Belmont Provides Update on Option Partner Lone Star Drilling Program

2021-12-02 / @thenewswire

(TheNewswire)

Vancouver, B.C. Canada - TheNewswire - December 2, 2021 - Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) announces its option partner Marquee Resources Ltd. (ASX:MQR) has completed the first two holes of a planned 42 hole, 5,800 meter drill program on the Lone Star copper-gold project in Washington State.

George Sookochoff, President & CEO commented, “With the drill now operating 24/7, and will continue to do so throughout winter, we are well underway in achieving our goal of establishing a potential commercial mining operation at the Lone Star project within two years.”

Drill holes LS21-01 and LS21-02 have now been completed and the drill samples are being prepared for shipment to MSALABS in Langley B.C., for analysis.

The objective of the drill program is to:

1) Confirm grade, width and tenor of mineralisation to that of the 252 historical drill holes.

2) Achieve a drill hole spacing that is appropriate for:

a) advancing the 2007 historic inferred mineral resource to a current indicated resource category.

b) producing a Preliminary Economic Assessment (“PEA”) after which a decision may be made
to move the project into production.

Click Image To View Full Size

Hole LS21-001 was drilled to verify the existence of two separate mineralized zones on the Lone Star Property. That hole successfully intersected 100+ meters of significant sulfide mineralization in the upper zone, consisting primarily of pyrite with lesser chalcopyrite and traces of molybdenite hosted primarily by an altered intrusive which has been referred to as “dacite” in the district by many previous operators. A second, lower zone of similar sulfide mineralization hosted primarily by serpentinite was also intersected before the hole was terminated. The upper and lower zones are commonly separated by 40-60 meters according to previous studies. Both mineralized zones were historic targets on the property.

Click Image To View Full Size

Hole LS2-002 intersected 30+ meters of significant sulfide mineralization in the upper zone consisting primarily of pyrite with lesser chalcopyrite, and traces of molybdenite hosted by an altered intrusive. The lower serpentinite-hosted zone of sulfide mineralization was also intersected in this hole before the hole was terminated.

Click Image To View Full Size

Many of the early historic drill holes were assayed only for copper, but systematic rock sampling on the benches in the open pit done by a previous operator showed that there was a significant gold content along with some of the copper mineralization.

(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability.

(2) Gold equivalent (AuEq) grade was calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb., based on the 24 month (at July 31, 2007) trailing average 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 factored into the gold equivalent calculation.

About the Lone Star

The Lone Star is a past producing open pit and underground mine with a 2007 historic resource as reported in a “Technical Report and Resource Estimate on the Lone Star Deposit, Ferry County Washington (September 23, 2007)” for Merit Mining Corp. and authored by P&E Mining Consultants Inc.

All work stopped on the Lone Star shortly after the publishing of the resource estimate due to the 2008 economic crisis. Belmont is the first company to carry on where Merit Mining left off in advancing the Lone Star to production.

Belmont has optioned the project to Marquee Resources (Marquee) in November 2021.

Under the terms of the agreement, Marquee agrees to commit the following:

$504,000 cash payments
$2,550,000 Work Program
3,000,000 MQR Shares
Produce a Preliminary Economic Assessment on the project
Over a 24 month term for 80% ownership of the Lone Star project.
Upon completion, a joint venture is to be formed and a decision will be made in regards to bringing the Lone Star into production at that point in time.

About Belmont Resources

Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America.

By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines.

The Belmont project portfolio:

Athelstan-Jackpot, B.C. – * Gold-Silver mines
Come By Chance, B.C. – * Copper-Gold mine
Lone Star, Washington – * Copper-Gold mine
Pathfinder, B.C. – * Gold–Silver mines
Black Bear, B.C. – Gold
Pride of the West, B.C.- Gold
Kibby Basin, Nevada – Lithium
Crackingstone, Sask. – Uranium
* past producing mine

Click Image To View Full Size

NI 43-101 Disclosure:

Technical disclosure in this news release has been approved by James Ebisch P.Geo, a Qualified Person as defined by National Instrument 43-101.

A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. As such the issuer, Belmont Resources, is not treating this historical estimate as current mineral resources or mineral reserves.

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: george@belmontresources.com

Website: www.BelmontResources.com

We seek safe harbor. Neither 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 not approved nor disapproved of the information contained herein.