(TheNewswire)
November 29 , 2023 – TheNewswire - Vancouver, B.C., Canada; Belmont Resources Ltd.(“Belmont” or the “Company”) (TSXV:BEA ) ( FSE:L3L2)announces that its JV partner Marquee Resources Ltd. (ASX:MQR) forthe Lone Star project situated in Washington State has completed aLone Star NI 43-101 Preliminary Economic Assessment Technical Report(the “PEA”). The PEA has been prepared in accordance with therequirements of National Instrument 43-101 (“NI 43- 101”)by Mining Plus (USA and Australia).
The completion of a PEA is part of Marquee’s finalrequired work commitment in order to earn an 80% interest in the LoneStar Project.
PEA Features:
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Mineral Resource Estimate (MRE) includes Indicated 9.76Mt at 0.60% CuEq and Inferred 3.35 Mt at 0.44% CuEq, based on a 0.10%CuEq cutoff within a conceptual pit shell.
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Life of Mine (LOM): 14 years
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Financial Outcome: NPV: Negative US$ 123.9m and IRR:Negative 10.2%.
Please refer to https://www.marqueeresources.com.au/for more information and a full version of the PEA.
George Sookochoff, CEO of Belmont Resources,commented, "While the Preliminary Economic Assessment offers anearly glimpse into the project economics, it is important to note thatit provides a preliminary perspective. It serves as a guide forsteering the project toward a positive economic trajectory andeventual production.
Despite the initial economic challenges identified, thereport highlights critical factors that could potentially shift theeconomics into a positive direction. Notably, there is a prospect of agold deposit approximately 400m west of the Lone Star deposit withinthe property. Additionally, the Lone Star deposit's open extensions tothe east and south present further opportunities.
Our forthcoming discussions with Marquee will shedlight on their strategies for advancing the Lone Star project.Subsequently, we will update our Belmont shareholders on thedevelopments."
George Sookochoff, CEO of Belmont Resources, shared,"While the Preliminary Economic Assessment offers an initialoverview of the project economics, it's crucial to recognize itspreliminary nature. The assessment serves as a roadmap for navigatingthe project towards a positive economic outlook and eventualproduction.
Despite the initial economic challenges outlined, thereport highlights key considerations that could potentially pivot theeconomics towards a positive trajectory. Notably, there is theprospect of a gold deposit approximately 400m west of the Lone Stardeposit within our property. Furthermore, the fact that the Lone Stardeposit remains open to the east and south presents additionalopportunities.
Our upcoming discussions with Marquee will provideinsights into their strategies for advancing the Lone Star project.Following these discussions, we will promptly update our Belmontshareholders on the latest developments."
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper, gold, lithium, uranium and rare earths projectslocated in British Columbia, Saskatchewan, Washington and NevadaStates. Its holdings include:
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Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drill program recently completed (see NR Oct. 31_2021)
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Crackingstone Uranium-Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are beingdiscovered in Northern Saskatchewan due to the presence of Uranium,Thorium Pegmatites. Crackingstone project meets the criteria forpotentially discovering a large REE’s deposit with its high gradeuranium along with thorium and pegmatite. A review of 3,000m of 2008drill data shows a 1.3km pegmatite dyke drilled but only assayed foruranium at that time. 2023plans are to re-assay pegmatite sections for REE’s ;
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling provided further vectors towardspotential core of porphyry;
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The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR. MQR hasspent in excess of $2.5M in drilling, completed new resource in Dec.2022, and has completed aPreliminary Economic Assessment in order to earnan 80% interest.
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The Kibby BasinLithium project located 60 kilometers north ofthe lithium rich Clayton Valley Basin: Optioned 80% of the centralKibby Playa claim block to Australian Marquee Resources - MQR. MQR hasspent in excess of $2.5M in drilling in 2022 for potential deep seatedlithium brine. 2022 Drilling confirmed high levels of lithium-bearingsediments along with dissolved lithium in the groundwater.
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its RegulationServices Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
This Press Release may contain forward-lookingstatements that may involve a number of risks and uncertainties, basedon assumptions and judgments of management regarding future events orresults that may prove to be inaccurate as a result of exploration andother risk factors beyond its control. Actual events or resultscould differ materially from the Companies forward-looking statementsand expectations. These risks and uncertainties include, among otherthings, that we may not be able to obtain regulatory approval; that wemay not be able to raise funds required, that conditions to closingmay not be fulfilled and we may not be able to organize and carry outan exploration program in 2023, and other risks associated with beinga mineral exploration and development company. These forward-lookingstatements are made as of the date of this news release and, except asrequired by applicable laws, the Company assumes no obligation toupdate these forward-looking statements, or to update the reasons whyactual results differed from those projected in the forward-lookingstatements.
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