Scotia Prime Resources Inc, wholly-owned by ase-listed Petroco, is in the midst of a $1.6- million financing for exploration work on two gold properties in Nova Scotia. President Graig K. Millar, a long- time resident of the province who worked for 2 1/2/ years with the provincial department of mines and energy, says the company has two drill rigs reserved and should start drilling in about 10 days.
One drill program is planned for the company’s property at Lower Seal Harbour where 435,308 tons were mined prior to 1941 to a depth of about 500 ft. Zones with 6-ft widths, grading 0.25 oz gold per ton have been documented within the deposit.
Scotia Prime’s drilling will test the continuation of those zones which have already been mined, Mr Miller says.
“If these results are encouraging, we could proceed with an underground program in 1988.” There is a 500-ft inclined shaft on the property.
The second drilling program will be at Ecum Secum, N.S. Prior to 1907, a total of 1,275 oz of the yellow metal was recovered from this property from 2,984 tons of ore.
Recent drilling results include a 1.8 ft intersection grading 0.18 oz, 3.0 ft averaging 0.09 and 4.0 ft grading 1.10 oz.
Scotia Prime plans to test a 20-ft structure where the main fold flattens and will also test the extensions of already-mined zones.
The company has a total of nine separated gold properties in Nova Scotia.
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