(TheNewswire)
Vancouver, B.C. Canada – TheNewswire - May 19, 2022; BelmontResources Inc. (“Belmont”), (or the “Company”),(TSXV:BEA ) ( FSE:L3L2) is pleased to announce that drilling atBelmont-Marquee Resources (ASX:MQR) (“Marquee”) Kibby JointVenture (JV) in Nevada has started.
The planned 2 stage – 3,000 metres in three drill holeswill target a highly conductive geophysical anomaly, which has thesignature for a potential lithium enriched aquifer beneath the KibbyPlaya (dried lakebed).
Phase I – 2,000m : Drill holes KB22-01 and KB22-02(each 1,000m) will test thelarge conductive anomaly at depth.
Phase II – Depending upon Phase I results will focus on infilling betweenKB22-01 and KB22-02 to determine brine volume estimation.
President & CEO, Mr. GeorgeSookochoff, commented : “ We are excited tohave our 3 rd drill program getting underway after our CBC and Lone Stardrill programs. We plan to have plenty of news coming from these threeprojects throughout the summer.”
The objective of drillprogram is to delineate a lithium-enriched brineaquifer deposit in Kibby Basin, Nevada, USA that is amenable to miningusing wells to extract brine for processing to a saleable lithiumhydroxide monohydrate (LiOH?H2O) product.
The potential deposittype is a continental, mineral-enriched brineaquifer within a hydrographically closed basin (endorheic basin).Continental brines are the primary source for lithium productsworldwide. Bradley and others (2013) noted that “all producinglithium brine deposits share a number of first-order characteristics:(1) arid climate; (2) closed basin containing a playa or salar; (3)tectonically driven subsidence; (4) associated igneous or geothermalactivity; (5) suitable lithium source-rocks; (6) one or more adequateaquifers; and (7) sufficient time to concentrate a brine.
The target is a potentiallithium enriched aquifer at an estimated800-1,000 meter depth. It is at this depth from which Albermarle,which owns the only producing lithium mine in North America andlocated in Clayton Valley, has been successfully extracting lithiumbrines.”
Property Geology
The Kibby Basin Lithium Project has similar features asClayton Valley, Nevada and contains potential favourable conditionsfor the development of lithium ? rich brines such as; an arid climate, major catch basin,basin has structural traps and is closed with no outlets for drainage,associated igneous or geothermal activity, suitable lithium sourcerocks and one or more adequate aquifers.
Recent Activity at the Project
A gravity survey was completed over the Kibby Basinproperty in June 2016 with the objective of generating a model of thebasin fill as an aid to lithium exploration. Results of the survey areintegrated with an earlier airborne magnetic survey completed by theUSGS and reported upon by Wright (2016).
The gravity survey showed the Kibby Basin to be a“drop down” basin which provides a catch basin for lithium bearingash and gravels over millions of years.
In 2018 a Magnetotelluric (MT) survey wascompleted over the Kibby Basin, Nevada, by Quantec Geoscience Ltd inorder to measure the conductivity of material (lithium brines arehighly conductive). The survey indicated a large highly conductiveanomaly beneath the Playa lake bed at surface which may be thesignature for a lithium brine pool trapped by the easterly fault,again similar to Clayton Valley.
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.
Summary
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 Basin Project containspotentially favourable conditions for the development oflithium ? rich brines andhas similar features as Clayton Valley which hosts Albemarle SilverPeak Lithium mine.
The company believes the Kibby Basin LithiumProject fits the criteria for a potentially Large-Scale LithiumProject and is also located within a 50km radius of ASX-listed IoneerLtd (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which hasrecently been Joint Ventured with Sibanye Stillwater Limited(“Sibanye-Stillwater”) to develop the project, withSibanye-Stillwater contributing US$490 million for a 50% interest inthe Joint Venture.
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.
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.
About Belmont Resources
Belmont Resources hasassembled a portfolio of highly prospective copper-gold-lithium &uranium projects located in British Columbia, Saskatchewan, Washingtonand Nevada States. Its holdings include the Come By Chance (CBC),Athelstan-Jackpot (AJ) and Pathfinder situated in the prolificGreenwood mining camp in southern British Columbia. The CrackingstoneUranium project in the uranium rich Athabaska Basin of northernSaskatchewan. The Lone Star copper-gold mine in the mineral richRepublic mining camp of north central Washington State. The KibbyBasin Lithium project located 60 kilometers north of the lithium richClayton 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 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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