ICBS Ltd. and Bayport Corp. will jointly explore for gold and rare Earth elements in Utah, where Bayport holdings cover 1,120 acres, ICBS said Tuesday.

Bayport and ICBS, whose Canwealth Minerals Corp. unit mines for gold and precious metals in northern Quebec, will hold a 50-50 interest in a new company that will begin drilling at selected Utah sites early next year.

Core samples will be shipped to AGAT Laboratories in Toronto Ontario for analysis.