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Vancouver, B.C. Canada – TheNewswire - April 1, 2022; BelmontResources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA;FSE: L3L2) is pleased to announce results from the latest batch ofassays at the Belmont-Marquee Resources. (ASX: MQR) (“Marquee”)Lone Star Joint Venture (JV) in North Eastern Washington State.
Results from this batch of assays have intersected upto 150m of significant copper mineralisation that extends well beyondthe extents of historical drill hole results. The long intercepts ofcopper mineralisation are interpreted to be related to sub-verticalfeeder dyke that has been the conduit for upwelling magmas duringrhyolite dome emplacement and mineralisation (Figure 1).
President & CEO, Mr. GeorgeSookochoff, commented: “It’s great to seethe drilling further unlock our knowledge of the Lone Star deposit andextend the envelope of mineralisation well beyond the previouslydefined limits. These results validate the geological model developedby the Project Geologist on-site and opens up the potential toidentify further sub-vertical, well-mineralized rhyolitedykes.”
“Drilling continues 24/7 and we have a further6-holes at the lab awaiting assays, so it’s going to be an exciting few months as we work towards completing our maiden drill campaignat the Project. We know the mineralisation at Lone Star plunges to thesouth-east, so we expect to see the excellent results continue as wesystematically work through the drilling program from north to south.Resource modelling studies continue in the background and we arehighly encouraged by what the drilling has produced thusfar.”
Click Image To View Full Size Figure 1:Cross-section 5428236N highlighting the mineralised feeder dykeintersected in drill holes LS21-015 & LS21-016.
Significant results from the latest batch of assaysinclude:
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oo 149.4m @ 0.84%CuEq (0.7 % Cu, 0.2 g/t Au 1.3 g/t Ag) from 12.8m (LS21-016)including:
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?? 4.6m @ 4.04 %CuEq (3.1 % Cu,1.4 g/t Au 11.7 g/t Ag) from 108.8m
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?? 4.3m @ 1.29 %CuEq (1.1 % Cu, 0.2 g/t Au 7.4 g/t Ag) from 45.1m
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?? 9.2m @ 1.17 %CuEq (1.0% Cu, 0.2 g/t Au 4.7 g/t Ag) from127.1m
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oo 33.2m @ 1.26%CuEq 0.9 % Cu, 0.5 g/t Au 4.5 g/t Ag) from 16.5m (LS21-015)
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oo 54.9m @ 0.86%CuEq (0.7 % Cu, 0.2 g/t Au 3.4 g/t Ag) from 6.1m (LS21-021) (note:only 50% of assays received thus far) including:
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?? 7.3m @ 2.70 %CuEq (2.1 % Cu,0.7 g/t Au 19.1 g/t Ag) from 6.1m
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oo 25.3m @ 0.84%CuEq (0.7 % Cu, 0.2 g/t Au 1.4 g/t Ag) from 50.3m(LS21-024)
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oo 3.1m @ 3.32%CuEq (2.6% Cu, 0.9 g/t Au 8.6 g/t Ag) from 108.8m
and 8.2m @ 1.99 %CuEq (1.3 % Cu, 1.0 g/t Au 4.8 g/t Ag) from 119.5m(LS21-011)
1.True widths of the reported mineralized intervalshave not been determined.
2. Assumptions used in USD for the copper equivalentcalculation 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 ofmetallurgical test data available. The following equation was used tocalculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.656)+ (Silver (g/t) x 0.00729).
The geological model that has been developed for theLone Star deposit is that at least three separate rhyolite layers,with associated volcanogenic massive sulphide (VMS) copper-silvermineralisation, are fed by sub-vertical feeder dykes. The mineralisedsub-vertical dykes are estimated to be approx. 20-40m wide, extendlaterally 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, VMS mineralisation that has been historicallyidentified.
High-grade gold mineralisation is discordant withhigh-grade copper-silver mineralisation and it is interpreted thatearly volcanogenic massive sulphide (VMS) style copper-silvermineralisation has been overprinted by later shearing, brecciation andhydrothermal gold deposition. As such, the results indicate thepotential to define further high-grade, structurally controlled goldmineralisation that was not a focus of historical explorationprograms.
