(TheNewswire)
Significant zones of mineralisationintersected include:
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LS21-005: 6.85m@ 0.56% CuEq from 43.0m
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LS21-005: 7.93m@ 1.25% CuEq from 84.1.1m
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LS21-017: 16.77m @ 0.66% CuEq from 80.2m
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LS21-017: 3.65m@ 2.35% CuEq from 112.8m
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LS21-017: 32.01m @ 0.60% CuEq from 142.3m
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LS21-020: 13.11m @ 0.92% CuEq from 5.2m
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LS21-020: 7.62m@ 0.55% CuEq from 106.4m
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LS21-021: 7.31m@ 2.62% CuEq from 6.1m
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LS21-021: 2.75m@ 2.05% CuEq from 39.0m
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LS21-021: 50.91m @ 0.54% CuEq from 53.6m (incl. 18.29m @ 0.75% CuEq
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LS21-021: 29.57m @ 0.89% CuEq from 120.7m
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LS21-022: 35.05m @ 1.04% CuEq from 41.2m
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LS21-022: 56.69m @ 0.71% CuEq from 97.5m
note: 50% of assays for LS21-022 stilloutstanding
Vancouver, B.C. Canada – TheNewswire - May 5, 2022 - BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ; ( FSE:L3L2) is pleased to provide anupdate on exploration activities being carried out by MarqueeResources. (ASX: MQR) (“Marquee”) at the Company’s Lone Starproperty in North Eastern Washington State, where Marquee has anoption to earn up to an 80% interest in the Lone Star property bycompleting a Preliminary Economic Assessment Study.
Results from this batch of assays continue to intersectwide zones (up to 60m) of significant copper mineralisation whichfurther extend the mineralisation envelope The wide zones ofmineralisation are interpreted to be related to sub-vertical feederdyke that has been the conduit for upwelling magmas during rhyolitedome emplacement and mineralization.
George Sookochoff, President &CEO commented , “33 of the original 42 proposedholes have been completed, and 6 additional infill holes in the pititself have now been added to help firm up the new resourcecalculation and provide further support for a potential initial openpit mining scenario. Drilling continues 24/7 and we remain on schedulefor producing a new 43-101 resource estimate in H1 2022.”
Lone StarDrill Plan
Cross-section 5428215N
Hole_ID | From (m) | To (m) | Width (m) | CuEq % | Cu % | Au g/t | Ag g/t |
LS21-005 | 42.98 | 49.83 | 6.85 | 0.56 | 0.4 | 0.2 | 2.1 |
LS21-005 | 84.1 | 92.1 | 7.93 | 1.25 | 1.1 | 0.2 | 4.7 |
LS21-017 | 80.2 | 96.9 | 16.77 | 0.66 | 0.4 | 0.4 | 2.7 |
LS21-017 | 112.8 | 116.4 | 3.65 | 2.35 | 1.8 | 0.8 | 4.4 |
LS21-017 | 142.3 | 174.4 | 32.01 | 0.60 | 0.5 | 0.2 | 1.4 |
LS21-020 | 5.2 | 18.3 | 13.11 | 0.92 | 0.7 | 0.4 | 1.6 |
LS21-020 | 106.4 | 114.0 | 7.62 | 0.55 | 0.4 | 0.2 | |
LS21-021 | 6.1 | 13.4 | 7.31 | 2.62 | 2.1 | 0.7 | 19.1 |
LS21-021 | 39.0 | 41.8 | 2.75 | 2.05 | 1.2 | 1.3 | 3.5 |
LS21-021 | 53.6 | 104.6 | 50.91 | 0.54 | 0.5 | 0.1 | 0.9 |
incl. | 53.6 | 71.9 | 18.29 | 0.75 | 0.7 | 0.1 | 1.7 |
LS21-021 | 120.7 | 150.3 | 29.57 | 0.89 | 0.8 | 0.1 | 3.7 |
LS21-022 | 41.2 | 76.2 | 35.05 | 1.04 | 0.8 | 0.3 | 5.6 |
LS21-022 | 97.5 | 154.2 | 56.69 | 0.71 | 0.5 | 0.3 | 1.7 |
note: 50% of assays for LS21-022 still outstanding |
Table of significant intercepts in latest batch ofresults
1.True widths of the reportedmineralized intervals have not been determined.
