A group of 48 claims about 10 miles northwest of the recent Inco- Vior-Cambior gold discovery in Douay Twp. will be optioned to Goldbelt Mines (VSE) by Jascan Resources (TSE). Goldbelt has the option to earn a 60% interest in the property in Aloigny Twp., Que., by making cash payments of $350,000 and issuing 100,000 shares to Jascan over a 3-year period. Goldbelt will pay $50,000 and issue 25,000 shares within 10 days. In addition, Goldbelt must spend $1.2 million on the property within four years, and at least $100,000 within the next 12 months.
If the option is exercised, Jascan may select either a joint venture arrangement or a net smelter return royalty. The NSR royalty would equal 3.5% for base metal production and 3-5% for precious metal production.
According to Goldbelt, the main feature on the property is a diabase dyke which has disrupted the major structural trends and created several, previously untested geophysical anomalies.
Goldbelt plans to drill the new targets in the near future.
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