Belmont Resources Inc. (TSX.V -“BEA”) (the “Company”) has entered into an agreement to acquire approx. 1632 ha of a group of 14 contiguous mineral claims (102 claim units), known as the Lumby/Bufo property. This property adjoins on strike to the north- northeast with Brett Resources Inc “Hammond Reef deposit” (TSX.V –BBR), (“Brett”) claims. The Lumby/Bufo property is located approximately 35 km. northeast of the town of Atikokan. The gold-bearing structures on the Brett property can be traced northeast onto the Lumby/Bufo Lake property.
Further to the TSX Venture Exchange bulletin dated February 22, 2010, Belmont has been granted an option to acquire a 100 per cent interest for total consideration of $115,000, 550,000 common shares and $220,000 in exploration expenditures over a three-year period. Belmont has paid an initial $15,000 and issued 100,000 common shares, which shares are restricted from trading until June 23, 2010. A finder’s fee of $1,196 and 7,900 shares was also paid.
Belmont has already commissioned bids for a 1st Phase drilling program expected to commence in early April 2010 and is arranging a detailed geological report in plans for a more extensive exploration program to be conducted throughout the spring and summer of 2010. This initial drill program in the southwest corner of Bufo Lake will be testing one of three East-West VLF-EM and Max Min conductors previously detected under Bufo and Two Bay Lake. The South Bufo Lake conductor strikes westerly towards a gold showing on the main road. A quartz-carbonate mineralized system was discovered 300 meters to the west on the main logging road west of Bufo Lake. This mineralization contained gold, silver and copper values. The gold, silver and copper mineralization is hosted within quartz-carbonate veins and within altered and sheared, carbonatized and sericitized mafic and felsic rocks. Two grab samples from the road showing assayed 5.3 g/t and 9.4 g/t gold and up to 13 g/t silver. A float boulder found on the south shores of Bufo Lake and south of the conductors under the lake assayed 2.2 oz gold/ton. Both gold sources (float and road showings) contain similar style of mineralization and rock types. Similar altered rocks were found along the south and southwest shores of Bufo Lake and south of the conductors.
The claim group has potential for the discovery of high grade gold, silver and base metal deposits as proven by the exploration work carried out by Atikokan Resources Inc. from 1994 to 2004. Atikokan Resources made a significant high grade silver-base metal discovery at the east end of Lumby Lake reporting grab samples from the main showing assaying up to 416 oz/ton silver, 25% lead and 15% zinc. A 300 ton bulk sample extracted in 2003 averaged 15 oz. silver/ton.
A total of six holes were drilled along strike for 500 meters testing the silver-base metal zone and six holes intersected significant zinc, silver and copper with minor gold values. The silver-base metal sulphide mineralization consists of native silver, acanthite, sphalerite, galena, chalcopyrite and pyrite, typical of volcanic massive sulphide (VMS) deposits. Three holes drilled 300 meters west of the discovery showing and under Lumby Lake, intersected wide zones of silver, zinc, lead and copper mineralization over considerable widths from 42 m to 80 m wide. The consultants for Atikokan concluded at the time of drilling that the mineralization intersected in these drill holes indicated proximal mineralization to a massive sulphide deposit.
Previous exploration work by Atikokan Resources Inc and others in the Bufo Lake area located 4 km west and on strike with the high grade silver-base metal occurrence have identified three geophysical and potential gold and base metal targets under Two Bay and Bufo Lake. These targets were never drill tested. Atikokan Resources carried out several ground geological, geochemical and geophysical surveys in the Lumby-Spoon Lake area, which included magnetic, electromagnetic (VLF-EM), induced polarization (dipole-dipole and gradient array), soil geochemical surveys, whole rock geochemical surveys, geological mapping, stripping, trenching, and channel sampling. Most of the prior exploration data has been recovered and retained by Raymond A. Bernatchez, P.Eng.
Brett’s –“Hammond Reef” NI 43-101 compliant report has outlined an inferred resource of 259.4 million tonnes grading 0.8 gram per tonne Au cut-off down to a depth of 300m (approx. 6.7 million ounces of gold). The resource is amenable to open pit mining with a low stripping ratio of 1.43:1. The mineralization remains open along strike and dips gently to the southeast. All of the resources are contained within the Marmion Batholith. The Brett technical report is available on SEDAR. Brett is now completing advanced evaluation of its Hammond Reef deposit.
The technical, part of this press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng., Consulting Geologist and a qualified person as defined in NI 43-101.
About Belmont Resources Inc.
Belmont Resources Inc. has previously focused on acquiring and developing uranium
properties in developed and emerging uranium districts. Belmont (50/50) with
International Montoro Resources Inc. has acquired two significant uranium properties
(Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium
City District in Northern Saskatchewan. The Company also holds interests (50/50
with Int. Montoro) in two uranium claim blocks in the Central Mineral Belt in
Labrador. Other properties: Holds interests (50/50 with Int .Montoro) in three
claim blocks in the Red Lake, Ontario gold camp and a 12.5% interest in a West
Voisey’s Bay, Labrador joint venture –112.75 sq. km nickel/copper/cobalt
ON BEHALF OF THE BOARD OF DIRECTORS
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.