Belmont has entered into a Purchase Agreement (the “Agreement”) to acquire a 100% interest in the Mid Corner/Johnson Croft Property (the “MC Property”) northwest of Saint John, New Brunswick.
The MC Property consists of 31 mineral claims encompassing 7 Sq. Km and is located 24 km northwest of Saint John, New Brunswick. The property has paved road accessibility, with a 3-phase transmission line running through the property.
Geology: A quartz-carbonate breccia filling occurs along a N-NW-trending fault that, to the north, cuts the contact of the Welsford Granite with the Silurian Jones Creek Fm. The intrusions are mainly alkali granite and quartz syenite; the Jones Creek Formation is grey to green finely-laminated siltstone & fine sandstone.
Mineralized veins occur in or along the contacts of reddish granitic rocks and in the faulted sedimentary rocks. Irregular veins and pods in a breccia zone up to 3 ft. (0.9 m) wide, associated with a prominent N-NW-trending transverse fault.
Previous exploration on the property consisted of reconnaissance geological surveys and collection of a few rock samples.
The first mineralized samples were collect in during 1970. No further work was done until 1991.
A single sample of breccia collected during the 1970 reconnaissance contained silver, cobalt, and zinc mineralization.
One sample from the breccia zone.
Ruitenberg (1970) DNR Report of Investigation 13
These results were followed up by D. Rose in 1991 and M.J McLoed in 1999, who collected 2 and 5 samples respectively. Their results were as follows:
Sample #012-1: 2 ppb Au; 5.3 ppm Ag; 0.08 % Cu; 0.07 % Pb; 1.66 % Zn; 85 ppm Cd
Sample #012-1A: <1 ppb Au; 1.8 ppm Ag; 0.004 % Cu; 0.006 % Zn; <1 ppm Cd
99MM002A : 4 ppb Au; <0.5 ppm Ag; 7 ppm Cu; 195 ppm Pb; 671 ppm Zn; 3 ppm Cd
99MM002B: 2 ppb Au; 1.8 ppm Ag; 54 ppm Cu; 500 ppm Pb; >20000 ppm Zn; 175 ppm Cd
99MM003A: 1 ppb Au; <0.5 ppm Ag; 23 ppm Cu; 28 ppm Pb; 459 ppm Zn; 2 ppm Cd
99MM003C: 1 ppb Au; <0.5 ppm Ag; 2 ppm Cu; 129 ppm Pb; 227 ppm Zn; 1 ppm Cd
99MM003D: <1 ppb Au; 2.2 ppm Ag; 164 ppm Cu; 1675 ppm Pb; 10413 ppm Zn; 49 ppm Cd
All previous work is of a historical nature. The work was conducted prior to implementation of NI 43-101 standards
and assay results cannot necessarily be relied upon. Belmont Resources intends to confirm the reported mineralization
with the company's own sampling program.
The well defined geochemical anomalies are believed to reflect the presence of a lead-zinc mineralized zone beneath thick overburden (A.D. Hudgins -1968). Management cautions that past results or discoveries on the prior claims may not necessarily be indicative to the presence of mineralizaton on the current claim area. The current land package also extends further to the west and northeast, and this area has little to no documented exploration undertaken.
Proposed Exploration Program:
High resolution ground EM and/or Gravity surveys over the area are recommended to better define locations of high conductivity for surface sampling. In 1968 it was concluded that there was too much noise from powerlines to detect mineralization, however with today’s technology, the noise can be cancelled out and you will be able to see what is in the subsurface.
In consideration for a 100% interest in the MC Property, the Company will issue 2,000,000 common shares and make cash payments totaling $10,000 over a 12-month period to the vendor. The Agreement is subject to a 2.5% NSR of which the Company has the right to purchase 1%.
The Company is acquiring the MC Property as a secondary property and will continue to focus all near term exploration and development efforts on its wholly owned Kibby Basin Lithium Property, NV. The Company does not anticipate conducting any field exploration on the MC Property until 2018. In the coming weeks, the Company will complete a review of all historic information in advance of the proposed MC Property exploration program.
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.