An exploration drilling program has started on 48 claims optioned by Goldbelt Mines (VSE) from Jascan Resources (TSE) in Aloigny Twp., near Joutel, Que. The property is situated about 10 miles northwest of the Douay Twp. gold property held by a joint venture comprising Inco (TSE), Cambior (TSE) and Vior (ME).
Goldbelt says a number of previously untested geophysical anomalies have been identified along faults which traverse the Aloigny property. The current drill program will evaluate a number of these anomalies.
Under its option agreement, Goldbelt can earn a 60% interest in the claims by making cash payments of $350,000 and issuing 100,000 shares to Jascan. The deal also calls for exploration expenditures of $1.2 million over a 3-year period, with at least $100,000 to be spent in the first 12 months.
Jascan may elect either to participate in a joint venture or to accept a net smelter royalty of 3-5% depending on the price of gold.
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