(TheNewswire)
-
Phase 1 drilling program has now beencompleted for a total of 46 drill holes for 7,888 meters with finalassays still pending.
-
Upon final receipt of all assays thecompany will compile a 43-101 resource estimate resource at Lone Stardeposit.
-
Multiple high grade zones ofmineralisation intersected during the campaign to dateinclude:
-
44.2m @ 1.5% CuEq from 65.8m (incl.19.8m @ 2.8% CuEq) (LS21-001)
-
22.1m @ 1.4% CuEq from 140.4m (incl.8.5m @ 2.6% CuEq) (LS21-001)
-
15.5m @ 5.0% CuEq from 48.3m (incl.2.6m @ 26.1% CuEq) (LS21-002)
Vancouver, B.C. Canada – TheNewswire - June 8, 2022; BelmontResources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA;FSE: L3L2) is pleased to announce the completion its Phase I 7,888meter drill program along with the latest drillresults from the Belmont-Marquee JV Lone Star copper-gold project inWashington State.
George Sookochoff, President &CEO commented, “When drilling on the Lone Starstarted on November 17, 2021, our initial plans were for a 2,500 meterdrill program. But as drilling progressed and we continued to receivegood drill results as we extended the historic resource envelope, welet the drilling go on for an additional 5,388 meters, and weweren’t disappointed with that decision. With drilling now completewe look forward to delivering an updated and robust 43-101 compliantresource estimate for the Lone Star deposit.”
Lone Star 2021-22 Drill Intercepts (CuEq>.04%)
Significant results from the latest batch of assaysinclude:
o LS21-022: 35.1m @ 1.0% CuEq from 41.2minc. 4.6m @ 2.8% CuEq.
o LS21-022: 79.9m @ 0.9% CuEq from 97.5minc. 7.6m @ 3.2% CuEq.
o LS21-023: 24.4m @ 0.8% CuEq from138.7m
o LS21-024: 25.3m @ 0.8% CuEq from50.3m
o LS21-025: 58.2m @ 0.8% CuEq from 140.5minc. 5.2m @ 2.2% CuEq
o LS21-027: 10.7m @ 3.1% CuEq from 111.6minc. 5.2m @ 5.4% CuEq
o LS21-027: 6.3m @ 2.3% CuEq from226.0m
o LS21-030: 30.5m @ 1.2% CuEq from 25.6minc. 13.1m @ 2.0% CuEq
o LS21-031: 6.1m @ 1.6% CuEq
o LS21-031: 23.8m @ 1.0% CuEq from 157.6minc. 11.0m @ 1.4% CuEq
o LS21-039: 70.7m @ 1.0% CuEq from 134.1minc. 3.4m @ 14.3% CuEq
o LS21-039: 9.5m @ 1.9% CuEq from230.7m
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 been interpretedand 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 gold mineralisation,discordant with early base metal mineralisation, has also beenidentified hosted in veins, shear veins and breccia zones and isinterpreted to have been deposited syn-porphyry emplacement. At leastthree separate rhyolite sills, are fed by sub-vertical, structurallycontrolled, feeder dykes/zones.
The mineralised sub-vertical dykes/zones are estimatedto be approx. 20-40m wide, extend laterally for tens to hundreds ofmetres, and are vertically extensive. Identification of themineralised dykes opens up the possibility of defining significantadditional mineralisation outside the flat-lying, structurallyremobilised base metal mineralisation that has been historicallyidentified.
Lone Star Diamond Drilling ProgramUpdate
The Phase 1 drilling program has been completed at LoneStar which included 46 diamond drillholes for 7,888m. Assay resultsfrom 31 drill holes received with the final batch of core enroute tothe laboratory. Final results from the drilling program are expectedin approx. 4 weeks.
The phase 1 drill program was designed to satisfy threekey objectives:
- Validate the historical drill holedatabase and resource model;
- Deliver a 43-101 compliant mineralresource estimate; and
- Test for extensions to the historicalresource.
Mining Plus Pty Ltd have continued resourcemodelling studies and has recently completed a site visit as theCompany pushes towards delivering a 2022 43-101 compliantresource.
