Could you check to see whether the companies on the enclosed certificates, Aconic Mining Corporation and Lomega Explorations Limited, still exist, or whether they are under another company name? Anything you could find out would be helpful.
M.L. McCabe,
Truro, N.S.
Lomega Explorations, formed in 1935, held properties in McVittie and Hearst twps., in the Kirkland Lake gold camp of northeastern Ontario, and also had a number of oil and gas interests in western Canada and in Cuba. The certificate you sent us was issued in 1958, when Lomega was concentrating its efforts on the oil and gas business. The company’s shares traded on the Toronto Stock Exchange.
Lomega had a large working capital deficit — $390,000 in current liabilities against only $16,000 in cash and other short-term assets, and by 1959 had gone out of business. In January 1962, its charter was cancelled.
Aconic Mining was formed in 1952, and started with a 36-claim silver and cobalt prospect in northeastern Ontario’s Temagami district. It was first listed on the TSE in 1957, by which time it had added two properties in Quebec: a gold project in the Chibougamau area, and the centrepiece, an iron-ore prospect near Natashquan on the north shore of the Gulf of St. Lawrence, 330 km east of Sept-Iles.
The prospect was a huge (approximately 15-billion-tonne) magnetite-ilmenite sands deposit. Aconic had interested the West German steel group, Klockner-Humboldt-Deutz, in a feasibility study for a magnetite concentrator to be built at Natashquan, and was working on the mineral processing side of the project.
That deal never came through, and in May 1960 the properties were seized by the company’s trustee as security for bondholders. A group of investors tried to work out a new financing deal, but without success. The trustee, in turn, offered Aconic’s assets for sale, but between 1961 and 1969 there were evidently no takers. Aconic went out of business and lost its charter in June 1974.
Still, that was not the end for the property at Natashquan.
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