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Show Much 30. 1956 The Western Mineral Sumy. Page five Salt Lake City, Utah White Horse Options -e-w Granhi NM 92 N.M.CIaim Interest! Foley Metals 1 of an option to buy a Latest major property developAmbrosia ment in the Tke area of New Mexico came Thursday when M. P. Duncan, president, White Horse Uranium, Inc., announced conclusion undivided interest in in the highly sought-afte- r R10W Township of ore-ric- h one-hal- f, 92 rlaW 14-- Valencia county. Mr. Duncan, accompanied by Melvin E. Richards, president, Yucca Uranium Company, concluded more than a week of negotiations, which included a careful examination of the property. Uranium King on-the-sp-ot Ships Copper Utah Although the purchase amount has not yet been made public, it was presumed to be substantial Uranium King Corp., Salt Lake because of the activity in the City, shipped $25,000 in copper region ,and the competition for uranium ore from their Gove land. claims in southern Utah during Included in the White Horse December and January and are Uranium property option were shipments, continuing Joseph the following: Sherman, secretary treasurer, reports. 10 Claims Section 4, During January, Sherman said, 10 Claims Section 8, shipments were decreased due to weather conditions, but are back 36 Claims Section 18, to normal now. $6 Claims Section 16, To date, he reports, 600 feet All claims are in of drilling has revealed a new channel on the Cove claims con- N.M.P.M. of. untaining copper-uraniuWorld-wid- e attention has been known value. Location of the on focused Ambrosia Lake the channel indicates it may run because 'of what apdevelopment more than one mile across the an be to pears extremely heavy heart of the claims. high-grad- e concentration of radio Ore shipped to date has been pitch-blenore active including taken from the Cairns channel, he said. The tunnel has been driven Mr. Duncan explained. Acquisition of the property option from more than 1000 feet with of extending another Yucca, Mr. Duncan concluded, came after several months of 3600 feet, he added. study of developments in the AmUranium King recently signed brosia region which indicate that a contract with the Defense Mincould well become one of the it erals Exploration Administration of radio active producers major to finance 75 per cent of costs for ore. 500 feet of drifting and 1000 feet of long hole drilling, Sherman said. The company has 3,222,000 DORSEY HAGER shares outstanding and is currently quoted at 12 cents bid, 14 CONSULTING GEOLOGIST cents asked, in Salt Lake City. 909 Continental Bank Bldg. Company offices are located in 423 Ness Building, Salt Lake EL City. U-O- re In Negotiations for a new uranium mill in the wests most promising uranium area are underway between Foley Metals Corp. and the Atomic Energy Commission. The bidding corporation is owned by Rio de Oro Uranium Mines, Inc., United Western Minerals, both of Albuquerque, and the Foley Brothers interests. The mill site is proposed near Grants, N.M. It would serve both Rio de Oro properties and United Western claims. Rio de Oro recently completed a drilling program and have outlined what Rodney de Villiers, president, considers, one of the largest uranium ore deposits in the Aqibrosia Lake area. The company is now in the mining phase. A Foley Metals spokesman said m West , Serving Ike Mining & Oil Indnitriei of tke Rocky Mountain INDUSTRIAL STEEL CO., INC. Kenneth Lott, Jr., Phone 475 West 6th South Salt Lake City, Utah Gen. Mgr. EM 4-56- 33 GENERAL ELECTRIC SUPPLY COMPANY A DIVISION OF GENERAL ELECTRIC COMPANY SALT LAKE CITY, UTAH; BOISE, IDAHO; BILLINGS, MONTANA; CASPER WYOMING; AND BUTTE DENVER, COLORADO; ALBUQUERQUE, NEW MEXICO revealed that drifting level on the Silver-Lea- d on the 3400-fo- ot silver- vein discoerved on the -copper 3,000 level several years ago dis- closed about 800 feet of ore averaging 6 feet in width and carrying 50 ozs. of silver and 1.7 per cent copper to the ton. On the 3000 level, the length was some700 feet what shorter