Cepeda, Cominco subsidary carry on down south

Partners Cepeda Minerals (VSE) and Cominco Resources International (TSE) intend to continue exploring for gold properties in South Carolina.

Since its inception in 1990, the equal partners have spent about US$1.6 million on projects near the Ridgeway, Haile and Brewer open-pit gold mines. Their objective is to outline a low-grade, bulk-tonnage deposit of similar mineralization to Ridgeway-Haile, which is characterized by intensely silicified, pyrite- and sericite-altered shear zones.

Last year, results from 66 holes drilled in shallow overburden indicated the local presence of gold on two properties near the Brewer mine. A follow-up program of seven holes returned anomalous gold values in all holes, as well as an intercept grading 0.08 oz. per ton over 8 ft.

This year’s exploration budget will be comparable to the US$350,000 spent in 1994.

Cominco Resources’ involvement is through Cominco American Resources, a wholly owned subsidiary.