Broad-Based Mineral Resource Exploration in North America
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Belmont Resources (TSXV:BEA) is an emerging resources company pursuing the acquisition and production of resource projects in the lithium, uranium, cobalt and zinc spaces, particularly in Canada and the United States.
The company’s Nevada property, the Kibby Basin project, is a lithium brine project totaling 6,020 acres in Esmeralda County, Nevada. Geological studies of Belmont Resource’s project has shown the presence of a significant lithium anomaly beneath the property’s surface.
Magnetotelluric testing of the project have indicated resistivity of 0.14 ohms, indicating high lithium concentration. Belmont Resources’ management have not seen this level of resistivity matched in any documentation made available by other companies in the region.
In Saskatchewan, Canada, Belmont Resources has partnered with Montoro Resources (TSXV:IMT) to acquire the Crackingstone River-Ruza project, a development-ready property where assays have shown values that include 6.55 percent uranium, 8 g/t silver and over 5,000 ppm lead. The project is located in a world-renowned jurisdiction distinguished for its mining-friendly climate.
Belmont Resources’ second Canadian venture is located nearby to Saint John, New Brunswick, where the company has staked out approximately seven square kilometers of prospective zinc and cobalt deposits. Historical exploration on the property has produced promising results and the property’s northeastern and western sections are nearly unexplored.
- Three projects in mining friendly jurisdictions of Nevada, Saskatchewan and New Brunswick
- The company has 40 years of resource experience
- Only exploration company currently in the Kibby Basin, Nevada
- Drill targets already located at the Kibby Basin project
- Uranium City project is development-ready
- Management and board control 10 percent of outstanding shares
The Kibby Basin Project
Belmont Resource’s Kibby Basin project is located in Nevada’s Monte Cristo Valley and is 65 kilometres north of the well known lithium mining area of Clayton Valley. The Kibby project is comprised of 47 registered claims and 142 newly staked by Belmont for a total of 6,020 acres; all in Esmeralda County, Nevada. Belmont Resources announced in April, 2018 that they have applied to the State to secure water rights for the property, crucial for future extraction of the lithium brine on the property. To ensure that all state requirements are met and to maximize the benefits of their water permit, the company has engaged the services of a water management consultant with over 30 years of experience in Nevada.
Nevada – an historically mining-friendly state – has well-developed infrastructure, consistent permitting protocols, and places emphasis on sustainable development. The Kibby Basin project is situated close to a major highway, has well maintained and graded access roads, and is close to power transmission lines.
Geological analysis of the Kibby Basin has revealed proximal rhyolitic flows and tuffs in the rocks surrounding the basin. These are a potential source for lithium bearing minerals. Over time, precipitation and overland water flow carries these minerals and deposits them in the valley floors where they can accumulate and eventually be carried down into the groundwater table. The “closed basin” nature of the Kibby property means that groundwater does not leave the area and over time the high degree of evaporation from the arid environment will cause chemicals, including lithium salts, to become concentrated into a salt solution or brine. Lithium-enriched brine is known to occur in many arid areas and is extracted commercially in Nevada, Chile, Bolivia, Argentina, and Tibet.
The Kibby Basin project’s potential lithium stores are found in the fine soils in the playa (dry lake bed) and concentrated groundwater. Lithium–enriched brine is both highly cost-effective to extract and the dominant source of lithium production globally.
Local geophysical signatures in Belmont’s Kibby Basin property reflect anomalies comparable to Pure Energy Minerals’ (TSXV.PE) Clayton Valley claims. Pure Energy’s project has an inferred lithium resource of 218,000 metric tonnes and an average lithium grade of 123 mg/l, making it one of the largest lithium-carbonate-equivalent NI43-101 verified resources in North America.
In June, 2017 Belmont Resources announced the results of their first phase drilling test. The company conducted core drilling in the property’s dry lake bed, encountering fine-grained clay-rich sediments. Drill findings included 70 parts per million (ppm) lithium to 200 ppm lithium, with 13 of 25 core samples assaying over 100 ppm lithium. The results suggest that the sediments could be a potential source of lithium for the underlying aquifers.
Bureau of Land Management approval for drilling is expected to be received by mid-May, 2018 after which Belmont Resources will begin its second phase drilling program to test the anomalous layer (highly potential brine aquifer) beneath the basin. The plan includes the drilling of up to five holes at approximately 500 to 1000 metres in depth. The program is estimated to cost $500,000 to $850,000.
