(TheNewswire)
HIGHLIGHTS:
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The Company has successfully tested the magnetotelluricanomaly at the Kibby Basin Lithium Project and the results from twoboreholes (KB 22-01 and KB 22-02) have confirmed high levels oflithium-bearing sediments along with dissolved lithium in thegroundwater.
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Mineralised intervals containing up to 924 ppm lithiumwith greater than 300 ppm lithium over thicknesses in excess of 450m (1475 ft) have been identified in core samples of clay-rich playasediments.
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Lithium mineralization is fairly consistent in boththickness and grade in the two boreholes, which are 2,000 mapart, suggesting extensivelateral occurrence across the basin
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Drill hole KB 22-01
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Assay results of drill core returned lithium solids concentrations of up to 924ppm Li with mineralisation open at depth.
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Below the contact between unconsolidated lakebedsediments and more lithified sediments, lithium content increasedsignificantly and drilling intersected a 79 m (260 ft) thick section from 362-441 m(1188-1448 ft) averaging 771 ppm Li with a high of 924 ppm Li
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The upper high lithium zone was contained within a verythick zone, averaging 383 ppmLi over 487 m (1597 ft) continuing to the bottomof the hole. The lithium mineralisation is open at depth.
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Dissolved lithium was identified in the groundwater atdepths generally correlating with the lithium bearingsediments.
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Drill hole KB 22-02
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Encountered anomalous lithium values above the hardgravel and significant lithium enrichment below - with all mineralisation remaining open atdepth.
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A thick zone of 169 m (555 ft) averaging 558 ppm Li with a high of 860Li lay below the contact.
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Lithium mineralisation continued to the bottom of thehole with an average of 379ppm Li over 451m (1478 ft) continuing to thebottom of the hole. The lithium mineralisation is open atdepth.
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Following these significant results,Marquee has commenced planning for a 2023 drill campaign designed toestablish a JORC resource over the project.
Vancouver, B.C. Canada – TheNewswire - December 8, 2022 - Belmont ResourcesInc . (“Belmont”), (or the “Company”),(TSXV:BEA ) ; ( FSE:L3L2) welcomes the news that itsjoint venture partner Marquee Resources Limited (ASX: MQR) (“MQR orThe Company”) announce results from its KibbyBasin Lithium Project 2022 drill campaign. Assay results receivedindicated thick sequences of lithium-bearing sediments at the Project,with up to 924 ppm Li from the two exploration boreholes (KB 22-01 andKB 22-02) that were completed.
Core Assay Results
Hole KB 22-01 was drilled as a vertical borehole to adepth of 880 m (2888 ft). The hole was drilled as an air-corepre-collar to a depth of 329 (1080 ft), followed by HQ core, reducedto NQ core at 408 m (1338 ft).
As expected, analysis of cuttings from the uppernon-core section of the hole indicated weakly anomalous lithiumcontent, ranging from a few 10s of ppm to 154 ppm Li. Drillingswitched to core immediately below a hard gravel unit, which forms theboundary between unconsolidated pluvial-fluvial sediments andpartially lithified equivalents with substantial tuffaceous (ash)content below. A representative sampling of approximately 10% of thecore was split in half using a diamond saw and one split was deliveredto Paragon Geochemical in Sparks, NV, an ISO/IEC 17025-2017 certifiedlaboratory, for 31-element ICP analysis, including lithium.
Lithium content increased significantly below thecontact, with a 79 m (260 ft)-thick section from 362-441 m (1188-1448ft) averaging 771 ppm Li with a high of 924 ppm Li. The upper highlithium zone was contained within a very thick zone, averaging 383 ppmLi over 487 m (1597 ft) continuing to the bottom of the hole. Thelithium mineralisation is open at depth.
Hole KB 22-02 was drilled as a vertical borehole to adepth of 915.6 m (3004) ft. Similar to the first hole, KB 22-02 wasdrilled as a mud-rotary pre-collar to a depth of 366 m (1200 ft),followed by HQ and NQ core.
