• New high-grade gold zone identified within the Lone Star deposit believed to exist as a result of multiple different mineralization events. 

• This new gold zone indicates the potential to define further high-grade, structurally controlled gold mineralization that was not a focus of historical exploration programs although will be the focus of future work programs 

• Significant zones of mineralization intersected include: 

LS21-007

• 17.7m @ 2.8g/t Au 5.9g/t Ag (3.5% CuEq) from 107.9m including: 

  • 4.1m @ 1.5g/t Au 16.8g/t Ag (6.4% CuEq) and

    4.9m @ 7.9g/t Au 2.6g/t Ag (5.7% CuEq

LS21-006

• 11.9m @ 2.0g/t Au 3.3g/t Ag (2.3% CuEq) from 99.7m including:  

  • 1.6m @ 11.7g/t Au 7.0g/t Ag (9.8% CuEq)

LS21-010

• 21.3m @ 0.6% CuEq from 59.2m 

• 36.1m @ 0.4g/t Au 4.5g/t Ag (1.3% CuEq) from 7.8m including 

• • 12.2m @ 1.1g/t Au 8.8g/t Ag (2.8% CuEq) (LS21-010 previously reported).

• 20 diamond holes completed as part of the 43 hole, ~6,000m program with a significant number of drill holes intersecting sulphides outside of the historical resource wireframe. 

• Batches of core are being delivered to the lab weekly with regular updates expected over the coming weeks. 

Mining Plus Pty Ltd has begun resource-modelling studies to produce a NI 43-101 & JORC compliant resource in first half of 2022.

 

Vancouver, B.C. Canada – TheNewswire - February 24, 2022 - Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) is pleased to announce results from the latest batch of assays at the the Belmont-Marquee Resources. (ASX: MQR) (“Marquee”) Lone Star Joint Venture (JV) in North Eastern Washington State.

 

Results from the latest batch of assays have identified high-grade gold and copper mineralization in an area of the Lone Star deposit that lacked significant historical intercepts and gold assay data.

 

Hole ID	From (m)	To (m)	Interval (m)	Cu %	Au g/t	Ag g/t	CuEq %
LS21-006	99.7	111.6	11.9	1.0	2.0	3.3	2.3
inc.	108.5	110.1	1.6	2.1	11.7	7.0	9.8
LS21-007	107.9	125.6	17.7	1.6	2.8	5.9	3.5
inc.	112.2	116.3	4.1	5.3	1.5	16.8	6.4
inc.	117.4	122.3	4.9	0.5	7.9	2.6	5.7
*LS21-010	7.8	43.9	36.1	1.0	0.4	4.5	1.3
inc.	21	33.2	12.2	2.0	1.1	8.8	2.8
LS21-010	59.2	80.5	21.3	0.6	NSR	3.3	0.6
LS21-010	127.1	138.4	11.3	0.4	NSR	3.2	0.4

 

*Previously announced

1. True widths of the reported mineralized intervals have not been determined. 

2. Assumptions used in USD for the copper equivalent calculation were metal prices of $4.00/lb. Copper, $1,800/oz Gold, $20/oz Silver, and recovery is assumed to be 100% given the level of metallurgical test data available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.656) + (Silver (g/t) x 0.00729). 

 

High-grade gold mineralization is discordant with high-grade copper-silver mineralization and it is interpreted that early volcanogenic massive sulphide (VMS) style copper-silver mineralization has been overprinted by later shearing, brecciation and hydrothermal gold deposition. As such, the results indicate the potential to define further high-grade, structurally controlled gold mineralization that was not a focus of historical exploration programs.

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Lone Star 2021-22 Drill Results

With  Historical Drill Intercepts >1.5% CuEq and Resource

(Calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb)

 

George Sookochoff, President & CEO commented, “Identifying new gold zones has the potential to add significant value to our upcoming Preliminary Economic Assessment of the Lone Star deposit.”

 

Lone Star Diamond Drilling Program Update

To date, 20 diamond drill holes for 3,578m have been completed at Lone Star with full assay results from the first nine drill holes received.

