Coventant to merge with El Condor

Exploration budgets totalling about $2.5 million are being planned for a number of projects in British Columbia’s “Golden Triangle” held directly and indirectly by Goldbelt Mines (VSE). Goldbelt and associated companies, Pass Lake Resources (VSE) and KRL Resources (VSE), hold interests in about 500,000 acres in the Galore Creek, Telegraph Creek and Tulsequah areas.

These camps are located to the north of the Iskut River and Eskay Creek camps and are considered prospective for a variety of mineral deposit types.

The Galore Creek region is best known for its porphyry copper-gold deposits, while the Telegraph Creek region is most often associated with high-grade precious metal deposits. Recent exploration activity in the Tulsequah camp has focused on a former massive sulphide (zinc-lead-copper-gold-silver) producer and a former gold producer.

Goldbelt said surface exploration on a number of prospects in these regions last year returned “highly encouraging” results. More detailed examination and diamond drill testing is planned for these prospects in the 1991 season.

Goldbelt plans to spend about $500,000 on its 100% owned properties. Exploration programs totalling $2 million will be funded by various joint venture partners associated with separate Goldbelt, Pass Lake, and KRL projects.

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