A series of transactions has enabled Goldbelt Mines (VSE) to increase substantially its land position in the Galore Creek camp, north of the Iskut River region in British Columbia. The company acquired about 90,000 acres in the camp by staking and recently became the largest shareholder of Pass Lake Resources (VSE), which has direct and indirect interests in a further 147,000 acres. A number of gold or polymetallic occurrences were discovered on various properties held by Pass Lake, the most noteworthy being the Deluxe zone on the Wiser claims under option to Consolidated Goldwest Resources (VSE).
In early March Goldbelt announced it had agreed to acquire an interest in a further 47,000 acres in the Galore Creek area held by Continental Gold (VSE) and optioned a 55% interest to Gigi Resources (VSE).
Under the terms of the proposed agreement, Goldbelt will acquire virtually all Continental’s interest in the Trophy project in return for 750,000 common Goldbelt shares and a 10% net profits interest to Continental. Gigi is expected to spend about $1 million on exploration during the coming season on the Trophy property.
The Galore Creek camp is best known for hosting a large porphyry copper deposit. However, more recent exploration work is focused on precious metal or polymetallic targets. Accessible only by air, the camp is expected to be among the busiest in northwestern British Columbia during the coming work season.
Goldbelt is a Vancouver-based junior, managed by former Granges directors Mike Muzylowski and Douglas McRae.
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