Atlantic Report: Jascan Focuses on N.S. Gold Bets

Jascan Resources of Toronto is taking a closer look at two of its No va Scotia gold properties. The company has commenced a 2,500-ft drilling program on its Indian Path claims in Lunenburg Cty. and will be drilling soon at Gold Lake, Halifax Cty., according to President G. W. Felderhof.

Previous exploration on the Indian Path property related to scheelite mineralization common in many of the vein structures. A 1939 drilling program for tungsten intersected some interesting gold values, the best of which was 50 ft assaying 0.015 oz gold per ton.

In recent mapping, trenching and sampling work done under the direction of A.C.A. Howe International of Toronto, eight grab samples of mineralized vein and wall rock material from dumps around old shafts at Indian Path were analyzed. Five showed significant gold values: vein material assayed 0.09, 0.50, 4.2 and 13.3 oz gold per ton; one sample of wallrock, a greywacke mineralized with disseminated pyrite, returned 0.11 oz.

Jascan’s data suggest the mineralized structure is zoned with scheelite mineralization in the northeast portion of the claims and with gold in the southwest. Assay results from trench sampling will be available soon and drilling results are expected by late November.

At its Gold Lake property 25 km southwest of Seabright Resources’ Beaver Dam gold claims in Halifax Cty., Jascan has completed a comprehensive program of soil geochemical surveys, magnetometer and electromagnetic geophysical surveys, trenching and mapping.

Gold Lake is on the same anticlinal structure as the former gold mines at Killag and Goldenville, which produced 3,500 oz and 210,000 oz gold respectively in the 1930s and ’40s. Jascan is planning a 2,500-ft drilling program at Gold Lake next month to test targets delineated last year.

We are particularly optimistic about the Murchy Belt, the Queen Lead and the Iron Lead,” says Mr Felderhof, a native of New Glasgow, N.S. Murchy Belt trenching revealed a quartz-slate structure 1.3 m wide with visible gold. The Queen Lead, which lies parallel to the Murchy Belt and to the south, is strongly mineralized with sulphides.

The Iron Lead, lying to the north and parallel to the Murchy Belt, was exposed in one trench last year and revealed galena, quartz and significant quantities of arsenopyrite and pyrite. We’ll be testing it with the drill, to get beneath the weathered material on the surface,” says Mr Felderhof.

We had a strong geophysical response with good continuity on the EM conductor there.”

Jascan is also looking at other areas in Nova Scotia favorable to economic gold deposits. We have some gold bets in Cape Breton which we’ll be examining to determine whether they warrant additional work,” Mr Felderhof says. A century ago, the Geological Survey of Canada noted them as gold properties, but we want to confirm that.”

Financing for Jascan’s Nova Scotia work was provided by a private placement of flow-through shares sold to Nova Scotia investors.

Jascan, which is controlled by Jason Mining Ltd. of Sydney, Australia, which is in turn controlled by A.C.A. Howe of Australia, is listed on the Alberta Stock Exchange.

Vancouver-based Four Seasons Resources has commenced drilling on its portion of the Nova Scotia Beaver Dam gold camp optioned from Dartmouth businessman Trenholme Lodge. The property is adjacent to claims of Coxheath Gold Holdings and about one mile from Seabright Resources’ decline in Halifax Cty.

The 3-year-old company has budgeted $65,000 for the first phase of its drilling, which will include a minimum of eight holes, one of which is to be at least 1,100 to 1,200 ft deep. Logan Drilling of Stewiacke, N.S., is doing the work under the supervision of Northeast Exploration Services of Bathurst, N.B. Drilling results are expected in a few weeks.

About three-quarters of Four Seasons’ stock is held by Nova Scotians, according to spokesman John Collinson. President Raymond J. Wong comes from Antigonish, N.S. Four Seasons is listed on the Vancouver Stock Exchange.

Jack Garnett, assistant deputy minister of mines and minerals for Nova Scotia, is resigning that position effective the end of the year. Mr. Garnett is moving to Toronto where he will become director of mineral resources with the Ontario Department of Northern Development and Mines.

Novacan Mining Rources (1985) of Halifax has announced that it intends to raise $600,000 in flow- through funding by means of a private placement in the four Atlantic provinces. The company plans to seek a listing on the Toronto or Montreal exchange in the spring, according to its president, Halifax lawyer Gerald J. McConnell.

Novacan has announced significant gold values in till samples and drill core from an exploration program on its Fifteen Mile Stream property in Halifax Cty. Seventeen holes were drilled this past summer on the claims and visible gold was present in six of the 13 holes logged to date. The best intersection has been 3.06 oz over 1 ft. Between 1880 and 1941, gold production of 20,328 oz was achieved from adjacent claims, now held by Pan East Resources of Toronto.

Monies raised by Novacan would be used for further work on the Fifteen Mile Stream property and regional reconnaissance on some of the company’s 1,278 other claims in the province, which lie in the Lake Charlotte, Liscomb River and Twelve Mile Stream regions.

Vancouver-based Four Seasons Resources has commenced drilling on its portion of the Nova Scotia Beaver Dam gold camp optioned from Dartmouth busines man Trenholme Lodge. The property is adjacent to claims of Coxheat Gold Holdings and about one mile from Seabright Resources’ decline in Halifax Cty.

The 3-year old company has budgeted $65,000 for the first phase of its drilling which will include a miniminum of eight holes, one of which is to be at least 1,100 to 1,200 ft deep. Logan Drilling of Stewiacke, N.S. is doing the work under the supervision of Northeast Exploration Services of Bathurst, N.B. Drilling results are expected in a few week s. About three-quarters of Four Seasons stock is held by Nova Scotia ns according to spokesman John Collinson. President Raymon J. Wong come from Antigonish, N.S. Four Seasons is listed on the Vancouver Stock Exchange.