Lone Star Drill Plan Map
Lone Star Drill Plan Viewing NE
Significant Intercepts from the Lone Star drillingProgram
Hole_ID | From | To | Interval | CuEq% | Cu % | Au g/t | Ag g/t |
(m) | (m) | (m) | |||||
LS21-001 | 41.5 | 50.3 | 9.1 | 0.8 | 0.6 | 0.2 | 3.2 |
LS21-001 | 54.9 | 61.2 | 6.9 | 1.8 | 1.2 | 0.8 | 12.9 |
LS21-001 | 65.8 | 110 | 44.2 | 1.5 | 1.3 | 0.2 | 4.6 |
inc. | 65.8 | 88.7 | 19.8 | 2.8 | 2.4 | 0.5 | 6.7 |
LS21-001 | 115.8 | 138.7 | 19.1 | 0.4 | NSR | NSR | |
LS21-001 | 140.4 | 162.5 | 22.1 | 1.4 | 1.2 | 0.3 | 2.2 |
inc. | 140.4 | 162.5 | 8.5 | 2.6 | 2.1 | 0.8 | 2.4 |
LS21-001 | 198.7 | 200.9 | 4.7 | 1.0 | 0.8 | 0.3 | 1 |
LS21-002 | 46.9 | 60.8 | 15.5 | 5.0 | 3.7 | 1.8 | 23 |
inc. | 56.7 | 59.3 | 2.6 | 26.1 | 18.5 | 10.4 | 106 |
LS21-002 | 95.1 | 101.1 | 6 | 0.4 | 0.4 | NSR | 2.5 |
LS21-002 | 120.7 | 176.1 | 53.6 | 1.1 | 0.8 | 0.4 | 2 |
inc. | 167.6 | 176.1 | 7.6 | 3.1 | 2.1 | 1.4 | 6.2 |
LS21-002 | 193.8 | 194.7 | 0.9 | 4.6 | 3.8 | 1.2 | 4 |
LS21-002 | 199.3 | 200.5 | 1.2 | 4.3 | 3 | 1.9 | 4 |
LS21-002 | 202 | 203.6 | 1.6 | 1.6 | 0.9 | 1 | 2 |
LS21-003 | 72.4 | 77.4 | 5 | 4.3 | 3.5 | 1.1 | 17.5 |
LS21-003 | 125.6 | 147.9 | 22.3 | 1.1 | 0.8 | 0.4 | NSR |
inc. | 133.8 | 143.3 | 9.5 | 1.5 | 1.1 | 0.5 | 5.6 |
LS21-003 | 155.2 | 211 | 55.8 | 0.6 | NSR | NSR | |
inc. | 165.9 | 175.1 | 9.2 | 1.2 | 1 | 0.3 | NSR |
LS21-004 | 7 | 14.6 | 7.6 | 1.4 | 1.2 | 0.3 | NSR |
LS21-005 | 42.98 | 49.83 | 6.9 | 0.5 | 0.4 | 0.2 | 2.1 |
LS21-005 | 84.1 | 92.1 | 7.9 | 1.3 | 1.1 | 0.2 | 4.7 |
LS21-006 | 99.7 | 111.6 | 11.9 | 2.3 | 1 | 2 | 3.3 |
inc. | 108.5 | 110.1 | 1.6 | 9.8 | 2.1 | 11.7 | 7 |
LS21-007 | 107.9 | 125.6 | 17.7 | 3.5 | 1.6 | 2.8 | 5.9 |
inc. | 112.2 | 116.3 | 4.1 | 6.4 | 5.3 | 1.5 | 16.8 |
inc. | 117.4 | 122.3 | 4.9 | 5.7 | 0.5 | 7.9 | 2.6 |
LS21-008 | 5.5 | 23.2 | 17.7 | 0.8 | 0.6 | 0.3 | NSR |
LS21-009 | 6.4 | 46 | 39.6 | 0.4 | NSR | NSR | |
LS21-009 | 63.4 | 70.7 | 7.3 | 0.8 | 0.5 | 0.4 | NSR |
LS21-010 | 7.8 | 43.9 | 37.9 | 1.3 | 1 | 0.4 | 4.5 |
inc. | 21 | 33.2 | 12.2 | 2.8 | 2 | 1.1 | 8.8 |
LS21-010 | 59.2 | 80.5 | 21.3 | 0.6 | 0.6 | NSR | 3.3 |
LS21-010 | 127.1 | 138.4 | 11.3 | 0.4 | 0.4 | NSR | 3.2 |
LS21-011 | 108.8 | 111.9 | 3.1 | 3.3 | 2.6 | 1 | 8.6 |
LS21-011 | 119.5 | 127.7 | 8.2 | 2.0 | 1.3 | 1 | 4.7 |
LS21-012 | 50.3 | 50.9 | 0.6 | 3.4 | 2.4 | 1.4 | 8 |
LS21-013 | 87.8 | 96 | 8.2 | 0.5 | 0.4 | 0.2 | 0.5 |
LS21-014 | 3.1 | 10.4 | 7.3 | 0.5 | 0.4 | 0.2 | 2.5 |
LS21-015 | 16.5 | 71.6 | 33.2 | 1.3 | 0.9 | 0.5 | 4.5 |
LS21-017 | 80.2 | 96.9 | 16.8 | 0.7 | 0.4 | 0.4 | 2.7 |
