Toronto-listed Wilco Mining has acquired an option to explore and, if feasible, to bring to production, a 960-acre gold prospect at Wine Harbour, near Sherbrooke, Guysborough, N.S.
Wilco acquired the option from J. H. MacMillan, a prospector from Sherbrooke.
Wilco made an initial cash payment with optional annual maintenance payments plus a royalty interest of 30 cents per ton to the owner on all future ore mined and milled from the property. If all options are exercised, Wilco can earn a 100% interest in the claim group through exploration expenditures of $500,000 over a 5-year period.
President Douglas Hume says the property, known principally for the Plough Lead, produced gold during two mining periods. The first was about 1860 to 1907 and the second was in the late 1930s.
The Wine Harbour district has produced gold from several vein systems within three slate belts; all from shallow workings on or in close proximity to the MacMillan property. Geology at Wine Harbour is in the Meguma Terrain and is similar to that at Beaver Dam, about 50 miles northeast of Halifax, where Seabright Resources has reported a gold discovery.
A compilation of all recorded geological data is in progress, says Mr Hume. Exploration plans are being organized and work will start early in the 1987 field season.
Wilco recently obtained funding for its ongoing exploration programs from Deak International, which is now the largest shareholder of Wilco.
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