The Crackingstone River-Ruza Property
Belmont Resources, in equal partnership with Montoro Resources, owns a development-ready, 12,841-hectare property eight kilometres southwest of Uranium City, Saskatchewan in the Athabasca Basin. The property’s claims are in good standing until 2021 with some valid until 2032.
Saskatchewan accounts for over one third of uranium production, globally. Saskatchewan enjoys uninterrupted stability and possesses all of the necessary infrastructure. The Uranium City airport, for example, is still fully operational.
Additionally, the province is a highly mining-friendly jurisdiction. In 2013, the Saskatchewan was rated the number one mining jurisdiction in the world by the Fraser Institute, a Canadian think tank.
Geography and exploration
The project’s topography consists of numerous lakes separated by hummocky rock ridges. The property’s major fault area is the Black Bay Fault which forms a well marked obsequent fault scarp along the shoreline of the Crackingstone peninsula for a strike length of approximately 40 kilometers.
This fault, and four others in the area, show evidence of multiple reactivations, providing sufficient fractured ground for hosting uranium mineralization. Assays from 20 samples gathered on the property in 2006 indicated results as high as 6.55 percent uranium, 8 g/t silver and over 5,000 ppm lead.
The Mid Corner/Johnson Croft Property
24 kilometers northwest of Saint John, New Brunswick is Belmont Resources Mid Corner/Johnson Croft (MC) property. The property is comprised of 31 mineral claims, is accessible by paved roads and has access to electricity through a three-phase transmission line. Belmont Resources has entered into a purchase agreement to attain a 100 percent interest in the seven square kilometer property, still largely unexplored to the west and northeast.
In a release verified by a Qualified Person as defined under NI 43-101, Belmont Resources published the property’s historic exploration results. In 1970, a single sample of breccia contained 0.96 percent cobalt and 16.04 percent zinc. Further assays found 1.66 percent zinc in 1999 and over 20,000 ppm zinc in 1991. These findings have led the company’s management to believe in the presence of a lead-zinc mineralized zone beneath thick overburden.
The MC property’s geology includes a quartz-carbonate breccia filling which occurs along a north-northwest trending fault. On its northern side, the fault bisects the contact of the Welsford Granite with the Silurian Jones Creek Fm. Mineralized veins on the property occur both in and long the contacts of reddish granitic rocks and in the faulted sedimentary rocks.
James H. Place, P. Geo—President, CEO, Director
James Place has worked for government and private industry as a consultant for 24 years including engineering groups, environmental assessment specialists, and private mineral developers. He is experienced in providing support to government and private organizations includes property assessment, project planning, management, supervision, and administration for all types of engineering and development projects.
His experience of providing management and directorship on a number of public companies will provide a significant contribution to the Company at this stage of exploration and development.
Gary Musil—Secretary, CFO and Director
Gary Musil has more than 30 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1988. This experience has resulted in his overseeing the financial aspects and expenditures on exploration projects in Peru, Chile, Eastern Europe (Slovak Republic), and British Columbia, Ontario, Quebec and New Brunswick (Canada). Prior to this, he was employed for 15 years with Dickenson Mines Ltd and Kam-Kotia Mines Ltd as a controller for the producing silver/lead/zinc mine in the interior of British Columbia, Canada.
Vojtech Agyagos—Chairman of the Board and Director
Vojtech Agyagos has more than 25 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1982. This experience has resulted in his managing exploration projects in South America, Eastern Europe (Slovak Republic)-in oil/gas and mineral exploration, and British Columbia, Quebec, Labrador and Ontario (Canada). Vojtech Agyagos has served as president and director of Belmont since December 1996.
Roger Agyagos has a diploma in management systems from BCIT. Since 1995 he has been vice-president for a private BC company providing office management and financial consulting services to various private and public companies. He with daily correspondence, office services, preparation of news releases and financial statements.
Dusan Berka, P. Eng—Director
Dusan Berka has over 40 years of international business experience spanning Europe and the Americas with extensive experience in the finance, marketing and administration of public companies, having served as a director and officer of various public companies traded on the TSX, TSX Venture and NASDAQ exchanges. A graduate engineer with a M.Sc. (Dipl. Ing.) degree from Slovak Technical University, Bratislava, Slovakia (1968), he has been a member of the Association of Professional Engineers and Geoscientists of British Columbia since 1977.
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