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Belmont Resources Inc. (TSXV:BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403); (“Belmont”, or the “Company”).
Permit applications for the Notices of Intent to drill ‘Exploration boreholes’ in the Kibby Basin have been submitted to the Manager of the Dissolved Minerals Program of the Nevada Division of Minerals on behalf of Belmont Nevada Inc. by the company’s consulting geologist, Bob Cuffney. Typical turn-around time for approval from the Minerals Division is less than one week, so Belmont is optimistic that the permits will be in place shortly. Boreholes may be converted to ‘Exploration Wells’ for testing of brine aquifers, upon successful completion of the boreholes.
Approval and bonding to drill as many as six exploration drill holes has been received from the United States Department of the Interior – Bureau of Land Management (BLM). Approval of the Notice of Intent from the State is the final step in the permitting process. Belmont plans to begin drilling at the Kibby property within one month of receipt of these final permits and completion of financing. The first holes will be advanced in locations where the MT survey (see March 1, 2018 news release) indicates that the conductive anomaly to be closest to surface.
Belmont CEO/President, James Place, P.Geo., states: “Kibby has significantly higher conductivity than the other published MT survey results for similar lithium explorers in the region. We are optimistic that our lithium values will reflect that difference. If the results for conductivity relates to lithium concentration for the Kibby in the same way that other companies in the area have found, then Kibby could be a significant lithium brine source containing a conductive anomaly that is measured in cubic kilometres.”
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
For further information see our Website at: www.BelmontResources.com
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Belmont has recently optioned 31 mineral claims encompassing approx. 7 sq.km; located 24 km northwest of Saint John, New Brunswick – the Mid Corner/Johnson Croft – a Zinc, Cobalt prospect.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium. Subsequent ground geophysics & gravity surveys, surface sampling and a two hole- 2046 ft. diamond drill program have confirmed the presence of lithium on Kibby.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres) , adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2,760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone – 982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“James H. Place”
James H. Place, CEO/President
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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