Canwealth Minerals, ICBS and Bayport Corporation have formed a mining joint venture named Goldshore Mining to drill for gold and rare earth elements in the US state of Utah.

The claims are currently owned by Bayport and will be transferred to Goldshore Mining, who will be the sole owner of all of the claims.

Canwealth Minerals, which is 51% owned by ICBS, will supply the technical expertise and equipment for the deep core drilling programme at the mining sites.

The firm is planning to start a three-stage deep core drilling development programme in 2012, which will be carried out over the next three years.