Belmont Resources provides update on the Lone Star copper-gold project

Vancouver, BC Canada – The press wire – November 10, 2021 – Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV: BEA) (FSE: L3L2) is happy to provide an update on its preparation for its next drilling program.

Option / JV

Belmont recently signed an option / JV agreement with Marquee Resources (ASX: MQR) (see NR November 4, 2021) whereby Marquee commits to commit as follows:

  • $ 504,000 in cash payments

  • $ 2,550,000 Work program

  • 3,000,000 MQR shares

  • Produce a preliminary economic assessment of the project

  • Over a period of 24 months

  • For 80% of the ownership of the Lone Star project.

  • In the end, a joint venture must be formed and a decision will be made on whether to put the Lone Star into production.

Drilling

A drilling program of approximately 5,000 meters is expected to begin on November 15, 2021 and is expected to:

a) Confirm the grade, width and grade of the mineralization
b) Fill in the shallow historical inferred resource in order to place it in the indicated category
c) Test nearby resource extensions to the east and south.

Falcon Drilling of Carson City, Nevada is the drilling contractor and confirms the start date of November 15, 2021.

Buildings on site

2-40ft shipping containers have now been moved to the Lone Star property. The containers will be used for cutting, logging and storage of drill core on site. All heavy equipment support is provided by Stotts Construction located just 9 miles south of the community of Curlew Washington.

Junior mining network

Drill buffer preparations

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The drilling platforms are cleaned and prepared for drilling.

LIDAR survey

A Lidar survey was conducted by Pioneer Exploration on the property on November 5, 2021. Light Detection and Ranging (LIDAR) is a technology used to create high resolution ground elevation models with vertical accuracy of 10 centimeters (4 inches) . The airborne survey produces a “bare land” digital elevation model (DEM), structures and vegetation are virtually eliminated.

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George Sookochoff, President and CEO, said, “We are definitely creating synergies with our new option partner / JV Marquee Resources. In just a few days since signing our option / JV agreement, the Lone Star project has gone from “zero” to “ready to put the drill in the ground!” We are now comfortably seated and ready to begin drilling on November 15 and continue 24/7 throughout the winter. “Come on Belmont-Chapiteau! “

About the Lone Star project

The former Lone Star mine operated over two periods; from 1897 to 1918, producing 146,540 tonnes; and from 1977 to 1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star surface mine to its plant in Phoenix, British Columbia, 11 km North.

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The Lone Star deposit has a historical resource estimate that was reported in a “Lone Star Deposit Technical and Resource Estimate, Ferry County Washington (September 23, 2007)” for Merit Mining Corp. and written by P&E Mining Consultants Inc.

The historical resource estimate for 2007 was based on US $ 593 / oz gold and US $ 2.84 / lb copper.

Based on today’s higher copper and gold prices, Belmont geologists have reconsidered the high-grade Cu +/- Au drill intersections in the historic resource area for the potential of support both surface mining and underground mining.

About Belmont Resources

Belmont Resources is engaged in the acquisition and redevelopment of former copper-gold-silver mines in southern British Columbia and northern Washington State. This region is considered to have the highest concentration of mineralization and old producing mines in western North America.

Using new exploration technology, geological modeling and specialized 3D data analysis, the company successfully identifies new areas of mineralization under and / or near old producing mines.

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The Belmont project portfolio:

  • Athelstan-Jackpot, BC – * Gold-silver mines

  • Come by chance, BC – * Copper-gold mine

  • lonely star, Washington – * Copper-gold mine

  • Scout, BC – * Gold and silver mines

  • Black bear, BC – Gold

  • Pride of the West, BC-Or

  • Kibby Basin, Nevada – Lithium

  • Crunchy stone, Sask. – Uranium
    * old mine in production

Disclosure of Regulation 43-101:

The technical disclosure in this press release has been approved by Laurence Sookochoff, P.Eng., a qualified person as defined by National Instrument 43-101.

A Qualified Person has not performed sufficient work to classify the historical estimate as a Mineral Resource or Current Mineral Reserve. As such, the issuer, Belmont Resources, does not treat this historical estimate as current mineral resources or mineral reserves.

Mineral resources that are not mineral reserves have not demonstrated their economic viability.

Gold equivalent content (AuEq) was calculated using a gold price of US $ 593 / oz and a copper price of US $ 2.84 / lb, based on the 24-month moving average (as of July 31, 2007) of gold and copper prices, to obtain a conversion factor of% copper x 3.284 + gold g / t = Au Eq g / t. Metallurgical recoveries and smelting / refining costs were not taken into account in the calculation of the gold equivalent.

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO / Chairman

Phone. : 604-505-4061

E-mail: This e-mail address is protected from spam. You need JavaScript enabled to view it.

Website: www.BelmontResources.com

We seek refuge. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved of the information contained in this document.

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