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Show September 30. 195S Tie Western Mineral Surrey, Salt Lake City, Utak Page Two Olympic Gets $41,600 Profit Ore From Alta Lead-Silv- EDITORIAL Make Haste Slowly er WESTERN MINERAL SURVEY 431 Vm Adrerttdny CtacnlmUon Phene Church Street Salt Lake City, Utah U lead-silvore, with net smelter Shipment of 13 carloads of returns of $41,600 is reported by Olympic Uranium, Inc., from Entered aa eeeond daaa matter at Salt their Alta operation, in a progress letter, mailed to stockholders Lake City. Utah, under Act of March 3, 1819. signed Board of Directors. Subscription ratea: $5.00 for two yean: The report said a second car- $3.00 for one year. The report said the company load of silver-leaore has been Fleaae mention Weatem Mineral Suris shipping a carload every seven shipped from the companys min-- ' rey when writiny to adrertiaera. Adver ratea on application. days, averaging $60 per ton, net ing operation in Goodsprings, tlainy smelter return. Nev., to the American Smelting HAHBT B. MILLER PnbUahar Co. at Selby, Calif. GAEL FELTCH and Editor Refining ore an declared The report O. D. QUINLAN Feature Editor has value" size and body of real With three men working, of- FRANCES JENKINS Adr. Minay described been discovered. It is ficials anticipate shipping a car- L. M. HILL Con tribu tiny Editor as 12 feet high and 40 feet long. load of ore every 10 days, netting DENVER BUREAU From the $41,600 referred to, the company approximately car. per royalties of $12,480 were paid, Newa Circulation A spokesman for Olympic said 133 Kttteredm AdrertUny OpDenver, (Mo. Bldy. $29,120. Olympic netting NORMAN LEVINE Bureau Chief of the hand Goodsprings sampling as listed are erating expenses For the newe of moat elynlfleanoe in ounces of shows eight the mlniny and oU world. $12,500 leaving $16,620 profit for operation silver, 11 per cent lead and 12 the company. All newa appearinr in the Weatem per cent zinc. aonrraa The letter adds that, due to the Mineral Surrey le obtained from believed to be reliable but no reepond-bilitcompanys fine operations in the le aaanmed for accuracy of ta. Reports Sees Profitable '56 Alta Goodsprings areas, work has been suspended on Olympics uraRenrodnetlon of any material from tbla nium properties for the time be- publication mnat bare written pennlaaion ing. Negotiations are in progress from the pnbUabar. for sale of the companys urachannels have been positively nium claims in Bakersfield, Calif, By O4 D. Quinlan A progress letter to stockholder of Ol Jato Uranium Corp., dentified and uncovered by the to a large eastern concern the PROGRESS REPORT released today and signed by Max K. Mangum, president, an- rim stripping, the report said, etter continued, expectation that on adding that mining operation is negotiations will prove nounced that Ol Jato has executed leases with SILVER PICK URANIUM underway on one of these chana Texas corporation, covering the Maybe, Sunrise, Sunnyside nels and at this time, the drift See page 7 and Raven claims, located on Elk Ridge and in White Canyon. is approximately 300 feet underUnder terms of the leases 01 Jato is to retain a royalty of ground. is 15 per cent of the gross ore returns, and It was pointed out that a cross Big to pay for all exploration, rim stripping , drilling and mining costs cut at the 100 foot point has been extended into an ore body and in the operation of the aforesaid properties. another cross cut at the 300 foot The letter stated is staffed by technical be undertaken to make a full spot is now being extended. In Merger of Big Mesa Uranium experts and is maintaining per- valuation of the properties. Stockpiling Corp., with Graytex Oil & Chemmanent offices in Blanding, Utah The letter pointed out a rim Mohler BrothUtah ical Corp., of Nevada, was ap- ersMOAB, President letter Mangums comEnterprises and Jack Turner stripping program has been at a stockholders of Moab Large Sums Spent on the David claims where states there has been some stock- proved recently announced this that pleted according a well defined and well mineral- piling of ore at the portal of this meeting. tons of high grade uranium to the letter, has already spent ized channel has been uncovered, channel and company officials to exchange 150 ore has been blocked out on one It was large sums in preliminary ex- which Ol Jato spokesmen believe hope regular ore shipments can shares of agreed Mesa for one share of their Red Canyon claims. Big ploration and development of traverses the properties. be commenced in the near fu- of Utaco Uranium, Inc., of Moab Graytex. these properties. ture. Surface from assays deposits a Rim disclosed is has negotiating for an operating Preliminary drilling has been potentialstripping Over 90 per cent of outstand lease on the along the rim on these properties ore body running property, the owncompleted on the 11 Maybe claims have run as high as 2.88 by ing stock was represented at the ers said. claims. David the through with favorable results, the report On the rim of the Raven claims, chemical analysis, the letter said. meeting, including many proxies The 10,000ton ore body blocksaid. submitted by mail. a defined well out so far is on the Allen No. the letter ed stated, Samples taken from the 100 The results show mineraliza- and well mineralized channel is 2 claim. Fourteen holes have The par value of Big Mesa was tion, the best of which, indicates evident, which apparently ex- foot cross cut, assayed .58 U308. one cent. Par value of Graytex been drilled to date on that claim, of ore. Another assay samples taken 6 feet of commercial grade of the the tends claims, from an area along the rim, not is $1.00. Michael Grayson, of Salt and additional drilling is underDrill holes are 600 feet apart. A