Belmont Provides Update on Lone Star Drilling Program
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Highlights
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Massive sulphides intersected in first 14 drill holes.
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First two diamond drill holes intersected wide zones of high-grade copper mineralization with up to 18.5% Cu, 10.4 g/t Au and 106 g/t Ag.
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New geological modelling shows Lone Star project to be that of a submarine rhyolite dome with associated VMS.
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Next batch of assay results are due in early February and the third batch early March.
Vancouver, B.C. Canada - TheNewswire - January 31, 2022 - Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) is pleased to provide an update on the progress of the 6,000 meter, 42 hole, drill program on the Lone Star copper-gold project in Washington State.
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From the drilling to date a new geological model has developed for the Lone Star project to be that of a submarine rhyolite dome with associated VMS.
Drilling has identified at least three stratigraphically separate rhyolite layers, each of which is prospective for undiscovered mineralization along strike and down-dip, plus the addition of well-mineralized bedded sulfides in basaltic units.
Further drilling will allow for further refinement of the new geological model and improve the ability to identify new targets elsewhere on the broader, prospective land position.
George Sookochoff, President & CEO commented, “This is turning out to be one of the most exciting projects I’ve worked on in my 40 year career. With every drill hole so far we’ve seen beautiful intercepts of massive sulphides, some of which returned up to a very impressive 18.5% copper and 10 grams per ton gold.
The new geological model gives us a much better understanding of the project and shows that the three stratigraphically separate rhyolite layers identified thus far may extend both laterally and at depth, which shows that there is an enormous amount of untested potential to this project.
We are excited to see the next batch of drill assay results which are estimated to be ready in the next two weeks.”
Lone Star Drilling
The Company announced the results of the first two drill holes in a January 6, 2022 news release.
Highlights
LS21-001
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44.2m @ 1.3% Cu from 65.8m (including 19.8m @ 2.4% Cu)
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22.1m @ 1.15% Cu from 140.4m (including 8.5m @ 2.1% Cu)
LS21-002
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15.54m @ 3.7% Cu 1.8g/t Au from 48.3m (including. 2.6m @ 18.5% Cu 10.4g/t Au)
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53.6m @ 0.8% Cu from 120.7m (including 7.6m @ 2.1% Cu 1.4g/t Au)
The objective of the drill program is to:
1) Validate the historical 252 drill hole database and resource model;
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.
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 acquired the Lone Star property in July 2021 and is the first company to continue where Merit Mining left off, in advancing the Lone Star to production.
(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.
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:
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$504,000 cash payments
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$2,550,000 Work Program
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3,000,000 MQR Shares
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Produce a 43-101 JORC Resource and Preliminary Economic Assessment on the project
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Within a 24 month term.
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.
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The Belmont project portfolio:
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Athelstan-Jackpot, B.C. – * Gold-Silver mines
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Come By Chance, B.C. – * Copper-Gold mine
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Lone Star, Washington – * Copper-Gold mine
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Pathfinder, B.C. – * Gold–Silver mines
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Black Bear, B.C. – Gold
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Pride of the West, B.C.- Gold
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Kibby Basin, Nevada – Lithium
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Crackingstone, Sask. – Uranium
* past producing mine
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.