(TheNewswire)
Vancouver, B.C. Canada TheNewswire - March 21, 2022 - BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ( FSE:L3L2) is pleased to announce thatit has hired Hardrock Drilling Ltd., based in Penticton B.C., as itsdiamond drill contractor for the planned 2,000 metre drill campaign atthe Company’s Come By Chance copper-gold project (“CBC” or“Project”), located in the prolific Greenwood mining district insouthern B.C.
“With a 5 year drill permit and financing in place,we are excited to be able to move forward with our initial drillprogram at CBC”, stated Belmont President & CEO GeorgeSookochoff.
”Along with the current drilling program on our LoneStar property 10kms to the south, we will now have two separateongoing drill programs generating news for our investors, with a thirddrill program to be announced soon. 2022 will indeed be a very busyand exciting year for Belmont and our shareholders.”
2022 Drilling Program
Historic exploration revealed many indications to apotential concealed intrusive of copper/gold mineralization in the skarns, the free gold, epithermal zone s , and a massivesulfide epithermal zone. There are alsoindications of a potential porphyry/skarnlinkage (Evans, 2005).
3D magnetic inversion and 3D induced polarization (3DIP) geophysical surveys and rock sampling conducted in2021 identified several potential mineralizedzones, which will be tested with the upcoming drill program.
The Company has scheduled drilling to commence March28, 2022 and expected to require 6 weeks to complete.
Drill Targets Identified forDiamond Drilling
• Betts Zone : The most significant area of knownreplacement-type sulfide mineralization on the claims is at the Betts(Minfile 082ESE261). A strong chargeability high and a strong contactbetween strong resistivity high and low. Historic workings intersectedmassive sulfide mineralization, with high copper and elevated goldvalues. Values to 4.75% Cu and 0.676 g/t Au were returned fromsamples collected in 2021.
• Iron Chief Zone : A northeast-trending zone ofsulfide-rich quartz veining. Values to 17.05 g/t Au, 619 g/t Ag werereturned from rock samples collected. A“quartz vein with free gold” is reported (Minister of Mines AnnualReport 1900). The Iron Chief straddles the Eagle Mountain Fault to thenorthwest of the Betts.
• Lady M Zone : An arcuate shaped, east-westtrending, stratigraphically controlled, chargeability high at the“Phoenix horizon”. Values to 3.8 g/t Au and 1.07% Cu werereturned from skarn samples in this area.
• Eagle Mountain Zone : A 700 m long, strongnortheast-trending chargeability high, resistivity high, mag low thatcross-cuts stratigraphy. Possible porphyry target.
• Hardy Mountain Zone : A 400 m long strongnortheast-trending chargeability and resistivity high, with acorresponding mag low signature, located near the Brown’s andCaledonia showings. The geophysical target extends from surface to thedepth limit of the survey (300 m). Elevated gold and copper valueswere returned from rock samples at the Brown’s and Caledoniashowings.
All of the targets identified for drilling occur withinTriassic Brooklyn Formation sediments, the same rocks that hostcopper-gold skarn mineralization at the Phoenix mine 6 km to thenorthwest. Except for a single 1998 drill hole near the Bettsoccurrence, none of these targets have been tested by drilling.
About the Come By ChanceProject
The Come By Chance (CBC) property is situated in theGreenwood mining camp, considered to be one of the highestconcentrated areas of past producing mines in North America
Although the Phoenix mine was the major producer, someof the smaller mines were also productive from a number of differenttypes of deposits. From 1900 to 1975 production from these 26principal mines was produced over 600 million pounds of copper and 1.4million ounces of gold (Church, 1986).
The CBC Property, located three kilometres to the southeast of the Phoenix deposits, is on acomparative geological trend and hosting skarn, epithermal,volcanogenic, and massive sulphide mineralization.
Marquee Resources Makes StrategicInvestment in Belmont.
Marquee Resources Limited (ASX: MQR) has made astrategic investment in Belmont Resources Inc.
Marquee’s initial investment of CAD $420,000(6,000,000 shares) will earn an initial ~9.9% interest in the commonequity of Belmont. Marquee made the investment by participating inBelmont’s latest private placement (read Belmont news release March 18,2022 )
Marquee is an option/jv partner in Belmont’s LoneStar copper-gold project in Washington State and the Kibby Basinlithium project in Nevada.
Marquee Executive Chairman, Mr. Charles Thomas,commented: “After working with George Sookochoff and the team atBelmont Resources on advancing the Lone Star Copper-Gold Project andKibby Basin Lithium Project, we have made the decision to make adirect investment in Belmont in order to gain exposure to theircompelling suite of other exploration projects.”
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.
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:
Rock samples described in thisrelease were shipped to ALS Canada Ltd. in Kamloops, B.C., followed byanalysis at ALS’s North Vancouver laboratory. ALS is an ISO 17025accredited laboratory. Samples were crushed to 70% passing 2mm, then a250 g split was pulverized to 85% passing 75 µm. Multi-elementanalysis was by method ME-ICP61 (ICP-AES analysis following four aciddigestion). Samples that returned overlimit values for copper orsilver by ICP were assayed by method OG62 (ore grade assay by ICP-AES.following four acid digestion). Gold analyses were by fire assay/AAfinish on a 30 gram sample (method Au-AA23, Au-AA-25). Samplesdescribed in this release were grab samples collected from outcrop,subcrop or from the dumps of historic workings. The reader iscautioned that g rab samplesare designed to show the presence or absence of mineralization, andresults are not necessarily indicative of average grade. A qualitycontrol/quality assurance program was implemented during the rocksampling program described in this release, including independentlyinserting blanks and standards of certified grade into the samplesequence.
Results for 2006 rock samplesincluded on maps that form part of this news release are from anoriginal laboratory certificate contained in Assessment Report #28542. Samples were collected by employees of Teck Corp. during a sitevisit to the property and were analysed for gold by FA and for amulti-element suite by ICP, following aqua regia digestion.
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 byLaurence Sookochoff, P.Eng. Mr. Sookochoff is a Director of BelmontResources Inc.
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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