Drilling started this month on two gold properties under option to Goldbelt Mines (VSE) from Glen Auden Resources (TSE) in northern Ontario. The first property, comprising 219 claims, is in Moody Twp. where Goldbelt can earn a 70% interest by spending $1.6 million over a 5-year period.
A total of six holes are planned to test various targets on the claims which cover nine miles of the Abitibi fault system. High gold values were returned from overburden till samples located down ice from geophysical targets on the property.
Boulders of green carbonate rock with assays up to 1 oz. gold per ton have also been found in the vicinity of the property.
The second property, optioned from Glen Auden and Cross Lake Minerals (VSE), covers 245 claims in Teefy, Rickard, Warden, Knox and Calvert twps. Goldbelt can earn a 60% interest in the claims by spending $850,000 over five years.
Last year, line cutting and geophysics identified a number of targets that ar t b teste b 6-hole dril program Th propert cover a 18-mile section of the Shallow River fault which runs parallel to the Destor Porcupine fault and contains a number of green carbonate zones with anomalous gold values. According to Goldbelt, the property is crossedby a structure that extends from the recent Glimmer Resources (VSE) gold discovery and Ross mine area.
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