BELMONT ACQUIRES MID CORNER/JOHNSON CROFT - ZINC, COBALT PROSPECT - NEW BRUNSWICK
Vancouver, B.C. Canada, November 21, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403) ("Belmont", or the "Company") is pleased to announce that it 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.
A single sample of breccia collected during the 1970 reconnaissance contained silver, cobalt, and zinc mineralization.
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:
99MM002A : 4 ppb Au; <0.5 ppm Ag; 7 ppm Cu; 195 ppm Pb; 671 ppm Zn; 3 ppm Cd
All previous work is of a historical nature. The work was conducted prior to implementation of NI 43-101 standards
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.
About Belmont Resources Inc.
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.