November 29, 2023 – TheNewswire - Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) (TSXV:BEA) (FSE:L3L2) announces that its JV partner Marquee Resources Ltd. (ASX:MQR)  for the Lone Star project situated in Washington State has completed a Lone Star NI 43-101 Preliminary Economic Assessment Technical Report (the “PEA”). The PEA has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43- 101”) by Mining Plus (USA and Australia).

 

The completion of a PEA is part of Marquee’s final required work commitment in order to earn an 80% interest in the Lone Star Project.

 

PEA Features:

• Mineral Resource Estimate (MRE) includes Indicated 9.76 Mt at 0.60% CuEq and Inferred 3.35 Mt at 0.44% CuEq, based on a 0.10% CuEq cutoff within a conceptual pit shell. 

• Life of Mine (LOM): 14 years 

• Financial Outcome: NPV: Negative US$ 123.9m and IRR: Negative 10.2%. 

 

Please refer to https://www.marqueeresources.com.au/ for more information and a full version of the PEA.

 George Sookochoff, CEO of Belmont Resources, commented, "While the Preliminary Economic Assessment offers an early glimpse into the project economics, it is important to note that it provides a preliminary perspective. It serves as a guide for steering the project toward a positive economic trajectory and eventual production.

 

Despite the initial economic challenges identified, the report highlights critical factors that could potentially shift the economics into a positive direction. Notably, there is a prospect of a gold deposit approximately 400m west of the Lone Star deposit within the property. Additionally, the Lone Star deposit's open extensions to the east and south present further opportunities.

 

Our forthcoming discussions with Marquee will shed light on their strategies for advancing the Lone Star project. Subsequently, we will update our Belmont shareholders on the developments."

 

George Sookochoff, CEO of Belmont Resources, shared, "While the Preliminary Economic Assessment offers an initial overview of the project economics, it's crucial to recognize its preliminary nature. The assessment serves as a roadmap for navigating the project towards a positive economic outlook and eventual production.

 

Despite the initial economic challenges outlined, the report highlights key considerations that could potentially pivot the economics towards a positive trajectory. Notably, there is the prospect of a gold deposit approximately 400m west of the Lone Star deposit within our property. Furthermore, the fact that the Lone Star deposit remains open to the east and south presents additional opportunities.

 

Our upcoming discussions with Marquee will provide insights into their strategies for advancing the Lone Star project. Following these discussions, we will promptly update our Belmont shareholders on the latest developments."

   

About Belmont Resources

 

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include:

 

• Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drill program recently completed (see NR Oct. 31_2021) 

• CrackingstoneUranium-Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are being discovered in Northern Saskatchewan due to the presence of Uranium, Thorium Pegmatites. Crackingstone project meets the criteria for potentially discovering a large REE’s deposit with its high grade uranium along with thorium and pegmatite. A review of 3,000m of 2008 drill data shows a 1.3km pegmatite dyke drilled but only assayed for uranium at that time. 2023 plans are to re-assay pegmatite sections for REE’s ;
   

• Come By Chance (CBC): 2021 geophysics delineated potential large copper-gold porphyry
  2022 drilling provided further vectors towards potential core of porphyry;
   

• The Lone StarCopper-Gold: optioned to Australian Marquee Resources ASX:MQR. MQR has spent in excess of $2.5M in drilling, completed new resource in Dec. 2022, and has completed a Preliminary Economic Assessment in order to earn an 80% interest.
   

• The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin: Optioned 80% of the central Kibby Playa claim block to Australian Marquee Resources - MQR. MQR has spent in excess of $2.5M in drilling in 2022 for potential deep seated lithium brine. 2022 Drilling confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.  

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ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

George Sookochoff, CEO/President

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.  

 

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control.   Actual events or results could differ materially from the Companies forward-looking statements and expectations.  These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2023, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.