Scominex, a Nova Scotian joint venture made up of Inco (TSE), government-owned Nova Scotia Resources and Husky Oil, is seeking a buyer for its gold property in the central Cape Breton Highlands, N.S. “We think this property has potential,” said Allen Sheita, Inco’s exploration manager for eastern Canada. But due to budget constraints, the partners would like to option the property as soon as possible.
Since 1985, when the original gold discovery was made, more than $1.5 million has been spent exploring the 40 sq. km property. Recent drilling intersections include a 2-metre width grading 9 grams gold per tonne.
Sheita said the gold appears to be occurring in vein-type deposits hosted by paragneiss and orthogneiss, but added that the property still requires a great deal of work.
“What remains to be done is a good study of the structure,” he said.
The Scominex joint venture was formed in 1984 to look for gold deposits in Nova Scotia. Inco, as manager, owns a 49.2% interest in the venture, Nova Scotia Resources holds 25.8% and Husky Oil holds 25%.
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