As with the first hole, KB 22-02 encountered anomalouslithium values above the hard gravel and significant lithiumenrichment below. A 169 m (555 ft)-thick zone averaging 558 ppm Liwith a high of 860 Li lay below the contact. Lithium mineralisationcontinued to the bottom of the hole with an average of 379 ppm Li overan interval of 451 m (1478 ft). Mineralisation remains open atdepth.
Both KB 22-01 and KB 22-02 were drilled to test a thickMT conductor. The start of the high lithium zone in both holescorresponds with the approximate top of the conductor. Neither holedrilled to the bottom of the conductor or the bottom of the potentialaquifer zone within the playa-filling sediments.
The results of the core sampling are presented in Table1.
Preliminary Groundwater AssayResults
Hole KB 22-01 was sampled for lithium-bearinggroundwater in the pre-collar interval to a depth of 329 (1080 ft),and the HQ and NQ core intervals to 408 m (1338 ft). Twenty-threeintervals were sampled including two long interval, large purge-volumesamples and a duplicate for QA. Sample intervals were purged ofdrilling fluids and cuttings prior to sampling. The general chemicalparameters of water samples were measured at the time of collectionusing a multiparameter chemistry meter. Samples were then sent to alaboratory where they were analysed for a wide range of total anddissolved metals, anions, and general parameters.
Samples from twelve intervals of the upper non-coresection of the hole were by means of airlifting groundwater from ashort interval of exposed borehole. The non-core hole samples weredelivered to ALS Geochemistry in Reno, NV, an ISO 45001-2018 certifiedlaboratory, for 53-element ultra-trace ICP analysis. Eleven samplesfrom the lower core hole were sampled using a large-volume bailerlowered to targeted depths. The core hole samples were delivered toWestern Environmental Testing Loratories (WETLAB) in Sparks, NV, aNevada Division of Environmental Protection accredited laboratory, for34-element ICP analysis, select anion by Ion Chromatography, andgeneral chemistry analyses.
ALS results from the non-core upper portion of the holeindicated dissolved content up to 0.15 mg/L at 208 m (685 ft).Dissolved lithium content in the eleven WETLAB samples collected inthe lower core hole below the gravel unit was below detectionlevels.
Hole KB 22-02 was sampled for lithium bearinggroundwater in the HQ and NQ intervals from 366 m (1200 ft) to 915.6 m(3304 ft). Thirty-six samples were collected and analysed; includingseveral resampled intervals to confirm results and a long interval,large purge volume sample. Sample intervals were purged of drillingfluids and cuttings prior to sampling. The general chemical parametersof water samples were measured at the time of collection using amultiparameter chemistry meter. Samples were then sent to WETLAB,where they were analysed for a wide range of total and dissolvedmetals, anions, and general parameters.
The lower portion of the KB 22-02 below 817 m (2682 ft)drilled through relatively competent formation material and wassampled by means of a straddle packer system across three intervals.Two samples were from purge water with anomalous chemistry readings.The remaining thirty-one samples were collected using a large-volumebailer lowered to targeted depths following core hole purging.
Twenty-nine water samples were delivered to WETLAB inSparks, NV for 34-element ICP analysis, select anion by IonChromatography, and general chemistry analyse.
The preliminary results of the water sampling from KB22-01 and KB 22-02 are presented in Table 2 and Table 3,respectively.
Summary 1
The Kibby Basin Lithium Project is a highly prospectiveasset located within a 60km radius of North America’s only producingLithium mine, owned by the world’s largest Lithium producer,Albemarle. The Kibby Project contains potentially favourableconditions for the development of lithium?rich brines and sedimentsand has similar features as Clayton Valley which hosts AlbemarleSilver Peak Lithium mine.
Adding further excitement to the 2,560 acres (~10sqkm) project is thefact the Project is fully permitted for waterextraction for brine processing and production of lithium compounds - a very scarce commodity in the immediate areaand will prove extremely valuable should the initial explorationsuccess lead to lithium production.
The company is buoyed by the 7.4km long structureidentified in Kibby Valley with characteristics interpreted to be akinto major structures bounding the south side of Clayton Valley, that forms a pull-apart drop-down closed basinwithin a 700sqkm drainage catch basin.
