(TheNewswire)
Vancouver, B.C. Canada – TheNewswire - March 2, 2023; Belmont Resources Inc.(TSXV:BEA ) ; ( Frankfurt:L3L2) (“Belmont”), (or the “Company”) ispleased to announce that its option partner Highrock ResourcesLtd.(“Highrock”) has listed on the CSE under the symbol HRK.
Belmont entered into an Option Agreement (the“Agreement”) August 31, 2021, with Highrock for its 100% ownedPathfinder gold-silver project in 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;(completed)
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Payments totaling 200,000 shares of Highrock consistingof: (i) 100,000 shares upon signing of the option agreement; and (ii)100,000 common shares (for an aggregate of 200,000 shares) on orbefore six months from the date of the initial listing of theHighrock shares on the Canadian Securities Exchange (“CSE”);(100,000 issued)
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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.
Highrock completed a financing of $350,000 and willcommence an exploration program on the Pathfinder Q2 2023.
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: Claim Map With VLF-EM overlay
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 has assembled a portfolio of highlyprospective copper-gold-lithium & uranium projects located inBritish Columbia, Saskatchewan, Washington and Nevada States. Itsholdings include:
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling suggest interception of peripheralof porphyry; planned 2023drilling to target porphyry core. -
Athelstan-Jackpot (AJ): 2 former gold mines with extensive mine dump material gradingup to 1oz/t gold; 2023 plan totest gold extraction from dumps using “environmentally friendly”gold recovery system
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Crackingstone Uranium: Review ofexploration data shows good potential for “Rare Earth Elements –REEs“. 2023 plans tore-assay 2008 drill core for REE’s which was previously only assayedfor uranium
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Lone Star Copper-Gold: optionedto Australian Marquee Resources ASX:MQR; MQR spending $2.5M indrilling and must produce PEA to earn 80% interest; MQR completed newresource in Dec. 2022 nowworking on PEA
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Kibby Basin Lithium project located 60 kilometers north of the lithium richClayton Valley Basin.: Optioned 10% of property to Australian MarqueeResources MQR; MQR spending $2.5M in drilling for potential deepseated lithium brines, to earn 80%. MQR plans to continue drilling in2023
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Pathfinder ,B.C. – Historic Bertha Pathfinder Gold–Silver mines
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: george@belmontresources.com
Neither the TSXVenture Exchange nor its Regulation Services Provider (as the term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this newsrelease.
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