Show park city utah company to start I 1 development work mining notes I 1 the park city utah mines CoZa company PaDY a george W lambourne organization has haa made arrangements with the new park paris mining company to work through the star of utah tunnel and development benl enl work will start during the spring months it was learned today terms of the working easement could not nottie be ascertained t the star or of utah tunnel traverses the new park property in a northwesterly north westerly direction for a distance of list fet considerable distance ot of the tunnel parallels a the park city utah mines property by working through this it will permit prospecting ot of the park city utah ground at a vertical depth of 0 about 1000 leet feet the tunnel la is below the more favorable geological horizons and it la Is anticipated that it will be necessary to raise about feet to reach the weber quartzite the most lu curative horizon or of the eastern end of the park paris city region arrangements have been made mad by the park city utah company lor for geological work which will start sometime I 1 lit thO spring the first work will be to obtain geological information which will be ot of material value to both the new park mining company and the park city utah mining company and will enable these companies to decide upon their respective operations in the future the latter property parallels the park utah consolidated mines and the ontario drain tunnel on the south in 1929 and 1930 a small amount of development work was done in the park city utah property through the ontario drainage tunnel PARK CITY MINE PLANS I 1 TO START ORE another producer will be added to the park city district within the next two weeks when the park city development company starts production from the american flag unit which is located in tile the center or of the park city mining region according to announcement made today by A L hurley president and manager ot of this property which produced considerable ore prior to 1914 has been given added impetus recently by the advance in the price of gold from 20 67 to 35 an ounce and the payment of 64 cents an ounce tor for newly mined silver since the tha resumption of work on december eth the various levels down to the 1165 have all been cleaned out and placed in condition to operate there are several thousand tons ot of ore remaining in the workings carrying values in gold silver lead and zinc which bich can now be moved at a profit mr hurley reports the presence of 01 gold in park city ores Is an unusual condition he pointed out but the tha last tons that were shipped from the property averaged close to 10 gold and 30 ounces of silver with a some ome lead on the present market this W would bo be approximately 18 16 per ton for the tha gold alone he said the company ateo also plans piano to start new development work immediately to sound out a theory advanced by mr hurley it Is his belief that an undeveloped vein traverses the property which may prove to be one n of the m major assures ot of the district there are also other fissures of the camp penetrating this ground which will also be prospected in the near future he said A small amount of development work already done on one vein velna reveals pieces of high grade ore to in the vein filling ailing he said bald when the property was we worked aked several years ago operators were hampered by a heavy flow of water which has been drained out below the deepest workings 0 I 1 the mine by development wort work on I 1 adjoining properties in view of this it a should hould be a comparatively easy matter to thoroughly prospect the ground from i the 1165 toot loot shaft mr hurley states an assay of 0 a three toot foot face on iho tha toot foot level went ounces gold and 25 2 ounces silver to the ton and 2 22 2 I 1 per cent zinc and 5 per cent lead another 1 assay of large boulders of ore making in the vein filling ailing of the new fissure assure went 58 ounces gold and ounces silver to the ton and per cent load 1 and per cent zinc the property lies largely in the weber quartzite while a lense of the park city limestone Is present in the eastern end of the district virtually all of the 0 ore re in the famous old lontrato mine we was a mined largely irom from the weber quartzite and most ol of the ore bodies developed in recent years in the eastern end of the district are in this formation in addition to the american nag unit j w which well the park city development corn com pany has taken over the company owns acres in the northeast end of the park city region deseret evening news 1 THREE MINING TAXED ON PROCEEDS three mines in utah produced ores in 1933 of which the gross sales exceeded the costs of production thus yielding net proceeds as defined in the utah law according to the mines reports to the state tax commission they were the utah copper company with net pro ceede as defined in the law at the silver king coalition mines company park city with 07 and the desert mound group of iron mines in iron county with net proceeds of 12 since the content of the mines Is assessed at three times the net proceeds that portion of these mining properties will add to the total assessed value of the state in 1834 1934 some the reports to the state tax commission are due by march and are therefore I 1 now all in except in cases where the owner has neglected to report and thus rendered himself subject to arbitrary asi assessment a ses es or where extensions have been granted tile the stiver silver king coalition mines company reported mining tons 1 of ore in 1933 with a yield of 2370 ounces of gold ounces of silver 2001 pounds of lead pounds of copper and pounds of zinc the gross sales brought 31 while the per I 1 deductions for costs of production were 24 as figured remainders by derl the j mines accountants the remainder remain 70 Is the net proceeds according to the legal formula and the company pays taxes at the summit county rate on three times that valuation or 1 plus of course the valuation of tho the mine plant and equipment and real estate park utah consolidated mines company was not on production nevertheless its expenditures are placed place d at ot of which was for mine maintenance alone STOCK SALES AND METALS FRIDAY no change in bar silver from thursdays price 46 A same old story with lead copper and zine zinc end and fridays stock sales east utah IDOO 1000 Q ac new quincy 1000 ac 4 C park city con 2300 b 39 9 and park premier 2600 2500 ac park wan utah 60 50 ai silver king coalition 23 25 1150 1160 keystone park king 1500 10 silver saver king western a 65 SATURDAY silver with no change in the price of lead and zinc keystone 1000 lie park city con col 0 assy 1000 ca 0 1400 I 1 c park xing king 2000 c surer silver king coalition S tilso 1 60 50 11 1137 37 ia silver king western etc MONDAY silver lead MOO zinc park city con a csc 1000 a park king 1000 c new york stock market park utah 63 shares WEDNESDAY silver with no change in the price of lead or zinc east utah 0 ac park city con 50 0 ii 2700 park konold 60 park nelson ac park premier ac silver king western 60 50 keystone 1000 0 now new quincy 2000 a ac Q 3 14 C silver king kin coalition a silver king coalition park city consolidated park city development co i total silver buver lead and zinc same as yester q dinv inv oliver ditl I 1 IA A an ann OA aft |