(TheNewswire)
Vancouver, B.C. Canada - TheNewswire - August 31, 2021 - Belmont Resources Inc.(TSXV:BEA ) (OTC:BELMF)( Frankfurt:L3L2) (“Belmont”), (or the “Company”) has entered into anOption Agreement (the “Agreement”) with Highrock ResourcesLtd.(“Highrock”), for it 100% owned Pathfinder gold-silver projectin the Greenwood Mining District, southeastern, British Columbia,Canada.
Terms of the Agreement
Under the terms of the option agreement, Highrock willearn a 75-per-cent interest in the property upon completion of thefollowing:
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- Cash payments totaling $15,000 consisting of: (i)$5,000 upon signing of the option agreement; (ii) $10,000 within oneyear of signing the Agreement;
- Payments totaling 200,000 shares of Highrockconsisting of: (i) 100,000 shares upon signing of the optionagreement; and (ii) 100,000 common shares (for an aggregate of 200,000shares) on or before six months from the date of the initial listingof the Highrock shares on the Canadian Securities Exchange(“CSE”);
- Expenditures on the Pathfinder Property totaling$200,000 consisting of: (i) $75,000 on or before the first anniversaryof signing the option agreement; and (ii) $125,000 on or before thefirst anniversary of the date of the initial listing of the Highrockshares on the CSE.
About the Pathfinder Property
The Pathfinder property comprises 3 claims covering295.57 hectares and in the Greenwood Mining District and is surroundedon three sides by KG Exploration Inc. (Exploration Division of KinrossGold). The Pathfinder property is part of the Belmont group of claims(see Project portfolio following) that they have been acquiring in theGreenwood Mining District since 2019.
In 2019 the Company completed a sampling program thanprovided gold values up to 29.2 grams per tonne (g/t) Au(quartz-sulphide vein material). (See News Releases from March28 th , May 9 th & July 30, 2019). The work report givesdetails of surface rock sampling and compilation of previous publishedand un-published reports.
The work carried out included a detailed literaturereview as well as five days on the property carrying out mapping ofoutcrops, old mine workings, and other significant features. Fifteen(15) surface rock samples were also collected from outcrops and oldmine waste piles. Gold values ranged from 0.006 ppm Au (alteredsilty volcaniclastics) to 29.2 grams per tonne (g/t) Au(quartz-sulphide vein material), with seven (7) of the samplesreturning grades of >1 g/t Au along with elevated to anomaloussilver and base metal values.
The mapping and sampling program verified thepresence of multiple zones of quartz sulphide vein and massivepyrite-pyrrhotite-chalcopyrite replacement/skarn mineralization thatwarrant follow-up.
The property has had small scale, high grade goldmining with silver as an accessory product since the late 1800’s.Belmont has information from mining reports and studies carried out byother companies as well as the recent assay and survey data in orderto plan the next stage of exploration on Pathfinder includingstrategically locating drilling targets.
Figure 1: Location of previous trenching work carriedout in 2008 showing channel sample of massive pyrite – pyrrhotitereplacement of Triassic volcaniclastics and Cretaceous granodiorite
Figure 2: Old Collapsed Adit from the historicPathfinder Workings.
Qualified Person
Laurence Sookochoff, P.Eng., a director of BelmontResources and a Qualified Person as defined by National Instrument43-101 has reviewed and approved the scientific and technicaldisclosure contained within this news release.
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 successfully identifying new areas ofmineralization beneath and/or in the near vicinity of the pastproducing mines.
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- Athelstan-Jackpot , B.C. – *Athelstan & Jackpot Gold-Silver mines
- Come By Chance , B.C. – *Betts Copper-Gold mine
- Lone Star ,Washington – *Lone Star Copper-Gold mine
- Pathfinder ,B.C. – *Bertha & Pathfinder Gold–Silver mines
- Black Bear ,B.C. – Gold
- Pride of the West , B.C.- Gold
- Kibby Basin, Nevada – Lithium
- Crackingstone, Sask. – Uranium
* past producing mine
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: george@belmontresources.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as the term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this news release.
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