monthly est in any brokerage firm, al- income. units The two though he still is a member of the Salt Lake City Stock have put Temple Mountain in the black. money-makin- Discovery of a significant ore showing 300 yards away from one of Mother Lode Uraniums original claims near LaSal resulted in a board of directors meeting in Salt Lake City Wednesday. The directors voted to appropriate additional money for exploration and drilling of a few additional holes in an effort to project the discovery over to Mother Lodes property. He said there is an excellent over-al- l formation, with ore of good grade, averaging in excess of .30 per cent. The company is The decision to spend additionobtaining substantial checks from Uncle Sam, according to Gibson. al money came after Jay May-hecompany geologist, flew to Other officers are Eastman Salt Lake City a few hours earHatch, vice president, Dr. Law- lier and submitted a favorable rerence Osmond, vice president and port recommending additional exJ. D. Roberts, secretary. ploration. Robert McConaughy, secretary Val Browning, Ogden gun mantreasurer of Mother Lode said and ufacturer; Curtis Jones, Blanding the meeting, that it will be after and Thomas E. Keele, Blanding, 10 days before the board will re.re other members of the board a report on the experiment. ceive f directors. McConaughy reported no shipping has taken place thus far from the significant ore showing. Thunderbird Ships He said Mother Lode will drill in near the scene to determine New Mexico Bureau the showing can be picked up. if Thunderbird Uranium Corp. of McConaughy said Mother Lode Albuquerque, N. M., has announcis in excellent financial condition ed that it is making a pilot shipment from its Grant and Hidalgo with a treasury reserve of $138,-00County claims this week. He said one or two offers of Franklin J. Miller, company working agreements, or mergers, president, said the shipment will had been received, which are be made to the American Smelt- still in the talking stage and uping and Refining Co., Cutter, on which no conclusion has been Ariz. reached. 0. Mineralights -- Entered aa second daaa matter at Balt Lake City, Utah, under Act of Harch 3, g u(tAcribe Tim! Interested In Uranium Activities ? w, Levels - Transits Newt - Advertising - Circulation Church Street Phono Salt Lake City, Utah 421 Orderly Future Ahead ' 16, 1955 Who $Ant? . . . Right now the circulation oi the WESTERN MINERAL SURVEY is keeping pace with the uranium industry in general booming I Keep posted on latest news and quotations by reading the WESTERN MINERAL SURVEY regularly . . . every week. SUBSCRIBE I NOW! 2 year $3.00 years $5.00 Circulation Departments 421 Church Street Salt Lake City, Utah 722 Kittzedge Building Denver, Colorado NAME ADDRESS ! ! STATE CITY Bill me later Remittance - - J |
