(TheNewswire)
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Lone Star’s maiden Mineral Resourcereturns Indicated Resource of 9.7Mt @ 0.62% CuEq and Inferred Resourceof 3.5Mt @ 0.45% CuEq
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The independently estimated MineralResource extends from surface and remains open at depth.
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Within the Global Mineral Resourcesits a high-grade portion of 1.1Mt @ 2.05% CuEq.
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Pit optimization studies highlightattractive open pit mining scenarios with the underground potential tobe tested with further drilling to commence in December.
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High-grade mineralisation is open atdepth and will be targeted to test for potential extensions andunderground resources
Vancouver, B.C. Canada, - TheNewswire - October 27, 2022; BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ; ( FSE:L3L2) is pleased to announce a newmineral resource estimate for its Lone Star copper-gold project inWashington State. This resource estimate, completed for Belmont JVPartner Marquee Resources by independent consultants Mining Plus, is amajor milestone for the company.
Lone Star Mineral ResourceEstimate
A total of 60 drill holes were included in the modernLone 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 conceptualpit shell at an internal cut off grade of 0.112% copper equivalent.Based on these criteria, the Lone Star deposit contains an IndicatedMineral Resource of 9.7 Mt at 0.62% CopperEquivalent and an Inferred Mineral Resource of 3.5 Mt at 0.45% CopperEquivalent. The Mineral Resource is presented below:
Lone Star 2022 NI 43-101 ResourceEstimate | |||||||
Category | Tonnage | CuEq% | Cu% | Au g/t | Contained Copper (millionlbs.) | Contained Gold (oz) | Contained CuEq |
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:
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All Mineral Resources figuresreported in the table above represent estimates as of 7 October 2022.Mineral Resource estimates are not precise calculations, beingdependent on the interpretation of limited information on thelocation, shape and continuity of the occurrence and on the availablesampling results. The totals contained in the above table have beenrounded to reflect the relative uncertainty of the estimate. Roundingmay cause some computational discrepancies.
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These mineral resources are notmineral reserves, as they do not have demonstrated economic viability.The mineral resource estimate follows current CIM definitions andguidelines.
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Mineral Resources are reported on adry in-situ basis at a 0.112% CuEq cut-off. Reporting cut-off gradewas based on an economic pit shell assuming prices of US$3.25/lb andUS$1,600/oz for copper and gold, respectively, assumed metallurgicalrecoveries of 90% and 90% respectively, mining costs of US$2.00/tonneand processing costs of US$7.00/tonne. An internal cutoff grade of0.112% copper equivalent is needed to overcome processingcosts.
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Based on the assumed metal prices,the copper equivalent formula is CuEq% = Cu% + (Au g/t x 0.7176).
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Average SG values were assignedbased 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 anothermilestone in the continuing development of the Lone Star deposit. Weare exceptionally pleased with the overall tonnage and the potentialto expand the resource even larger.”
“Given our geologic model and knowledge of existingmineralization, we see ample room to grow this Mineral Resource withfurther exploration and definition drilling which is planned to startin December”
About the Lone Star
The Lone Star property is located in northernWashington State on the northeastern tip of the Republic Graben, animportant geological feature which hosts several gold and coppermines. The property lies on a 3 ? kilometer long trend of gold copper mineralization linked bygeology, in both rock types and structure, as well as the accompanyinggold 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. when400,000 tonnes of ore were transported from the Lone Star open pit toits Phoenix mill in B.C, 11km to the north.
The geology and mineralization of the Lone StarProperty is strongly influenced by the 600 meter wide No. 7Fault
Although no metallurgical test work has been done onthe Lone Star mineralization, its metallurgical response is expectedto be similar to the Lexington ore which has been successfullyprocessed at the Greenwood Mill 7km to the north.
Belmont-Marquee JV
Marquee Resources (ASX:MQR) is earning the right toacquire an 80% interest in the Lone Star property (NR Nov. 4, 2021 –Belmont Signs Option/JV Agreements With Marquee Resources On Lone StarProperty) by committing to the following:
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$504,000 cash payments (received)
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$2,550,000 Work Program (completed)
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3,000,000 MQR Shares (received)
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Produce a NI 43-101 Resource and
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Produce a Preliminary Economic Assessment
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Within a 24 month term.
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 and the Kibby Basin Lithium project located60 kilometers north of the lithium rich Clayton Valley Basin.
The Belmont project portfolio:
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Athelstan-Jackpot , B.C. – * Gold-Silver mines
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Kibby Basin, Nevada – Lithium
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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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Crackingstone, Sask. – Uranium
* past producing mine
NI 43-101 Disclosure:
The technical information in thisnews release has been prepared in accordance with Canadian regulatoryrequirements as set out in National Instrument 43-101 and hascompiled, reviewed andapproved by Mr. Brian Hartman, P.Geo., who is a Registered Member ofthe Society for Mining, Metallurgy & Exploration, a Professional Geologist registered with theAssociation of Professional Geoscientists of Ontario, is the owner andPrincipal Geologist of Ridge Geoscience LLC and subcontractor toMining Plus. Mr. Hartman is the Qualified Person for this MineralResource estimate and has sufficient experience which is relevant tothe style of mineralisation and type of deposit under considerationand to the activity which he has undertaken to qualify as a QualifiedPerson.
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: george@belmontresources.com
Website: www.BelmontResources.com
We seek safe harbor. Neither TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. The TSX Venture Exchange has notapproved nor disapproved of the information containedherein .
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