(TheNewswire)
Vancouver, B.C. Canada – TheNewswire - September 8, 2022;Belmont Resources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ; ( FSE:L3L2) is pleased to provide anupdate for its Belmont-Marquee Resources (ASX: MQR) (“Marquee”)Kibby Joint Venture (JV) 3,000 meter drill program in Nevada.
The objective of Kibby 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,
Kibby KB22-01
Drill hole KB22-01 has been completed at a totaldepth of 2,888 feet (880 meters). This drill hole targeted a highlyconductive geophysical (magnetotelluric - MT) anomaly, which has thesignature for a potential lithium enriched brine aquifer within theKibby Playa (dried lakebed).
Drill core from KB22-01 has been sent to Belmont’score cutting facilities in nearby Mina, N, where it is being processedfor lithium analyses.
Formation water samples were collected at variousdepths and have been sent to Western Environmental Testing Laboratoryin Sparks NV for lithium and water chemistry analyses. Water samplingwas conducted by Geoffrey Baldwin, P.G. of Applied HydrologicLTD.
Kibby KB22-02
Drilling on hole KB22-02 started on August 28 and isprogressing much quicker than KB22-01. The hole is currently at adepth of 1,200 feet (365 meters).
President & CEO, Mr. GeorgeSookochoff, commented :
“Unlike standard hardrock drilling, drilling inNevada’s dry lake bed closed basins presents numerous challengeseven for an adept driller. The stratigraphy changes constantly betweenswelling clays, sand, loose gravel, cemented gravel, volcanic ash andwet muds. Then there is the additional challenge of taking watersamples at various depths while avoiding cross contamination betweenvarious levels and destabilization of the drill hole.
It is because of these numerous challenges that veryfew exploration companies are willing to take the risk of drilling forlithium brines at these depths in Nevada, one exception beingAlbermarle, who own the only lithium producing mine in North Americaand have been extracting lithium brines from 1,000+ meter depths inClayton Valley basin, 60kms south of Kibby basin.
From drilling KB22-01 our drillers have now developed asystem which enables them to successfully drill through variousstratigraphic layers efficiently at depth and with minimal down time.With this new system our drillers are now very confident that they caneffectively drill KB22-02 and KB22-03 to depths of up to and evendeeper than 1,000 meters if necessary.”
About the Kibby LithiumProject
The Kibby 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.
Kibby Basin Lithium Claims WaterRights
Belmont holds legal water rights with the Monte Cristohydrologic basin where the Kibby Basin lithium property, is situated.Belmont i s fully permittedby the state of Nevada to extract a maximum 2,896 acre-feet (944million gallons) annually of water for brine processing and productionof lithium compounds,
a pre-requisite for the exploration and development oflithium brine projects in Nevada. Under State of Nevada law, water(including lithium brines) cannot be pumped from a subterranean sourcewithout a valid waterrights and permits.
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.
About the Belmont/Marquee option/JVAgreement
In November 2021, Belmont announced an 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 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 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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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 by JimEbisch, P.Geo.
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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