Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) with Dorex Minerals Inc. (TSX.V-“DOX”) or (“Dorex”) have completed 1,803 meters on the Lumby/Bufo Property (the “Property”) consisting of 23 contiguous mineral claims (3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario and within the Thunder Bay Mining Division.
To date, a total of 1,803 meters of diamond drilling of the 2450 meter program have been completed (6 holes). The first 3 holes, BB-10-6, BB-10-7 and BB-10-8, totaling 942 meters were drilled to test and explain the cause of a VLF- EM and Max Min conductor under the northern portion of Bufo Lake. These three holes tested a 350 meter section (central portion) of this conductor. Several zones of ankerite alteration with quartz and quartz-calcite veining with sulphide mineralization were intersected in these 3 holes. A total of 332 samples were taken from these holes and sent out for analysis.
Two additional holes, BB-10-9 and BB-10-10, continued testing the gold zone discovered in the 2010 spring 5-hole drilling program (BB-10-1 to BB-10-5) carried out in the south portion of Bufo Lake. Holes BB-10-9 collared 50 meters north of BB-10-2 to a depth of 300 meters to test the down-dip extension of the gold intervals intersected in holes BB-10-2. An additional and parallel, 3+ meter wide ankerite zone was exposed and tested by this hole near the start of this hole. Hole BB-10-10 was drilled 100 meters west of BB-10-3 to a depth of 228 meters testing the westerly extension of the gold zone between BB-10-3 and BB-10-4. Several zones of ankerite and quartz-carbonate veining containing sulphides were encountered in both holes. A float boulder, assaying 2.33 oz/ton gold, was previously located near the south shore of Bufo lake about 200 meters south of this new gold zone under the south portion of Bufo Lake. A total of 257 samples were taken from these two holes and delivered to Accurassay Labs in Thunder Bay for analysis. All samples are being analyzed for Au via fire assay + AA finish, Ag via AA, and for 34 multi-elements.
The drill was moved to the high grade silver-base metal showing located at
the east end of Lumby Lake. A sixth hole, BB-10-11, collared 50 meters north
and west of the high grade silver-base metal showing was drilled south at -45
deg to a depth 333 meters. This drill hole intersected four zones of mineralized
felsic volcaniclastic and tuffaceous rocks totaling 167.5 meters mineralized
with sphalerite, galena, acanthite, pyrite, chalcopyrite and bornite. The upper
three zones (107.4 meters) contain the zinc-galena-acanthite whereas the lower
60.1 meter section contains chalcopyrite, pyrrhotite with lesser sphalerite
and minor acanthite.
Two narrow sections containing disseminated and net-textured sulphide mineralization were also intersected in this hole. A 2.8 meter section of finely disseminated sulphide was intersected at a depth of 69 meters. A second 0.4 meter section of net-textures sulphide zone of pyrrhotite and chalcopyrite contained in coarse grained gabbro was intersected at a depth of 287 meters. Previous work by Atikokan Resources Inc has also confirmed the presence of gold within this zone of mineralization.
Assay results will be released from these holes, once they are compiled.
On November 11, 2010 Belmont entered into an option agreement with Dorex. To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011. Dorex may increase its interest to 60% by incurring further exploration and payments to Belmont (see NR –November 15, 2010). Dorex has received conditional approval of the transaction, subject to submitting and receipt for acceptance of further documents.
The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment (“PA”) study was completed on Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
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 has recently entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” deposit.
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 one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.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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