Vancouver, BC Canada, March 21, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L2) is pleased to announce that it has hired Hardrock Drilling Ltd., based in Penticton, Columbia Briton, as its drilling contractor for the planned 2,000 meter drilling campaign at the company’s Come By Chance copper-gold project (“CBC” or “project”), located in the prolific mining district of Greenwood, in the south from British Columbia
“With a 5-year drilling license and financing in place, we are excited to be able to move forward with our initial drilling program at CBC,” said George Sookochoff, Belmont President and CEO.
“In addition to the current drill program on our Lone Star property 10 km to the south, we will now have two separate ongoing drill programs generating news for our investors, with a third drill program to be announced shortly. indeed a very busy and exciting year for Belmont and our shareholders.”
2022 drilling program
Historical exploration has revealed numerous indications of potential hidden intrusion of copper/gold mineralization in skarns, free gold, epithermal zones and an epithermal massive sulphide zone. There are also indications of a potential porphyry/skarn link (Evans, 2005).
3D magnetic inversion and 3D induced polarization (3D IP) geophysical surveys and rock sampling carried out in 2021 have identified several potential mineralized zones, which will be tested with the upcoming drilling program.
The Company has planned to begin drilling on March 28, 2022 and is expected to last 6 weeks.
Drill targets identified for diamond drilling
- betting area: The most significant area of known replacement-type sulphide mineralization on the claims is at Betts (Minfile 082ESE261). Strong high chargeability and strong contact between strong high and low resistivity. Historical workings have intersected massive sulphide mineralization with high grades of copper and gold. Values of 4.75% Cu and 0.676 g/t Au were returned from samples collected in 2021.
- Iron Chief Area: A northeast-trending zone of sulphide-rich quartz veins. Values of 17.05 g/t Au, 619 g/t Ag were obtained from rock samples collected. A “quartz vein with free gold” is reported (annual report of the Minister of Mines 1900). The Iron Chief straddles the Eagle Mountain Fault northwest of the Betts.
- Lady M Zone: An arcuate shaped, east-west trending, stratigraphically controlled chargeability elevated at the “Phoenix Horizon”. Grades of 3.8 g/t Au and 1.07% Cu were obtained from skarn samples in this zone.
- Eagle Mountain area: A high chargeability of 700 m long, strongly oriented towards the northeast, a high resistivity, a magnetic depression which cuts the stratigraphy. Possible porphyry target.
- rustic mountain area: A 400 m long, strong northeast trending chargeability and resistivity top with a corresponding low magnetic signature, located near the Brown’s and Caledonia showings. The geophysical target extends from the surface to the depth limit of the survey (300 m). High gold and copper values were obtained from rock samples at the Brown’s and Caledonia showings.
All of the targets identified for drilling are in sediments of the Triassic Brooklyn Formation, the same rocks that host copper-gold skarn mineralization at the Phoenix Mine 6 km to the northwest. With the exception of a single drill hole in 1998 near the Betts showing, none of these targets have been drill tested.
About the Come By Chance Project
The Come By Chance (CBC) property is located in the Greenwood mining camp, considered one of the most concentrated areas of producing former mines in North America.
Although the Phoenix mine was the main producer, some of the smaller mines were also producing from a number of different deposit types. From 1900 to 1975, production from these 26 major mines was over 600 million pounds of copper and 1.4 million ounces of gold (Church, 1986).
The CBC property, located three kilometers southeast of the Phoenix deposits, is on a comparative geological trend and hosts skarn, epithermal, volcanogenic and massive sulphide mineralization.
Marquee Resources makes strategic investment in Belmont.
Marquee Resources Limited (ASX: MQR) has made a strategic investment in Belmont Resources Inc.
Marquee’s initial investment of C$420,000 (6,000,000 shares) will yield an initial equity interest of approximately 9.9% in Belmont common stock. Marquee made the investment by participating in Belmont’s latest private placement (read Belmont’s press release dated March 18, 2022)
Marquee is an option/jv partner in Belmont’s Lone Star copper-gold project in Washington State and the Kibby Basin lithium project in Nevada.
Marquee’s Executive Chairman, Mr. Charles Thomas, said, “After working with George Sookochoff and the team at Belmont Resources on advancing the Lone Star Copper-Gold Project and the Kibby Basin Lithium Project, we have taken the decision to invest directly in Belmont. in order to be exposed to their fascinating suite of other exploration projects.”
About Belmont Resources Inc..
Belmont Resources is focused on acquiring
and the redevelopment of former producing copper-gold-silver mines in southern British Columbia and northern Washington State. This area is considered to have the highest concentration of mineralization and old producing mines in western North America. Using new exploration technology, geological modeling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or near former producing mines.
The Company’s project portfolio includes 6 former mines in production:
Belmont Resource Properties
Athelstan-Jackpot, BC – * Gold and silver mines
Come By Chance, BC – * Copper-Gold Mine
Lone Star, Washington – *Copper-gold mine
Pathfinder, BC – * Gold-Silver Mine
Black Bear, BC – Gold
Pride of the West, BC – Gold
Kibby Basin, Nevada – Lithium
* former producing mine
NI 43-101 Disclosure:
The rock samples described in this press release were sent to ALS Canada Ltd. in Kamloops, British Columbia, and then analyzed at the ALS laboratory in North Vancouver. ALS is an ISO 17025 accredited laboratory. The samples were crushed to 70% passing 2 mm, then a fraction of 250 g was pulverized to 85% passing 75 µm. The multi-element analysis was carried out by the ME-ICP61 method (ICP-AES analysis after digestion with four acids). Samples that returned higher values for copper or silver by ICP were assayed by the OG62 method (assay of ore grade by ICP-AES after four acid digestions). Gold assays were performed by fire assay/AA finish on a 30 gram sample (Au-AA23, Au-AA-25 method). The samples described in this press release were grab samples taken from outcrops, sub-outcrops or historic working dumps. The reader is cautioned that grab samples are designed to show the presence or absence of mineralization, and results are not necessarily indicative of average grade. A quality control/assurance program has been implemented during the rock sampling program described in this release, including the independent insertion of blanks and certified quality standards into the sample sequence.
The 2006 rock sample results included on the maps that are part of this news release are from an original lab certificate contained in Assessment Report #28542. Samples were taken by employees of Teck Corp. during an on-site visit to the property and were analyzed for gold by FA and for a multi-element suite by ICP, after aqua regia digestion.
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101 and has been reviewed and endorsed by Laurence Sookochoff, P.Eng. Mr. Sookochoff is a director of Belmont Resources Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
Email: [email protected]
Neither the 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 press release.
Belmont Resources Inc. published this content on March 21, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 21, 2022 03:17:05 UTC.
Public now 2022
Evolution of the income statement