UNICO INCORPORATED (AZ) (fka UNCO)

[NYBob]

Marysvale Uranium Project Snippets ...

The Marysvale project, located in the historic
Uranium Marysvale Mining District in south-central Utah,
approximately 300 kilometres south of Salt Lake City -

Utah has been, and will again be a prolific producer
of Uranium -

history often repeat itself -

The Utah state is very mining friendly and the mining cost
structure is very low thereby allowing for profitable
uranium mining -

From 1952 to 1966, 275,000 tons of ore from
the Marysvale Mining District, were mined and milled
to produce 1,100,000 pounds of Uranium of U3O8 -

The average grade of the uranium ore was 0.22% U3O8
(4.4 lbs/ton) -

The producing mines were located in the district’s
“Central Mining Area” and included the Bullion,
Monarch, and Prospector mines -

Exploration by Minex Uranium Company (“Minex”)
and Phillips Uranium Company (“Phillips”) prior
to 1982 on the Marysvale property reported
an estimated 1.8 Million lbs uranium mineralization
has been located -

Uranium was first discovered in the Marysvale area in 1949? -

From 1949 through 1966 the district recorded 1.4 million lbs.
of U3O8 production, nearly all of which is from an area
termed the Central Mining Area.

The average grade of the uranium ore was
0.22% U3O8 (4.4 lbs/ton) -

Some area was drilled in 1977 by Minerals Exploration Company
(“Minex”), a subsidiary of Union Oil Company -

At least 24 holes were drilled some being core holes -
Phillips Uranium Company acquired the property from
Minex later in 1977 -

From 1978 through 1981, Phillips drilled 169 holes
totaling 114,983 feet -

Most of the Phillips holes were vertical rotary or
hammer drilled holes, with 5,141 feet of core
included in the total footage -

Gamma logs from the drilling were prepared by Century
Geophysical has the logs for 161 of the 169 holes -

Nearly all of these drill holes intersected uranium
mineralization -

Phillips terminated their drilling program in April 1981
and abandoned the project in 1982 due to the severe
decline in uranium prices -

Overall, Phillips spent approximately $1.5 million
on the Marysvale project -
(about fiat$5 mil. in today fiats) -

A report by Paul Dean Proctor, PhD., a professor
of geology at Brigham Young University,
in Provo, Utah -
and an independent consultant, was prepared based
on the Phillips and Minex drilling -

In his report Proctor states,
“Blanket type supergene uranium ore reserves totaling
at least 1.8 million lbs. U3O8 (.75 million tons
of .075% U3O8 and 3.0 million tons of .03% U3O8)
occur at the Marysvale project within 300-500 feet
of the surface.
Additional potential U3O8 ore exists on
the Marysvale property which could double or triple
the reserves of the district.”

Proctor characterizes the uranium mineralization as
being derived from remobilization of primary deposits
that formed where hydrothermal fluids rose along
near-vertical faults -

Recommendations were made for follow up drilling -
but were never carried out -

http://www.utahbusiness.com/parser.php?nav=email_article&article_id=4892

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