(TheNewswire)
Vancouver, B.C. Cana d a – TheNewswire - June7, 2 022; Belmont Resourc e s Inc. (“Belmont”), (or the “Compa n y”), (TS X V:BEA ) ; ( FSE:L3L2) is ple a sed to anno u nce that it h as c o mplet e d the terms of the optionagreement for acquisi t i o n of the Come ByChance (CBC) copper- gold porphyry project sig n ed in May 2 7, 2020. The Compa n y now holds a 100% inte r est in the p r operty, subject to a NSR of 1.5% which the c o mpany can reduce to 0.5% with a payment of Cdn$1,000,000 to the vendors.
Original Terms of the OptionAgreement
The claims have been optioned for 100% from anon-related third party (the “Vendor”) under the followingterms:
(a) $7,500 cash payment on the Approval Date;
(b) the issuance of common shares in the capital of theCompany (the "Shares"), as set out below:
i. 100,000 Shares on the ApprovalDate;
ii. 200,000 Shareson the one year anniversary of the Agreement Date;
iii. 200,000 Shares on the second yearanniversary of the Agreement Date;
(c ) the grant of a 1.5% NSR Royalty with the optionfor the Company to buy back
1% for $1M Cdn.
Amendment to Option Agreement
Both parties have agreed to amend the original terms ofthe original option agreement by providing an additional 100,000Belmont shares to the Vendor in exchange for all Come By Chancehistorical data, including all drill core from previousdrilling.
About The Come By Chance
The Come By Chance (CBC) property is situated in theGreenwood mining camp, considered to be one of the highestconcentrated areas of past producing mines in North America
The Property is located three kilometres to the southeast of the former Phoenix mine and is on acomparative geological trend and hosting skarn, epithermal,volcanogenic, and massive sulphide mineralization.
The property contains mineralized skarns and epithermalzones potentially associated with concealed porphyry intrusive ofcopper/gold mineralization. High-gold and copper values atsurfac e areindication of rising hydrothermal fluids via structures/fractures froma concealed mineral-bearing intrusive
The Company recently completed a 2,000 meters drillprogram for which results are pending.
Stock Option Grant
The Company also announces that it has grantedincentive stock options (the “Options”), pursuant to its stockoption plan (the “Plan”), for a total of 300,000 common shares ofthe Company, to certain consultants of the Company. The Options,subject to the terms of the Plan and the corresponding optionagreements, are exercisable at a price of CAD $0.10 per share for aperiod of up to 3 years. The Company's Stock Option Plan allows forthe issuance of up to 10% of issued and outstanding share capital inthe form of incentive stock options.
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper-gold-lithium & uranium projects located inBritish Columbia, Saskatchewan, Washington and Nevada States. Itsholdings include the Come By Chance (CBC), Athelstan-Jackpot (AJ) andPathfinder situated in the prolific Greenwood mining camp in southernBritish Columbia. The Crackingstone Uranium project in the uraniumrich Athabaska Basin of northern Saskatchewan. The Lone Starcopper-gold mine in the mineral rich Republic mining camp of northcentral Washington State. The Kibby Basin Lithium project located 60kilometers north of the lithium rich Clayton Valley Basin.
The Belmont projectportfolio :
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Athelstan-Jackpot, B.C. – * Gold-Silvermines
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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:
The technical information in this news release has beenprepared in accordance with Canadian regulatory requirements as setout in National Instrument 43-101 and has been reviewed and approvedby Laurence Sookochoff, P.Eng. Mr. Sookochoff is a Director of BelmontResources Inc.
ON BEHA L F OF THE BOARD OF DIREC T ORS
“George S o okochoff”
George So ok ochoff, CEO/President
Ph: 604-683-6648
Email: george@belmontresources . com
Website: w ww.Belmon t Resources.com
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