Gordex acquires gold property in Nova Scotia

Making its first venture outside New Brunswick, Gordex Minerals has acquired a gold property 60 mi southwest of Halifax, N.S.

Gordex, New Brunswick’s first primary producing gold company, will spend $1 million on exploration and development work to obtain a 100% interest in the property, subject to net profits royalty. The purchase is subject to regulatory approval.

The property, owned by Fred Rhodeniser, consists of a development licence of 43 claims, and is located near Bridgewater, in the old “Molega” gold-mining district.

Though a full exploratory program has not been undertaken, the company reports that a recent diamond drill intersection returned an intercept of 22.4 ft of 0.34 oz gold per ton.

“This is an important expansion by Gordex and we’re immediately commencing exploration on the entire property,” President Harold Pawson said. “Analogous geological developments, at Sea Bright’s Beaver Dam deposit, highlight the potential of these old Nova Scotia gold districts.”

Consulting geologists Derry, Michener, Booth & Wahl of Toronto report geology and mineralization of the claim areas are typical for this region. The mineralization consists of free gold in stratabound quartz veins and arsenopyrite-rich disseminations.

In New Brunswick, Gordex is involved in a heap leaching operation at its Cape Spencer gold mine northeast of Saint John. The company recently announced geologists have located more than one million tons of gold-bearing deposits grading 0.06 oz at the Cape Spencer property.