Coxheath to spend $5 million on Tangier gold bet in N.S.

Success abhors a vacuum.

Last week, when Seabright Resources poured the first gold bar of what looks like the province’s return to continuous gold production after 40 years, another Nova Scotia company tse-listed Coxheath Gold Holdings joined in the festivities by announcing plans to spend $5 million to prove up 1.9 million tons of gold ore grading 0.276 oz per ton on another property in Halifax Cty.

That’s how much probable and possible ore has been outlined in the so-called west block to a depth of 200m. Reserves were calculated from 244 drill hole intersections and 179 muck samples taken from underground development work on the 1,400-acre Tangier property, which is located five miles northeast of Halifax.

Possible reserves in the block are 1.4 million tons grading 0.265 oz and probable reserves are 500,000 tons at 0.305 oz.

More than 33,000 ft of drilling has been done on the property, confirming gold-bearing zones over a strike length of 9,800 ft, according to the company.

Coxheath holds 21 other properties in the province.

The company’s wholly-owned subsidiary, Enman Ltd., reports a profit of $290,000 on revenues of $2.5 million. Enman provides exploration and corporate services in Nova Scotia. Coxheath had its application to have its s hares listed on the tse accepted just last week.