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Drilling Completed at Lone Star Copper-Gold Project

  

Phase 1 drilling program has now been completed for a total of 46 drill holes for 7,888 meters with final assays still pending.
 

Upon final…

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  • Phase 1 drilling program has now been completed for a total of 46 drill holes for 7,888 meters with final assays still pending.
     

  • Upon final receipt of all assays the company will compile a 43-101 resource estimate resource at Lone Star deposit. 

 

  • Multiple high grade zones of mineralisation intersected during the campaign to date include: 

  • 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; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L2) is pleased to announce the completion its Phase I 7,888 meter drill program along with the latest drill results from the Belmont-Marquee JV Lone Star copper-gold project in Washington State.

 

George Sookochoff, President & CEO commented, “When drilling on the Lone Star started on November 17, 2021, our initial plans were for a 2,500 meter drill program. But as drilling progressed and we continued to receive good drill results as we extended the historic resource envelope, we let the drilling go on for an additional 5,388 meters, and we weren’t disappointed with that decision. With drilling now complete we look forward to delivering an updated and robust 43-101 compliant resource estimate for the Lone Star deposit.”


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 Lone Star 2021-22 Drill Intercepts (CuEq >.04%)

Significant results from the latest batch of assays include:

o        LS21-022: 35.1m @ 1.0% CuEq from 41.2m inc. 4.6m @ 2.8% CuEq.

o        LS21-022: 79.9m @ 0.9% CuEq from 97.5m inc. 7.6m @ 3.2% CuEq.

o        LS21-023: 24.4m @ 0.8% CuEq from 138.7m

o        LS21-024: 25.3m @ 0.8% CuEq from 50.3m

o        LS21-025: 58.2m @ 0.8% CuEq from 140.5m inc. 5.2m @ 2.2% CuEq

o        LS21-027: 10.7m @ 3.1% CuEq from 111.6m inc. 5.2m @ 5.4% CuEq

o        LS21-027:   6.3m @ 2.3% CuEq from 226.0m

o        LS21-030: 30.5m @ 1.2% CuEq from 25.6m inc. 13.1m @ 2.0% CuEq

o        LS21-031:   6.1m @ 1.6% CuEq

o        LS21-031: 23.8m @ 1.0% CuEq from 157.6m inc. 11.0m @ 1.4% CuEq

o        LS21-039: 70.7m @ 1.0% CuEq from 134.1m inc. 3.4m @ 14.3% CuEq

o        LS21-039:  9.5m @ 1.9% CuEq from 230.7m

 

1.True widths of the reported mineralized intervals have not been determined.

2.Assumptions used in USD for the copper 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 following equation 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 elements of structural and stratigraphic control with an overprinting porphyry copper system. Structurally stacked ‘tectonic’ lenses of east dipping, closely spaced, overlapping en echelon zones of VMS-style massive sulphide have been structurally emplaced during thrusting over the basal serpentinite unit.

 

At least eight individual zones have been interpreted and these zones range from 1-18 metres thick. Porphyry and hydrothermal fluids utilised the pre-existing structural architecture to deposit copper-gold mineralisation subsequent to the earlier thrusting event.

 

Structurally controlled epithermal gold mineralisation, discordant with early base metal mineralisation, has also been identified hosted in veins, shear veins and breccia zones and is interpreted to have been deposited syn-porphyry emplacement. At least three separate rhyolite sills, are fed by sub-vertical, structurally controlled, feeder dykes/zones.

 

The mineralised sub-vertical dykes/zones are estimated to be approx. 20-40m wide, extend laterally for tens to hundreds of metres, and are vertically extensive. Identification of the mineralised dykes opens up the possibility of defining significant additional mineralisation outside the flat-lying, structurally remobilised base metal mineralisation that has been historically identified.

 

Lone Star Diamond Drilling Program Update

The Phase 1 drilling program has been completed at Lone Star which included 46 diamond drillholes for 7,888m. Assay results from 31 drill holes received with the final batch of core enroute to the laboratory. Final results from the drilling program are expected in approx. 4 weeks.

 

The phase 1 drill program was designed to satisfy three key objectives:

–        Validate the historical drill hole database and resource model;

–        Deliver a 43-101 compliant mineral resource estimate; and

–        Test for extensions to the historical resource.


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 Mining Plus Pty Ltd have continued resource modelling studies and has recently completed a site visit as the Company pushes towards delivering a 2022 43-101 compliant resource.

Lone Star Drill Plan Map


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Lone Star Drill Plan Viewing NE

   

Significant Intercepts from the 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

0.8

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 and underground 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 the publishing of the resource estimate due to the 2008 economic crisis. Belmont acquired the Lone Star property in July 2021 and is the first company to continue where Merit Mining left off, in advancing the Lone Star to production.


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 (1) Mineral resources which are not mineral reserves do not have demonstrated economic viability.

(2) Gold equivalent (AuEq) grade was calculated utilizing 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 and copper prices, to obtain a conversion factor of % copper x 3.284 + gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.

A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves.  As such the issuer, Belmont Resources, is not treating this historical estimate as current mineral resources or mineral reserves.

  

Belmont-Marquee JV

Marquee Resources (ASX:MQR) is earning the right to acquire an 80% interest in the Lone Star property (NR Nov. 4, 2021 – Belmont Signs Option/JV Agreements With Marquee Resources On Lone Star Property)  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 highly prospective copper-gold-lithium & uranium projects located in British Columbia, Saskatchewan, Washington and Nevada States.

Its holdings include:

  • The Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in southern British Columbia.  

  • The Crackingstone Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan.  

  • The Lone Star copper-gold mine in the mineral rich Republic mining camp of north central Washington State.  

  • The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin. 

 


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NI 43-101 Disclosure:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Laurence Sookochoff, P.Eng. Mr. Sookochoff is a Director of Belmont Resources Inc.

  

ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

 

Ph: 604-505-4061

Email: [email protected]

Website: www.BelmontResources.com

  

We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.

Copyright (c) 2022 TheNewswire – All rights reserved.

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