(TheNewswire)
October 16, 2023 – TheNewswire- Vancouver, B.C., Canada; Belmont ResourcesLtd. (“Belmont” or the “Company”) (TSXV:BEA ) ( FSE:L3L2) ispleased to announce that diamond drilling has now commenced at its100% owned A-J gold project situated in the prolific Greenwood miningcamp of southern British Columbia. The plannedinitial program will be a minimum 2,000m in up to 10 drillholes.
George Sookochoff, CEO of BelmontResources, said, "W e arevery excited to be starting the program with testing a very compellinggold target situated amongst three former gold mines which provides anenvironment for a potential new gold discovery.”
The A-J gold property hosts the former producingAthelstan and Jackpot mines which produced 7,000 ounces of gold and9,000 ounces of silver (Minfile 082ESE047).
The program is designed to test a multi-coincidentgeophysical anomaly located within the North Zone of the property. TheJackpot fault directly intersects this anomalous zone potentiallyproviding a conduit for the hydrothermal fluids and subsequentprecipitation of gold mineralization.
This target is on strike with a south easttrending 1km gold trend on the adjacent Golden Crown property. Thisgold trend hosts the Golden Crown mine which has a 2016 NI43-101Indicated Resource of 163,000 tonnes @11.09 g/t Au. 1
4 Drill Holes Completed
Four drill holes, AJ23-01-04, have been completed todate. The drill core is currently being logged and samples are beingprepped for delivery to ALS laboratories in Kamloops B.C.
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 drilling targeting multi-coincidentgeophysical anomaly on strike with neighboring gold trend and goldmines.
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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 is currentlypreparing a Preliminary Economic Assessment inorder to earn 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.
1.Technical Report and Updated Mineral ResourceEstimate For the Greenwood Gold Project, Greenwood, British ColumbiaCanada; Lexington-Grenoble Deposit, Lexington Property And GoldenCrown Deposit, Golden Crown Property; By: P&E Mining ConsultantsInc.
NI-43-101 & 43-101F1 Technical Report No. 307 Paul Cowley, P.Geo. Eugene Puritch, P.Eng Fred Brown, P.Geo. Effective Date: March 24, 2016
NI 43-101 Disclosure:
The technical information in this news release has beenprepared in accordance with Canadian regulatory requirements as setout in National Instrument 43-101 and has been reviewed and approvedby Laurence Sookochoff, P.Eng.
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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