Lone Star Diamond Drilling ProgramUpdate
To date, 25 diamond drill holes for 4,664m have beencompleted at Lone Star (Table 1) with full assay results from thefirst 18 drill holes received.
Batches of core are being delivered to the laboratoryevery two weeks with regular results expected over the coming months.Drilling continues 24 hours a day as part of the forty-three hole,~7,000m diamond drilling program. Drilling is expected to be completedat the Lone Star Copper-Gold Project in Q1-2022 with the phase 1 drillprogram designed to satisfy three key objectives:
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-- Validate the historical drillhole database and resource model;
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-- Deliver a JORC/43-101 compliantmineral resource estimate; and
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-- Test for extensions to thehistorical resource.
Additionally, Mining Plus Pty Ltd have begun resourcemodelling studies as the Company pushes towards delivering a202 2 JORC/43-101compliant resource in 1H-2022.
Figure 2: Lone Star drill planmap
Table 2: Significant Intercepts fromthe Lone Star drilling Program
Hole_ID | From | To | Interval | CuEq | Cu % | Au g/t | Ag g/t |
(m) | (m) | (m) | |||||
LS21-001 | 41.5 | 50.3 | 9.1 | 0.75 | 0.6 | 0.2 | 3.2 |
LS21-001 | 54.9 | 61.2 | 6.9 | 1.82 | 1.2 | 0.8 | 12.9 |
LS21-001 | 65.8 | 110 | 44.2 | 1.46 | 1.3 | 0.2 | 4.6 |
inc. | 65.8 | 88.7 | 19.8 | 2.78 | 2.4 | 0.5 | 6.7 |
LS21-001 | 115.8 | 138.7 | 19.1 | 0.40 | 0.4 | ||
LS21-001 | 140.4 | 162.5 | 22.1 | 1.41 | 1.2 | 0.3 | 2.2 |
inc. | 140.4 | 162.5 | 8.5 | 2.64 | 2.1 | 0.8 | 2.4 |
LS21-001 | 198.7 | 200.9 | 4.7 | 1.00 | 0.8 | 0.3 | 1 |
LS21-002 | 46.9 | 60.8 | 15.5 | 5.05 | 3.7 | 1.8 | 23 |
inc. | 56.7 | 59.3 | 2.6 | 26.10 | 18.5 | 10.4 | 106 |
LS21-002 | 95.1 | 101.1 | 6 | 0.42 | 0.4 | 2.5 | |
LS21-002 | 120.7 | 176.1 | 53.6 | 1.08 | 0.8 | 0.4 | 2 |
inc. | 167.6 | 176.1 | 7.6 | 3.06 | 2.1 | 1.4 | 6.2 |
LS21-002 | 193.8 | 194.7 | 0.9 | 4.62 | 3.8 | 1.2 | 4 |
LS21-002 | 199.3 | 200.5 | 1.2 | 4.28 | 3 | 1.9 | 4 |
LS21-002 | 202 | 203.6 | 1.6 | 1.57 | 0.9 | 1 | 2 |
LS21-003 | 72.4 | 77.4 | 5 | 4.35 | 3.5 | 1.1 | 17.5 |
LS21-003 | 125.6 | 147.9 | 22.3 | 1.06 | 0.8 | 0.4 | |
inc. | 133.8 | 143.3 | 9.5 | 1.47 | 1.1 | 0.5 | 5.6 |
LS21-003 | 155.2 | 211 | 55.8 | 0.60 | 0.6 | ||
inc. | 165.9 | 175.1 | 9.2 | 1.20 | 1 | 0.3 | |
LS21-004 | 7 | 14.6 | 7.6 | 1.40 | 1.2 | 0.3 | |
LS21-006 | 99.7 | 111.6 | 11.9 | 2.34 | 1 | 2 | 3.3 |
inc. | 108.5 | 110.1 | 1.6 | 9.83 | 2.1 | 11.7 | 7 |
LS21-007 | 107.9 | 125.6 | 17.7 | 3.48 | 1.6 | 2.8 | 5.9 |
inc. | 112.2 | 116.3 | 4.1 | 6.41 | 5.3 | 1.5 | 16.8 |
inc. | 117.4 | 122.3 | 4.9 | 5.70 | 0.5 | 7.9 | 2.6 |
LS21-008 | 5.5 | 23.2 | 17.7 | 0.80 | 0.6 | 0.3 | |
LS21-009 | 6.4 | 46 | 39.6 | 0.40 | 0.4 | ||
LS21-009 | 63.4 | 70.7 | 7.3 | 0.76 | 0.5 | 0.4 | |
LS21-010 | 7.8 | 43.9 | 37.9 | 1.30 | 1 | 0.4 | 4.5 |
inc. | 21 | 33.2 | 12.2 | 2.79 | 2 | 1.1 | 8.8 |
LS21-010 | 59.2 | 80.5 | 21.3 | 0.62 | 0.6 | 3.3 | |
