Vancouver-based Cheni Resources (TSE) will acquire a 60% interest in the Mt. Uniacke gold property, 40 miles north of Halifax, N.S.
Historically, more than 2 million oz. gold have been mined in Nova Scotia, principally from high-grade, saddle-reef vein deposits hosted in a turbidite section of sediments of the Meguma supergroup. Recently however, it has been demonstrated that the sediments that host the veins may also contain gold.
A portion of the 45-claim Mt. Uniacke property is underlain by the southern flank of an anticlinal dome. Previously, this dome yielded gold in veins from many sites along its 1,200-ft. span. Cheni will carry out exploration to determine if the property has potential to host a low-grade, bulk-tonnage target.
Cheni can earn the interest by spending $65,000 on exploration before Dec. 31, 1995. The company is planning a first-phase drill program consisting of nine holes over 2,500 ft., the objective of which is to test sediments around the historic workings.
Cheni previously operated the Lawyers gold-silver mine in the Toodoggone district of northwestern British Columbia. The mine is no longer operating.
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