(TheNewswire)
Vancouver, B.C. Canada - TheNewswire - March 24, 2022 - BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ( FSE:L3L2) and JV partner Marquee Resources (ASX.MQR)(Marquee) are pleased to announce that they have hired Drill NV Exploration Drilling,based in Reno Nevada, as their diamond drill contractor for theplanned 3,000 metre drill campaign at the Kibby Basin Lithium projectin Nevada (“Kibby” or “Project”).
The 2022 Kibby drill program will test the highlyconductive geophysical anomaly and potential lithium enrichedaquifer .
“We are very excited to return once again to ourKibby Lithium project along with our new JV partner MarqueeResources”, stated Belmont President & CEO George Sookochoff.
”Along with the ongoing 6,000 meter drill program atour Belmont/Marquee JV Lone Star project in Washington State, and therecently announced March 28, 2022 planned start of drilling on our100% owned Come By Chance project in southern British Columbia, theKibby Lithium drilling will be the third drilling program on our richportfolio of projects.”
“We are exceptionally pleased to acquire the services of Drill NV, awell experienced drilling company which has the expertise tosuccessfully push the drill down to the 800-1,000 meter depths wheregeophysics indicates a very strong conductive anomaly which has thesignature for a potential lithium enriched aquifer. It is at thisdepth that Albermarle, which owns the most productive lithium brinewell field in the United States located in Clayton Valley, has beensuccessfully pumping lithium brines”.
Drill NV requires a 30-day lead-time, due to supplychain disruptions, to acquire the necessary drill rods and casings.Drilling is planned to start before end of April 2022.
About the Kibby Basin LithiumProject
The Kibby Basin Lithium Project totaling 2,572 acres(10.4 sq kms) is located 60kms north of Clayton Valley Basin Lithium.The Kibby Basin has similar features as the Clayton Valley basin,which are conducive to the placement of lithium brines.
• A pull ? apart drop down closed basin.
• Basin has structural traps (faults) and is closed with no outletsfor drainage.
• The setting of Kibby Flat indicates a basin large enough todevelop layers that could act as aquifers as well as allow fordevelopment of a favorable hydrogeologic setting to hostlithium ? bearingbrines.
• Geothermal indicators suggest an area with locally higherheat ? flow.
• Geophysical survey identified largeconductive anomaly that may represent a potential large target forLi ? brines.
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 ( Cypress NR )which allows for the beneficial use of 1,770 acre/feet of waterannually for mining, milling and domestic use.
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 six claim blocks on the Kibby Basin.
The agreement terms are:
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for Marquee to issue Belmont C$100,000 cash uponsigning (completed),
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issue 3,000,000 Marquee shares (1,000,000 issued as ofDecember 10, 2021)
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and incur C$2,500,000 in exploration expenditureswithin 15 months of the signing of the Option Agreement
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to earn up to an 80% interest in the Kibby Playa claimblock.
About Belmont Resources
Belmont Resources is engaged in the business ofacquiring and re-developing past producing copper-gold-silver mines insouthern British Columbia and Northern Washington State. This regionis considered to have the highest concentration of mineralization andpast producing mines in western North America. By utilizing newexploration technology, geological modelling and specialized 3D dataanalysis, the company is successfullyidentifying new areas of mineralization beneath and/or in the nearvicinity of the past producing mines.
The Belmont project portfolio:
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Athelstan-Jackpot , B.C. – * Gold-Silver mines
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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 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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