Vancouver, British Columbia (FSCwire) - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403 ); (“Belmont”, or the “Company).
Kibby Basin –1st Phase Drilling Assay Results
Further to our news release of May 29, 2017 reporting completion of the 1st Phase HQ (3.875”) core drilling program commencing Hole #1 on April 23, 2017. Hole KB-1c was drilled to a depth of 548 feet on the eastern basin-bounding fault, and Hole KB-2c was drilled to a depth of 1498 feet in the playa, about 5000 feet southwest of Hole KB-1c.
Hole KB-2c was advanced in the playa (dry lake bed) area and encountered fine-grained clay-rich sediments: silts and muds punctuated by thin gravel intervals and some thicker fine-grained sand zones typical of playa lake sediments. Layers containing ground water were encountered at numerous depths. Core was logged, photographed, and sampled in the field and at Belmont’s field office facility in Mina, NV. Samples of clay-rich core intervals were transported to ALS Labs in Sparks, NV for analysis. The Company was pleased with the core sample assays, ranging from 70 ppm to 200 ppm Li with 13 of 25 core samples assaying over 100 ppm Li; indicating that the sediments could be a potential source of lithium for the underlying aquifers.
Hole KB-1c targeted the approximate location of the basin-bounding fault as defined by a gravity survey, and was drilled east of the playa. The hole encountered unconsolidated alluvial sand and gravel deposits with minor occurences of silt, clay, and water courses. Three samples of thin clay-rich zones in the gravels were analyzed for lithium, but were not anomalous (20-40 ppm) Li.
Hydro sleeve samples of formation water were collected from the bottoms of both drill holes, where brine is likely to collect, and were also delivered to ALS for lithium analysis and testing of physical parameters. Water test results are pending.
Belmont’s next stage of evaluation will consist of carrying out geophysical surveys (Electromagnetic Resistivity survey-‘EM’ and possibly seismic surveys) of the property, which should generate higher aquifer probability targets for further drilling this year.
Vojtech Agyagos, CEO/President of Belmont reports; “We are pleased with the first drilling results in Kibby. Existing reports describing the geological history of the area and analysis of surrounding bedrock, volcanic ash, and surface sediment testing show key features that are similar to the known lithium mine area at Silver Peak-Clayton Valley; and have also indicated a potential for lithium in the Kibby basin.” The key features are:
1. The setting of the Kibby Flats within the Monte Cristo Valley indicates a basin large enough to develop layers that could act as aquifers.
2. Regional gravity data suggest a basin with sufficient depth to provide enough volume of Quaternary sediments to host aquifers of significant extent.
3. Groundwater is present and widespread.
4. Geothermal indicators suggest an area with locally higher heat-flow.
5. Arid climate and closed basin with a dry or seasonal lake; enough time to concentrate brine.
6. Fine-grained clay-rich sediments confirming the presence of lithium.
NI 43-101 Disclosure
Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
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
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.
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 2760 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
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.