LS21-017 | 112.8 | 116.4 | 3.7 | 2.4 | 1.8 | 0.8 | 4.4 |
LS21-017 | 142.3 | 174.4 | 32 | 0.6 | 0.5 | 0.2 | 1.4 |
LS21-016 | 12.8 | 162.2 | 149.4 | 0.8 | 0.7 | 0.2 | 1.3 |
inc. | 45.1 | 49.4 | 4.3 | 1.3 | 1.1 | 0.2 | 7.4 |
inc. | 108.8 | 113.4 | 4.6 | 4.0 | 3.1 | 1.3 | 11.7 |
inc. | 127.1 | 136.3 | 9.2 | 1.2 | 1 | 0.2 | 4.7 |
LS21-016 | 169.8 | 171.3 | 1.5 | 1.3 | 1.1 | 0.3 | NSR |
LS21-016 | 178.3 | 182.6 | 4.3 | 1.0 | 0.7 | 0.5 | NSR |
LS21-018 | NSR | ||||||
LS21-019 | NSR | ||||||
LS21-020 | 5.2 | 18.3 | 13.1 | 1.0 | 0.7 | 0.4 | 1.6 |
LS21-020 | 106.4 | 114 | 7.6 | 0.5 | 0.4 | 0.2 | NSR |
LS21-021 | 6.1 | 13.4 | 7.3 | 2.7 | 2.1 | 0.7 | 19.1 |
LS21-021 | 39 | 41.8 | 2.8 | 2.1 | 1.2 | 1.3 | 3.5 |
LS21-021 | 53.6 | 104.6 | 50.9 | 0.6 | 0.5 | 0.1 | 0.9 |
inc | 53.6 | 71.9 | 18.3 | 0.8 | 0.7 | 0.1 | 1.7 |
LS21-021 | 120.7 | 150.3 | 29.6 | 0.9 | 0.8 | 0.1 | 3.7 |
LS21-022 | 41.2 | 76.2 | 35.1 | 1.0 | 0.8 | 0.3 | 5.6 |
inc | 54.9 | 59.4 | 4.6 | 2.8 | 2.1 | 0.8 | 22.6 |
LS21-022 | 97.5 | 177.4 | 79.9 | 0.9 | 0.6 | 0.4 | 2.1 |
inc | 151.2 | 158.8 | 7.6 | 3.2 | 1.3 | 2.8 | 11.8 |
LS21-022 | 181.7 | 193.1 | 11.4 | 0.7 | 0.5 | 0.3 | 1.9 |
LS21-023 | 138.7 | 163.1 | 24.4 | 0.8 | 0.6 | 0.3 | 2.7 |
LS21-023 | 179.8 | 198.1 | 18.3 | 0.8 | 0.5 | 0.4 | 0.9 |
LS21-024 | 50.3 | 75.6 | 25.3 | 0.8 | 0.7 | 0.2 | 1.4 |
LS21-024 | 110 | 178 | 64.3 | 0.5 | 0.4 | 0.1 | 2.8 |
LS21-025 | 140.5 | 198.7 | 58.2 | 0.8 | 0.6 | 0.3 | 2.2 |
inc. | 174.4 | 181.1 | 5.2 | 2.2 | 1.6 | 0.9 | 2.4 |
LS21-026 | 82.6 | 84.7 | 2.1 | 0.8 | 0.7 | 0.2 | 1.3 |
LS21-026 | 116.1 | 121.9 | 5.8 | 0.6 | 0.5 | 0.1 | 2.2 |
LS21-026 | 139.9 | 184.1 | 44.2 | 0.5 | 0.4 | 0.2 | 1 |
LS21-027 | 111.6 | 122.2 | 10.7 | 3.1 | 2.4 | 1 | 5.5 |
inc. | 117 | 122.2 | 5.2 | 5.4 | 4.1 | 1.9 | 9.5 |
LS21-027 | 151.8 | 200.6 | 48.8 | 0.6 | 0.5 | 0.2 | 0.9 |
LS21-027 | 215.8 | 237.1 | 21.3 | 0.9 | 0.4 | 0.7 | NSR |
inc. | 226 | 232.3 | 6.3 | 2.3 | 0.8 | 2.3 | 0.8 |
LS21-027 | 111.6 | 122.2 | 10.7 | 3.1 | 2.4 | 1 | 5.5 |
inc. | 117 | 122.2 | 5.2 | 5.4 | 4.1 | 1.9 | 9.5 |
LS21-030 | 25.6 | 56.1 | 30.5 | 1.2 | 0.9 | 0.5 | 2.2 |
inc. | 40.5 | 53.6 | 13.1 | 2.0 | 1.5 | 0.7 | 2.7 |
LS21-031 | 32.9 | 40.5 | 7.6 | 1.1 | 0.6 | 0.7 | 2 |
LS21-031 | 51.5 | 55.2 | 3.7 | 1.0 | 0.9 | 0.2 | 1.1 |
LS21-031 | 57.3 | 63.4 | 6.1 | 1.6 | 1.4 | 0.3 | 1 |
LS21-031 | 157.6 | 181.4 | 23.8 | 1.0 | 0.7 | 0.4 | 1.2 |
inc. | 159.1 | 170.1 | 11 | 1.4 | 1 | 0.6 | 1.7 |
LS21-033 | NSR | ||||||
LS21-039 | 134.1 | 217 | 70.7 | 1.0 | 0.7 | 0.4 | 2.8 |