2.Assumptions used in USD for thecopper equivalent calculation were metal prices of $4.00/lb. Copper,$1,800/oz Gold, $20/oz Silver, and recovery is assumed to be 100%given the level of metallurgical test data available. The followingequation was used to calculate copper equivalence: CuEq = Copper (%) +(Gold (g/t) x 0.656) + (Silver (g/t) x 0.00729).
The Lone Star deposit is interpreted to have elementsof structural and stratigraphic control with an overprinting porphyrycopper system. Structurally stacked ‘tectonic’ lenses of eastdipping, closely spaced, overlapping en echelon zones of VMS-stylemassive sulphide have been structurally emplaced during thrusting overthe basal serpentinite unit. At least eight individual zones have beeninterpreted and these zones range from 1-18 metres thick. Porphyry andhydrothermal fluids utilised the pre-existing structural architectureto deposit copper-gold mineralisation subsequent to the earlierthrusting event. Structurally controlled epithermal goldmineralisation, discordant with early base metal mineralisation, hasalso been identified hosted in veins, shear veins and breccia zonesand is interpreted to have been deposited syn-porphyry emplacement. Atleast three separate rhyolite sills, are fed by sub-vertical,structurally controlled, feeder dykes/zones. The mineralisedsub-vertical dykes/zones are estimated to be approx. 20-40m wide,extend laterally for tens to hundreds of metres, and are verticallyextensive. Identification of the mineralised dykes opens up thepossibility of defining significant additional mineralisation outsidethe flat-lying, structurally remobilised base metal mineralisationthat has been historically identified.
The objective of the drill program isto:
1) Validate the historical 252 drill hole database andresource model;
2) Test for extensions of the historical resource bothlaterally and at depth;
3 Deliver a 43-101/JORC compliantmineral resource estimate and Preliminary Economic Assessment/ScopingStudy.
Additionally, Mining Plus Pty Ltd have begun resourcemodelling studies as the Company pushes towards delivering a43-101/2022 JORC-compliant resource in 1H-2022.
About the Lone Star
The Lone Star is a past producing open pit andunderground mine situated on the north end of the prolific RepublicGraben of Washington State. The project has 252 historic drill holes.The former owner Merrit Mining, completed a 2007 resource estimateas reported in a “Technical Report and Resource Estimate on the LoneStar Deposit, Ferry County Washington (September 23, 2007)” forMerit Mining Corp. and authored by P&E Mining Consultants Inc. Thecompany went into receivership shortly after due to the 2008 economiccrisis.
Belmont acquired the Lone Star property in July 2021and is the first company to continue where Merit Mining left off, inadvancing the Lone Star to production.
Lone Star 2007Historical Resource
Calculatedutilizing a gold price of US$593/oz and copper price ofUS$2.84/lb.
(1) Mineral resources which are notmineral reserves do not have demonstrated economic viability.
(2 ) Gold equivalent (AuEq) grade wascalculated utilizing a gold price of US$593/oz and copper price ofUS$2.84/lb ., based on the 24 month(at July 31, 2007) trailing average of gold and copper prices, toobtain a conversion factor of % copper x 3.284 + gold g/t = Au Eq g/t.Metallurgical recoveries and smelting/refining costs were not factoredinto the gold equivalent calculation.
(3) The Cu equivalent (CuEq) cut-offvalue of 1.5% was calculated and rounded utilizing the following: Cuprice US$2.84/lb, exchange rate $0.88, process recovery $95%,smelter payable 95%, smelting and refining charges C$7/tonne mined,mining cost C$62/tonne mined, process cost /tonne processed,G&A cost $7.50/tonne processed.
(4) A qualified person has not donesufficient work to classify the historic estimate as current mineralresources or mineral reserves. As such the issuer, BelmontResources, is not treating this historical estimate as current mineralresources or mineral reserves.
Belmont-Marquee Joint Venture
Marquee Resources (ASX:MQR) is earning the right toacquire an 80% interest in the Lone Star property (NR Nov. 4, 2021 –Belmont Signs Option/JV Agreements With Marquee Resources On Lone StarProperty) by committing to the following:
• $504,000 cash payments
• $2,550,000 Work Program
• 3,000,000 MQR Shares
• Produce a 43-101 & JORC Resource andPreliminary Economic Assessment (PEA) on the project
• Within a 24 month term.
About Belmont Resources
Belmont Resources has assembled a portfolio ofhighly prospective copper-gold-lithium & uranium projects locatedin British 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.
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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:
Technical disclosure in this news release has beenapproved by James Ebisch P.Geo, a Qualified Person as defined byNational Instrument 43-101.
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 .
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