into the length owned Spook Claims, way. by secondary program will be car- other interests and adjoining Ol yet stripped, shows copper val- Lake City, is president of GrayThere are 13 claims in the Red ues in excess of 3 per cent, vana- tex. it ried out by Jato on the north. Canyon group. dium values of .41 per cent and was announced in the letter. new company, is is in operation mine a The Graytex, Spook uranium values of approximately The report states that Ol Jato and to have a consider .10 alleged to have oil holdings in appears Blue of the per cent. An ambitious min- Montana, ha purchased all Advertise In The . . addore able and copper, manganese letter the said, body, ing and rim stripping program and tungsten holding in Nevada. Jay claims, where partial rim coma lessee that the plans ing stripping is said to have dis- plete drilling program for the is promised next winter for these WESTERN closed a well defined mineralized Raven claims before the middle properties, the letter stated. Big Mesa closed out the balance of its stock issue last April, channel. MINERAL SURVEY of October. Crews To Move when it failed to sell the issue. Jay Claims Probed Sunrise Favorable Reach an Interested market! In order to carry out some of It had an authorized capitalize A discovery drilling program 17 Sunrise Claims are de- the above program, it became tion of 6,000,000 shares. The has been completed on the Blue scribed in the letter as favorably necessary for the company to susJay claims, the letter disclosed, located with a known channel ex- pend operations at the Whirlwind from which a preliminary and posed on the rim. A drilling pro- mine and move the crew up on geological review indicates a gram will be necessary to eval- the Blue Jay claims where they mineralized channel through the uate these & de- are currently working. the claims, report center of the Blue Jay claims. clared. The letter points out that Ol 35 North University, PB0V0 523 West Sprague Ave SPOKANE Ol Jato holds a State School Ol the report said, has Jato now owns the entire square leased Jato, lease in section the adjoining all of its claims on bland Tork Stock Exchanges Member Salt mile of section 15, part of which Mesa to Radio - Geophysical, the Blue Jay and Maybe claims. is under lease to the Rainbow and Rocky A survey is currently being We Specialize In Mining Stocks and Part of which Ol including claims located thereon, which run to determine accurately the Jato is still doing preliminary were the subject of a quiet title actual width of $he shinarump Loans Made on Listed Mining Securities work. been action which has completed cover which is present on this Elk Ridge Uranium Co. has and the decree entered. 132 Main Street 2380 Washington Blvd. property. of tons out Preliminary reports blocked good 85,000 settle- have indicated terms of this the Under approximately 40 SALT LAKE CITT OGDEN grade commercial ore about one ment, and acres cover. under If this is true, 15. Other Ol Jato has leased mile from Section part of its the report said, this property will drilling results in the same vi- holdings on this mesa to justify exploration work in the cinity as Section 15, indicate minhas retained next month or two. and eralization prevalent in the area, a royalty of 6 pen cent on the the progress report said. conflict area and 12 per cent on Careful Program Ahead It was disclosed that Ol Jato the area. COMPLIMENTS OF has agreed to undertake prelimis of the It the Ol opinion 0 The conflict area is made up joint inary drilling on a venture basis with of five claims. Ol Jato holds an Jato board of directors, accordCo. on 19 of the Lone interest in 16 claims including ing to the letter, that by careful utilization of company assets SNYDER MINES, INC. Star claims, located a little more the conflict area. of lease virtue the and arrangeby northeast the a mile from than ments with The letter pointed out corner of Maybe No. 1. has already spent a careful and orderly valuaover $25,000 In building a road tion program may be expected on Discovery Drilling FELT BUILDNG, SALT LAKE CITY, UTAH . Discovery drilling, the letter to this mesa and in rim stripping all of the properties, and that Ol stated, has been completed, and and tunneling. Three well de- Jato may also have opportunities additional exploration work will fined and well mineralized to acquire additional holdings. Many novices, who, on a wave of enthusiasm were swept into the throes of the uranium mining industry are learning almost daily that it costs substantial sums of money to successfully mine the previous metal on a long pull basis. As a result they urgently need new capital. Big oil corporations with substantial bank reserves are almost daily importuned by the little uranium adventurers, who seek die protective shelter of monetary accumulations, which only die well entrenched groups are able to provide. d oil groups For thejpast two years a number of sat back and quietly observed the frantic efforts of die amateurs as they sought to establish quick fortunes. Long experience taught the oil magnate die wisdom of making haste slowly. Today, they are judiciously listening to die wails of the uranium pioneers, who are franctically alerted to the desirability of entertaining merger suggestions as their only way out of impending financial disaster. er d well-heele- $1,-200.- 00 y state-me- n 01 iato, Texas Firm Join Forces Radio-Goephysic- al Radio-Geophysic- Radio-Geophysic- Mesa Fails To Sell, Merges al With Graytex al Mohlers, Turner Continue Ore Finds Utah 10,-00- Radio-Geophysica- l, Radio-Geophysica- l, J. A. HOGLE Lake-Spokane-N- ew Radio-Geophysic- al Radio-Geophysic- al Radio-Geophysic- al non-confli- ct 50-5- Radio-Geophysic- al Radio-Geophysi- cal Radio-Geophysica- l, CO. 0 |