inc. | 148.7 | 152.1 | 3.4 | 14.3 | 4.3 | 14.9 | 29.5 |
LS21-039 | 230.7 | 240.2 | 9.5 | 1.9 | 1.3 | 0.9 | 4.3 |
About the Lone Star
The Lone Star is a past producing open pit andunderground mine with a 2007 historic resource as reported in a“Technical Report and Resource Estimate on the Lone Star Deposit,Ferry County Washington (September 23, 2007)” for Merit Mining Corp.and authored by P&E Mining Consultants Inc.
All work stopped on the Lone Star shortly after thepublishing of the resource estimate due to the 2008 economic crisis.Belmont acquired the Lone Star property in July 2021 and is the firstcompany to continue where Merit Mining left off, in advancing the LoneStar to production.
(1) Mineral resources which are not mineralreserves do not have demonstrated economic viability.
(2) Gold equivalent (AuEq) grade was calculatedutilizing a gold price of US$593/oz and copper price of US$2.84/lb.,based on the 24 month (at July 31, 2007) trailing average of gold andcopper prices, to obtain a conversion factor of % copper x 3.284 +gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refiningcosts were not factored into the gold equivalent calculation.
A qualified person has not done sufficient work toclassify the historic estimate as current mineral resources or mineralreserves. As such the issuer, Belmont Resources, is not treatingthis historical estimate as current mineral resources or mineralreserves.
Belmont-Marquee JV
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 Resource and
-
Produce a Preliminary Economic Assessment
-
Within a 24 month term.
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper-gold-lithium & uranium projects located inBritish Columbia, Saskatchewan, Washington and Nevada States.
Its holdings include:
-
The Come ByChance (CBC), Athelstan-Jackpot (AJ) and Pathfinder 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 Republicmining camp of north central Washington State.
-
The Kibby BasinLithium project located 60 kilometers north ofthe lithium rich Clayton Valley Basin.
NI 43-101 Disclosure:
The technical information in this news release has beenprepared in accordance with Canadian regulatory requirements as setout in National Instrument 43-101 and has been reviewed and approvedby Laurence Sookochoff, P.Eng. Mr. Sookochoff is a Director of BelmontResources Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
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 contained herein.
Copyright (c) 2022 TheNewswire - All rights reserved.