LS21-010 | 127.1 | 138.4 | 11.3 | 0.42 | 0.4 | 3.2 | |
LS21-011 | 108.8 | 111.9 | 3.1 | 3.32 | 2.6 | 1 | 8.6 |
LS21-011 | 119.5 | 127.7 | 8.2 | 1.99 | 1.3 | 1 | 4.7 |
LS21-012 | 50.3 | 50.9 | 0.6 | 3.38 | 2.4 | 1.4 | 8 |
LS21-013 | 87.8 | 96 | 8.2 | 0.53 | 0.4 | 0.2 | 0.5 |
LS21-014 | 3.1 | 10.4 | 7.3 | 0.55 | 0.4 | 0.2 | 2.5 |
LS21-015 | 16.5 | 71.6 | 33.2 | 1.26 | 0.9 | 0.5 | 4.5 |
LS21-016 | 12.8 | 162.2 | 149.4 | 0.84 | 0.7 | 0.2 | 1.3 |
inc. | 45.1 | 49.4 | 4.3 | 1.29 | 1.1 | 0.2 | 7.4 |
inc. | 108.8 | 113.4 | 4.6 | 4.04 | 3.1 | 1.3 | 11.7 |
inc. | 127.1 | 136.3 | 9.2 | 1.17 | 1 | 0.2 | 4.7 |
LS21-016 | 169.8 | 171.3 | 1.5 | 1.30 | 1.1 | 0.3 | |
LS21-016 | 178.3 | 182.6 | 4.3 | 1.03 | 0.7 | 0.5 | |
LS21-018 | NSR | 0.00 | |||||
LS21-019 | NSR | 0.00 | |||||
LS21-021 | 6.1 | 89.3 | 54.9 | 0.86 | 0.7 | 0.2 | 3.4 |
inc. | 6.1 | 13.4 | 7.3 | 2.70 | 2.1 | 0.7 | 19.1 |
LS21-024 | 50.3 | 75.6 | 25.3 | 0.84 | 0.7 | 0.2 | 1.4 |
LS21-024 | 110 | 178 | 64.3 | 0.49 | 0.4 | 0.1 | 2.8 |
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True widths of the reported mineralized intervals havenot been determined.
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Assumptions used in USD for the copper equivalentcalculation 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 ofmetallurgical test data available. The following equation was used tocalculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.656)+ (Silver (g/t) x 0.00729 ).
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.In 2006 former owner Merit Mining drilled an additional six holesand completed a 2007 resource as reported in a “Technical Report andResource Estimate on the Lone Star Deposit, Ferry County Washington(September 23, 2007)” for Merit Mining Corp. and authored by P&EMining Consultants Inc.
The company went into receivership 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.
Lone Star 2007Historical Resource
Calculatedutilizing a gold price of US$593/oz and copper price ofUS$2.84/lb.
(1) Mineral resources which arenot mineral 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 NI 43-101 & JORC Resourceand Preliminary Economic Assessment on the project
• Within a 24 month term.
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 new exploration technology, geologicalmodelling and specialized 3D data analysis, the company issuccessfully identifying new areas of mineralization beneath and/or inthe near vicinity of the past producing mines.
The Belmont project portfolio:
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Athelstan-Jackpot, B.C. – * Gold-Silvermines
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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
NI 43-101 Disclosure:
Technical disclosure in this news release has beenapproved by James Ebisch P.Geo, a Qualified Person as defined byNational Instrument NI 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 contained herein.
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