Word: ores
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Dates: during 1950-1959
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Fred arranged to rent the site from the rancher who owned it (with a verbal agreement to give him 15% of any commercial ore mined), and began to dig for buried treasure. He had only the barest knowledge of mining practices, and for three years he worked alone, hacking away with a pick and a crude handdrill. Many Saturdays Martha Schwartzwalder swept the school floors and washed blackboards so her husband could work on his mine. It was a grinding, grueling job. On the last four unblazed miles to the minesite, everything had to be carried by hand. Twice...
...Schwartzwalder's frustrations were not yet over. He was dead broke, and couldn't afford to have the ore hauled down the mountain. "I didn't hardly know which way to turn. We were going steadily into debt. It got so bad I even tried to get contractors to haul it down for 50% of the profit, but no one would. They figured I was another crazy prospector...
...depth of Fred Schwartzwalder's despair, his son raised $400 in California and sent it to his father. With the money Fred was able to haul 53 tons of ore down the mountain and freight it to the processing plant at Salt Lake City. After three anxious weeks, Fred heard from the AEC. In the envelope were two $6,000 checks and a top-grade assay. Fred's mine was a vein deposit of high-grade uranium ore (only one other major vein deposit-in Marysvale, Utah-is producing...
...There First. Last week, after a year of production, Fred Schwartzwalder, 58, was a rich man. His uranium had already brought him $125,000, and there was a lot more in old Indian Head. "There are a good many thousands of tons of proven ore in that mine," says Fred, "and the prospect of a lot more. I'm conservative, too. The AEC calls me the 'front-range pessimist' because I'm careful about the estimates." The AEC agreed. "Schwartzwalder has found one of the most significant hydrothermal-type deposits in the U.S.," said an official...
MADAGASCAR URANIUM boom has the Paris stock market soaring. Two companies (Minerals de la Grande He, Fonciere du Sud de Madagascar) are now shipping refined ore to France from deposits discovered in 1952, estimate that production will climb from 15 to 200 tons by next year. On the Paris market, Minerals stock has zoomed from $9 to $122 a share since January...