Belmont Resources Inc. (TSX.V -“BEA”) (the “Company”) has awarded a contract to C3Drilling Canada Inc. of nearby Fort Frances, Ontario to commence a drill program on the 1632 ha 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.
The minimum 1,000 meter (4 or 5 holes) diamond drill program is scheduled to commence no later than April 5, 2010. The drilling will assist in determining the location of further planned drill holes.
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 contains gold, silver and copper values. The gold, silver and copper mineralization is hosted within quartz-carbonate veins contained within a wide zone of highly 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 shore 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 also found along the south and southwest shores of the Bufo Lake conductor.
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.
South of the Lumby/Bufo property, 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. On March 22, 2010 Brett announced that it has received a friendly takeover offer from Osisko Mining Corporation (TSX: OSK). Brett has advanced the property through the value-creation chain to the point where it has garnered the attention of a serious partner to take it forward in development.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Proposed Drill Plan:
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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