Batches of core are being delivered to the laboratory approximately every fortnight with results to continue filtering through over the coming months. Drilling continues 24 hours a day as part of the fourty-three hole, ~6,000m diamond drilling program. Drilling is expected to be completed at the Lone Star Copper-Gold Project in Q1-2022 with the phase 1 drill program designed to satisfy four key objectives:

1) Validate the historical 252 drill hole database and resource model;

2) Achieve an infill drill hole spacing that is appropriate for advancing the 2007 historic inferred mineral resource to a current measured and indicated resource category;

3) Test for extensions of the historical resource both laterally and at depth;

4) Deliver a NI 43-101/JORC compliant mineral resource estimate and Preliminary Economic Assessment (PEA).

 

LS21-010 was drilled at a dip of 70o to the east on the same drill pad that LS21-009 was collared from. Initial results from LS21-010 have been reported previously (Refer BEA TSX.V release 14th Feb 2022) highlight the near surface potential of the project with multiple zones of disseminated and vein hosted, massive sulphide mineralization observed in both the Upper Zone and Lower Zones. Final results from LS21-010 have been received and form part of the content of this release. Significant assay results received from LS21-010 36.9m @ 1.3% CuEq (0.4g/t Au & 4.5g/t Ag) from 7.8m including and 12.2m @ 2.8% CuEq (1.1g/t Au & 8.8g/t Ag) (LS21-010 previously reported).

 

LS21-006 intersected serpentinite and rhyolite hosted mineralization with abundant sulphides logged from 76.8-114.6m. Assay results identified mineralization underneath the historical resource wireframe with significant results including 11.9m @ 2.3% CuEq (2.0g/t Au & 3.3g/t Ag) from 99.7m (including: 1.6m @ 9.8% CuEq (11.7g/t Au & 7.0g/t Ag))

Mineralization in LS21-007 is serpentinite hosted with abundant sulphides logged from 106.7-125.6m. Interestingly, LS21-007 provided key information about the nature and timing of the polymetallic copper-gold-silver mineralization of the Lone Star deposit. High-grade gold mineralization is discordant with high-grade copper-silver mineralization and it is interpreted that early volcanogenic massive sulphide (VMS) style copper-silver mineralization has been overprinted by late shearing, brecciation and hydrothermal gold deposition. As such, the results indicate the potential to define further high-grade, structurally controlled gold mineralization that was not a focus of historical exploration programs. Significant results from LS21-007 include 17.7m @ 3.5% CuEq (2.8g/t Au & 5.9g/t Ag) from 107.9m (including 4.1m @ 6.4% CuEq (1.5g/t Au & 16.8g/t Ag) and 4.9m @ 5.7% CuEq (7.9g/t Au & 2.6g/t Ag))

Drilling continues 24 hours a day with batches of samples being delivered weekly to MSA Laboratories in Langley, British Columbia, Canada. Despite the winter conditions, production rates remain high and drill holes are being extended well beyond historical drill hole depths.

Additionally, Mining Plus Pty Ltd have begun resource modelling studies as the Company pushes towards delivering a 2022 NI 43-101 and JORC compliant resource in the first half of 2022.

  

About the Lone Star

The Lone Star is a past producing open pit and underground mine situated on the north end of the prolific Republic Graben of Washington State. The project has 252 historic drill holes. In 2006 former owner Merrit Mining  drilled an additional six holes and completed a 2007 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.

 

The company went into receivership 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.

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Lone Star 2007 Historical Resource

Calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb.

 (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.

(3) The Cu equivalent (CuEq) cut-off value of 1.5% was calculated and rounded utilizing the following: Cu price US$2.84/lb, $US exchange rate $0.88, process recovery $95%, smelter payable 95%, smelting and refining charges C$7/tonne mined, mining cost C$62/tonne mined, process cost $C28/tonne processed, G&A cost $7.50/tonne processed.

(4) 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.

  

Belmont-Marquee Joint Venture

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

•        $2,550,000 Work Program

•        3,000,000 MQR Shares

•        Produce a NI 43-101 & JORC Resource and Preliminary Economic Assessment on the project

•        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.

 

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.

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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 

  
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NI 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 NI 43-101.

   

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.