Goldbelt Mines (TSE) has signed an option agreement with Glen Auden Resources (TSE), giving the company the right to earn a 50% interest in Glen Auden’s 219-claim property in Moody Twp., Ont. The Moody claims cover 8.6 miles of a fault believed to be similar to the Destor-Porcupine fault, a major structural feature in the area. Green carbonate rocks, associated with gold deposits along the Destor- Porcupine fault, have been mapped on the Moody claims.
Overburden drilling has yielded anomalous gold values, and samples from green carbonate- bearing float in the area have assayed up to one ounce gold per ton.
Goldbelt plans to conduct a geophysical survey prior to the start of drilling. The company can earn its interest by spending $300,000 on exploration and making property payments of $39,000 over a 36- month period. Goldbelt can increase its interest to 70% by spending a total of $1.6 million on exploration within five years.
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