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Show Mine Study Expected by Year's End more mineral value is waiting to be recovered a circumstance not lost on other mining firms who have inquired about leasing the operation. While UPCM's traditional mining min-ing operations are in limbo, so are its prospects from petroleum. Mr. Wilson noted that Colorado energetics had suspended operations opera-tions after spending $4.3 million to drill to 17,300 feet on an 811-acre UPCM tract east of Coalville. Colorado Energetics drilled to test the Nugget and Pine View formations which have been so prolific at the Pine View field eight miles east. Colorado Energetics has left its casing in the hole a hopeful sign, he said. There is talk of drilling even 2,000 to 3,000 feet deeper on the premise that the producing formations could be re-encountered in a fold. But such deep drilling is highly expensive, he warned. 1 by Robert Woody Courtesy Salt Lake Tribune Will United Park City Mines Co. ever open again? A three-man study group is looking the property over workings, maps, geological reports re-ports to see what's possible. Tentatively they'll be done near the end of the year, Marvin Ratcliff told the annual meeting Tuesday. Park City Ventures a join venture of the Anaconda Co. and Asarco Inc. closed the operations Feb. 15 after sinking near $30 million into the mine and a new mill since 1970. First Full Shutdown It was the first time in more than a century that a mining operation had not been under way in the Park City Mining District, a historic producer of lead, zinc and silver. Mr. Ratcliff, chief geologist for Ventures, told the meeting that preparing the study was like putting together a complex puzzle. In the meantime Park City Ventures is continuing to spend about $100,000 to mothball, secure and maintain the mine workings, Clark L. Wilson, UPCM vice president, said. Why had the prpmise of additional production not been fulfilled? Frustrating Fractures The operation had encountered frustrating rock fractures and caving at the No. 3 Ontario production shaft an old shaft rehabilitated for re-entry into the mine, he noted. Earth plasticity also confounded confound-ed tunneling and drifting as did waterflow problems. Productiong could not meet capacity of the 800-ton-daily mill. Mr. Wilson noted that the Park City District in its history had produced more than $3 billion in metal values at present prices. This, he said, suggests that Creditors Took Property Alpine Meadows of Lake Tahoe, Inc. acquired the resort operations that year. Other properties real estate etc. went to creditors and other entities. UPCM continues to receive payments from the sale of the resort operations. These are to continue through 1991. Mr. Clark added that under the sale agreement, no alterations may made to the resort's 18-hole golf course until purchase is completed. That, he said, should be of reassurance to any who have purchased or built homes aroudn the course. There was concern of residents that the course might be subdivided by new owners. Mr. Jones said there was some consideration none of it solid of building a motel on the driving range or tennis court parking lot. Resort News Good The good news came from Phil Jones, manager at Park City Resort, which has acquired former resort operations of the mining company. Mr. Jones said the season just passed was a record for the company, exceeding the excellent 1975-1976 season. The mining company began development of the resort in 1963-64 as means of providing income to tide it through periods of low metal prices. Royal Street Development Co., Newport Beach, Calif., acquired the operations in 1970, but teetered toward bankruptcy in. 1975 following the nationwide recession. |