Location
The Kibby Basin Lithium Project is located 60kms northof Clayton Valley, Nevada which hosts the sole North Americanproducing Lithium mine (Silver Peak Lithium) owned by the world’slargest Lithium producer, Albemarle. Marquee’s 100% owned ClaytonValley Lithium Project also sits in the Clayton Valley.
Kibby Basin claims and ownership. Kibby Basin Lithium Project Location in relationto Clayton Valley.
PropertyGeology
The Kibby Basin Lithium Project has similar features asClayton Valley, Nevada and contains potential favourable conditionsfor the development of lithium?rich brines and sediments such as; anarid climate, major catch basin, basin has structural traps and isclosed, associated igneous or geothermal activity, suitable lithiumsource rocks and one or more adequate aquifers.
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Arid Climate
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Pull?apart drop-down closed basin
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700 sq. kms drainage catch basin
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Basin has structural traps and is closed
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Associated igneous or geothermal activity
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Suitable lithium source rocks
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Permitted for Water
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Geological highlights of the KibbyBasin that make it potentially favourable to the development ofLithium-rich brines and sediments :
Table 1
Core sampling results
KB22-02 | ||||||||
From | To | Sample length | Li | From | To | Sample length | Li | |
(m) | (m) | (m) | ppm | (m) | (m) | (m) | ppm | |
cuttings samples | cuttings samples | |||||||
0 | 6.1 | 6.1 | 70 | |||||
6.1 | 12.2 | 6.1 | 80 | |||||
12.2 | 18.3 | 6.1 | 80 | |||||
18.3 | 24.4 | 6.1 | 80 | |||||
24.4 | 30.5 | 6.1 | 80 | |||||
30.5 | 36.6 | 6.1 | 100 | |||||
36.6 | 42.7 | 6.1 | 100 | |||||
42.7 | 48.8 | 6.1 | 140 | |||||
48.8 | 54.9 | 6.1 | 110 | 24.4 | 30.5 | 6.1 | 65 | |
54.9 | 61 | 6.1 | 100 | 54.9 | 61.0 | 6.2 | 65 | |
61 | 67.1 | 6.1 | 90 | 85.3 | 91.4 | 6.1 | 75 | |
67.1 | 73.2 | 6.1 | 80 | 115.8 | 121.9 | 6.1 | 96 | |
73.2 | 79.3 | 6.1 | 40 | 146.3 | 152.4 | 6.1 | 110 | |
79.3 | 85.4 | 6.1 | 100 | 176.8 | 182.9 | 6.1 | 136 | |
85.4 | 91.5 | 6.1 | 90 | 207.3 | 213.3 | 6.1 | 144 | |
103.6 | 109.7 | 6.1 | 143 | 230.3 | 236.4 | 6.1 | 119 | |
134.1 | 140.2 | 6.1 | 122 | 268.2 | 274.3 | 6.1 | 135 | |
164.6 | 170.7 | 6.1 | 132 | 286.5 | 289.5 | 3.0 | 130 | |
237.7 | 243.8 | 6.1 | 141 | 298.7 | 304.8 | 6.1 | 106 | |
298.7 | 304.8 | 6.1 | 154 | 317.0 | 320.0 | 3.0 | 161 | |
317.0 | 323.1 | 6.1 | 64 | 329.2 | 335.3 | 6.1 | 165 | |
317.0 | 323.1 | 6.1 | 53 | 359.6 | 365.7 | 6.1 | 139 | |
split core samples | split core samples | |||||||
