(TheNewswire)
July 25, 2023 – TheNewswire - Vancouver, B.C., Canada - Belmont Resources Ltd.(“Belmont” or the “Company”) (TSXV:BEA ) ; ( FSE:L3L2) is pleased to announce that it has closed anon-brokered private placement offering (the "Offering") foraggregate gross proceeds of $444,000. The Company will issue14,800,000 common shares (the “Common Shares”) at $0.0 3. Warrants are notattached to the Offering and no finder’s fee will be paid.
The Common Shares issued will be subject to a holdperiod expiring four months and one day from issuance. The Companywill now apply to the TSX Venture Exchange to issue the CommonShares.
The Company intends to use the net proceeds of thePrivate Placement for (1) $210,000 exploration expenditures; (2)$50,000 property payments; (3) $70,000 office, audit & legal; (4)$30,000 management fees; (5) $24,000 European marketing services; and(6) unallocated working capital $60,000. While the Company intendsto spend the net proceeds from the Offering as stated above, there maybe circumstances where, for sound business reasons, funds may bere-allocated at the discretion of the Board.
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:
-
Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drilling to target new lode-golddeposit target in North Zone. Targeting multi-coincident geophysicalanomaly on strike with neighboring gold trend and gold mines. Drilling is planned to start approximately August 15,2023
-
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 Pegma ti te.Crackingstone project meets the criteria for poten ti ally discovering a large REE’sdeposit with its high grade uranium along with thorium and pegmatite.A review of 3,000m of 2008 drill data shows a 1.3km pegmatite dykedrilled but only assayed for uranium at that time. 2023 plans are to re-assay pegmatitesections for REE’s ;
-
Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling provided further vectors towardspotential core of porphyry;
-
The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR; MQR hasspent $2.5M in drilling, completed new resource in Dec. 2022 and is currently producing aPreliminary Economic Assessment in order to earn80% interest.
-
The KibbyBasin Lithium project located 60 kilometersnorth of the lithium rich Clayton Valley Basin: Optioned 80% of thecentral Kibby Playa claim block to Australian Marquee Resources MQR.MQR has spent $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. Mineralizedintervals containing up to 924 ppm lithium with greater than 300 ppmlithium over thicknesses in excess of 450m have been identified incore samples of clay-rich playa sediments.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.