• Lone Star’s maiden Mineral Resource returns Indicated Resource of 9.7Mt @ 0.62% CuEq and Inferred Resource of 3.5Mt @ 0.45% CuEq 

• The independently estimated Mineral Resource extends from surface and remains open at depth. 

• Within the Global Mineral Resource sits a high-grade portion of 1.1Mt @ 2.05% CuEq. 

• Pit optimization studies highlight attractive open pit mining scenarios with the underground potential to be tested with further drilling to commence in December. 

• High-grade mineralisation is open at depth and will be targeted to test for potential extensions and underground resources 

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Vancouver, B.C. Canada, - TheNewswire - October 27, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA); (FSE:L3L2) is pleased to announce a new mineral resource estimate for its Lone Star copper-gold project in Washington State. This resource estimate, completed for Belmont JV Partner Marquee Resources by independent consultants Mining Plus, is a major milestone for the company.

     

Lone Star Mineral Resource Estimate

 

A total of 60 drill holes were included in the modern Lone Star database, of which 13 were drilled in 2006 and 47 (7,888m) were drilled in 2021-2022.

 

The Mineral Resource is reported inside of a conceptual pit shell at an internal cut off grade of 0.112% copper equivalent. Based on these criteria, the Lone Star deposit contains an Indicated Mineral Resource of 9.7 Mt at 0.62% Copper Equivalent and an Inferred Mineral Resource of 3.5 Mt at 0.45% Copper Equivalent. The Mineral Resource is presented below:

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Lone Star 2022 NI 43-101 Resource Estimate
Category	Tonnage	CuEq%	Cu%	Au g/t	Contained Copper (million lbs.)	Contained Gold (oz)	Contained CuEq (million lbs.)
Indicated	9,700,000	0.62	0.45	0.24	96.03	82,118	132.31
Inferred	3,500,000	0.45	0.31	0.20	23.87	24,692	34.65

Notes:

1. All Mineral Resources figures reported in the table above represent estimates as of 7 October 2022. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies. 

2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM definitions and guidelines. 

3. Mineral Resources are reported on a dry in-situ basis at a 0.112% CuEq cut-off. Reporting cut-off grade was based on an economic pit shell assuming prices of US$3.25/lb and US$1,600/oz for copper and gold, respectively, assumed metallurgical recoveries of 90% and 90% respectively, mining costs of US$2.00/tonne and processing costs of US$7.00/tonne. An internal cutoff grade of 0.112% copper equivalent is needed to overcome processing costs. 

4.  Based on the assumed metal prices, the copper equivalent formula is CuEq% = Cu% + (Au g/t x 0.7176).  

5.  Average SG values were assigned based on copper grade zones and/or lithologies as follows: waste = 2.74, low-grade zone = 2.80, high-grade zone = 3.05, overburden = 1.90 

  

President & CEO Comment:

George Sookochoff, President & CEO commented, “With receipt of the new resource estimate we have completed another milestone in the continuing development of the Lone Star deposit. We are exceptionally pleased with the overall tonnage and the potential to expand the resource even larger.”

 

“Given our geologic model and knowledge of existing mineralization, we see ample room to grow this Mineral Resource with further exploration and definition drilling which is planned to start in December”

 

About the Lone Star

 

The Lone Star property is located in northern Washington State on the northeastern tip of the Republic Graben, an important geological feature which hosts several gold and copper mines. The property lies on a 3‐kilometer long trend of gold copper mineralization linked by geology, in both rock types and structure, as well as the accompanying gold copper mineralization.

 

The Lone Star mine operated over two time periods; underground from 1897‐1918 producing 146,540 tonnes, and open‐pit from 1977‐1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.

 

The geology and mineralization of the Lone Star Property is strongly influenced by the 600 meter wide No. 7 Fault

 

Although no metallurgical test work has been done on the Lone Star mineralization, its metallurgical response is expected to be similar to the Lexington ore which has been successfully processed at the Greenwood Mill 7km to the north.

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Belmont-Marquee JV

Marquee Resources (ASX:MQR) is earning the right to acquire an 80% interest in the Lone Star property (NR Nov. 4, 2021 – Belmont Signs Option/JV Agreements With Marquee Resources On Lone Star Property)  by committing to the following:

• $504,000 cash payments (received) 

• $2,550,000 Work Program (completed)  

• 3,000,000 MQR Shares (received) 

• Produce a NI 43-101 Resource and  

• Produce a Preliminary Economic Assessment 

• Within a 24 month term. 

  

About Belmont Resources

 Belmont Resources has assembled a portfolio of highly prospective copper-gold-lithium & uranium projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include the Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in southern British Columbia. The Crackingstone Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan. The Lone Star copper-gold mine in the mineral rich Republic mining camp of north central Washington State and the Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin.

     

The Belmont project portfolio:

• Athelstan-Jackpot, B.C. – * Gold-Silver mines 

• Kibby Basin, Nevada – Lithium 

• Come By Chance, B.C. – * Copper-Gold mine 

• Lone Star, Washington – * Copper-Gold mine 

• Pathfinder, B.C. – * Gold–Silver mines 

• Crackingstone, Sask. – Uranium
  * past producing mine    

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NI 43-101 Disclosure:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has compiled, reviewed and approved by Mr. Brian Hartman, P.Geo., who is a Registered Member of the Society for Mining, Metallurgy & Exploration, a Professional Geologist registered with the Association of Professional Geoscientists of Ontario, is the owner and Principal Geologist of Ridge Geoscience LLC and subcontractor to Mining Plus. Mr. Hartman is the Qualified Person for this Mineral Resource estimate and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Qualified Person.

 

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.