There are barely a dozen homes at Cape Spencer on the Bay of Fundy coast. But people here are not surprised when strangers quietly appear in their community, about 20 kilometres southeast of Saint John.
The arrivals are often preceded by an upward trend in gold prices. “We’ve always had people looking for gold out here,” said Kimberly Burry, whose home sits atop a hill looking out toward the ocean.
The latest newcomers, a small crew of geologists, caused barely a ripple this fall when they took up residence in a rented house and began their daily trips into the woods to explore the many rock outcrops and other geological features.
If they find what they’re looking for, they’ll want to take care to reassure neighbours a new mine will not be like the old mine, which left a legacy of environmental ruin when it closed more than thirty years ago.
Gold prices have climbed steadily since September, 2018 and, as of last week, sat at $2,400 an ounce, close to a nine year high. These particular newcomers work for Magna Terra Minerals, a junior mining company based in Toronto whose stock was trading at 24 cents on Friday.