362.1 | 364.2 | 2.1 | 682 | 365.7 | 368.2 | 2.4 | 318 | |
408.3 | 413.4 | 5.1 | 810 | 380.4 | 383.1 | 2.7 | 90 | |
413.8 | 416.9 | 3.1 | 924 | 415.4 | 418.5 | 3.0 | 105 | |
438.1 | 441.3 | 3.2 | 917 | 427.9 | 430.7 | 2.7 | 108 | |
471.7 | 474.9 | 3.2 | 523 | 462.7 | 465.7 | 3.0 | 494 | |
505.2 | 508.4 | 3.2 | 151 | 496.2 | 499.2 | 3.0 | 510 | |
529.6 | 532.8 | 3.2 | 103 | 525.4 | 527.6 | 2.1 | 860 | |
564.9 | 571.2 | 6.3 | 186 | 555.0 | 558.1 | 3.0 | 539 | |
587.4 | 590.7 | 3.3 | 219 | 586.1 | 587.6 | 1.5 | 768 | |
636.2 | 639.4 | 3.2 | 202 | 629.1 | 631.8 | 2.7 | 345 | |
684.6 | 687.9 | 3.3 | 362 | 647.7 | 650.7 | 3.0 | 138 | |
663.8 | 666.9 | 3.1 | 251 | 678.8 | 681.0 | 2.3 | 89 | |
684.9 | 687.9 | 3.0 | 255 | 708.6 | 710.8 | 2.1 | 144 | |
770.3 | 773.5 | 3.2 | 356 | 751.9 | 755.0 | 3.0 | 192 | |
753.7 | 755.9 | 2.2 | 115 | 772.3 | 775.1 | 2.7 | 188 | |
770.5 | 773.5 | 3.0 | 294 | 809.2 | 812.3 | 3.1 | 200 | |
813.2 | 815.6 | 3.1 | 296 | 833.0 | 836 | 3.0 | 411 | |
849.7 | 852.8 | 3.0 | 324 | 868.9 | 872 | 3.1 | 501 | |
873.2 | 876.3 | 3.1 | 311 | 910.1 | 913.1 | 3.0 | 312 |
Table 2
Preliminary results of the water sampling KB22-01
Sample No. | Depth (ft) | Specific Conductivity | Total Dissolved Solids | Lithium - Dissolved | Lithium - Total | |
From | To | (?S/cm) | (mg/L) | (mg/L) | (mg/L) | |
KB22-01 No. 1 | 295 | 300 | 3200 | 2530 | 0.0395 | NA |
KB22-01 No. 2 | 355 | 360 | 4780 | 3110 | 0.0549 | NA |
KB22-01 No. 3 | 395 | 400 | 1330 | 860 | 0.1015 | NA |
KB22-01 No. 4 | 415 | 420 | 1370 | 3440 | 0.0587 | NA |
KB22-01 No. 5 | 455 | 460 | 2390 | 1540 | 0.0752 | NA |
KB22-01 No. 6 | 495 | 500 | 5580 | 3620 | 0.0607 | NA |
KB22-01 No. 7 | 555 | 560 | 6410 | 4150 | 0.0684 | NA |
KB22-01 No. 8 | 680 | 685 | 1590 | 1030 | 0.15 | NA |
KB22-01 No. 9 | 735 | 755 | 2450 | 1590 | 0.1275 | NA |
KB22-01 No. 10 | 820 | 840 | 2320 | 1510 | 0.0792 | NA |
KB22-01 No. 11 | 880 | 900 | 2730 | 1780 | 0.0776 | NA |
KB22-01 No. 12 | 980 | 1000 | 1090 | 710 | 0.0558 | NA |
KB22-01 No. 13 | 1124 | 1134 | 2254 | 1830 | Pending | Pending |
KB22-01 No. 14 | 1124 | 2888 | 2165.2 | 1850 | Pending | Pending |
KB22-01 No. 15 | 1194 | 1204 | 2005 | 1570 | Pending | Pending |
KB22-01 No. 16 | 1338 | 1348 | 3256 | 2690 | Pending | Pending |
KB22-01 No. 17 | 1338 | 2888 | 2956.6 | 2230 | Pending | Pending |
KB22-01 No. 18 | 1447 | 1457 | 2957 | 2270 | Pending | Pending |
KB22-01 No. 19 | 1687 | 1697 | 2939 | 2280 | Pending | Pending |
KB22-01 No. 20 | 1947 | 1957 | 2650 | 1930 | Pending | Pending |
KB22-01 No. 21 | 2207 | 2217 | 2834 | 1600 | Pending | Pending |
KB22-01 No. 22 | 2447 | 2457 | 3030 | 2090 | Pending | Pending |
KB22-01 No. 23 | 2787 | 2797 | 3225 | 2180 | Pending | Pending |
Table 3
Preliminary results of the water sampling KB22-02
Sample No. | Depth (ft) | Specific Conductivity | Total Dissolved Solids | Lithium – Dissolved Concentration | Lithium – Total Concentration | |
