Belore to earn 50% of United Reef bet

Toronto-based Belore Mines (ASE) has agreed to earn a 50% interest in United Reef Petroleums’ (TSE) Meat Cove deposit, the company said recently.

Located on Northern Cape Breton Island, N.S., the zinc-cadmium- germanium deposit contains a drill- indicated reserve inventory of four million tons grading 2.5% zinc with anomalous germanium, gallium and cadmium values.

Under the agreement, Belore can earn its interest by spending $500,000 over the next three years.

Geological mapping, sampling and geophysical surveys are under way and a 1,500-ft adit in the main zone is being opened in preparation for a 5,000-ft diamond drill program this fall.