(TheNewswire)
Vancouver, B.C. Canada – TheNewswire - July 26, 2022; BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ; ( FSE:L3L2) is pleased to announce thatBelmont’s JV partner Marquee Resources (ASX:MQR) (“Marquee”) hasprovided an exploration update on the Lone Star Copper/Gold Projectand the Kibby Basin Lithium Project .
Lone Star Copper/Gold Project
The Phase 1 drilling program has been completed at LoneStar which included 46 diamond drillholes for 7,888m (See BEA Release8 June 2022). The final batch of assays are expected to be received bythe Company shortly.
The phase 1 drill program was designed to satisfy threekey objectives:
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Validate the historical drill hole database andresource model;
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Deliver a JORC/43-101 compliant mineral resourceestimate; and
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Test for extensions to the historicalresource.
Mining Plus Pty Ltd have continued resource modellingstudies and post their site visit they await the receipt of the finaloutstanding assays as they work towards delivering a JORC/43-101compliant resource in Q3 of 2022.
Kibby Basin Lithium Project
Drilling at the Kibby Basin Lithium Project has beenextremely slow and frustrating to date. Despite casing the hole(KB22-01) to 1,060ft, the playa sediments have made drilling with thecurrent Aircore drill rig too difficult to continue. A decision hasbeen made in conjunction with our drill operator Drill NV to switchout to a more conventional Core drill rig to complete the remainder ofhole one as well as the next two holes planned for this program. A newcontract has been entered into with Drill NV and despite the loss oftime on hole one (KB22-01), the cost of the overall program isunchanged from MQR’s initial budget.
The Three-hole (3,000m) programme is now expected to becompleted by October 2022. Although this time delay has beenfrustrating and quite time consuming, the overall potential of theProject remains unchanged.
KB22-01 (1,000m) and KB22-02 (1,000m) will test thelarge conductive anomaly at depth. KB22-03 (1,000m) will focus oninfilling between KB22-01 & KB22-02 to determine brine volumeestimation.
The objective of drillprogram is to delineate a lithium-enriched brineaquifer deposit in Kibby Basin, Nevada, USA that is amenable to miningusing wells to extract brine for processing to a saleable lithiumhydroxide monohydrate (LiOH?H2O) product.
The potential deposittype is a continental, mineral-enriched brineaquifer within a hydrographically closed basin (endorheic basin).Continental brines are the primary source for lithium productsworldwide. Bradley and others (2013) noted that “all producinglithium brine deposits share a number of first-order characteristics:(1) arid climate; (2) closed basin containing a playa or salar; (3)tectonically driven subsidence; (4) associated igneous or geothermalactivity; (5) suitable lithium source-rocks; (6) one or more adequateaquifers; and (7) sufficient time to concentrate a brine.
The target is a potential lithiumenriched aquifer at an estimated 800-1,000 meterdepth. It is at this depth from which Albermarle, which owns the onlyproducing lithium mine in North America and located in Clayton Valley,has been successfully extracting lithium brines.”
Property Geology
The Kibby Basin Lithium Project has similar features asClayton Valley, Nevada and contains potential favourable conditionsfor the development of lithium ? rich brines such as; an arid climate, major catch basin,basin has structural traps and is closed with no outlets for drainage,associated igneous or geothermal activity, suitable lithium sourcerocks and one or more adequate aquifers.
Recent Activity at the Project
A gravity survey was completed over the Kibby Basinproperty in June 2016 with the objective of generating a model of thebasin fill as an aid to lithium exploration. Results of the survey areintegrated with an earlier airborne magnetic survey completed by theUSGS and reported upon by Wright (2016).
The gravity survey showed the Kibby Basin to be a“drop down” basin which provides a catch basin for lithium bearingash and gravels over millions of years.
Kibby Basin Lithium Claims Permittedfor Water
The Kibby Basin lithium property is fully permitted bythe state of Nevada to extract a maximum 2,896 acre-feet (944 milliongallons) annually of water for brine processing and production oflithium compounds.
Obtaining a water permit for the Kibby Basin lithiumproject was a major milestone for Belmont where, because of the desertconditions in the region, water is of major importance to anypotential mining operation. The Clayton Valley Basin for instance isover-appropriated (current water rights are in excess of water volumesavailable for an average year) and obtaining water rights for proposedoperations is a hurdle that several companies in the Clayton ValleyBasin have yet to overcome, even in their advanced stage ofdevelopment.
Cypress Development (TSV:CYP) recently paid $3,000,000for a water permit in Clayton Valley ( CypressNR ) which allows for the beneficialuse of 1,770 acre/feet (577 million gallons) annually of water formining, milling and domestic use.
Summary
The Kibby Basin Lithium Project is a highly prospectiveasset located within a 60km radius of North America’s only producingLithium mine, owned by the world’s largest Lithium producer,Albemarle. The Kibby Basin Project contains potentially favourableconditions for the development of lithium ? rich brines and has similar featuresas Clayton Valley which hosts Albemarle Silver Peak Lithium mine.
The company believes the Kibby Basin LithiumProject fits the criteria for a potentially Large-Scale LithiumProject and is also located within a 50km radius of ASX-listed IoneerLtd (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which hasrecently been Joint Ventured with Sibanye Stillwater Limited(“Sibanye-Stillwater”) to develop the project, withSibanye-Stillwater contributing US$490 million for a 50% interest inthe Joint Venture.
About the Belmont/Marquee option/JVAgreement
In November 2021, Belmont announced a Option/JVagreement with Marquee Resources (ASX.MQR) for the Kibby Playa Block,one of five claim blocks owned by Belmont on the Kibby Basin.
The agreement terms are for Marquee to issue BelmontC$100,000 cash upon signing (completed); issue 3,000,000 Marqueeshares (1,000,000 issued as of December 10, 2021); and incurC$2,500,000 in exploration expenditures within 15 months of thesigning of the Option Agreement in order to earn up to an 80% interestin the Kibby Playa claim block.
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 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
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 has beenreviewed and approved byLaurence Sookochoff, P.Eng. Mr. Sookochoff is a Director of BelmontResources Inc.
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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