From | To | (?S/cm) | (mg/L) | (mg/L) | (mg/L) | |
KB22-02 No. 1 | 1198 | 1208 | 1888 | 1227 | <0.1 | 0.116 |
KB22-02 No. 2 | 1208 | 1218 | 2009 | 1305 | 0.285 | 2.56 |
KB22-02 No. 3 | 1238 | 1248 | 1942 | 1262 | 0.227 | 1.18 |
KB22-02 No. 4 | 1308 | 1318 | 2049 | 1332 | 0.229 | 1.11 |
KB22-02 No. 5 | 1338 | 1348 | 2132 | 1386 | 0.235 | 1.04 |
KB22-02 No. 6 | 1378 | 1388 | 2176 | 1414 | 0.273 | 1.09 |
KB22-02 No. 7 | 1488 | 1498 | 2261 | 1470 | 0.295 | 1.18 |
KB22-02 No. 8 | 1528 | 1538 | 2321 | 1509 | 0.327 | 1.44 |
KB22-02 No. 9 | 1578 | 1588 | 2470 | 1605 | 0.338 | 2.37 |
KB22-02 No. 10 | 1628 | 1638 | 2665 | 1732 | 0.213 | 2.15 |
KB22-02 No. 11 | 1698 | 1708 | 3074 | 1998 | 0.355 | 5.29 |
KB22-02 No. 12 | 1728 | 1738 | 3200 | 2080 | 0.346 | 10.5 |
KB22-02 No. 13 | 1798 | 1808 | 3306 | 2149 | 0.279 | 27 |
KB22-02 No. 14 | 1848 | 1855 | 3384 | 2199 | 0.335 | 10.9 |
KB22-02 No. 15 | 2008 | 2018 | 3656 | 2377 | Pending | Pending |
KB22-02 No. 16 | 2028 | 2038 | 3618 | 2351 | Pending | Pending |
KB22-02 No. 17 | 2058 | 2068 | 3648 | 2371 | Pending | Pending |
KB22-02 No. 18 | 2098 | 2108 | 3238 | 2104 | Pending | Pending |
KB22-02 No. 19 | 2108 | 2118 | 3431 | 2230 | Pending | Pending |
KB22-02 No. 20 | 2248 | 2314 | 3063 | 1991 | Pending | Pending |
KB22-02 No. 21 | 2248 | 2258 | 3083 | 2004 | Pending | Pending |
KB22-02 No. 22 | 2318 | 2615 | 2866 | 1862 | Pending | Pending |
KB22-02 No. 23 | 2328 | 2338 | 3136 | 2039 | Pending | Pending |
KB22-02 No. 24 | 2478 | 2615 | 2847 | 1851 | Pending | Pending |
KB22-02 No. 25 | 2500 | 2510 | Pending | Pending | Pending | Pending |
KB22-02 No. 26 | 2500 | 2510 | Pending | Pending | Pending | Pending |
KB22-02 No. 27 | 2682 | 2739.7 | 2946 | 1915 | Pending | Pending |
KB22-02 No. 28 | 2732 | 2802.8 | 3007.5 | 1955 | Pending | Pending |
KB22-02 No. 29 | 2804 | 3004 | 2877.1 | 1881.7 | Pending | Pending |
Kibby Basin Lithium Claims Permittedfor Water
The Kibby Basin lithium property is fully permitted bythe state of Nevada to extract a maximum 2,896 acre-feet (944 milliongallons) annually of water for brine processing and production oflithium compounds.
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 a Option/JVagreement with Marquee Resources (ASX.MQR) for the Kibby Playa Block,one of six claim blocks on the Kibby Basin owned by Belmont.
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 claim block. Belmont retains a 100% interest in thesurrounding claim blocks within the Kibby basin.
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 Mr.Robert G. Cuffney, Certified Professional Geologist.
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 .
1 Kibby Basin PropertyGavity Survey Basin Model, James L. Wright M.Sc. 26 June 2016
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