Show New Ney Park Seeking Large Bedded Deposit New Park Co is se seeking kin kin-g a 0 large bedded ore deposit in the Deseret limestone as as part or of of stepped up p development develop develop- development lOp ment program at the Park City properties properties properties prop prop- It was reported Saturday C The firm m currently engaged in sinking three compartment shaft to about 2250 feet icet following Installation of a powerful new hoist carrier this year yeas also has lias laid ground work for higher mining pace from three known fissures W. W H H. H H. Cranmer company president said the shaft was was' now bottomed at 2065 feet while crews commence cutting stations Deepest station cutting is being carried carried car car- ried out on the 1 1880 foot levelA level A new station is on the 1755 foot level and a third station will be cut cuton cuton on the 2005 I By July 31 1956 the I company hopes I 1 j to have four or five lve levels prepared for I mining from the Pearl West Mayflower and No 3 3 zinc silver fissures I Exploration also will be carried out I feet west of the main shaft at depth seeking the contact of bedded zinc silver ore which I out crops on the 1600 foot level In normal operations New Park has I been mining out one level each year in I tackling tho the Pearl Mayflower and No 3 fissures Thus the completion of the 18 month shaft sinking program will leave I the firm with four tour or more years of I mining on known ore bodies without recourse to shaft deepening i I The shaft Is being sunk In the diorite I I away from Yat water r contact f There is ample pumping cap capacity ity toI to I handle expected water In the levels now now being prepared by station cutting says f William WIlllam Harrigan mine superintendent I Mr Harrigan said that a small sinking hoist stationed on on the 1600 foot level was being employed In the sinking operation op op- op- op Some me men are engaged In the shaft work and in mining and development development development develop develop- ment in the mine In recent months the shaft has been sunk a a. depth of 1265 feet below the foot level where the new Nordberg hoist is installed Mr Cranmer also reported that a geo- geo search of the acre Vallejo area once famous gold copper producer In the mining district was underway To date there are enough encouraging encouraging I ing indications indications' to warrant drilling three exploration But we are awaiting awaiting i ia a formal report from our geophysicist before we go ahead he said I New Park has been acquiring the V Vallejo holdings during the past several years Mr Cr Cranmer said that the company was entering one of the most extensive I development periods in its history af after after after af- af ter recovery from a a. long period of low metal prices for lead and zinc I We m must st remember that New Park Perk even with low metal prices has paid its I way and earned money he wrote In a recent letter to shareholders The letter was in reference to passing of a dividend by the company Mr Cranmer said that expansion takes capital New Park has obtained this essential capital for expansion and development solely from its production l land and as a result of sound management j jIt It has not called on stockholders banks or other agencies for financing but has I utilized its own resources to provide I such funds and at the same time tune pay I over two million dollars In dividends Sundays Sunday's Salt Lake Tribune I |