and values averaged 37.1 ozs. of silver and 1.7 per cent copper. Production by the lessee, American Smelting & Refining, was at an annual rate of about 100,000 tons prior to the district strike last August. Metallurgical recoveries er 50-5- 0. HIGH-GRAD- E Serving the Mining & Oil Industries Since 1885 Crager Wire and Iron Works Porch Colnmns. Fire Escapes. Interior Railings. Steel Stain. Window Guards, Sidewalk Doers, Chain Link Fences. Gales. Threshholds Wire Partition. Gravel and Coal Screens 34 EAST 9th SOUTH PHONE ELgin SALT LAKE CITY, UTAH the only The Gilsonite mine known commercial deposit of gilsonite in the world at the smal town of Bonanza, in Uintah Basin. 97 Keep Operating Costs Down! Stop DALE'S CONOCO SERVICE When Precision is a Must at Dale Featherstone, Mgr. Phone 721 American Fork, Utah Specify Rumel Pattern Shop .455 W. 7th South Phone When in Need of Electrical Materials - Lighting Equipment and Electrical Apparatus It Pays Dividends to Call . Kellogg, has been opened on the bottom level of the Galena mine. Annual reports of Callahan Zinc-Lea- d and its subsidiary Vulcan er 41 Salt Lake City, Utah & gold-silv- zinc-lead-silv- MONTGOMERY WARD & COMPANY Vice.-Pre- s. DAY MINES sparked the Spo-can- e mining market with a surprising annual report. Henry L. Day, president and manager, revealed that despite a shutdown of more than four months because of a district labor strike, the Wallace firm made a 1955 profit of $301,084 before depreciation, amortization and depletion. Net income was $63,169 vs. a $124,602 net loss in 1954. Current assets exceeded current liabilities by $847,640 at years end. This was a gain of $234,000 in 12 months. Ore reserves were increased 40 per cent at the 'firms five principal mines in the Coeur dAlenes to an estimated 524,110 tons. This doesnt count the Galena mine, in which DMI has a 25 per cent participating interest, or the 50-fo- ot Serving the Mine & Oil Industries of the Intermountain Area 4-77- Kerr-Mc-Ge- Aurum 32 Phone: EM how- activities to date indicated it to ever Foley Uranium Corp. will )e probably one of the worlds probably erect the actual mill. largest uranium deposits. It was also told that Clyde E. The Foley Group includes: Osborn, former manager of the oley Brothers, Inc., New York, e leaded by Carl L. Swenson and Shiprock, Ariz. mill of Oil Industries, Inc. will manEdward T. Foley, Pasadena, Calif. AEC negotiations are being age the Foley Metals mill. were very good and opeating costs properties at satisfactory. Completion of a Republic, Wn., or the Sunset second opening through to the lease . . . Exploration work in the surface this year will boost hoistfar western part of the famed Her- ing capacity considerably. Vulcan cules mine at Burke, Idaho, had a 1955 profit of $30,548 from opened a length of contin- the 10 per cent royalty it receives uous commercial until Asarco is reimbursed. Reore on the bottom 1600 level. turns then will foe divided There were no barren sections as Current assets at years end on higher levels in this part of totaled $101,308 vs. current liabilthe mine. If there are no more ities of $12,756. Callahan had a labor troubles, this should be a 1955 profit of $141,304, compared very satisfactory year for DMI. with $56,827 in 1954, and current UNUSUALLY SILVER ORE, even for the famed assets of $278,900 against current Silver Belt between Wallace and liabilities of $71,550. es 104 South Main he Ambrosia Lake area drilling handled by Foley Metals, . d, possi-bilititi- Bid For Ambrosia Mill EL 9-45- 24 Salt Lake City, Utah WITH T.C.P. CONOCO SUPER GASOLINE B. F. Goodrich Tubless Tires & Expert Lubrication Accessories Avoid Costly Shutdowns! GOOD EQUIPMENT IS ESSENTIAL TO ECONOMICAL OPERATION Write. Wire or Phone HOTEL Equipment Engineering Company & - Air PLANDOME Valves of All Kinds Mrs. Mae Niles, Mgr. 4th South & State Phone Em 3-00- 22 Conveying Equipment Cylinders Complete Stock of Continental Gin Company Conveying Equipment "Modernair" Cylinders & Valves Salt Lake City 1761 So. 8th West Phone HU 4-39- 81 |